Stocks in Focus: GIFT Nifty traded up 87.5 points, or 0.45%, at 19,514, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously on Friday, the NSE Nifty 50 fell 82.05 points or 0.42% to settle at 19,542.65, while the BSE Sensex shed as much as 231.62 points to 65,397.62.
“Global equity markets reacted to concerns of rising interest rates, energy prices, and bond yields. Sensex 30 and Nifty 50 declined, while midcap and smallcap indices saw mixed performance. BSE Auto index outperformed. Stock movements were influenced by Q2FY24 earnings. Crude oil rebounded, and the 10-year US treasury yield rose, near 5%. Markets worldwide, including India, will respond to geopolitical challenges, oil prices, and bond yield fluctuations, with continued stock-specific action tied to Q2FY24 results,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
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Stocks to Watch on October 23, 2023
L&T Finance
The company posted a 46% on-year growth in net income at Rs 595 crore for the second quarter of FY24. It achieved the highest-ever quarterly retail disbursements of Rs 13,499 crore, a growth of 32% on-year, the lender said in a release.
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ICICI Bank
The Bank’s net profit soared 35.8% in the second quarter of FY24, due to robust loan growth and strong core lending income. The standalone profit for the quarter reached Rs 10,261 crore, a significant rise from the prior year’s Rs 7,557.84 crore, as reported in their BSE filing.
RBL Bank
The Bank reported a 46% growth in its second quarter of FY24 net profit at Rs 294 crore, helped by a margin expansion and healthy core income growth, as compared to the Rs 202 crore in Q2FY23. The bank’s core net interest income surged by 26% to Rs 1,475 crore, driven by a 21% rise in advances and an expanded net interest margin of 5.54% compared to 5.02% last year.
Zydus Lifesciences
The US Food and Drug Administration (USFDA) has approved its New Drug Application (NDA) for ZITUVIOTM (Sitagliptin) tablets, 25 mg, 50 mg, and 100 mg, according to the information available on the NSE.
“The ZITUVIOTM approval builds on Zydus’ long-term commitment to offer healthcare professionals a new affordable treatment option in connection with diabetes management”, said Sharvil Patel, Managing Director of Zydus Lifesciences.
Samvardhana Motherson International
The company has announced acquisitions worth more than Rs 380 crore in the aerospace, health, and medical industries. They have added French company ADI Group, aerospace defense and security firm SMAST, and medical imaging systems manufacturer Irillic Pvt to their portfolio.
Companies scheduled to report their Q2 earnings today;
Torrent Pharmaceuticals
PNB Housing Finance
Mahindra Holidays and Resorts India
Mahindra Logistics
RBM Infracon
Poddar Housing and Development
(With agency inputs.)