Stocks to Watch on Thursday, August 3: Global markets have extended their fall into second straight day on Thursday as ratings downgrade for the US by Fitch Ratings has triggered panic sell-off.
Hong Kong’s Hang Seng index dropped 0.23 per cent, Japan’s Nikkei 225 tumbled 1.03 per cent, and Australia’s S&P/ASX 200 slid 0.46 per cent.
Overnight, the Nasdaq Composite shed 2.17 per cent, seeing its worst day since February; the S&P 500 pulled back 1.38 per cent, while the Dow Jones Industrial Average slid 0.98 per cent.
That said, Gift Nifty was hovering at 19,525 levels at 7:55 AM. Morgan Stanley has upgraded India to ‘Overweight’ in its Emerging Market portfolio. Besides, Q1FY24 earnings and weekly F&O expiry would sway the markets on Thursday.
Here’s a list of stocks to watch today:
Q1FY24 results today: Adani Enterprises, Adani Power, Bharti Airtel, Bannari Amman Sugar, Dabur India, Cummins India, Deepak Nitrite, DCX Systems, Kansai Nerolac Paints, Blue Star, Clean Science & Technology, AAVAS Financiers, Akzo Nobel India, Great Eastern Shipping Company, Piramal Pharma, Eicher Motors, Cera Sanitaryware, JM Financial, ICRA, Solar Industries India, Ganesha Ecosphere, Bannariamman Sugars, Automotive Axles, Hindustan Construction Company, Balmer Lawrie & Co, Gulf Oil Lubricants India, Andhra Paper, Avadh Sugar & Energy, Lupin, MRF, LIC Housing Finance, Radico Khaitan, KEC International, Mahanagar Gas, Minda Corporation, Karnataka Bank, Neuland Laboratories, Privi Speciality Chemicals, Nilkamal, Navneet Education, Refex Industries, Rossell India, Punjab Chemicals & Crop Protection, Oriental Carbon and Chemicals, NR Agarwal Industries, Orient Abrasives, Smartlink Holdings, Sandur Manganese & Iron Ores, Oriental Trimex, Sun Pharmaceutical Industries, Varun Beverages, Zomato, Tube Investments of India, Zydus Wellness, Texmaco Rail and Engineering, Xchanging Solutions, Texmaco Infrastructure & Holdings, Steelcast, Tree House Education and Accessories, Venus Pipes & Tubes, Supriya Lifesciences, Tijaria Polypipes and Yasho Industries.
Titan Company: Titan Co reported a lower-than-expected quarterly profit, at Rs 770 crore, on Wednesday as its mainstay jewellery segment was hurt due to surging gold prices, which pushed up costs and eroded margins. Expenses climbed about 29 per cent, outweighing a nearly 19 per cent jump in sales to Rs 10,103 crore.
InterGlobe Aviation (IndiGo): IndiGo, on Wednesday, posted its highest-ever quarterly consolidated net profit at Rs 3,090.6 crore for Q1FY24, on the back of high load factors, lower fuel costs, and better foreign exchange rates. IndiGo’s total revenue increased by 32 per cent year-on-year (YoY), with load factor (occupancy rate) up by 9 per cent YoY in the June quarter.
Hindustan Petroleum Corporation (HPCL): Hindustan Petroleum Corporation (HPCL) is back in the black with a robust Rs 6,765-crore net profit during the first quarter of FY24. On a sequential basis, net profit shot up 87 per cent. However, income from sale of products remained 2 per cent lower at Rs. 1.18 trillion, as compared to Q4FY23. This was due to lower gross refining margins (GRM) in the latest quarter.
L&T Finance Holdings: Bain Capital has offered 79 million shares in L&T Finance Holdings Ltd for a block trade at a floor price of Rs 128.1 per share, as per a Bloomberg report. The US-based investment firm seeks $123 million through the block deal.
Unichem Laboratories: Promoter Prakash A Mody sold 33.4 per cent stake for Rs 945.35 crore to Ipca Laboratories via block deal mechanism.
MMTC: According to a report by The Hindu BusinessLine, market regulator Sebi has cancelled the stock broking licence of state-owned MMTC as recommended by designated authority in the National Spot Exchange case. Sebi has directed MMTC to allow its existing clients to withdraw or transfer their securities or funds held in its custody in 15 days.
Sanghi Industries: The company has not been able to make the payment of interest on or before due date for its 5,000 secured, unrated, unlisted, redeemable, Non-Convertible Debentures (NCDs).
Mankind Pharma: Mankind Pharma, on Wednesday, reported a sharp 66.4 per cent YoY rise in consolidated net profit for Q1FY24 to Rs 487 crore, with revenue rising 18.3 per cent to Rs 2,579 crore. The company’s pharmaceutical business outperformed the industry by 1.5x, on volume-led growth and highest-ever chronic share.
Metropolis Healthcare: The diagnostic service provider’s net profit stood at Rs 29 crore in the quarter ended June, down 14 per cent YoY. Revenue declined 1 per cent to Rs 277 crore. Ebitda declined 8 per cent YoY to Rs 63 crore, while margin contracted to 22.7 per cent from 24.5 per cent.
Separately, the company has commissioned 1.2 mtpa brownfield cement capacity at Magdalla, Gujarat, taking the unit’s capacity to 1.93 mtpa.
Amrutanjan Health Care: With regards to the whistle blower complaint, filed in February 2023, the company said few acts of personal gains by the company employees were found by Deloitte Touche Tohmatsu India LLP. However, these findings do not have any substantial impact on their financial statements or the overall financial health of the company. The company has decided to seek an independent assessment of these observations and has engaged PKF Sridhar & Santhanam LLP to investigate further.
Sheela Foam: The company has reported total income of Rs 669.28 crore during Q1FY24, down 7 per cent from Rs 718.64 crore reported last year. Further, the company has posted net profit of Rs 43.06 crore, up 2.3 per cent YoY.
The company’s Board has approved to raise Rs 1,200 crore via QIP, and issuance and allotment of NCDs aggregating to Rs 600 crore.
Oil India: National Company Law Tribunal (NCLT) has allowed the voluntary liquidation application, and pronounced that Oil India Intemational Limited (wholly-owned subsidiary of the company) stands dissolved.
JSW Steel: The company has entered into a joint venture agreement with JFE Steel Corporation on August 2, 2023 for the purposes of establishing a joint venture company in India for the manufacture and sale of CRGO (cold rolled grain oriented electrical steel products).
Gujarat Gas: The Board has approved equity investment of Rs 100 crore in equity shares of GSPC LNG Limited.
Torrent Power: The company has incorporated a wholly-owned subsidiary, Torrent Green Energy Private Limited’ on August 2, 2023.
Fusion Micro Finance: Fusion Micro Finance reported a 60 per cent YoY growth in net profit at Rs 121 crore for Q1FY24, driven primarily by business expansion and asset quality improvement. Net interest income increased by about 60 per cent to Rs 294 crore, while NIM expanded to 10.89 per cent.
M&M Financial Services: In its monthly update, M&M Fin said overall disbursement in July stood at Rs 4,400 crore, delivering a 12 per cent YoY growth. The collection efficiency (CE) was at 96 per cent for July 2023.