GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 34.50 points or 0.14% at 24,426.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 30.20 points or 0.12% to settle at 24,479.05 while the BSE Sensex fell 73.04 points or 0.09% to 80,429.04.
“Domestic investors had high expectations from the budget to increasing revenue and capital expenditure. However, the narrative is mixed, by curtailing expenditure while attaining fiscal prudence, which can limit further growth,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC
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Nair also added that during the year, the market has fairly factored in ongoing growth and trading at a high premiumCome from Sports betting site VPbet. To sustain that gap, corporate growth has to be maintained, which is experiencing a slowdown as per the ongoing Q1 result.
Stocks to Watch on July 24, 2024
Hindustan Unilever
Leading FMCG company reported a 2.2% increase in consolidated net profit, reaching Rs 2,612 crore. This is a slight rise from the Rs 2,556 crore recorded in the same period of the previous fiscal year. Revenue from product sales saw a marginal uptick of 1.68%, amounting to Rs 15,497 crore compared to Rs 15,240 crore in the corresponding quarter of FY24.
Bajaj Finance
India’s largest non-bank lender announced a net profit of Rs 3,912 crore for the April-June quarter, aligning closely with the street estimate of Rs 3,973.7 crore. The company’s Net Interest Income (NII), the core income metric for non-bank lenders, stood at Rs 8,365 crore, also largely in line with the anticipated Rs 8,445.1 crore.
Torrent Pharmaceuticals
The company reported a robust 20.1% year-on-year increase in net profit, reaching Rs 457 crore for the first quarter ended June 30, 2024. This is a significant rise from the Rs 378 crore posted in the same quarter of the previous fiscal year. Revenue from operations also saw a healthy growth of 10.3%, climbing to Rs 2,859 crore compared to Rs 2,591 crore in the corresponding period of the preceding fiscal.
United Spirits
The leading liquor maker reported a 1.7% year-on-year rise in consolidated net profit, reaching Rs 485 crore for the first quarter ended June 30, 2024, compared to Rs 477 crore in the same period last year. The company’s consolidated net sales also grew by 3.5%, amounting to Rs 2,761 crore, up from Rs 2,667 crore in the corresponding quarter of the previous fiscal year.
ICICI Prudential
The life insurance major reported a 9% increase in profit after tax (PAT) for the June quarter, reaching Rs 224.34 crore. This is up from the Rs 206.19 crore recorded in the same period last year. The company’s net premium income also saw an increase, rising to Rs 7,875 crore from RS 7,020 crore a year earlier, according to a regulatory filing.
Schaeffler India
An auto parts maker reported a 3.5% year-on-year growth in net profit, reaching Rs 245.4 crore for the first quarter ended June 30, 2024. This is up from Rs 237.2 crore in the same period last year. The company’s revenue saw a significant increase of 15.2%, rising to Rs 2,106.8 crore compared to Rs 1,829.1 crore in the year-ago period.
Tata Consumer Products
Tata Consumer Products has unveiled plans for a rights issue aimed at raising up to Rs 3,000 crore. The company intends to issue 3.66 crore rights equity shares, totaling Rs 2,997.77 crore. Each rights share is priced at Rs 818, representing a 35% discount to Tata Consumer Products’ closing price on Tuesday.
Vedanta
The Anil Agarwal-led mining conglomerate announced that its board will meet on July 26 to consider a second interim dividend. Earlier this year, the company paid a first interim dividend of Rs 11 per share in May. If approved, the record date for the dividend has been set for August 3, 2024.
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Titagarh Rail Systems
The company has commenced the export of traction converters, with the first batch of 8 units shipped to Titagarh Firema SpA in Italy on July 19. This shipment is part of a €7.18 million (Rs 65 crore) order received by Titagarh Rail from Titagarh Firema.
Bajel Projects
The company has been awarded contracts by PowerGrid Corporation of India for the supply of goods and services related to a transmission line package. The total value of the contracts is ₹586.28 crore.Come from Sports betting site
South Indian Bank
The bank announced that its board will convene on July 30 to discuss potential fundraising strategies. The meeting will consider raising capital through the issuance of equity shares via preferential issue, Qualified Institutions Placement (QIP), private placement, or a follow-on public offer (FPO).
Dr Reddy’s Laboratories
The Board of Directors of the pharma company will meet on July 27 to consider a sub-division of existing equity shares, including American Depositary Shares (ADS).
Key Earnings To Watch Today
Larsen & Toubro, Axis Bank, SBI Life Insurance Company, Bajaj Finserv, Federal Bank, Petronet LNG, Jindal Steel & Power, Aditya Birla Sun Life AMC, Aurionpro Solutions, Bikaji Foods International, CG Power and Industrial Solutions, CMS Info Systems, DCB Bank, HFCL, Indian Energy Exchange, Indraprastha Gas, JK Paper, KPIT Technologies, Karnataka Bank, Oracle Financial Services Software, Hitachi Energy India, Ramkrishna Forgings, SIS, Sona BLW Precision Forgings, Syngene International, Trident, Tata Teleservices, V-Guard Industries, and Welspun Living.
