Axis Bank, Sona BLW, Cyient DLM, Lupin: Stocks to watch on Wednesday

Stocks to watch on Wednesday, January 24: Axis Bank posted a consolidated net profit of Rs 6,493.36 crore against Rs 6,209.37 year-on-year (YoY).

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Stocks to watch on Wednesday, January 24: At 8:18 AM, GIFT Nifty futures traded 69.25 points, or 0.33 per cent, higher at 21,263.5, indicating a positive start for domestic equities today.

The domestic equity benchmark index Sensex tumbled 1,053 points to close below the 71,000 level on Tuesday, dragged down by index heavyweights HDFC Bank, Reliance Industries, and SBI amid mixed global cues. Concerns over subdued quarterly performance by corporates triggered selling pressure in most of the counters, according to traders. The broader Nifty also declined 330.15 points or 1.53 per cent to close at 21,241.65.

Here are some stocks that will be in focus on Wednesday, January 24:

Axis Bank: The private sector lender posted a consolidated net profit of Rs 6,493.36 crore against Rs 6,209.37 year-on-year (YoY). The net non-performing asset (NPA) was flat at 0.36 per cent quarter-on-quarter (QoQ). Gross NPA declined to 1.58 per cent from 1.73 per cent QoQ.

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L&T Finance Holdings: The company posted good Q3 earnings with NIM and asset quality registering improvement. NII at the company increased 7.2 per cent, while profit soared 41.1 per cent YoY.

Indus Towers: The company posted good Q3 with profit increasing 18.9 per cent YoY. Revenue at the company, however, grew only 0.9 per cent on year.

Sona BLW Precisions Forgings: The auto components company reported a net profit of Rs 133.6 crore for the third quarter of the financial year (FY) 2023-24 against Rs 107.1 crore recorded in Q3 FY23.

Man Industries: The firm reported a net profit of Rs 30.60 crore for the quarter ended December 31 against Rs 37.20 crore YoY. The consolidated revenue from operations for the third quarter stood at Rs 833.02 crore against Rs 658.11 crore YoY.

Rallis India: The company recorded a net profit of Rs 24 crore for the third quarter ended December 31, against Rs 22 crore a year ago. Revenue from operations for the quarter under review stood at Rs 598 crore against Rs 630 crore YoY.

Cyient DLM: The company reported a consolidated net profit of Rs 1,844 crore for the October-December period as against Rs 5.718 crore for the corresponding quarter a year ago.

Tata Elxsi: The company reported a net profit of Rs 206.43 crore against Rs 194.67 crore YoY. The revenue from operations stood at Rs 914.23 crore against Rs 817.74 crore a year ago.

Karnataka Bank: The private sector bank reported a consolidated net profit of Rs 395.92 crore in the third quarter ended December 2023 against Rs 366.95 crore in the October-December quarter of 2022. The income from operations of the bank stood at Rs 2,438.68 crore in the quarter as compared to Rs 2,055.31 crore in the December quarter of the previous fiscal.

Transport Corporation of India: The board will consider a second interim dividend in a meeting on February 2.

ICRA: The board approved the proposal to join the Association of Indian Rating Agencies (AIRA), by way of subscribing to their shares up to 20 per cent of the paid-up share capital of AIRA. AIRA is an association of credit rating agencies to promote harmonious interactions among credit rating agencies in India.

Lupin: The company received tentative approval from the U.S. Food and Drugs Administration (USFDA) for Rivaroxaban Tablets.

United Spirits: The company posted a good set of Q3 earnings with profit inching 3.1 times to Rs 348 crore. Margins at the company also came in higher at 16.4 per cent.

Pidilite: The specialty chemicals company posted strong operational performance. Profit at the company increased 68 per cent on year, while revenues soared 4 per cent. The margins at the company came higher at 23.7 per cent.

Havells: The company posted weak Q3 results with margins coming in at 9.8 per cent versus 10.3 per cent in the same period last year.

Mahanagar Gas Limited: For the December quarter, the company posted weak performance, nevertheless, the results were better than estimates. Margins stood at 28.6 per cent versus 30.5 per cent in the year's corresponding period. Also revenues were steady during the quarter under review.

Zomato: Swiggy has increased the platform fee for a small set of users from Rs 5 to Rs 10 per shares. The spokesperson of the food services firm said this is an experiment to understand consumer choices. The company doesn’t plan to increase platform fees in the near term though.

Hindalco, Tata Steel and other meta: The price of base metals logged sharp gains amid hopes of stimulus package in China. Copper prices increased 1 per cent , while aluminium soared 4 per cent.

Q3FY24 results to be announced:

SBI: State Bank of India will consider Q3FY24 financial results on February 2.

United Breweries: The company will consider financial results for the quarter and nine months that ended December 31, 2023, in a meeting on February 8.

Gujarat Alkalies and Chemicals: In a meeting scheduled for February 3, the company's board will consider third-quarter results that ended December 31.

(With inputs from agencies.)

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