Stocks To Watch: Vedanta, Hindustan Zinc, SBI, PNB, Reliance Power, SpiceJet

Vedanta Ltd. and Hindustan Zinc Ltd. will be in focus as as Vedanta plans to divest a 3.31% stake in Hindustan Zinc through an offer for sale via stock exchange methods.

State Bank Of India and Punjab National Bank will also be in focus due to the Karnataka state government mandating all it's departments to close their accounts in these banks citing financial irregularities.

This decision by the Siddaramaiah-led government follows allegations of financial irregularities and unauthorised transactions involving state funds.

The markets are expected to react to the financial results of Glenmark Pharma, Reliance Power, Ola Electric and SpiceJet  which were announced on Wednesday after the closing bell.

The GIFT Nifty was 0.67% or 163 points higher at 24,331.00 as of 6:36 a.m.

The benchmark indices ended the lackluster session flat on Wednesday. The NSE Nifty 50 closed 4.75 points, or 0.02%, higher at 24,143.75, while the S&P BSE Sensex settled 149.85 points, or 0.19, up at 79,105.88. Intraday, the Nifty rose 0.24% to 24,196.50, and the Sensex rose 0.35% to 79,228.94.

As the weekly expiry approaches for both Nifty and Bank Nifty, increased volatility is anticipated by analysts. Traders are advised to stay vigilant, maintain light positions, and brace for potential market fluctuations, particularly with the mid-week holiday on the horizon.

The 24,350–24,500 range is identified as a crucial resistance zone; a move above this range is likely to support a bullish momentum.

Analysts indicate that the initial resistance level for Bank Nifty is set at 51,300, marking the range of moving averages necessary for an upward breakout.

Conversely, a trend reversal is anticipated if the index drops to 49,800. Additionally, the relative strength index, or RSI, is trending upward, approaching its average line. Analysts expect that a crossover above this average in the coming days could generate positive momentum.

• SBI and Punjab National Bank: The Karnataka state government ordered all departments to close their accounts with the State Bank of India and Punjab National Bank, citing alleged financial irregularities. All state government departments, public undertakings, corporations, boards, local bodies, universities, and other institutions must withdraw their deposits and investments from these banks immediately.

• Vedanta and Hindustan Zinc: Vedanta is to sell 3.31% stake in Hindustan Zinc through OFS via a stock exchange mechanism. Hindustan Zinc opened its offer for sale for 13.37 crore shares and set the floor share price at Rs 486 per share.

• Max India: The company approved raising up to Rs 250 crore through multiple instruments.

• Lupin: The company received US FDA tentative approval for ANDA for Brimonidine Tartrate.

• Power Mech Projects: The company received Rs 114 crore order from Coastal Energen for the operation and maintenance of a 1,200 MW coal based thermal power plant, namely Mutiara Thermal Power Plant, owned by Coastal Energen.

• Strides Pharma Science: The company dissolved its US unit Altima Innovations, as part of an optimisation exercise.

• Tata Steel: The company acquired an additional 115 crore shares in T Steel Holdings for Rs 1,528 crore.

• Paras Defence and Space Technologies: The company received Rs 305 crore order from L&T for the electro-optics system.

• Jindal Stainless: The company has announced the commissioning of its nickel-pig iron smelter facility located in an industrial park in Indonesia.

Glenmark Pharmaceuticals Q1 FY25 (Consolidated, YoY)

• Revenue up 6.85% at Rs 3,244 crore versus Rs 3,036 crore (Bloomberg estimate: Rs 3,295 crore).

• Ebitda up 34.38% at Rs 588 crore versus Rs 438 crore (Bloomberg estimate: Rs 599 crore).

• Ebitda margin up 371 bps at 18.13% versus 14.41% (Bloomberg estimate: 18.2%).

• Net profit up 96.53% at Rs 340 crore versus Rs 173 crore (Bloomberg estimate: Rs 313 crore).

Reliance Power Q1 FY25 (Consolidated, YoY)

• Revenue up 4.1% at Rs 1,992 crore versus Rs 1,914 crore.

