Indian equity indices, including the BSE Sensex and NSE Nifty 50, are likely to see a lower opening on Monday, January 29, 2024, following the negative performance of global markets over the weekend. The GIFT Nifty, a key indicator of the Indian market, was trading 59 points or 0.25% lower at 23,072.50, pointing to a subdued start for the domestic indices. On Friday, the NSE Nifty 50 closed 113.15 points or 0.49% lower at 23,092.20, while the BSE Sensex saw a decline of 329.92 points or 0.43%, finishing the session at 76,190.46.
Stocks to Watch on January 27, 2024
Several prominent stocks are expected to be in focus as markets resume trading after the weekend break. Here’s a look at some key developments to watch:
Religare Enterprises
The Burman Group, which owns a substantial stake in Religare Enterprises, has refuted claims made by US-based investor Digvijay Gaekwad, who had alleged plans to make an open offer for the company. The Burman Group clarified that Gaekwad had failed to make a competing offer within the 15-day window following the Burman Group’s public statement on October 4, 2023. This development is likely to impact market sentiment around Religare Enterprises in the short term.
NTPC
NTPC, the state-owned power giant, reported a strong financial performance for Q3 FY25. The company’s net profit rose by 3.1% to Rs 4,711.4 crore, compared to Rs 4,571.9 crore in the same period last year. Revenue for the quarter surged 4.8%, reaching Rs 41,352.3 crore, up from Rs 39,455 crore in Q3 FY24. The robust financial performance is expected to support NTPC’s stock price despite broader market volatility.
Tata Electronics
Tata Electronics made headlines by acquiring a 60% stake in Pegatron Technology India, a subsidiary of Pegatron Corporation, which manufactures Apple products at its Chennai facility. This acquisition is part of Tata Electronics’ broader strategy to expand its footprint in the electronics manufacturing space and strengthen its partnership with Apple. This move could give a positive boost to Tata Electronics’ stock in the coming trading sessions.
Godrej Consumer Products
Godrej Consumer Products posted a weaker-than-expected performance for Q3 FY25, with its net profit falling 14.2% year-on-year to Rs 498 crore, missing analyst expectations of Rs 525 crore. Despite this, the company’s revenue for the quarter increased by 3% to Rs 3,768 crore, surpassing estimates of Rs 3,709 crore. Investors will be watching closely to gauge how the company plans to recover from this underperformance.
DLF
Real estate giant DLF reported a significant 61% year-on-year jump in net profit for Q3 FY25, reaching Rs 1,059 crore. However, its revenue remained flat at Rs 1,529 crore, reflecting marginal growth from the previous year. The company’s impressive profit growth could attract investor interest, despite the relatively modest increase in revenue.
Adani Group
The Adani Group made headlines with a statement regarding its wind power projects in Sri Lanka. The group refuted rumors that its 484 MW wind power projects in the northern Mannar and Pooneryn districts had been canceled, claiming that the Sri Lankan government is simply reviewing tariffs as part of a standard process. The clarification aims to dispel market concerns surrounding the Adani Group’s international ventures, which may impact its stock performance.
JSW Steel
JSW Steel reported a significant 70.65% drop in net profit for Q3 FY25, falling to Rs 719 crore from Rs 2,450 crore in the same quarter last year. The company’s revenue also saw a slight dip of 1.34%, standing at Rs 41,378 crore. The sharp decline in profit could lead to a negative reaction in the stock, especially as steel prices remain under pressure globally.
Interglobe Aviation (IndiGo)
Interglobe Aviation, the parent company of IndiGo, reported an 18.32% drop in net profit for Q3 FY25, coming in at Rs 2,448.80 crore compared to Rs 2,998.10 crore in the same period last year. Despite this, the airline’s revenue rose by 13.67%, reflecting strong growth in passenger traffic. Investors will be keeping a close eye on how IndiGo navigates rising costs and competitive pressures in the aviation sector.