Tata Power, Colgate, IREDA, TVS Motor: Stocks to watch on Wednesday

Stocks to watch on Wednesday, January 10: At 8:11 AM, GIFT Nifty traded 46.35 points, or 0.21 per cent, lower at 21,570.5, indicating a negative start for domestic equities today.

The benchmark indices Sensex and Nifty closed moderately higher on Tuesday (January 9, 2024), with a fag-end sell-off reducing the substantial gains made in early trading. Besides, investors opted for profit-taking ahead of the start of the corporate earnings season and macroeconomic data announcements later this week, traders said.

After rising sharply during the day, the 30-share BSE Sensex trimmed most of the gains during the fag-end trading session and ended marginally higher by 30.99 points, or 0.04 per cent, at 71,386.21. The Nifty also gave up most of the intra-day gains and closed 31.85 points, or 0.15 per cent, up at 21,544.85.

Here are some stocks that will be in focus on Wednesday, January 10

KIOCL

The company temporarily suspended operations at the Mangalore-based pellet plant unit with effect from January 9, 2024. The operations were suspended due to the non-availability of iron ore fines.

Auto and ancillary stocks and Gujarat-focused stocks

As the Vibrant Gujarat summit is slated to commence today, auto and ancillary stocks will be the focus of any Tesla-related announcement. Other than that, Gujarat-focused companies will also be on the radar.

Colgate-Palmolive

The company received a Goods and Services Tax (GST) notice from the authorities in Himachal Pradesh, Tamil Nadu, and Delhi.

Shyam Metalics and Energy

The company raised Rs 1,385 crore through qualified institutional placement (QIP).

Tata Power

The company’s subsidiary, Tata Power Renewable Energy Limited, signed two Memorandums of Understanding (MoUs) with the government of Tamil Nadu to support the development of the state's renewable energy landscape and accelerate India's clean energy transition.

Delta Corp

The company posted weak December quarter performance, with profit declining 59.3 per cent YoY to Rs 34.5 crore. The company's management is of the view that until the GST matter is resolved, no provisioning will be done.

Vedanta

Moody's has downgraded the rating of the parent company from Caa2 to Caa3 given the liquidity issues at Vedanta Resources.

Lupin

The pharma major has launched Bromfenac Ophthalmic Solution after the USFDA approved the launch.

Polycab

The company has denied reports of tax evasion. It said that it has not received any information from the Income Tax Department regarding the search results.

Power Finance Corporation

The company has obtained a NoC from the RBI for the establishment of a finance company. The company will set up the financing arm at the International Financial Services Centre in Gift City.

Choice International

The company will deliberate on results as well as bonus share issuance at its board meeting scheduled for January 15.

Navin Fluorine

The country's biggest insurer bought 1.22 lakh shares in the entity via the open market on January 8, taking its stake in the chemicals major to 5.04 per cent.

Indus Tower

BofA Securities has double-upgraded the stock to a buy with a raised target price of Rs 270.

Q3 FY24 Earnings Schedule

IREDA

The board will consider Q3 results on January 20, 2024, in a meeting.

TVS Motor

The company's board will consider financial results for the third quarter in a meeting on January 24, 2024.

(With inputs from agencies.)

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