Stocks To Watch Today: Adani Energy, Bharat Forge, Divi's Lab, HPCL, Sobha & More

The top 10 stocks to watch on Tuesday, November 7th, include hot stocks like Adani Energy, Tata Steel, HPCL, Bata India, and UltraTech Cement. This will prompt market watchers to keep an eye on the companies, which might spark price movements throughout the trading session.

Adani Energy Solutions

The firm said on Monday that its Q2FY24 net profit was Rs 275.88 crore, up 57.6% QoQ from Rs 175.06 crore in the previous quarter. The company's PAT for the second quarter of FY23 was Rs 206.17 crore, which indicates a 33.81% boost in PAT year on year. While consolidated sales jumped from Rs 3,032.07 crore in Q2 of the previous fiscal year to Rs 3,497 crore in Q2FY24, it was still less than Rs 3,663.90 crore in Q1FY24. In the July-September quarter, earnings before interest, tax, depreciation, and amortization climbed by 6% YoY to Rs 1,443 crore.

Bharat Forge

The company released its quarterly and half-yearly results for the quarter ended September 30, 2023, on Monday. For the second quarter of FY24, Bharat Forge recorded a 29% year-on-year growth in its standalone net profit, coming in at Rs 345.9 crore. In the same quarter of the previous fiscal year, the firm experienced a net profit of Rs 268.1 crore. In Q2FY24, the company generated standalone revenue of Rs 2,249.4 crore, up 20.7% from Rs 1,863.9 crore in the same quarter last year. EBITDA rose 34% to Rs 606.8 crore Q2FY24 from Rs 453 crore during Q2FY23, while EBITDA margin grew to 27% from 24.3% YoY.

Divi's Laboratories

Divi's Laboratories Ltd, a large-cap pharmaceutical firm, reported on Monday a 29 per cent drop in its consolidated net profit for the quarter ended September 30, 2023, to Rs 348 crore, from the Rs 493 crore reported in the same period the previous year. The pharmaceutical firm reported revenue from operations of Rs 1909 crore for the July-September quarter, up 3% year on year (YoY) from Rs 1855 crore in Q2FY23. In the September quarter, the firm reported a consolidated total income of Rs 1995 crore, up 3% YoY from Rs 1935 crore in the year-ago quarter. For the quarter under review, the company recorded a consolidated EBITDA of Rs 479 crore with a margin of 25.1%.

Bata India

On November 6, 2023, Bata India announced that it entered into a manufacturing and licensing agreement with Authentic Brands Group (Authentic), a worldwide platform for marketing, entertainment, and brand development, for the well-known lifestyle brand Nine West. The collaboration aims to meet the needs of customers looking for on-trend fashion and expand Bata India's line of luxury products. This strategic alliance fits with Bata India's overall premiumization plan, which aims to appeal to customers who are more aware of fashion. Under the terms of the licensing agreement, Bata India will be able to manufacture, promote, and provide Nine West accessories and footwear throughout India. Nine West's next phase of worldwide expansion will benefit greatly from Bata's wide retail network and varied customer base.

HPCL

On Monday, Hindustan Petroleum Corporation Limited (HPCL) announced that its revenue for the July-September 2023 period was Rs 102,618 crore. Revenues from April through September of 2023 totalled Rs 2,21,662 crore. In comparison to a consolidated net loss of Rs 11,033 crore during the same time last year, the company announced its highest-ever half-yearly consolidated profit after tax (PAT) of Rs 12,592 crore for Apr-Sep 2023. In comparison to the standalone net loss of Rs 12,369 crore during the same time last year, the standalone PAT during this period was also the highest ever at Rs 11,322 crore.

In comparison to the net loss of Rs 2,172 crore during the same time the previous year, the standalone PAT for the period of July through September of 2023 was Rs 5,118 crore. During Q2FY24, the average gross export duty, or GRM, was US$ 13.33 per barrel, compared to US$ 8.41 per barrel in the same period of the previous year. During April to September of 2023, the average gross export duty, or GRMs, was $10.49 per barrel (compared to $12.62 per barrel in the same time the previous year).

UltraTech Cement

On Monday, the company received an order from the Assistant Commissioner, CGST & C. Ex Division 3, Bhavnagar raising demand for GST of Rs 1,14,87,546 together with interest and equivalent penalty for alleged non-payment of differential GST on royalty of mined limestone. As per a stock exchange filing, UltraTech Cement will seek legal recourse to contest the above order since the differential duty with interest was already deposited, but has not been taken cognizance of by the authority.

Sobha Limited

The financial results for the quarter ended September 30, 2023 (Q2-FY24) were released by Sobha Limited (SOBHA) on Monday. With a record-breaking quarterly sales figure of Rs. 17.24 billion, the firm claimed a 48.1% growth over Q2-FY23. During the quarter under review, it recorded the highest-ever quarterly new sales area of 1.69 mn sft, up 26.1% over Q2-FY23. The company reported Average Price realization of Rs. 10,223 per sft, an increase of 17.4% compared to Q2-FY23. The company sold more than 1,000 homes in a quarter, setting a new record. At Rs. 12,598 million (Rs 24,076 mn in H1-FY24), Sobha announced the highest quarterly real estate collections ever. This is a 9.8% increase over the previous quarter. The company's PAT stood at Rs. 131 mn for Q2-FY24 and Rs. 254 mn for H1-FY24.

Bank of Maharashtra

On Monday, the Central Government extended the term of office of Shri A. S. Rajeev, Managing Director & Chief Executive Officer (MD & CEO) of the bank beyond his current notified term which expires on 01.12.2023 till the date of his superannuation ie., 31.05.2024, or until further orders, whichever is earlier.

Tata Steel

On Monday, Tata Steel agreed to execute a Share Purchase and Shareholders' Agreement with Tata Power Renewable Energy Ltd. and its wholly-owned subsidiary, TP Vardhaman Surya Ltd. to acquire 26% equity shareholding in TP Vardhaman Surya Ltd. Tata Steel completed the acquisition of 13,000 equity shares of TP Vardhaman Surya Ltd. at par, or a 26% equity shareholding, for an overall consideration of Rs. 1,30,000/- by executing a share purchase and shareholders' agreement with Tata Power Renewable Energy Ltd. and its wholly owned subsidiary, TP Vardhaman Surya Ltd.

Dalmia Bharat Sugar and Industries

The company on Monday reported a net profit of Rs 55 Cr in Q2FY24 up by 369% YoY from Rs 12 Cr in Q2FY23. Its net income stood at Rs 787 Cr during the quarter under review up by 29% YoY from Rs 612 Cr reported in the year-ago quarter. Its EBITDA reached Rs 121 Cr during the quarter ended 30th Sept, 2023 up by 202% YoY from Rs 40 Cr reported in the year-ago quarter.