Gift Nifty Up 35 Points | Ajanta Pharma, P&G Q3 Results | Coromandel To Set Up New Plant | Top Buzzing Stocks Today

Thu, 1 Feb Pre-Open

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On Wednesday, Indian share markets gained the momentum as the session progressed and ended on firm footing.

In continuation of the one-day-up and one-day-down pattern seen for the sixth consecutive session, benchmark indices Jumped with everyone busy forecasting the outcome of tonight's US Fed meeting and tomorrow's Interim Budget.

At the closing bell on Wednesday, the BSE Sensex closed higher by 545 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 186 points (up 0.9%).

Eicher Motors, Sun Pharma and Tata Motors were among the top gainers.

L&T, BPCL and TCS on the other hand on the other hand, were among the top losers.

The BSE MidCap index ended 1.5% higher and BSE SmallCap index ended 1.8% higher.

Barring capital goods sector, other sectoral indices are trading on positive note, with socks in healthcare sector, power sector and realty sector witnessing most buying.

The rupee was trading at 83.1 against the US$.

Gold prices for the latest contract on MCX were trading marginally up at Rs 62,503 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading 39 points higher at 21,825 levels.

Indian share markets are headed for a positive opening today following the trend on Gift Nifty.

Speaking of stock markets, the general elections in India have always played a big role in deciding sentiment in the market.

This may be for right or wrong reasons but the fact can't be denied. Most people who have put their hard-earned money in stocks either as investment or speculation, will be interested in knowing how the elections will impact the market.

Which stocks or sectors will rise in anticipation of the results? Which ones will be on the back foot?

Tue in to the below video to know the stocks likely to benefit from the 2024 general elections.

Top buzzing stocks today

Voltas share price will be in focus today.

Shares of Voltas soared nearly 8 per cent to hit a 52-week high of Rs 1,095.9 on 31 January, a day after the company narrowed its net loss for the December quarter of the current fiscal year.

The company reported a net loss of Rs 276 m in Q3, down from a loss of Rs 110 crore last fiscal. The losses shrank on better sales as revenue surged 31% on-year to Rs 26.3 bn.

Jyothy Labs will also be a top buzzing stock.

The company on 31 January 2024 reported a consolidated net profit of Rs 909 m for the December quarter of FY24, growing 34.9% from the year-ago period.

The company's revenue came in at Rs 6.8 bn, up 10.6% from Rs 6.1 bn in the year-ago quarter.

Coromandel to Set Up New Plant

The agricultural chemicals maker Coromandel International announced that its board of directors has approved a proposal to set up new phosphoric acid and sulphuric acid plants at Kakinada in Andhra Pradesh with an investment of Rs 10.3 bn.

With the new plants, the company's capacity for phosphoric acid will increase by 750 tonnes per day, while that of sulphuric acid will go up by 1,800 tonnes per day. Currently, the company has a capacity of 1,550 tonnes per day for phosphoric acid and 4,200 tonnes per day for sulphuric acid.

The project will be executed in 24 months and will be financed through internal accruals.

The project will help reduce dependence on imports and make Kakinada an integrated facility. The proposed investment is in line with the firm's long-term aim to secure key raw materials for its fertilizer production.

Apart from this, on 22 March 2023, the company announced that its board of directors had approved the plan to expand its operations in crop protection chemicals and foray into the contract development & manufacturing organization (CDMO) business.

The board further approved to diversify into new growth areas, namely specialty and industrial chemicals.

Coromandel share price drags 15% in a month. To know what is dragging the stock down, check out Why Coromandel Share Price is Falling.

Ajanta Pharma Q3 Result

Ajanta Pharma on 31 January reported a consolidated net profit of Rs 2.1 bn for the October-December quarter, up 56% over last year's Rs 1.4 bn.

The Mumbai-based pharma major's revenue came in at Rs 11.1 bn, up 14% from Rs 9.7 bn a year back.

The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) were at Rs 3.1 bn, up 85% from Rs 1.7 bn in the year-ago period.

The Board of Directors have approved a second interim dividend of Rs 26 per share for the FY2024.

According to Ajanta, Rs 3.1 bn of its total revenue came from India branded generics in the reported quarter, and US generics business gave a revenue of Rs 2.5 bn.

The company spent Rs 520 bn on R&D expenditure in this quarter, which is 5% of its revenues.

P&G Profit Jumps 10%

Procter & Gamble Hygiene and Health Care Ltd (PGHH) on 31 January reported net profit at Rs 2.3 bn for the December quarter of FY24, registering a growth of 10.3% from Rs 2.1 bn in the same quarter of the previous financial year.

The profit growth is led by product price-mix, productivity, and moderating cost inflation versus the base period. The sales of the company was Rs 11.3 bn, which is at par Y-o-Y.

The company declared an interim dividend of Rs 160 per equity share for the financial year 2023-24.

The Board approved appointment of Dr. Ashima Goyal as Non-executive Independent Director of the Company for a term of five years with effect from 19 March 2024, subject to the approval of the shareholders of the company.

It is a midcap stock that is not only characterised by its promising financial performance but also its strategic positioning within its respective industries.

For more, check out Top 5 Midcap Stocks with High RoCE to Add to Your Watchlist.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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