Stocks to watch on Tuesday, January 23: At 8:16 AM, GIFT Nifty futures traded 174.9 points, or 0.81 per cent, higher at 21,779, indicating a positive start for domestic equities today. The Indian share market was closed on Monday, January 22, as the Maharashtra government declared a public holiday on the occasion of the Ram Mandir Pran Pratishtha (consecration) ceremony. On Saturday, the domestic equity benchmarks- Nifty 50 and Sensex- had a full trading session where the BSE Sensex closed 0.36 per cent or 259.58 points lower at 71,423.65, and NSE Nifty settled 0.23 per cent or 50.6 points lower at 21,571.8. 

Here are some stocks that will be in focus on Tuesday, January 23:

Results today, January 23:

Granules India, Indus Towers, L&T Finance Holdings, Pidilite Industries, United Spirits, Havells India, Mahanagar Gas, REC, Cyient DLM, GSFC, ICRA, KEI Industries, Karnataka Bank, Rallis India, Sona BLW Precision Forgings, Tanla Platforms, Tata Elxsi, Urgo Capital, CG Power and Industrial Solutions, Gandhar Oil Refinery (India), Glenmark Life Sciences and Man Industries will announce their third-quarter results ended December 31 today. 

Shree Cement:

The company has started commercial production at the Nawalgarh cement plant situated at Village Gothra in Nawalgarh Tehsil of Rajasthan. 

IDFC First Bank:

The private sector lender reported a net profit of Rs 715.68 crore for the third quarter of the financial year (FY) 2023-24, which is 18 per cent more than the Rs 605 crore recorded in Q3 FY23. The bank's gross non-performing asset (NPA), which is the overall asset quality, stood at 2.04 per cent, down from 2.96 per cent recorded in Q3 FY23. The bank's net NPA for the quarter stood at 0.68 per cent, improving from 1.03 per cent on a year-on-year basis.

Persistent Systems:

The mid-tier IT services firm reported a 20.2 per cent rise in its net profit to Rs 286.1 crore year-on-year for the quarter ended December 31, driven by a strong order book. On a quarter-on-quarter (QoQ) basis, the net profit jumped 8.7 per cent. The consolidated revenue for the third quarter stood at Rs 2,498.2 crore, a rise of 15.2 per cent from the same quarter of the previous year. Sequentially, revenue was up 3.6 per cent, the company said after market hours on Saturday.

Persistent Systems said its board has recommended to the shareholders a resolution to split the face value of shares from Rs 10 per share to Rs 5 per share.

In addition, the board also declared an interim dividend of Rs 32 per share on the face value of Rs 10 each for the financial year 2023-2024.

Transformers & Rectifiers: The company recorded a standalone net profit of Rs 13.4 crore for the third quarter ended December 31 against Rs 11.8 crore a year ago. Revenue for the quarter under review stood at Rs 365.3 crore against Rs 322.76 crore YoY.

Coforge:

The IT company reported a consolidated net profit of Rs 238 crore for the October-December period, as against Rs 228.2 crore for the corresponding quarter a year ago.

The company announced a third interim dividend of Rs. 19 per share with a face value of Rs. 10.

Oriental Hotels:

The company incurred a consolidated net profit of Rs 16.88 crore for the third quarter from October to December 2023 against Rs 14.98 crore YoY. The revenue from operations for the quarter under review stood at Rs 102.06 crore compared to Rs 105.7 crore YoY. 

J&K Bank:

The private sector bank reported a 35 per cent rise in its net profit to Rs 421 crore in the third quarter ended on December 2023, on the back of a decline in bad loans and an improvement in core income against Rs 311 crore in the October-December quarter of 2022. The total income of the bank increased to Rs 3,063 crore in the quarter compared to Rs 2,682 crore in the December quarter of the previous fiscal.

ICICI Bank:

The lender posted results better than estimates with commentary being good on all aspects except Net interest margin or NIM. Net interest income increased 13.4 per cent YoY, while profit soared year-on-year (YoY) to Rs 10,271.5 crore. CLSA has maintained 'buy' on ICICI Bank with a raised target of Rs 1300 per share. 

Cipla:

The pharma major posted better Q3 results on all parameters. The company registered highest ever sales in the US business. Profit at the company also soared 32 per cent YoY. 

Medi Assist Healthcare:

The complete OFS issue will see its listing today. At the close, the offer was subscribed 16 times, led by strong demand from institutional investors.

Oberoi Realty:  

The realty player posted weak Q3 results, with revenue declining 35.3 per cent YoY. The margins also took an hit and came in lower at 48.3 per cent versus 57.7 per cent.

Tata Motors:

The company would raise the price of its passenger vehicles by an average 0.7 per cent with effect from February 1. The company signed an agreement with MM Group for distribution of commercial vehicles in Egypt.

Tata Power/ Waree Renewable/  Sterling and Wilson Renewable Energy:  

Zee Business news has been approved.  As part of Pradhan Mantri Surodyaya Yojana, rooftop solar system will be installed at 1 crore homes.

Colgate-Palmolive:

The company posted good December quarter results, with profit inching 36 per cent YoY. Volume, however, saw degrowth of 1 per cent.  Margins also came impressive at 33.5 per cent versus 28 per cent YoY. Jefferies on the counter has maintained its buy rating with the target price raised to Rs 2930 per share.

Q3FY24 results to be announced:

KEC International:

The company will consider financial results for the quarter and nine months that ended December 31, 2023, in a meeting on January 30.

Shriram Finance:

In a meeting on January 25, The company's board will consider third-quarter results that ended December 31 along with a second interim dividend.

(With inputs from agencies.) 

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