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Stocks in Focus: Jio Financial Services, CEAT, HDFC Bank and Others

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The GIFT Nifty futures were trading in the green before the market’s opening on Tuesday. Domestic Indices are expected to open on a similar positive note.

Domestic equity indices, NSE Nifty 50 and S&P BSE Sensex ended in the red for the third straight session on Monday, led by pharma, realty, FMCG, and IT stocks. Sensex slipped 116 points or 0.17% at 66,166.93, while the Nifty ended 0.10% or 19.3 points lower at 19,732.

Here are some stocks likely to be in focus on October 17.

ICICI Securities: The company’s net profit for the September quarter jumped by 41.5% to Rs 423.83 crore against Rs 299.45 crore in the year-ago period. Its total income was up 45.5% year-on-year (YoY) at Rs 1,248.61 crore. The company has declared an interim dividend of Rs 12 per equity share. 

CEAT: The net profit of the tyre company for the July to September quarter surged 32 times to Rs 207.72 crore from the corresponding period last year, partly due to a fall in raw material prices. 

HDFC Bank: In its first financial result after the merger, the private sector bank reported a 50.6% YoY increase in its net profit to Rs 15,976 crore. The recent merger has changed the bank’s asset quality because of bad non-individual loans of the erstwhile HDFC. 

Jio Financial Services (JFS): JFS posted its first earnings report after being demerged from Reliance Industries and listed on the stock exchanges. The company more than doubled its consolidated Q2FY24 net profit to Rs 668.18 crore compared to Rs 331.92 crore in Q1FY24. The company’s total revenue grew by 46% quarter-on-quarter (QoQ) to Rs 608.04 crore. 

Companies announcing their Quarterly Results today: Bajaj Finance, Can Fin Homes, Happiest Minds Technologies, Hathway Cable & Datacom, Himadri Speciality Chemical, ICICI Prudential Life Insurance, IIFL Securities, L&T Technology Services, PCBL, Syngene International, Tata Elxsi, Tata Metaliks, TCI Express, VST Industries, Zensar Technologies and others.

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