GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty was trading 55 points or 0.23% higher at 23,805 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Wednesday, the NSE Nifty 50 closed the session 43 points or 0.18% lower at 23,696.30, while the BSE Sensex lost 312.53 points or 0.40% to close at 78,271.28.

Stocks to watch on February 06, 2024

Adani Wilmar

Adani Wilmar will transition to a new name and increase its investment in food and FMCG after the exit of the Adani group from the joint venture at the end of the current financial year (FY25). In a conversation with FE on Wednesday, Adani Wilmar CEO & MD Angshu Mallick, who has been with the company since 1999, said the firm would be called AWL Agri Business following a shareholder vote.

Happiest Minds Technologies

Happiest Minds Technologies is witnessing improved demand for IT services and renewals in deals, particularly as optimism grows following the conclusion of elections in the United States and is also hopeful of hitting or coming close to at least 30% revenue growth for 2024-25 (FY25).

Swiggy

Swiggy released its fiscal third-quarter earnings report wherein it recorded a widened loss of Rs 799.08 crore in comparison to a loss of Rs 574.38 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 3993.07 crore, up 30.98 per cent as against Rs 3048.69 crore reported during the third quarter of the previous financial year.

IDBI Bank

If the proposed liquidity coverage ratio (LCR) norms were to come into effect from April 1, private sector lender IDBI Bank may look at raising interest rates on non-callable deposits by 10 – 25 basis points, reported Business Standard citing a senior executive.

InterGlobe Aviation

GST authorities have imposed penalties totalling Rs 115.86 crore on IndiGo, the airline said in a regulatory filing. According to the filing, the penalty order was passed on February 4. Of this, Rs 113.02 crore pertains to services provided to offshore recipients, which the GST authorities did not consider as “export of services”, and denied input tax credit on certain services for FY18, FY19, and FY20.

Religare Enterprises

Religare Enterprises said its independent director Hamid Ahmed resigned from the board of the company. Ahmed, who is CEO of Hamdard Laboratories India, Foods Division, ceased to be a non-executive independent director of the company on February 4.

LIC

Life Insurance Corporation of India (LIC) received a demand notice of about Rs 105.42 crore for short payment of GST for seven financial years. The company received a demand order for interest and penalty for several states on February 5, LIC said in a regulatory filing.

P C Jeweller

P C Jeweller reported a consolidated net profit of Rs 147.96 crore for Q3 FY25. The company posted a net loss of Rs 197.98 crore for the year-ago period. Total income jumped multi-fold to Rs 683.44 crore in the third quarter of this fiscal from Rs 43.48 crore in the year-ago period.

Welspun Corp

Welspun Corp reported an over two-fold rise in its consolidated net profit to Rs 672.19 crore in Q3 FY25, aided by lower expenses. It reported a net profit of Rs 293.70 crore for Q3 FY24, the company said in an exchange filing. The company’s total income however fell to Rs 3,656.57 crore in the quarter under review from Rs 4,758.17 crore in the same period a year ago.

Kansai Nerolac Paints

Kansai Nerolac Paints reported a 341.4% year-on-year jump in net profit at Rs 680.9 crore for Q3 FY25, compared to Rs 154.3 crore in Q3 FY24. The figure includes a profit of Rs 665.4 crore from the sale of land in Lower Parel, Mumbai. Revenue from operations rose 0.2% to Rs 1,921.9 crore against Rs 1,918.7 crore in the corresponding period of the preceding fiscal.