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Stocks to checkout: Adani Enterprises, Tata Motors and more!

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Stocks in Concentration:

Gift Clever stocks started at 19,348, a 12-point dip (0.06%), signifying a tepid stock market opening.

NSE Nifty 50 gained 144.10 points (0.76%) at 19,133.25; BSE Sensex rose 489.57 points to 64,080.90.

On NSE, low trading volumes persisted, while broad market indices outperformed the Nifty, with the advance-decline ratio at 2.45:1.

An economic stimulus package of about $113 billion was announced by Prime Minister Fumio Kishida in Japan.

It’s designed to ease the impact of rising inflation and address waning public support for his government.

Stocks to Watch on November 3, 2023

Adani Enterprises:

Stocks

Adani Enterprises (AEL) reported Q2 FY 2023-24 profit at Rs 227.82 crore, marking a 50.6% decline compared to the previous fiscal year’s Rs 460.94 crore.

Revenue from operations stood at Rs 22,517.33 crore, down 41% from the same period in the prior year, which was Rs 38,175.23 crore.

Notably, the company’s EBITDA reached Rs 2,430 crore, indicating a 30% increase year-on-year, thanks to robust incubating businesses.

Tata Motors:

Stocks

Mumbai-based Tata Motors released its Q2 FY2024 financial results, showcasing impressive growth.

Revenue rose to Rs 1.04 lakh crore from Rs 78,846 crore a year earlier.

Net profit reached Rs 3,764 crore, a remarkable turnaround from the Rs 944.61 crore loss in the same period last year.

The company’s auto verticals (PV, EV, CV, and JLR) all sustained their profitable growth journeys.

Despite external challenges, Tata Motors remains optimistic about demand and foresees a moderately inflationary environment.

It expects a robust performance in H2, driven by a healthy order book at JLR, strong demand for heavy trucks in CV, and exciting new PV products.

Attributed to a richer product mix, low break-even point in JLR, execution of a demand-pull strategy in CV, and enhanced profitability in PV/EV segments.

Adani Power stocks:

Stocks

In the September quarter of this year, the company’s consolidated profit soared more than ninefold to Rs 6,594 crore compared to the previous year.

This remarkable increase was attributed to higher one-time income and recognition of deferred tax assets.

The consolidated Profit After Tax for Q2 FY24 witnessed an 848% surge, reaching Rs 6,594 crore, in contrast to Q2 FY23’s Rs 696 crore.

The company expressed that this significant rise was due to improved EBITDA and higher one-time income.

Lupin:

Stocks

Global pharmaceutical giant Lupin announced on Thursday that it has received tentative approval from the United States Food and Drug Administration (US FDA).

This approval pertains to its Abbreviated New Drug Application for Selexipag for Injection, 1800 mcg/vial, Single-Dose Vial.

Lupin’s application has been granted for marketing a generic equivalent of Actelion Pharmaceuticals US, Inc.’s Uptravi for Injection, 1800 mcg/vial, according to the company’s statement.

Vedanta:

Stocks

Mining company Vedanta, a subsidiary of London’s Vedanta Resources, has sold its stake in the Mt Lyell Copper Mine in Australia.

This move followed New Century Resources, a wholly-owned subsidiary of Sibanye-Stillwater Group, exercising an option to purchase the mine on Wednesday.

Indian Railway Finance Corporation:

Stocks

The Board of Directors announced an Interim Dividend of Rs 0.80 per equity share of Rs 10 each.

The ‘Record date’ to determine shareholders’ eligibility for the dividend is set for Friday, November 10, 2023.

The company, in a regulatory filing on the NSE, stated that the dividend will be either paid directly into the shareholder(s)’ account

Dispatched via dividend warrant(s) within thirty (30) days from the date of the interim dividend declaration.

Our previous post :-https://telecastindia.in/index.php/2023/11/03/biopharma-q3-2023-market-cap-shifts/

source:-https://www.financialexpress.com/market/stocks-to-watch-adani-enterprises-tata-motors-vedanta-lupin-irfc-3295675/

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