Biocon, Nykaa, P&G Health, Lupin: Stocks to watch on Wednesday

Stocks to watch on Wednesday, February 7: At 7:43 AM, GIFT Nifty futures traded 140.45 points, or 0.64 per cent, higher at 22,120, indicating a positive start for domestic equities today.

Benchmark indices Sensex and Nifty rebounded nearly 1 per cent on Tuesday following buying in IT giants TCS and Infosys and fresh foreign fund inflows. After a firm beginning, the 30-share BSE Sensex climbed 454.67 points, or 0.63 per cent, to settle at 72,186.09. The Nifty went up by 157.70 points, or 0.72 per cent, to 21,929.40.

Here are some stocks that will be in focus on Wednesday, February 7.

Results on February 7: Nestle, Tata Consumer Products, Power Grid Corporation of India, Cummins India, Lupin, Manappuram Finance, Trent, Apollo Tyres, General Insurance Corporation of India, Monte Carlo Fashions, Navneet Education, Panasonic Energy India Company, Varroc Engineering, Fortis Healthcare, GMR Power and Urban Infra, JK Paper, Religare Enterprises, Safari Industries (India), Solar Industries India, Uno Minda, and Vascon Engineers are some of the companies that will release their Q3 results on Wednesday (February 7, 2024).

Biocon: The company received tentative approval for Dasatinib tablets from the US Food and Drug Administration (USFDA). The product is indicated for use in the treatment of Philadelphia chromosome-positive chronic myeloid leukaemia in adults.

Nykaa: FSN E-Commerce Ventures, the parent company of Nykaa, recorded a net profit of Rs 17.45 crore for Q3 against a profit of Rs 8.48 crore a year ago. The total income of the company stood at Rs 1,796.4 crore for the quarter under review, against Rs 1,468.5 crore YoY.

Navin Fluorine International: The company posted a consolidated net profit of Rs 78.02 crore in the December quarter. The company had registered a profit of Rs 106.56 crore in the year-ago period. The consolidated revenue from operations during the third quarter of the ongoing fiscal stood at Rs 513.74 crore, up from Rs 573.5 crore in the December 2022 quarter.

Procter & Gamble Health: The company recorded a net profit of Rs 72.07 crore as against Rs 76.8 crore logged in the corresponding quarter of the previous fiscal.

Lupin: The pharmaceutical company received approval from the USFDA for Bromfenac Ophthalmic Solution. Bromfenac Ophthalmic Solution is indicated for the treatment of postoperative inflammation and the prevention of ocular pain in patients undergoing cataract surgery.

Britannia: The packaged foods major posted in-line results for the December quarter on Tuesday. Profit for the review period declined 40 per cent on year, while revenues increased only 1 per cent on year.

Max Financial Services: The company's Q3 results came in below estimates, with the gross written premium increasing 16.1 per cent in the December quarter. PAT at the company also declined by 32.8 per cent on-year. 

Furthermore, the insurance regulatory body IRDAI has given its nod for the fund infusion to the tune of Rs 1,612 crore by Axis Bank in Max Life Insurance.

Berger Paints: The company posted good results for the December quarter, with profit edging up by 49.2 per cent on year. Additionally, the profit margin at the company increased to 16.6 per cent during the review period.

Zaggle Prepaid Ocean Services: The IT-enabled services firm posted robust Q3 with profit increasing 15 times to Rs 15 crore in the December quarter as against Rs 1 crore in Q3 FY23.

Azad Engineering: The company's profit during Q3 increased 4.25 times to Rs 17 crore, while revenues notched higher by 48.3 per cent. The profit margin at the company also came in sharply higher at 36.5 per cent versus 29.3 per cent in the same period last year. 

UPL: The rating agency Moody's has downgraded the company's senior unsecured rating to 'Ba1' from 'Baa3' following weak Q3 numbers for the agrochemicals company.

JB Chemicals: The company posted strong Q3 results, with profit inching higher by 26.4 per cent on-year.

Paytm: As per a Reuters report, the company's MD, Vijaya Shekhar Sharma, has met Finance Minister Nirmala Sitharaman.

(With inputs from agencies.)

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