The US markets ended largely mixed overnight amid lack of any fresh triggers. Back home, both Sensex and Nifty ended the session with sharp cuts amid across the board selling in the final hour of trade. The Sensex ended lower by 523 points at 71,072, while the Nifty ended 166 points lower at 21,616.05.
Top stocks to watch today are Hindalco, Coal India, JSW Energy, Paytm, SAIL, HEG.
Hindalco: Shares of Hindalco will be in focus after its subsidiary Novelis released its earnings. Its Adjusted EBITDA grew 33% on a YoY basis, while its profit, excluding special items, rose 81% on a YoY basis. It has further upped its capex plan to $4.1 billion, which is 64% higher than its initial estimate.
Coal India: Coal India posted a good set of Q3 earnings, beating street estimates. The company’s net profit grew 17.8% to Rs 9,093.7 crore backed by higher income and healthy operating margin. The margin for the October-December quarter stood at 31.5% against a CNBC-TV18 poll of 25.8%.
JSW Energy: JSW Energy’s subsidiary, JSW Neo Energy, secures a letter of award for a 500 MW wind power project from Solar Energy Corporation of India. As per the construction of the bid, a 700 MW greenshoe option is available over the awarded capacity. This could further enhance the company’s total awarded capacity by 525 MW to a maximum of 1,025 MW.
Paytm: Brokerage firm Macquarie on Tuesday downgraded Paytm (One97 Communications) to Underperform, slashing the target price to Rs 275, the lowest amongst all other brokerages. Macquarie in its latest note said that post the recent diktats, Paytm faces a serious risk of customer exodus which significantly jeopardises its monetisation and business model.
A few other stocks including SAIL and HEG will be in focus too on the back of their Q3 earnings.