• Ebitda up 5.8% at Rs 651 crore versus Rs 615 crore.

• Margin at 32.6% versus 32.1%.

• Net loss at Rs 97.8 crore versus loss of Rs 296 crore.

Ola Electric Mobility Q1 FY25 (Consolidated, YoY)

• Revenue up 32% at Rs 1,644 crore versus Rs 1,243 crore.

• Ebitda loss at Rs 205 crore versus loss of Rs 218 crore.

• Net loss of Rs 347 crore versus loss of Rs 267 crore.

Pitti Engineering Q1 FY25 (Consolidated, YoY)

• Revenue up 32.06% at Rs 383 crore versus Rs 290 crore.

• Ebitda up 32.11% at Rs 56.48 crore versus Rs 42.75 crore.

• Ebitda margin up 0 bps at 14.74% versus 14.74%.

• Net profit up 50% at Rs 21 crore versus Rs 14 crore.

Equinox India Developments Q1 FY25 (Consolidated, YoY)

• Revenue up 98% at Rs 387 crore versus Rs 196 crore.

• Ebitda loss of Rs 31 crore versus loss of Rs 58 crore.

• Net loss at Rs 28 crore versus loss of Rs 679 crore.

KIOCL Q1 FY25 (Standalone, YoY)

• Revenue down 71% at Rs 147 crore versus Rs 501 crore.

• Ebitda loss at Rs 49 crore versus loss of Rs 64 crore.

• Net loss of Rs 51 crore versus loss of Rs 58 crore.

Entero Healthcare Solutions Q1 FY25 (Consolidated, YoY)

• Revenue up 22.02% at Rs 1,097 crore versus Rs 899 crore (Bloomberg estimate: Rs 1,066 crore).

• Ebitda up 24% at Rs 31 crore versus Rs 25 crore (Bloomberg estimate: Rs 32 crore).

• Ebitda margin at 2.8% versus 2.8% (Bloomberg estimate: 3%).

• Net profit at Rs 20.5 crore versus Rs 6.4 crore (Bloomberg estimate: Rs 13 crore).

Capacit'e Infraprojects Q1 FY25 (Consolidated, YoY)

• Revenue up 32.55% at Rs 570 crore versus Rs 430 crore.

• Ebitda up 53.21% at Rs 108 crore versus Rs 70.49 crore.

• Ebitda margin up 255 bps at 18.94% versus 16.39%.

• Net profit up 179.87% at Rs 53.4 crore versus Rs 19.08 crore.

RHI Magnesita India Q1 FY25 (Consolidated, YoY)

• Revenue down 5.34% at Rs 879 crore versus Rs 928 crore (Bloomberg estimate: Rs 951 crore).

• Ebitda up 15.22% at Rs 153 crore versus Rs 133 crore (Bloomberg estimate: Rs 147 crore).

• Ebitda margin up 311 bps at 17.44% versus 14.33% (Bloomberg estimate: 15.4%).

• Net profit up 55.98% at Rs 73 crore versus Rs 46.8 crore (Bloomberg estimate: Rs 70 crore).

Sunteck Realty Q1 FY25 (Consolidated, YoY)

• Revenue at Rs 316 crore versus Rs 71 crore.

• Ebitda at Rs 31 crore versus Ebitda loss of Rs 7 crore.

• Ebitda margin at 9.9%.

• Net profit at Rs 23 crore versus loss of Rs 7 crore.

KNR Constructions Q1 FY25 (Consolidated, YoY)

• Revenue up 0.4% at Rs 985 crore versus Rs 981 crore.

• Ebitda up 29.1% at Rs 279 crore versus Rs 216 crore.

• Margin at 28.3% versus 22%.

• Net profit up 24.6% at Rs 166 crore versus Rs 133 crore.

SpiceJet Q1 FY25 (Consolidated, YoY)

• Revenue down 15% at Rs 1,708 crore versus Rs 2,004 crore.

• Ebitdar down 25% at Rs 292 crore versus Rs 389 crore.

• Ebitdar margin at 17.1% versus 19.4%.

• Net profit down 19.8% at Rs 158 crore versus Rs 197 crore.