Stocks to watch: ONGC, Coal India, Glenmark Pharmaceuticals, SAIL

Stocks in Focus: GIFT Nifty traded up 65.5 points or 0.34% at 19555, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously on Sunday, the benchmark equity indices closed with gains during the Muhurat trading session on the auspicious occasion of Diwali 2023. The NSE Nifty 50 gained 100.20 points or 0.52% to settle at 19,525.55, while the BSE Sensex added as much as 354.77 points to 65,259.45.

“Reflecting the mixed global sentiments on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade, the Indian market is mired to a range bound trend. Though cues from the Fed Chair’s speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market. However, headline inflation remains above the US central bank’s target. FIIs selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown. Mid- and small caps are back in favour after the recent fall, led by retail activities & good corporate results. Week ahead, focus will be on inflation data US and India, India’s October inflation is expected to ease to 4.8 from 5%, while US inflation is expected to remain steady,” said Vinod Nair, Head of Research at Geojit Financial Services.

Coal India

The state-run company posted a 12.5% growth in consolidated net profit to Rs 6,799.77 crore for the second quarter of FY24 compared to Rs 6,043.55 in Q2FY23, according to the regulatory filing on NSE. Coal India’s consolidated sales rose to Rs 29,978.01 crore in the Q2FY24 from Rs 27,538.59 crore in Q2FY23.

Steel Authority of India Limited (SAIL)

Steel giant SAIL on Friday returned to black, posting a consolidated net profit of Rs 1,305.59 crore for the September quarter 2023-24, as higher sales volumes led to increased income, reported PTI. It had incurred Rs 329.36 crore net loss during July-September period a year ago, Steel Authority of India (SAIL) said in a regulatory filing. Total income rose to Rs 29,858.19 crore from Rs 26,642.02 crore in the year-ago quarter.

Housing and Urban Development Corporation (HUDCO)

State-owned corporation posted a 14% rise in net profit to Rs 451.69 crore for the second quarter of FY24 compared to Rs 396.35 crore in Q2FY23, according to the regulatory filing on NSE. In a stock exchange filing, HUDCO posted a higher total income of Rs 1,880.85 crore during the second quarter of the current financial year as against Rs 1,746.87 crore in the year-ago period.

Glenmark Pharmaceuticals

India’s generic drugmaker Glenmark Pharmaceuticals posted a loss in the second quarter, hurt by exceptional costs related to a legal settlement and higher expenses, reported Reuters. The company posted a consolidated net loss, from continuing operations, of Rs 201 crore for the three months ended September 30, from a profit of Rs 154 crore rupees a year ago. Glenmark incurred an exceptional cost of Rs 325 crore, during the quarter, related to a legal case settlement with the US Department of Justice, Antitrust Division and remediation costs at manufacturing sites in India and the United States. Total expenses rose 8.7% to Rs 3008 crore.

Biocon

The Biopharmaceutical company released its second-quarter earnings for FY24 with profit at Rs 172.70 crore, up 111.1% in comparison to Rs 81.80 crore during the corresponding quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 3462.30 crore, up 49.3% as against Rs 2319.70 crore during the same period last year. According to a CNBC TV18 poll, Biocon was expected to record a Q2 profit of Rs 138 crore and revenue for the quarter ended September 2023 was estimated to be at Rs 3653 crore. The company’s EBITDA stood at Rs 741 crore.

Companies scheduled to report their Q2 earnings today-

Grasim Industries

Advani Hotels and Resorts (India)

GSS Infotech

Manappuram Finance

Vardhman Holdings

Lambodhara Textile

(With agency inputs.)