Adani Group, Hindalco, Eicher: Five stocks to watch out for on Wednesday

Stocks to watch on Wednesday, February 14, 2024: Shares of Adani Group are likely to be in focus as ratings agency Moody's upgraded outlook on four of the group companies.

Stocks to Watch on Wednesday, February 14, 2024: Mirroring weak cues from global peers the Indian benchmark equity indices are likely to start Wednesday’s trading session on a dismal note. 

At 07:10 AM, Gift Nifty futures quoted around 21,651, indicating a likely 150 points gap-down on the Nifty50 at the opening bell today.

In Asia, Hang Seng, Kospi and Straits Times were down over 1 per cent each, while Japan’s Nikkei declined 0.7 per cent.

Overnight in the US, major indices tumbled up to 2 per cent owing to unexpected spike in inflation. 

According to the Labor Department's Bureau of Labor Statistics, the consumer price index increased 0.3 per cent in January after gaining 0.2 per cent in December. Thus, investors feared that rates could remain higher for longer.

 

The yield on the 10-year bond rose sharply to 4.3123 per cent compared to 4.17 per cent the day before.

Meanwhile, these are the stocks that are likely to be in focus on Wednesday.

New listings: Capital SFB, Rashi Peripherals and Jana SFB to debut today. 

Adani Group: Moody’s Investors Service on Tuesday revised the outlook on four Adani Group companies to ‘stable’, a year after revising it to ‘negative’ following the US-based Hindenburg Research report. The global ratings agency changed the outlook on Adani Green, Adani Electricity Mumbai, Adani Transmission, and Adani Energy Solutions. 

Hindalco: Q3FY24 consolidated net profit surged 71.1 per cent to Rs 2,331 crore on a year-on-year (YoY) basis. Revenue in the same period remained flat at Rs 52,808 crore. 

Eicher Motors: Q3 net profit rose 34.4 per cent YoY to Rs 996 crore, beating analysts' estimates of Rs 989 crore. Revenue grew 12.3 per cent to Rs 4,179 crore.

BHEL: Posted a consolidated net loss of Rs 148.77 crore for the third quarter ended December 2023, impacted by higher expenses. Total income, however, was up marginally at Rs 5,599.63 crore from Rs 5,353.94 crore a year ago.

Oil India: Q3 net profit slipped 9.3 per cent to Rs 1,584 crore, hit by lower prices for crude oil and a windfall tax levied by the government.