GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 171 points or 0.71% at 24,315.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 662.10 points or 2.68% to settle at 24,055.60 while the BSE Sensex plunged 2222.55 points or 2.74% to 78,759.40.
“The global market was jolted into a cautious mode by recessionary fears in the US following disappointing job statistics and an unwinding of carry trade following the rapid rise of the yen. The effects were felt by the domestic market as well and is expected to impact in the near-term,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the market showed resilience at day’s low and recovered to close above 24,000. Historically, the Indian market had showcased a solid track record of outperformance compared to the global market, in the long-term. This trend is expected to stay as GDP growth is forecast to be robust for the decade aided by progressive policies, fiscal prudence, and a favourable political landscape.
Stocks to Watch on August 06, 2024
Bharti Airtel
The telecom operator reported a significant increase in its profit for the first quarter ending June 30, 2024, with earnings surging more than 2.5 times to Rs 4,160 crore, compared to Rs 1,612.5 crore in the same period last year. The company’s revenue also saw a 2.8% rise, reaching Rs 38,506.4 crore, up from Rs 37,440 crore in the June quarter of the previous year.
ONGC
Oil and Natural Gas Corporation (ONGC) reported a standalone profit decline of 9.4% for the first quarter, dropping to Rs 8,938.1 crore from Rs 9,869.4 crore in the previous quarter. Despite this, the company’s revenue increased by 1.8% to Rs 35,266.4 crore, up from Rs 34,636.7 crore quarter-on-quarter. On a year-on-year basis, ONGC’s profit fell by 15.1%, from Rs 10,526.8 crore, while revenue saw a 4.3% rise, reaching Rs 35,266.4 crore compared to Rs 33,814.3 crore in the same period last year.
BEML
Defence PSU BEML reported a reduced consolidated net loss of Rs 70.47 crore for the quarter ending June 30, 2024, compared to a net loss of Rs 75.01 crore in the same period last year. The company disclosed this in a filing to the BSE on Monday.
Tata Chemical
The company reported a 67.6% year-on-year decline in net profit to Rs 190 crore for the first quarter ending June 30, 2024, compared to Rs 587 crore in the corresponding quarter of the previous year. Additionally, the company’s revenue decreased by 10.2%, falling to Rs 3,789 crore from Rs 4,218 crore in the same period last fiscal year.
Motherson Sumi Wiring
Auto components maker reported a 21% increase in net profit to Rs 148.87 crore for the June quarter of FY25, driven by strong revenue growth. The company had recorded a net profit of Rs 123.13 crore in the same quarter last fiscal. Total revenue for the period under review rose to Rs 2,184.84 crore, compared to s 1,871.84 crore in the year-ago period.
Bharti Hexacom
The company reported a 101.90% year-on-year increase in net profit, reaching Rs 511.2 crore for the first quarter ending June 30, 2024, compared to Rs 253.2 crore in the corresponding quarter of the previous year. The company’s revenue rose by 13.6%, totaling Rs 1,910.6 crore, up from Rs 1,681.7 crore in the same period last fiscal year.
Brigade Enterprises
The realty firm reported a 267.12% year-on-year jump in net profit to Rs 80.5 crore for the first quarter ending June 30, 2024, compared to Rs 21.9 crore in the corresponding quarter of the previous year. The company’s revenue surged by 64.8%, reaching Rs 1,077.7 crore, up from Rs 654 crore in the same period last fiscal year.
Deepak Nitrite
The chemical manufacturing company reported a 35.1% year-on-year increase in net profit, reaching Rs 202.5 crore for the first quarter ending June 30, 2024, compared to Rs 150 crore in the corresponding quarter of the previous year. The company’s revenue rose by 22.5%, totaling Rs 2,166.8 crore, up from Rs 1,768.3 crore in the same period last fiscal year.
V-Mart Retail
The value fashion retailer reported a net profit of Rs 12 crore for the first quarter ending June 30, 2024, compared to a net loss of Rs 21.9 crore in the corresponding quarter of the previous year. The company’s revenue increased by 15.9%, reaching Rs 786 crore, up from Rs 678.5 crore in the same period last fiscal year.
Honeywell Automation
The technology firm reported a 32% year-on-year increase in net profit to Rs 136.5 crore for the first quarter ending June 30, 2024, compared to Rs 103.4 crore in the corresponding quarter of the previous year. The company’s revenue rose by 3%, totaling Rs 960.4 crore, up from Rs 932.3 crore in the same period last fiscal year.
Adani Energy Solutions
The company announced it has raised Rs 8,373.10 crore through a qualified institutions placement to enhance its capacity for evacuating electricity from renewable sources. This marks the company’s first equity raise in the capital market since its demerger and listing from Adani Enterprises (AEL) in July 2015.
Lupin
The company has announced the establishment of Lupin Lanka (Private) Ltd as its wholly-owned subsidiary in Sri Lanka. Additionally, it has received a centralized Show Cause Notice from the Maharashtra GST Authority, which seeks the recovery of Rs 336.2 crore in taxes, along with applicable interest and an equivalent penalty of Rs 336.2 crore for the period from July 2017 to March 2022.
HUDCO
CO has signed a non-binding Memorandum of Understanding (MoU) with RITES to collaborate on a comprehensive range of consultancy and fee-based projects and services. Under the MoU, HUDCO will provide project management consultancy services for projects implemented by RITES, covering all phases from concept to commissioning in the identified sectors.
Biocon
The biopharma company has received an Establishment Inspection Report (EIR) with a Voluntary Action Indicated (VAI) status from the US Food and Drug Administration (USFDA) for its API facility in Visakhapatnam, Andhra Pradesh. The USFDA conducted a Good Manufacturing Practice (GMP) inspection of the facility from June 17 to June 21.
Key Earnings To Watch Today
Shree Cement, Tata Power, Lupin, PB Fintech, Power Finance Corporation, Bajaj Electricals, Bata India, Blue Star, Bosch, Chambal Fertilisers & Chemicals, Cummins India, EIH, Gland Pharma, Gujarat Gas, IIFL Finance, Krsnaa Diagnostics, Linde India, PI Industries, Symphony, TVS Motor Company, Vedanta, and VIP Industries