Stocks To Watch Today: The benchmark Sensex and Nifty indices are poised to start February 8 on a positive note, with indications from the GIFT Nifty suggesting a gain of 26 points for the broader index.
On February 7, equity benchmarks Sensex and Nifty ended flat following a volatile session. Despite opening above the 22,000 mark, the Nifty failed to sustain its position.
Early gains were eroded as investor attention shifted towards the upcoming monetary policy decision by the Reserve Bank of India scheduled for February 8.
The Sensex concluded the day down by 34.09 points at 72,152, while the Nifty managed a marginal increase of 1.1 points to reach 21,930.50. Out of the stocks traded, 1,954 advanced, 1,314 declined, and 63 remained unchanged.
Here’s a slew of stocks that will be in focus on February 8 for various reasons;
- Zomato: The food delivery giant has declared the dissolution of its subsidiary, Zomato Vietnam Company (ZVCL), effective from February 2nd. Additionally, Lunchtime.cz, a subsidiary of Zomato in the Czech Republic, has been liquidated as of February 6th.
- Lupin: In Q3FY24, the pharmaceutical major recorded an increase of 300% in its consolidated net profit, reaching Rs 613 crore compared to Rs 153.4 crore in the same period last year. This surge was fueled by record-breaking sales driven by robust growth across various regions.
- Tata Consumer Products: On Wednesday, the FMCG firm announced a decrease of 17.26% in its consolidated net profit for the December quarter, amounting to Rs 301.51 crore. This decline was attributed to reduced contributions from associate and joint venture firms.
- Power Grid Corporation of India: Despite increased tax costs, the state-owned electric services company achieved a 10.5 percent year-on-year growth in consolidated net profit, reaching Rs 4,028.3 crore for the October–December period of FY24. This growth was fueled by strong operating performance. Additionally, revenue from operations saw a 2.6 percent year-on-year increase, reaching Rs 11,549.8 crore for the quarter.
- Mankind Pharma: Sheetal Arora, Arjun Juneja, and Puja Juneja, promoters of Mankind, have opted to sell a collective stake of 1.62 percent in the company to adhere to the minimum public shareholding regulations. Sources, speaking on the condition of anonymity to Moneycontrol, disclosed that a block deal worth approximately Rs 1,330 crore has been initiated for this divestment, with a floor price set at Rs 2,050 per share.
- Piramal Pharma: The Riverview (USA) facility underwent a pre-approval inspection (PAI) by the US Food and Drug Administration (US FDA) from January 29 to February 6. Following the inspection, the FDA issued a Form 483 containing 3 observations. These observations fall under the category of VAI (voluntary action indicated) and do not pertain to data integrity.
- Bharat Petroleum Corporation: Petronet LNG, a joint venture involving Bharat Petroleum Corporation (BPCL), has finalised a long-term LNG sale and purchase agreement with Qatar Energy. This agreement entails the acquisition of roughly 7.5 MMTPA (million metric tonnes per annum) of liquefied natural gas (LNG) on a long-term basis. Notably, this agreement serves as a renewal of the previous arrangement inked on July 31, 1999, which was originally scheduled to conclude in April 2028.
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