HomeMarket InsiderStocks To Watch: TCS, L&T India, Dr. Reddy's Lab

Stocks To Watch: TCS, L&T India, Dr. Reddy’s Lab

Sensex falls over 1% on key stock sell-off. Bajaj Finance drops 5.03%. Gainers include TCS, Dr Reddy's, and L&T.

On Tuesday, benchmark equity indices experienced a notable decline, reversing the sharp gains recorded the previous day. The BSE Sensex fell by over 1%, driven by significant selling in key stocks such as Reliance Industries, ITC, and Bajaj Finance.

The 30-share BSE Sensex witnessed a substantial drop, closing at 71,139.90 after falling by 801.67 points or 1.11%. During the trading session, the index plunged 865.85 points or 1.20% to touch 71,075.72. Simultaneously, the Nifty also faced a downturn, declining by 215.50 points or 0.99% to settle at 21,522.10.

Among the Sensex-listed firms, Bajaj Finance experienced a significant setback, recording a decline of 5.03%. The drop followed disappointing December quarter earnings, failing to inspire investor confidence. Other major laggards included Titan, UltraTech Cement, Bajaj Finserv, Reliance Industries, ITC, and NTPC.

However, some companies managed to buck the trend, with Tata Motors, State Bank of India, Hindustan Unilever, Power Grid, Tech Mahindra, and Tata Consultancy Services emerging as gainers during the trading session.

Here are some stocks likely to be in the limelight:

Dr Reddy’s Laboratories: One of India’s prominent pharmaceutical companies, Dr Reddy’s Laboratories, announced its December quarter results, revealing a significant 10.74% jump in its consolidated Profit After Tax (PAT) YoY. The consolidated PAT exceeded Zee Business research estimates, reaching Rs 1381 crore in the December quarter, up from Rs 1247 crore YoY.

L&T India: Larsen & Toubro (L&T) reported a consolidated net profit of Rs 2,947 crore for the October-December period, marking a notable increase of 15.4% compared to the corresponding period a year ago. Despite the positive results, the infrastructure conglomerate’s net profit for the fiscal third quarter fell short of analysts’ estimates. L&T registered revenue of Rs 55,128 crore for the quarter ended December 31, 2023, compared to Rs 46,390 crore for the year-ago period.

Jubilant FoodWorks: Domino’s, India’s largest food service brand under Jubilant FoodWorks, announced its participation in the Open Network for Digital Commerce (ONDC) Network. The integration allows Domino’s catalogue to be visible on all apps across a rapidly developing network, facilitating seamless transactions. Customers in Delhi NCR can already order Domino’s Pizza via ONDC, with other cities set to go live soon.

TCS: Tata Consultancy Services (TCS) revealed a 15-year expansion of its partnership with Aviva, the UK’s leading Insurance, Wealth, and Retirement provider. The collaboration aims to transform Aviva’s UK Life business and enhance customer experience through the TCS BaNCS™-based platform. The partnership includes expanding policy administration and servicing to cover over 5.5 million policies, managed by Diligenta, TCS’ FCA regulated subsidiary in the UK.

Gillette India Limited: Gillette India Limited declared an interim dividend of Rs. 85 per equity share for the Company’s Financial Year 2023-24, including a one-time special dividend of Rs. 40 per share. The interim dividend is payable to shareholders as of the record date on Thursday, February 8, 2024.

Astral: Astral, a pioneer in manufacturing CPVC pipes & fittings, reported its third-quarter results, revealing consolidated revenue growth of 10%, PAT growth of 39.8%, and plumbing volume growth of 24% for 9M FY 2023-24.

KPI Green: On Tuesday, KPI Green secured a new order of 5 MW for executing a solar power project under the ‘Captive Power Producer (CPP)’ Segment by M/s. KPIG Energia Private Limited, a wholly-owned subsidiary of the Company.

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