Stocks to Watch for Jan 23: IndiGo, DLF, Bandhan Bank, Adani Total Gas and more

By Admin

23 Jan, 2026

Ahead of Friday’s trading session, several stocks are expected to remain in focus following corporate developments, strategic partnerships, and Q3 earnings announcements. From energy and aviation to banking, IT, infrastructure, and fintech, the market will react to a mix of strong growth numbers, profit pressure, and long-term expansion moves. Here’s a detailed look at the key stocks to track.

Market Overview
ONGC’s strategic international partnership, mixed Q3 performances from frontline companies like IndiGo, DLF, Adani Total Gas, Bandhan Bank, Mphasis and Cyient, along with strong results from Premier Energies, Go Digit General Insurance, Bluestone Jewellery, Home First Finance and IXIGO’s parent company, are likely to drive stock-specific action in the market.

ONGC
ONGC announced the completion of its equity investment in two joint ventures with Japan’s Mitsui O.S.K. Lines, becoming a 50% partner in Bharat Ethane One IFSC and Bharat Ethane Two IFSC. The company invested ₹40 crore through private placement. This strategic move strengthens ONGC’s logistics capabilities for ethane transportation to India, supporting long-term energy infrastructure and supply chain efficiency.

IndiGo (InterGlobe Aviation)
InterGlobe Aviation reported a sharp decline in Q3 profitability. Net profit plunged 77.5% YoY to ₹550 crore from ₹2,448 crore, mainly due to an exceptional loss of ₹1,547 crore. Revenue grew 6.2% to ₹23,471 crore, and EBITDA rose 3.6% to ₹5,367 crore, but margins narrowed to 22.9%. Cost pressures and exceptional items impacted overall performance despite steady top-line growth.

DLF
DLF delivered a steady Q3 performance with net profit rising 13.7% YoY to ₹1,203.36 crore. Revenue jumped 32.2% to ₹2,020.22 crore on strong project contributions. However, EBITDA slipped 2.5% to ₹389 crore, and margins narrowed sharply to 19.3% from 26.1%, indicating rising cost pressures in operations.

Adani Total Gas
Adani Total Gas posted a marginally lower Q3FY26 net profit of ₹158.6 crore, down 3.3% QoQ. Revenue increased 4% to ₹1,639 crore and EBITDA rose 3.6% to ₹305 crore, with margins stable at 20.3%, reflecting stable operational performance despite profit pressure.

Bandhan Bank
Bandhan Bank reported a weaker-than-expected Q3. Net profit stood at ₹205.6 crore, below estimates, and declined 51.6% YoY from ₹426 crore. Net interest income grew modestly, but overall performance remained under pressure, raising concerns about asset quality and profitability trends.

Premier Energies
Premier Energies delivered a strong Q3 with net profit rising 53.5% YoY to ₹391.7 crore. Revenue increased 13% to ₹1,936.4 crore, while EBITDA grew 15.4% to ₹592.7 crore. EBITDA margin improved to 30.6%, reflecting strong operational efficiency and improving business fundamentals.

Go Digit General Insurance
Go Digit General Insurance posted a strong Q3 FY26 performance with net profit rising 37% YoY to ₹162.9 crore. Gross written premium, direct premium, and assets under management all showed healthy growth, indicating strong expansion momentum in the insurance segment.

Mphasis
Mphasis reported a mixed Q3. Net profit and revenue were below market expectations, though operating metrics were stable. Margins improved slightly, and constant currency growth remained steady, indicating operational stability despite muted financial performance.

Bluestone Jewellery
Bluestone Jewellery reported a sharp turnaround, posting a net profit of ₹69 crore versus a loss last year. Strong revenue growth and margin expansion highlight improving operational leverage and cost efficiency, making it a stock to watch.

Gujarat State Petronet
Gujarat State Petronet reported a slightly weaker Q3 with marginal declines in profit, revenue, and EBITDA, though margins improved modestly, reflecting stable but slow operational momentum.

Cyient
Cyient posted a mixed Q3 with profit declining QoQ, while revenue and operating margins improved. Operational efficiency and better business mix supported margin expansion despite profit pressure.

Le Travenues Technology (IXIGO)
Le Travenues Technology delivered strong Q3 FY26 results, with net profit jumping 56.1% YoY and revenue growing 31.4%. Growth across flight, train, and bus segments highlights strong travel demand and digital platform expansion.

Home First Finance
Home First Finance reported strong Q3 results with net profit surging 44% YoY, supported by robust NII growth, healthy loan expansion, and improving earning assets.

Ashoka Buildcon
Ashoka Buildcon received a Letter of Acceptance from PWD, Daman, for a ₹307.71 crore signature bridge project connecting Jampore Sea Front to Devka Sea Front. The project will be executed on a design, build, and operate basis, strengthening its infrastructure order book.

Conclusion
The trading session on January 23 is expected to remain stock-specific, with volatility driven by earnings reactions, strategic investments, and project wins. Energy, aviation, real estate, banking, IT, insurance, infrastructure, and fintech stocks will be in focus, making this a crucial session for short-term traders and long-term investors tracking sector-wise momentum.