Stocks to watch out for today: Adani Power, SBI Cards, Tata Technologies, Vedanta, SJVN and more

The domestic equity market ended in the red on Thursday. Sensex slipped 359 points to end the session at 70,700 and Nifty lost 101 points to settle at 21,352. Here’s a look at stocks that are likely to remain in action today.

Adani Power

Adani Power reported a multi-fold jump in consolidated net profit at Rs 2,738 crore for the quarter ending December 31, 2023, as strong industrial demand drove a recovery from a massive slump in profit the previous year. It reported consolidated net profit of Rs 9 crore in the year-ago period.

SBI Cards and Payment Services

The firm logged a 7.8 percent year-on-year growth in profit at Rs 549 crore in the last quarter, partly affected by higher impairment on financial instruments. Revenue from operations in Q3 surged 31.8 percent to Rs 4,622 crore compared to year-ago period.

Tata Technologies

Tata Technologies Ltd on Thursday recorded a 6.14 per cent rise in its third-quarter (Q3 FY24) net profit from Rs 160.38 crore in the previous quarter. The company's total operating revenue rose 1.6 per cent, sequentially (QoQ), to Rs 1,289.5 crore. In US dollar terms, total operating revenues were up 0.9 per cent (QoQ) at $154.8 million.

Vedanta

Metal and mining major Vedanta reported a 18.30% fall in consolidated net profit for the December 2023 quarter. Net profit fell to Rs 2,013 crore in the December 2023 quarter against Rs 2,464 crore in the December 2022 quarter. Consolidated revenue from operations climbed 3.76 percent to Rs 34,968 crore in the last quarter against Rs 33,691 crore in the year-ago period.

SJVN

The company has secured full quoted capacity of 100 MW solar power project through eReverse Auction conducted by Gujarat Urja Vikas Nigam (GUVNL).

Intellect Design

The company reported a 36% rise in net profit to Rs 84 crore in Q3 against Rs 62 crore YoY. Revenue from operations climbed to Rs 635 crore against Rs 555 crore a year ago.

Cyient

The IT company reported a 2% fall in net profit to Rs 153.2 crore the December 2023 quarter against Rs 156 crore logged in Q3 FY23. The firm's employee costs rose 9% year-on-year to Rs 897 crore in the last quarter.

Shriram Finance

The NBFC reported a consolidated net profit of Rs 1866 crore for the December 2023 quarter against a profit of Rs 1798.9 crore year-on-year (YoY) basis.

Laurus Labs

Laurus Labs and Krka, an international generic pharmaceutical company in Novo Mesto, Slovenia, have inked an agreement to form a joint venture company, Krka Pharma in Hyderabad, India. Krka will own a 51 per cent stake and Laurus will have a 49 per cent share in the joint venture.

 

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