Stocks To Watch: ABB India, IRCTC, Gland Pharma, Amara Raja Energy, Afcons Infrastructure, Dr Reddy’s Labs, Titan Company – Market News

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Tuesday. Here’s a look at the key stocks to watch in trade.

GIFT Nifty ended down by 29 points or 0.12% at 24,092.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday the NSE Nifty 50 ended down by 309 points or 1.27% to settle at 23,995.35 while the BSE Sensex plunged 941.88 points or 1.18% to 78,782.24.

“Markets began the week on a negative note, shedding approximately 1.3%, extending the ongoing downward trend. Persistent foreign fund outflows, coupled with caution surrounding the upcoming U.S. elections, weighed on sentiment. Following an initial dip, Nifty sustained a bearish tone through the first half; however, a recovery in select heavyweights helped pare some losses, ultimately closing below the 24,000 level. All major sectors moved in line with the benchmark, with realty, energy, and metal among the top losers. Broader indices also felt pressure, falling between 1.2% and 2%,” said Ajit Mishra – SVP, Research, Religare Broking.

Mishra also added that the breakdown of Nifty’s recent consolidation range of 24,000–24,500, along with a noticeable increase in the volatility index (India VIX), reflects growing pessimism among participants. Should Nifty sustain levels below 24,000, it may move toward the next significant support, the 200-day Exponential Moving Average (DEMA) around 23,500. Traders are advised to adjust positions accordingly, prioritizing risk management amid the expected rise in volatility.

Stocks to Watch on November 5, 2024

ABB India

The electrification and automation company reported a 21.4% year-on-year (YoY) increase in net profit to Rs 440.5 crore for the third quarter ended September 30, 2024. This compares to a net profit of Rs 363 crore in the same quarter last year, as per the company’s regulatory filing. Revenue from operations also saw growth, rising by 5.2% YoY to reach Rs 2,912.2 crore, up from Rs 2,769.1 crore in the corresponding quarter of the previous fiscal.

IRCTC

For the quarter ending September 30, 2024, IRCTC reported a total income of R 1,123 crore, reflecting an 8.1% increase from Rs 1,039 crore in Q2 FY24. Net profit also grew by 4.5%, reaching Rs 307.8 crore compared to Rs 294.7 crore in the same quarter of the previous year. Operating revenue rose 7.2% to Rs 1,064 crore, up from Rs 992.4 crore year-on-year.

IRCTC’s EBITDA for Q2 FY25 saw a marginal increase of 1.7% YoY, amounting to Rs 372.79 crore. However, the EBITDA margin dipped by 190 basis points to 35% from 36.9% in the corresponding quarter last year.

Gland Pharma

The pharma major reported a 15.7% year-on-year (YoY) decline in net profit, posting Rs 163.5 crore for the second quarter ended September 30, 2024. This compares to a net profit of Rs 194 crore in the same period last year, according to the company’s regulatory filing.

Despite the drop in profit, revenue from operations showed a slight increase, rising 2.4% YoY to Rs 1,405.8 crore from Rs 1,373.4 crore in the corresponding quarter of the previous fiscal.

Amara Raja Energy & Mobility

The company posted a 6.3% year-on-year (YoY) increase in net profit, reaching Rs 240.7 crore for the second quarter ended September 30, 2024. This compares to a net profit of Rs 226.4 crore in the same quarter of the previous fiscal. The company’s revenue from operations also grew significantly, rising 11.6% YoY to Rs 3,135.8 crore from Rs 2,811.1 crore in the year-ago period.

KEC International

An infrastructure major, reported a 53% year-on-year (YoY) surge in net profit, reaching Rs 85.4 crore for the second quarter ended September 30, 2024. This marks a significant increase from the Rs 55.8 crore net profit recorded in the same quarter of the previous fiscal, according to the company’s regulatory filing. Revenue from operations also saw solid growth, rising 13.7% YoY to Rs 5,113.3 crore, up from Rs 4,499 crore in the corresponding period last year.

JK Paper

The company reported a 57.8% year-on-year (YoY) decline in net profit, posting Rs 129 crore for the second quarter ended September 30, 2024. This is a substantial drop from the Rs 305.7 crore net profit recorded in the same quarter of the previous fiscal. Despite the profit slump, revenue from operations saw a slight increase of 2% YoY, reaching Rs 1,683 crore compared to Rs 1,650 crore in the corresponding period last year.

Raymond

The company reported a strong rise in consolidated net profit for Q2, doubling year-on-year (YoY) to Rs 59 crore from Rs 27.8 crore, fueled by substantial growth in its real estate and engineering segments. Revenue from operations also surged, reaching Rs 1,044.7 crore compared to Rs 470 crore in the same period last year.

EBITDA saw a significant increase as well, rising to Rs 116 crore from Rs 55.8 crore YoY. Despite these gains, the EBITDA margin dipped slightly to 11.1% from 11.9% a year ago.

Afcons Infrastructure

Goldman Sachs India Equity Portfolio, Jupiter India Fund, Nomura Funds Ireland India Equity Fund, and Nomura India Investment Fund Mother Fund collectively acquired a 2.7% stake in an infrastructure engineering and construction company, investing a total of Rs 449.08 crore.

Key Earnings To Watch

Dr Reddy’s Laboratories, Titan Company, GAIL India, PB Fintech, Oil India, Berger Paints, eClerx Services, Manappuram Finance, Mankind Pharma, Mazagon Dock Shipbuilders, Aptus Value Housing Finance, CCL Products, Fortis Malar Hospitals, JK Tyre, Max Healthcare Institute, Raymond Lifestyle, SJVN, Sundram Fasteners, Timken India, Triveni Engineering, Waaree Renewable Technologies, and Wonderla Holidays.

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