Indian stock markets are set for an action-packed trading session on Friday, January 12, with a slew of major corporate announcements and developments likely to drive significant movement in specific stocks. Investors will keenly watch the quarterly results from IT giants, a landmark agreement between two major public sector undertakings, and other crucial updates.
IT Majors in the Spotlight: TCS and HCLTech Declare Quarterly Numbers
The third quarter results season kicks off in earnest with two heavyweights from the information technology sector. Tata Consultancy Services (TCS) declared its financial results for the quarter ending December 31, 2023, after market hours on Thursday. The country's largest IT services exporter reported a 2% year-on-year growth in net profit, reaching Rs 11,058 crore. Its revenue from operations saw a nearly 4% increase to Rs 60,583 crore.
Simultaneously, HCL Technologies (HCLTech) also released its Q3 FY24 numbers. The company posted a 6.2% rise in net profit to Rs 4,350 crore compared to the same period last year. Revenue for the quarter stood at Rs 28,446 crore, marking a 6.5% growth in constant currency terms. The company's performance and guidance will be closely analyzed for signs of recovery in the global IT spending environment.
Major PSU Collaboration: IREDA and NTPC Join Forces
In a significant development for the renewable energy sector, Indian Renewable Energy Development Agency (IREDA) and NTPC Limited have signed a Memorandum of Understanding (MoU). This strategic partnership aims to accelerate the growth of renewable energy projects across India.
The collaboration will focus on several key areas:
- Financing renewable energy initiatives undertaken by NTPC or its subsidiaries.
- Co-lending and co-financing for such projects.
- Providing consultancy services for the development of the renewable energy portfolio.
- Facilitating the deployment of domestic and international funds for NTPC's projects.
This alliance between the state-owned power giant and the dedicated renewable energy financier is expected to give a substantial boost to India's green energy capacity, aligning with the nation's ambitious climate goals.
Other Stocks Drawing Market Attention
Beyond the IT results and the PSU deal, several other companies are likely to see active trading based on recent updates.
Avenue Supermarts (DMart) will be in focus as the company is scheduled to release its quarterly business update for Q3 FY24. Investors will scrutinize the update for key operational metrics like revenue growth, store additions, and same-store sales growth, which are critical indicators for the retail sector.
Signature Global is another stock on the radar. The real estate developer announced its sales and collections figures for the quarter ended December 2023. The company reported strong pre-sales, and the market will react to these numbers, assessing the continued demand in the housing sector, particularly in the affordable and mid-segment markets where Signature Global operates.
NTPC's stock will see a dual influence—first from its broader MoU with IREDA, and second from a specific project update. The company has reportedly commenced power generation from the first unit of its 800 MW thermal power plant in Telangana. This marks a crucial step in augmenting the power supply in the region and contributes to NTPC's overall capacity.
As the markets open, traders and institutional investors will digest these multiple data points. The performance of TCS and HCLTech will set the tone for the entire IT index, while the IREDA-NTPC pact is a positive long-term signal for the renewable energy and power sectors. The updates from Avenue Supermarts and Signature Global will provide insights into consumer spending and real estate health, respectively, making January 12 a day of diverse and impactful market triggers.
