Stocks to Watch: SBI, Cello World, IndiGo, Bank of Baroda, L&T, IDFC First Bank

Here are the top stocks to focus on in today’s trade:

State Bank of India: India’s largest commercial bank, SBI reported an 8% year-on-year jump in net income as it grew from ₹13,264.5 crore in Q2FY23 to ₹14,330 crore in the quarter under review. State Bank of India’s net interest income (NII) jumped 12.3% compared to the same period last year, reaching ₹39,500 crores. In addition, there was a 21.6% growth in other sources of income, which led to this ₹10,790 crores.

Cello World: Cello World is set to debut on the bourses today. Analysts predicted that the company’s shares could be listed at a premium of 22-25%. With a significant investor response to the issue, analysts expect an initial stock opening range between ₹790 and ₹810, exceeds the offer price of ₹648. Meanwhile, in the gray market, the stock currently enjoys a 24% premium.

InterGlobe Aviation: The country’s largest airline IndiGo on Friday said there will be more grounding of planes due to issues in the fourth quarter and is taking various mitigation measures. So far, around 40 of the airline’s planes have been grounded due to engine issues, according to a senior airline official. IndiGo has taken various steps, including taking aircraft on wet lease, retaining the aircraft and leasing additional aircraft from the secondary market.

Bank of Baroda: Bank of Baroda reported a net income of ₹4,252.9 crore in the second quarter of the fiscal year 2023-24 (Q2FY24), marking an increase of 28.4% compared to the previous year, according to financial results. The jump was credited to strong credit growth. The NII of public sector lenders grew by 6.5% year-on-year during the quarter under review, as it came to ₹10,830.70 crores.

L&T: Engineering and construction company Larsen & Toubro (L&T) on Friday announced that it has sold its entire stake in L&T Infrastructure Engineering Limited (LTIEL) to focus more on its core business. The stake was acquired by STUP Consultants Private Limited, a subsidiary of France’s Assystem SA, an independent nuclear engineering group, the company said.

The JSW Infra: JSW Infrastructure announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting an increase of 85% in ₹256 crore, compared to ₹138 crore in the corresponding period last year. The JSW Group company’s profit from operations in the second quarter of the current fiscal stood at ₹895 crore, registering a growth of 25%, compared to ₹696 crore last year.

IDFC First Bank: IDFC First Bank announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting a 51% decline in net income in ₹21.65 crore, compared to ₹44.56 crore in the corresponding period last year. The company’s revenue from operations in the second quarter of the current fiscal came to ₹33.17 crore, registering a drop of 43%, compared to ₹57.94 crore last year. The financial agency offers financial and advisory services for organizations in investment banking, infrastructure and asset management.

Vedanta: Vedanta Group is in advanced talks to raise a $1.25 billion private loan with an interest rate between 18 and 20 percent as it seeks to repair its debt. The Indian conglomerate is nearing a deal after weeks of negotiations with lenders including Cerberus Capital Management LP, Davidson Kempner Capital Management LP, Varde Partners Inc. and Ares SSG Capital Management Ltd., according to people familiar with the matter, who asked not to be named.

Adani Ports: Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday reported a 48 percent growth in cargo handling at the ports it operates in October. Billionaire Gautam Adani’s company handled about 37 million metric tons (MMT) of total cargo in October, up 48 percent year-on-year (YoY). According to APSEZ, Israel’s Haifa Port handled more than 1.1 MMT of cargo in October, better than the average cargo run rate of the previous six months.

Zomato: Zomato Ltd reported its second consecutive quarter of earnings, with the company’s food ordering and quick commerce businesses benefiting from strong spending during the festive season. The food aggregator reported a net profit of ₹36 crore for the three months ended 30 September from the loss of ₹251 crore last year. Zomato reported a ₹2 crore revenue for the first time in the June quarter. Income from operations grew 71% on the touch ₹2,848 crores.