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Stocks To Watch: Wipro, Bharat Electronics, IRCTC, Others In News

The BSE Sensex surged 482.70 points or 0.68 per cent to settle at 71,555.19. The NSE Nifty gained 127.20 points or 0.59 per cent to close at 21,743.25

Benchmark equity indices closed higher on Tuesday led by buying in banking, financial services, and IT stocks as easing retail inflation boosted investor sentiment. The BSE Sensex surged 482.70 points or 0.68 per cent to settle at 71,555.19. The NSE Nifty gained 127.20 points or 0.59 per cent to close at 21,743.25.

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Banking and Financial Services were top gainers as all sectors ended in green except Metals. The PSU sector bounced back after witnessing profit booking over the last few sessions. In addition, Reliance became the first Indian company to hit the Rs 20 lakh market cap.

“MSCI Global Standard Index saw a quarterly rejig today that could lead to inflows of nearly $1 billion from passive FII funds. Many stocks like NMDC, GMR Airports, Union Bank, BHEL, and Punjab National Bank were in focus after the MSCI review. After two days of sharp correction, the broader market saw some recovery. Going ahead Nifty is expected to remain in the broader range given the lack of positive triggers globally and mixed set of domestic Q3 earnings which too is unable to provide any support. All eyes will be on US inflation data that will be released late today, as it will hold key importance from the US Fed interest rate cut point of view,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

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Here are the key stocks to watch on 14 February:

Wipro

The IT major said it will acquire insurtech firm Aggne Global Inc and its Hyderabad-based affiliate Aggne Global IT Services for $66 million to strengthen its consulting and services capabilities in the insurance sector. Wipro will acquire 60 per cent of the company in an all-cash deal, with an option to purchase the remaining stake over a period of time. The transaction is expected to be completed by February 14, 2024.

Bharat Electronics

The public sector company has signed a contract of Rs 2,167.47 crore plus taxes with the Indian Navy to supply state-of-the-art indigenously designed and developed electronic warfare suites for use on-board warships. The company has also bagged additional orders worth Rs 114.59 crore since the last disclosure on 30 January 2024 for the supply of SDRs, HD VLF receivers, EVMs, etc.

IRCTC

The state-owned Indian Railway Catering and Tourism Corporation has reported a 17.4 per cent year-on-year (YoY) growth in standalone net profit to Rs 300 crore for the December 2023 quarter. Revenue from operations increased 21.8 per cent YoY to Rs 1,118.3 crore for the quarter.

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Deepak Nitrite

The specialty chemicals reported a 3.4 per cent YoY decline in net profit at Rs 202.1 crore for the December quarter, compared to Rs 209.1 crore in the year-ago period. The company’s revenue from operations increased 0.9 per cent to Rs 2,009.2 crore as against Rs 1,991.1 crore in the corresponding quarter of the previous financial year.

Zee Entertainment

The media company reported a 140.74 per cent YoY increase in net profit to Rs 58.5 crore for the third quarter, compared to Rs 24.3 crore in the year-ago quarter. The company's revenue from operations fell 3 per cent to Rs 2,045.7 crore against Rs 2,108.8 crore in the corresponding period of the preceding fiscal.

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