The opening projections for today suggest a higher start for Sensex and Nifty 50. GIFT Nifty, reflecting a premium of over 100 points compared to the Saturday close of Nifty Futures, indicates a potential gap-up opening in the Indian market. The closing values on Saturday were 21,571.80 for Nifty 50 and 71,423.65 for Sensex.
Here’s a slew of stocks that will be in focus on January 23 for various reasons;
Zee Entertainment: The proposed $10 billion merger between Zee Entertainment and Sony Pictures, which has been under discussion since 2021, has been officially terminated. Sony issued a termination notice to Zee, stating that the merger failed to close by the specified end date due to unmet closing conditions. Sony mentioned that the termination is not expected to have a significant impact on its financials.
Additionally, Sony has asked $90 million, citing an alleged breach of terms. Zee Entertainment has announced that its board is currently assessing various courses of action, including the possibility of legal proceedings. Notably, the stock is currently under a ban in the Futures and Options (F&O) segment.
ICICI Bank: The year-on-year growth in core operating profit is at its lowest in 17 quarters, standing at 10.3%. Net Interest Margins (NIMs) have reached a five-quarter low at 4.52%. Both Gross and Net Non-Performing Assets (NPA) are at their lowest levels in nine years or more. While the year-on-year deposit growth is the second highest in 11 quarters, on a sequential basis, it marks the lowest in six quarters. The risk-weight assets to advances ratio, mandated by RBI norms, has reached a 14-quarter high.
Tata Consultancy Services: The largest IT services company in the country has successfully facilitated the integration of Euroclear Finland, Finland’s National Central Securities Depository (CSD), with the European securities settlement engine on its core platform. This transformative initiative enhances the efficiency of cross-border settlements for investors dealing with Finnish securities, establishing the most advanced post-trade platform in Europe.
Steel Authority of India: The government has promptly suspended V. S. Chakravarthy, the Director (Commercial), and A. K. Tulsiani, the Director (Finance). Additionally, several officials below the board level have also been suspended, including SK Sharma, ED (F&A) at CMC; Vinod Gupta, ED (Commercial); Atul Mathur, ED (Sales & ITD); and R M Suresh, ED (Marketing Services). The suspensions are effective immediately.
Cipla: The pharmaceutical company has reported a substantial 31.8 percent year-on-year increase in its consolidated net profit, reaching Rs 1,056 crore for the quarter ending December FY24. This growth is supported by double-digit increases in both topline and operating figures. Revenue from operations showed a 13.7 percent year-on-year growth, totaling Rs 6,604 crore, while EBITDA saw a significant rise of 24.2 percent, reaching Rs 1,748 crore in Q3 FY24.
IDFC First Bank: The financial institution has achieved an 18 percent year-on-year growth in profit, amounting to Rs 716 crore for the quarter ending December FY24. The core operating profit witnessed a substantial increase of 24 percent, reaching Rs 1,515 crore for the quarter. In Q3 FY24, net interest income experienced a notable 30 percent year-on-year growth, reaching Rs 4,287 crore. The net interest margin also increased from 6.13 percent to 6.42 percent during the same period. Notably, the gross non-performing assets (NPA) decreased by 7 basis points sequentially to 2.04 percent, and the net NPA remained unchanged at 0.68 percent for the quarter.
Coforge: The global IT solutions company has reported a significant quarter-on-quarter growth of 31.5 percent in net profit, totaling Rs 238 crore for the quarter ending December FY24, supported by robust operational performance. Revenue from operations saw a 2.1 percent increase quarter-on-quarter, reaching Rs 2,323.3 crore, and revenue in dollar terms also experienced a 1.4 percent QoQ growth, amounting to $282 million. The order intake for the quarter stood at $354 million, and the company acquired 7 new clients during this period.
Persistent Systems: The IT services company based in Pune has achieved an 8.7 percent quarter-on-quarter growth in net profit, reaching Rs 286.1 crore for the October–December period of FY24, showcasing robust operating margin performance. Alongside this, the company has announced an interim dividend of Rs 32 per share for FY24, and it has initiated a split of the face value of shares from Rs 10 per share to Rs 5 per share. Revenue from operations witnessed a sequential growth of 3.6 percent, totaling Rs 2,498.2 crore for the quarter. Additionally, revenue in dollar terms increased by 3 percent to $300.55 million, with constant currency topline growth reaching 3.1 percent.
Medi Assist Healthcare Services: The healthcare third-party administrator is scheduled to publicly list its equity shares on January 23. The determined final issue price for the shares is Rs. 418 per share.
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