GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 163 points or 0.57% at 24,251 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended down by 65.55 points or 0.27% to settle at 24,413.50 while the BSE Sensex fell 280.15 points or 0.35% to 80,148.89.
“The budget event has gone by leaving a mixed bias while reshuffling of capital gain tax is only a short-term negative surprise. The broad market seems to be losing momentum due to lack of further traction,” said Vinod Nair, Head of Research, Geojit Financial Services.
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Nair also added that The domestic investors are biased but strong government fiscal and growth policy is attractive for FIIs, which will help to hold the ground. The recovery noticed from today’s low will be evident only post the monthly expiry tomorrow. At the same time, the ongoing Q1 results, which till date is muted, will decide the near-term trend.
Stocks to Watch on July 25, 2024
Larsen & Toubro
The company reported a 12% increase in consolidated net profit to Rs 2,786 crore for the June quarter, driven by higher revenues. Consolidated revenues for the first quarter of the current fiscal year reached Rs 55,120 crore, marking a year-on-year growth of 15%.
Axis Bank
The private sector lender reported a 4% rise in net profit to Rs 6,035 crore for the June 2024 quarter, primarily driven by higher interest income. The standalone net profit for the April-June 2023-24 quarter was Rs 5,797 crore. Interest income for the first quarter increased to Rs 30,060.73 crore, compared to Rs 25,556.77 crore in the same quarter last year.
Indraprastha Gas
The nation’s largest city gas operator reported an 8% year-on-year decline in net profit to Rs 401 crore for the first quarter ending June 30, 2024, compared to Rs 438.40 crore in the corresponding quarter of the previous year. However, the company saw a 3% increase in revenue, reaching Rs 3,520 crore against Rs 3,406.98 crore in the same period of the preceding fiscal.
DCB Bank
The private sector lender reported a 3.6% year-on-year decline in net profit to Rs 131.4 crore for the first quarter ending June 30, 2024, compared to Rs 126.9 crore in the same quarter of the previous year. Net interest income (NII) increased by 5.5%, reaching Rs 496.6 crore against Rs 470.7 crore in the corresponding quarter of FY24.
Jindal Steel and Power
The steel maker reported a 20.9% year-on-year decline in net profit to ₹1,337.9 crore for the first quarter ending June 30, 2024, compared to Rs 1,691.8 crore in the same quarter of the previous year.
SBI Life Insurance
The company reported a 36.48% year-on-year growth in net profit to Rs 520 crore for the June 2024 quarter, up from Rs 381 crore in the same period of FY 2023-24. SBI Life registered a new business premium of Rs 7,033 crore during the quarter, compared to Rs 6,207 crore in the June 2023 quarter.
JK Paper
The company reported a 54.8% year-on-year decline in net profit to Rs 139.7 crore for the first quarter ending June 30, 2024, compared to Rs 308.7 crore in the same quarter of the previous year. However, the company’s revenue increased by 8.2% to Rs 1,713.7 crore, up from Rs 1,584.4 crore in the corresponding period of the preceding fiscal.
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RBL Bank
Baring Private Equity Asia, through its vehicle Maple II B.V., is likely to sell its entire stake in the private sector lender through block deals. The sale is expected to take place at a floor price of Rs 226 per share, representing a 5% discount to the previous closing price.
Rail Vikas Nigam
The company has received a Letter of Acceptance from SER HQ-Electrical/South Eastern Railway for a project worth Rs 191.53 crore. The project involves the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2x25KV system on the Rajkhaswan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway.
Sun Pharmaceutical Industries
The US Food and Drug Administration (US FDA) has publicly disclosed a warning letter issued to Sun Pharma for its Dadra facility on June 19. The company stated that there is no impact on its financial, operational, or other activities. Sun Pharma will cooperate with the US FDA and take all necessary steps to resolve the outstanding issues.
Dish TV India
The company has received board approval to raise up to Rs 1,000 crore through equity shares or bonds, in one or more tranches. Additionally, the board approved the incorporation of a subsidiary in India to manage the distribution of products and services via a robust digital platform.
Dr Reddy’s Lab
The pharma company has transferred 49% of its equity share capital in the joint venture with Nestlé Health Science to Nestlé India. Following the transfer, Dr. Reddy’s Labs now holds 51% of the joint venture’s share capital, while Nestlé India holds 49%.
Key Earnings Today
Tech Mahindra, Nestle India, Canara Bank, Ashok Leyland, AU Small Finance Bank, AAVAS Financiers, Adani Energy Solutions, Adani Green Energy, Chalet Hotels, Chennai Petroleum Corporation, Cyient, DLF, Glenmark Life Sciences, Go Digit General Insurance, Home First Finance Company India, Jupiter Wagons, Jyothy Labs, Laurus Labs, Mahanagar Gas, Mahindra Holidays & Resorts India, Motilal Oswal Financial Services, Mphasis, PNB Housing Finance, Praj Industries, United Breweries, Ujjivan Small Finance Bank, and UTI Asset Management Company.
