Adani Power, Vedanta, SBI Cards and others, top stocks in focus for Monday's opening

Bearish market sentiments are prevailing as indicated by the formation of lower highs and lower lows on the daily charts. Additionally, the trend of higher highs observed over the past 12 weeks has been negated, marked by the emergence of a long bearish candlestick pattern on the weekly charts for the week ending January 25, coinciding with the monthly expiry day for January futures and options contracts.

Adani Power, a company within the Adani Group, has reported an impressive surge in consolidated net profit for the quarter ending December FY24. The profit skyrocketed to Rs 2,738 crore, marking a remarkable 300-fold increase from Rs 8.8 crore in the same period the previous year. This substantial growth is attributed to strong performance in both topline and operating figures, with consolidated revenue from operations witnessing a substantial 67.3 percent year-on-year increase, reaching Rs 12,991.4 crore.

SBI Cards and Payment Services, a credit card issuing company, disclosed a 7.8 percent year-on-year growth in profit, reaching Rs 549 crore for the October-December FY24 period. However, the increase was partly offset by higher impairment on financial instruments. The company experienced a significant surge in revenue from operations, climbing by 31.8 percent to Rs 4,622 crore compared to the corresponding quarter of the previous year.

Tata Technologies, a global engineering services company, posted a notable 14.7 percent year-on-year growth in consolidated profit, reaching Rs 170.22 crore for the quarter ending December FY24. The company also recorded a parallel growth of 14.7 percent in revenue from operations, totaling Rs 1,289.5 crore compared to the corresponding period in the previous year.

Vedanta, a mining company, reported an 18.3 percent year-on-year decline in profit, totaling Rs 2,013 crore for the third quarter of FY24. This decrease, despite healthy operating numbers, was attributed in part to finance costs. Notably, in Q3FY23, the company had an exceptional gain of Rs 903 crore. Revenue from operations showed a 4.2 percent year-on-year increase, reaching Rs 35,541 crore for the quarter.

SJVN, a company in the news, successfully secured the full quoted capacity of a 100 MW solar power project through an eReverse Auction conducted by Gujarat Urja Vikas Nigam (GUVNL).