Stocks to watch: Axis Bank, Tata Motors, Torrent Pharma, PNB Housing Finance, Vedanta and others

Stocks to watch: At around 8:11 a.m. on Wednesday, October 25, the GIFT Nifty futures traded 45.6 points or 0.24 per cent higher at 19,308.5 suggesting a flat-to-positive opening of the market. 

BSE and NSE were closed on Tuesday (October 24) on account of Dussehra.

On Monday, the 30-share BSE Sensex plunged 825.74 points or 1.26 per cent to settle at 64,571.88. On the other hand, Nifty fell 260.90 points or 1.34 per cent to 19,281.75 points.

ZeeBiz will take you through the list of stocks that can stay in the limelight on Wednesday.

Results today, October 25: Axis Bank, Tech Mahindra, Indus Towers, Jubilant Foodworks, Gulf Oil Lubricants, Lakshmi Machine Works, Rallis India, Shanthi Gears, Sona BLW Precision Forgings, Swaraj Engines, Chennai Petroleum Corporation, CMS Info Systems, Share India Securities, Sonata Software, Welspun India, and Dreamfolks Services will announce their results for the second quarter (Q2FY24) today.

Change in Nifty 500: Kirloskar Ferrous Industries will be excluded from the index, whereas Concord Biotech will be included.

Axis Bank: The lender is set to report its second-quarter results on Wednesday.

According to Zee Business research, the bank is likely to report a standalone net profit of Rs 5,700 crore for the September quarter of the current financial year, marking a rise of 6.9 per cent against the profit of the corresponding period a year ago.

The analysts expect the lender's net interest income (NII)—or the difference between interest earned and interest paid—to increase 15 per cent on a year-on-year basis to Rs 11,910 crore, with 20-22 per cent growth in loans as well as deposits.

Tata Motors: The automaker said on Monday that it had commissioned two R&D facilities in Pune for the development of hydrogen propulsion technologies.

The unveiling comprises an engine test cell for the development of hydrogen internal combustion engines and necessary infrastructure for the storage and dispensing of hydrogen fuel for the fuel cell and hydrogen internal combustion engine (H2ICE) vehicles, the auto major said in a statement.

Torrent Pharma: Torrent Pharma on Monday reported a 24 per cent jump in its second-quarter net profit after a surge in revenue from India, Brazil, and German operations offset a decline in the US.

Its net profit in the July-September quarter of Rs 386 crore was 23.7 per cent higher than Rs 312 crore net earnings in the same period a year ago, the company said in a statement.

Revenues soared 16 per cent to Rs 2,660 crore.

Its India revenue was up 18 per cent at Rs 1,444 crore, while earnings from the German operation were up 21 per cent and those from Brazil soared by 36 per cent.

This offset a 15 per cent decline in US revenues.

Adani Ports and SEZ: Adani Ports and Special Economic Zone Ltd (APSEZL) said on Monday that it had incorporated a wholly-owned aircraft leasing unit, Udanvat Leasing IFSC Ltd.

The entity will have an authorised and paid-up share capital of Rs 2.5 crore.

Udanvat has been incorporated with the objective of carrying out the business activity of owning and leasing aircraft, the company said in a regulatory filing.

APSEZL has incorporated a wholly-owned subsidiary company, 'Udanvat Leasing IFSC Ltd', on October 23, 2023, the company said in the filing.

Inox Wind: The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea to initiate insolvency proceedings against Inox Wind by an operational creditor of the company.

A three-member bench of the insolvency appellate tribunal also upheld the orders of the Chandigarh Bench of the National Company Law Tribunal (NCLT), which on May 22, 2023, rejected the plea of GRI Towers India.

Mahindra Logistics: Mahindra Logistics Ltd reported on Monday 73 per cent growth year-on-year in standalone profit after tax (PAT) at Rs 19 crore in the September quarter of this fiscal.

The company had posted a standalone PAT of Rs 11 crore in the July–September period of FY23, MLL said in a statement.

Revenue during the quarter under review declined 5 per cent to Rs 1,136 crore from Rs 1,195 crore in the period a year ago, it said.

The company said that continuing growth and consolidation across the supply chain businesses, with growth in some markets, is offsetting headwinds, and added that continued focus on margin improvement resulted in earnings growth across businesses other than the MLL Express business.

Signature Global: Realty firm Signature Global on Monday said it had acquired 25.75-acre land in Gurugram to develop a group housing project.

The company did not disclose the deal value or the name of the seller.

In a regulatory filing, Signature Global said the "company has entered into a sale deed for acquiring a land parcel admeasuring approximate 25.75 acres located at village Fazilpur, Gurugram, Haryana, for the development of a group housing project.

PNB Housing Finance: Shares of ONB Housing Finance will be in focus today after it reported a 45.9 per cent rise in its net profit to Rs 383 crore in the September 2023 quarter on higher interest income.

Alok Industries: Alok Industries stock will be focus after posting a loss of Rs 175 crore against a loss of Rs 192 crore year-on-year (YoY).

Vedanta: Vedanta said on Tuesday that Chief Financial Officer (CFO) Sonal Shrivastava has resigned, making her the third incumbent to quit in as many as five years from the post in the billionaire Anil Agarwal-controlled company.

UBL: Shares of UBL will be focused after the Maharashtra government formed a committee to assess the possibility of reducing the tax on beer. This step was taken due to a decline in beer sales after an increase in excise tax.

Lupin: Pharma major Lupin Ltd on Monday said it has received approval from the US health regulator to market its generic Fluconazole tablets used in the treatment of fungal infections.

Paytm: Paytm Founder and CEO Vijay Shekhar Sharma on Monday announced the launch of the VSS Investments Fund for his private investments, with a total target corpus of Rs 30 crore.

KPI Green Energy Ltd: The company bagged an order to execute a wind-solar hybrid power project of 4.20 MW capacity.

Siemens filed a writ petition on October 23 against a Rs 247 crore Goods and Services Tax (GST) notice.

Tech Mahindra: The company's subsidiary, Tech Mahindra (Americas) Inc., approved the investment in Avion Networks Inc. for a proposal to sell its 30 per cent stake for $50,000 in Avian Networks Inc. on October 23, 2023. The acquisition will be completed before October 31, 2023.

Valiant Laboratories: The Company (‘VLL’) has agreed to acquire 16030 equity shares of Rs. 10/- each and 5130 Optionally Convertible Preference shares of Rs. 10/- each, aggregating to Rs 165,04,80,000, by way of subscribing to the rights issue of Valiant Advanced Sciences Private Limited ('VASPL'), a wholly-owned subsidiary of the company. 

Godawari Power: The board will consider the share split along with the results of the board meeting on November 3.

HUL: Shares of Hindustan Unilever will be in focus after HSBC double downgraded the stock to 'hold' from 'buy'. The brokerage has also cut the target to Rs 2,700 from Rs 2,950 apiece. 

UPL and other agrochemical stocks: FMC, which has collaborations with UPL, has cut its guidance for the third-quarter revenue and profit forecast.

Kewal Kiran Clothing: The company delivered good results with a margin of 23.5 per cent in the September quarter, up from 22.1 per cent a year ago. The company's profit grew 27 per cent while revenues were up 16 per cent. 

Bulk deals

Amber Enterprises: Franklin Templeton Mutual Fund bought 2 lakh shares (0.59 per cent) at Rs 2,820 per share.

Jefferies has raised the target to Rs 3,990 from Rs 3,740 apiece with a 'buy' rating, and Goldman Sachs has also maintained 'buy' by raising the target to Rs 2,990 apiece from Rs 2,920 apiece.

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