Stocks To Watch Today: Bajaj Finance, Tata Elxsi, JFSL, HDFC Bank & More

In Tuesday's trading session here are the hot stocks to watch today comprising HDFC Bank, Grasim Industries, CEAT, Tata Power, Brigade Enterprises and more which may witness some price actions for market watchers on 17th October 2023.

Bajaj Finance

On Tuesday, October 17, Bajaj Finance is scheduled to announce its Q2 financial results. The company reported strong deposit growth in its Q2 business updates, expanding by about 39% year on year to reach Rs 54,800 crore and recording asset under management (AUM) growth of almost 33%.

Tata Elxsi

Tata Elxsi will release its Q2FY24 results today. Tata Elxsi is a prominent provider of design and technology services for a variety of industries, including automotive, broadcast, communications, healthcare, and transportation.

Grasim Industries

On Monday, the board of Grasim Industries Limited approved the issuance of rights to the eligible shareholders as of the record date in order to raise a maximum of Rs 4,000 crore. The company has raised debt to partially finance its ongoing capex expenditure plan, and the money raised by this offering will primarily go towards the growth of capex as well.

CEAT

On a consolidated basis, the company reported revenue of Rs. 3,053 crore, and its EBITDA margin was 15.1%, up 202 bps from Q1 FY23-24. The net profit totaled Rs. 208 crore in Q2FY24. On a standalone basis, the company reported sales of Rs. 3,043 crore and an EBITDA margin of 15.0%, up 180 bps from Q1 FY23-24. At Rs. 199 crore, net profit was recorded during the quarter under review.

Tata Power

Through a special purpose vehicle (SPV), TP Green Nature Limited, a major auto component manufacturer and a subsidiary of The Tata Power Company Limited, Endurance Technologies Limited has entered into a Power Delivery Agreement (PDA) with Tata Power Renewable Energy Limited (TPREL) for the development of a 12.5MW AC Captive Solar Plant in 12 months of signing the PDA. The plant would be built in Maharashtra's Aachegaon and produce 27.5 million units (MUs) of electricity annually.

This will lessen the carbon footprints of Endurance Technologies and prevent about 9,125 metric tonnes (MT) of carbon emissions each year. The projected captive solar power facility would bring the total renewable energy capacity of TPREL's portfolio to 7,889 MW. This highlights TPREL's commitment to expanding its clean energy footprint and comprises 3,701 MW of projects that are in various phases of development. The firm now has a 4,188 MW operational capacity, which is made up of 1,003 MW of wind energy and 3,185 MW of solar energy.

Brigade Enterprises

In an auction held by the Hyderabad Metropolitan Development Authority (HMDA) on Monday, the company successfully submitted a bid for 9.71 acres of prime land in Neopolis, Kokapet, Hyderabad, at a price of Rs. 68 crores per acre. The sale record for the aforementioned expensive land piece has been executed by the company and registered in its name on the same day.

HDFC Bank

In the quarter ended 30th September 2023, HDFC Bank generated a net profit of Rs 15,976 crore, up 50.6% YoYr. While net interest income (NII) jumped by 30.3% from Rs 27,385 crore in Q2FY23 to Rs 27,385 crore in Q2FY24. The bank's Gross NPA was 1.34% in the second quarter of fiscal year 24 while its Net NPA was 0.35%.

Jio Financial Services

In its first quarterly report following its listing on exchanges in August, Jio Financial Services on October 16 recorded a net profit of Rs 668 crore for the period of July to September, which is a rise of 101 percent from Rs 332 crore in the April-June quarter. On a sequential basis, the total revenue from operations climbed by roughly 48% to Rs 608 crore in Q2FY24.

Gujarat Mineral Development Corporation

Gujarat Mineral Development Corporation (GMDC), a major mining PSU enterprise and the largest supplier of lignite in the nation, gave the Hon. Gujarat Chief Minister a sizeable dividend cheque worth Rs. 269.44 crore on Monday.
"The Gujarat government's visionary policy, tailored to elevate the valuation of the state's PSUs, stipulates a minimum dividend of 30 percent of profit after tax or 5 percent of net worth, whichever is higher, as the minimum level of dividend to be declared for shareholders. The Gujarat government's 74% share in GMDC played a pivotal role in driving the corporation towards the extraordinary achievement of presenting a dividend cheque equivalent to 30% of GMDC's net profit for the fiscal year 2022-23," said the company in a stock exchange filing.

"In a strategic move, GMDC's recent announcement of a dividend increase from Rs. 9.10 to Rs. 11.45 per share underscores the corporation's commitment to delivering enhanced value to its esteemed shareholders. This change, approved in a recent Board meeting, reflects GMDC's dedication to strategic foresight and alignment with the progressive dividend distribution policy set forth by the Gujarat government," Gujarat Mineral Development Corporation said in a regulatory filing.