Reliance, BPCL, Vedanta, UCO Bank, NTPC, Indian Bank, Tata Power, DLF, Shree Cement stocks in focus

Analysts say that Nifty has violated key supports from a technical perspective, after it closed below 17950-18000 levels

SGX Nifty was trading 33 points or 0.2 per cent up at 17,913 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50. Investors will closely watch July-September quarter earnings, oil prices, foreign fund flows, rupee movement against US dollar, and other global cues. Analysts say that Nifty has violated key supports from a technical perspective after it closed below 17950-18000 levels. “In the process, it has not only violated a major basing pattern support, but it has also dragged lower the resistance points for the Nifty for the immediate short-term,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.

Stocks to watch

BPCL, Shree Cement: BSE-listed companies such as BPCL, Adani Power, Dr Reddy’s Labs, Shree Cement, UPL, Vedanta, Adani Transmission, Apollo Tyres, Bandhan Bank, Barbeque-Nation Hospitality, Bharat Electronics, Cadila Healthcare, CARE Ratings, Castrol India, Chemplast Sanmar, LT Foods, Dalmia Bharat Sugar and Industries, Dixon Technologies (India), Emami, Embassy Office Parks REIT, Equitas Small Finance Bank, Escorts, Exide Industries, GAIL (India), Glaxosmithkline Pharmaceuticals, Indigo Paints, JK Lakshmi Cement, JSW Energy, Oberoi Realty, SAIL, Sumitomo Chemical India, TTK Healthcare, Varun Beverages, VIP Industries, and Voltas.

Larsen & Toubro: Engineering major Larsen & Toubro (L&T) on Thursday said it is working towards becoming a ‘net zero’ company and has set a goal to achieve carbon neutrality by 2040 and water neutrality by 2035. The company, which launched its fourth Integrated Report, ‘Sustainable Progress for a Better World’, has reaffirmed its commitment to integrate its environmental, social and governance (ESG) goals.

UCO Bank: Buoyed by an increase in operating profit and a decrease in provisions, state-run Uco Bank on Thursday reported a nearly sevenfold year-on-year jump in its net profit to Rs 205.39 crore for the second quarter this fiscal from Rs 30.12 crore for the same period last fiscal.

NTPC: With the Union power ministry directing government-owned power companies to adopt a “zero tolerance policy” regarding payment delays from states, NTPC has threatened to cut part supplies to Uttar Pradesh and Madhya Pradesh from Sunday if the bills are not cleared soon.

Indian Bank: Chennai-based public sector lender Indian Bank on Thursday reported a 164% jump in its net profit at Rs 1,089 crore for the second quarter of FY22 as against Rs 412 crore in the year-ago period. Total income stood at Rs 11,440 crore as against Rs 11,616 crore, registering a marginal decline.

Tata Power: Tata Power Company’s consolidated operating profit for the July-September quarter dropped 16.22% year-on-year (YoY) to Rs 1,663.64 crore, led by higher losses at the Mundra ultra-mega power project due to a rise in cost of imported coal.

DLF: DLF on Thursday reported a 61% year-on-year jump in its consolidated net profit to Rs 380 crore for the July-September quarter, aided by strong momentum in the residential business, especially the luxury segment.

Reliance Industries Ltd: At a time when the government has offered a four-year moratorium for spectrum payments, RIL’s Reliance Jio has prepaid the entire amount relating to the 2016 auction to the government. According to sources in the department of telecommunications (DoT), Reliance Jio cleared the dues, amounting to about Rs 10,700 crore, earlier this month. So far, the company was paying annual instalments.

Jindal Stainless: Stainless steel maker Jindal Stainless (Hisar) on Thursday posted a 195% rise in consolidated profit after tax to Rs 499 crore for the July-September quarter of the current fiscal, compared to Rs 169 crore in the corresponding quarter last fiscal.