Stocks in Focus: GIFT Nifty traded flat at 19, 885 down merely 4 points, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 advanced 28.45 points or 0.14% to settle at 19,811.85, while the BSE Sensex gained 92.47 points or 0.14% to 66,023.24.
Markets exhibited some volatility in early trades and turned range bound with a positive bias for the rest of the trading session. Investors are following global markets which are mostly sluggish with a mixed bias. Due to lack of fresh positive triggers, investors are trading cautiously and taking selective bets. Technically, Nifty needs to reclaim the 19,889 mark for fresh upside, while the support is placed at 19,471 mark,” said Prashanth Tapse, Research Analyst, Sr VP Research, Mehta Equities.
Stocks to Watch on November 23, 2023
ICICI Bank
CARE Ratings has reaffirmed CARE AAA; Stable to ICICI Bank’s infrastructure bonds. The stable outlook is on account of high systemic importance of the bank given its strong market position, healthy capitalisation, granular asset book growth and a strong deposit franchise along with improvement in the asset quality leading to better profitability parameters, said CareEdge in a press release.
TVS Motor Company
The leading global automaker that operates in the two and three-wheeler segments enters Vietnam in collaboration with Minh Long Motors – its distribution partner, the company said in a regulatory filing. The company’s entry into Vietnam is its second major global foray in two weeks. Last week the company announced its entry into Europe starting with France.
Adani Enterprise
NSE has levied a fine of Rs 34,000 under the Regulation 17(1A) of the SEBI Listing Regulations, pertaining to delayed approval for appointment or continuation of Non-Executive Director who attained the age of seventy-five years, the company said in a regulatory filing.
Power Grid Corp
State-owned Power Grid Corp board on Wednesday approved a proposal to invest about Rs 367 crore in electricity transmission projects, reported PTI. The Committee of Directors on Investment on Projects’ of Powergrid in its meeting held on November 22, 2023, has accorded investment approval for two projects, a BSE filing showed.
Honasa Consumer
Honasa Consumer, the parent company of direct-to-consumer (D2C) brands like Mamaearth, The Derma Co, and BBlunt, on Wednesday posted Q2FY24 profit at Rs 29.44 crore, up 73.3% in comparison to Rs 16.99 crore during the second quarter of FY23. It recorded revenue from operations for the quarter ended September 2023 at Rs 496.10 crore, up 20.9% as against Rs 410.49 crore during the corresponding quarter of FY23. This was driven by volume growth of 27% YoY. The company EBITDA was at Rs 40 crore, up 53% on-year. This is the company’s first quarter earnings update since its stock market debut earlier this month.
(With agency inputs.)