Stocks in Focus: GIFT Nifty traded flat at 19,222 down merely 3.5 points or 0.02%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously on Monday, the NSE Nifty 50 soared 93.65 points or 0.49% to settle at 19,140.90, while the BSE Sensex climbed 329.85 points or 0.52% to 64,112.65.
“The domestic market mirrored the upbeat European & Asian markets, as geopolitical risk in West Asia continues. Equities are experiencing a short-term bounce after the heavy selling last week, as crude moderates and Q2 results provide some relief. But a full containment will depend on a radical fall in geopolitical risk and global bond yield. Crucially, this week’s US FED meeting is forecast to hold the status quo. Holding the global bond yield at the current elevated levels will continue to distract investors unless supplemented with the reasonable medium-term target of Fed rate trajectory,” said Vinod Nair, Head of Research at Geojit Financial Services.
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Stocks to Watch on October 31, 2023
Castrol India
The company posted profit for the second quarter of FY24 at Rs 194.42 crore, up 3.9% in comparison to Rs 187.17 crore during the same period last year. It posted revenue from operations at Rs 1182.92 crore, up 5.5% as against Rs 1121.07 crore during the third quarter of FY23. The company’s EBITDA stood at Rs 268.6 crore, up 4.4% on-year. EBITDA margin, meanwhile, was at 22.7% versus 22.9% last year. The company follows the calendar year (January to December) for its financial reporting.
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Marico
FMCG major on Monday posted Q2FY24 profit at Rs 360 crore, up 17.3% in comparison to Rs 307 crore during the second quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 2,476 crore, down 0.8% on-year, with underlying volume growth of 3% in the domestic business and constant currency growth of 13% in the international business. Marico’s revenue during the second quarter of FY23 was at Rs 2,496 crore.
TVS Motor Company
TVS Motor Company posted a standalone net profit of Rs 537 crore in the second quarter of FY24, a 32% year-on-year (YoY) increase compared to Rs 407 crore in Q2FY23. The company reported a 13% year-over-year revenue increase, reaching Rs 8,145 crore in the second quarter ending on September 30, as opposed to the Rs 7,219 crore it had recorded in the corresponding period of 2022.
Colgate-Palmolive
The company on Monday said it received a transfer pricing order worth Rs 170 crore from the Income Tax (I-T) Department for the assessment year 2021-22. According to a stock exchange filing by the consumer products company, the department has disallowed ‘certain’ international transactions to the company.
APL Apollo Tubes
Steel products maker APL Apollo Tubes has posted around 35% growth in consolidated net profit at Rs 202.87 crore for the second quarter of FY24, helped by higher income, reported PTI. It had clocked a net profit of Rs 150.19 crore in the July-September period of 2022-23, the company said in a regulatory filing.
UPL
The company on Monday posted a consolidated net loss of Rs 189 crore for the second quarter of FY24 as global ‘channel destocking’ drove revenue decline, reported PTI. The company had clocked a net profit of Rs 814 crore in the same quarter previous fiscal, according to a regulatory filing. From India’s operation, the company’s revenue was Rs 1,387 crore during the quarter as compared to Rs 1,809 crore in the Q2FY23, the filing said.
Companies scheduled to report their Q2 earnings today-
Larsen & Toubro
GAIL (India)
Bharti Airtel
Jindal Steel & Power
Adani Total Gas
Mankind Pharma
DCB Bank
Indian Oil Corporation
Tata Consumer Products
(With agency inputs.)