Best 10 Stocks to watch Today 23th jan 2024
Top 10 Stocks to watch Today 23th jan 2024
(1) Axis Bank: On January 23, the institution is scheduled to release its third-quarter FY24 earnings. According to Kotak Institutional Equities, the bank is expected to report Net Interest Income (NII) for Q3FY24 of ₹124,553 million, an increase of 8.6% over the same period in the previous year. Estimated net profit for Q3FY24 is ₹62,120 crore, a 6% increase over the previous year.
(2) Zed Entertainment Enterprises: The global brokerage firm CLSA has updated its assessment of the company, going from a prior "buy" rating to a "sell." This update follows the $10 billion mega-merger with Sony Pictures Network being cancelled. "With Zee-Sony merger being terminated, we believe Zee’s PE will slump back to 12x levels, seen prior to the Sony merger announcement in August 2021," said the brokerage.
(3) ICICI Bank: The private lender recorded a 23.5 increase in its standalone net profit at ₹10,272 crore in Q3FY24 compared to ₹8,312 in the same period the previous year. The figures were revealed on Saturday. The bank's core operating profit increased by a healthy 10% throughout the quarter, while the quality of its assets was steady.
(4) Cipla: Compared to the ₹801 crore net profit it made in the same period previous year, the pharmaceutical major's consolidated net profit increased 32% to ₹1,056 crore in Q3FY24. Cipla's overall operating revenue for the quarter was ₹6,603 crore, down slightly from ₹6,678 crore in the prior quarter but up 13.66% from ₹5,810.09 crore in the same time last year.
(5) Coforge: At ₹238 crore in Q3FY24, the IT company's net profit increased by 31% from ₹181 crore in the quarter that ended in September 2023 and by 4.2% from ₹228.2 crore in Q3FY3. From ₹5,844.6 crore in December 2022 to ₹6,820.5 crore during the year under review, the company's operating revenue increased by 16%.
(6) Colgate-Palmolive India: The fast-moving consumer goods giant announced on Monday that its net profit for the December quarter increased by 35.71% to ₹330.11 crore, driven by double-digit growth in the toothpaste category. In Q3FY24, the company's revenues climbed by 8.21% to ₹1,386.41 crore from ₹1,281.21 crore in the same period the previous year.
(7) Mangalore Refinery and Petrochemicals Ltd (MRPL): In an exchange filing on Monday, the business recorded a consolidated net profit of ₹392.08 crore for Q4FY24, up from a loss of ₹194.95 crore in the same period the previous year. Its combined operating income for the quarter was ₹28,383.41 crore, which was less than the ₹30,966.16 crore it made during the same time in the previous fiscal year.
(8) Reliance Industries: Following the release of the conglomerate's third quarter FY24 results last week, brokerage firm Elara Securities raised its target price for the Mukesh Ambani-led company to ₹3,354, but kept the stock rating of "buy." We still recommend buying, albeit at a higher TP of ₹3,354 rather than ₹3,194. In its analysis, Elara Securities stated, "We assume 22.8x (unchanged) FY26E EV/EBITDA for Retail, 18.0x (unchanged) for Digital Services, and 6.5x (from 6.0x) for O2C."
(9) Adani Electricity Mumbai (AEML) and Adani Ports and Special Economic Zone (APSEZ): After conducting a comprehensive inquiry and finding no misconduct related to Adani equities, brokerage company S&P Global revised its outlook for Adani Ports and Special Economic Zone Ltd. (APSEZ) and Adani Electricity Mumbai Ltd. (AEML) on Monday from negative to stable.
(10) Tata Motors: An upper management of the automaker said that starting in April of this year, the Sanand plant—which it purchased from Ford India—will start producing electric cars. In January of last year, Tata Passenger Electric Mobility Ltd., a division of Tata Motors, paid ₹725.7 crore to Ford India for the facility.
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