Stocks to Watch on Tuesday, August 1: Mixed global cues, stock-specific action amid the June quarter results season, and macrodata will keep the market participants hooked on Tuesday. At 7:45 AM, Gift Nifty quoted at 19,890 as against Nifty’s spot close of 19,754 on Monday in the cash market, and Nifty Future’s previous close of 19,837.
Globally, Asia-Pacific markets were mixed as China’s Caixin purchasing managers index in July for the manufacturing sector fell into contraction territory for the first time since April.
Hong Kong’s Hang Seng index was 0.63 per cent higher, but mainland China’s Shenzhen Component was down 0.1 per cent. In Australia, the S&P/ASX 200 climbed 0.25 per cent, ahead of the Reserve Bank of Australia’s rate decision. Japan’s Nikkei 225 rose 0.45 per cent, while South Korea’s Kospi advanced 1.13 per cent.
Overnight, the Dow Jones Industrial Average added 0.28 per cent, while the S&P 500 edged up 0.15 per cent, and the Nasdaq Composite rose 0.21 per cent.
Q1FY24 results today: Anant Raj, Anupam Rasayan India, Aptus Value Housing Finance India, Adani Total Gas, Bikaji Foods International, Cholamandalam Investment and Finance, Dalmia Bharat Sugar and Industries, Deep Industries, Elantas Beck India, Escorts Kubota, Gujarat Mineral Development Corp, Godrej Agrovet, Harsha Engineers International, Kirloskar Brothers, K.P.R. Mill, Maharashtra Seamless, Metro Brands, MPS, Orient Cement, Paushak, PVR Inox, Redington, Sansera Engineering, Syrma SGS Technology, Savita Oil Technologies, Thermax, Thyrocare Technologies, Triveni Turbine, Ugro Capital, Welspun Enterprises.
Maruti Suzuki India: India’s largest carmaker, on Monday, reported a 145.31 per cent jump in its first quarter net profit at Rs 2,485 crore, for financial year 2023-24 (Q1FY24). SEparately, MSI said its board has approved termination of the contract manufacturing agreement and exercising the option to acquire the shares of Suzuki Motor Gujarat Pvt Ltd (SMG) from Suzuki Motor Corporation (SMC).
Cochin Shipyard: CSL has been upgraded from ‘Schedule B’ to ‘Schedule A’ CPSE by the Government of India. This upgradation of CSL to ‘Schedule A’ recognises CSL’s strong financial performance and operational efficiency.
Power Grid Corporation: Power Grid, on Monday, reported a 5 per cent year-on-year (YoY) fall in consolidated net profit to Rs 3,597 crore in the first quarter of FY24. Revenue from operations rose 1 per cent to Rs 11,048 crore.
That apart, the company’s Board has recommended bonus issue in the ratio of 1:3, and has also approved raising of funds up to Rs 12,000 crore from the domestic market through bonds under private placement during FY25 in one or more tranches.
ITC: The Board of Directors of the company is scheduled on August 14, 2023, to consider and approve the unaudited standalone and consolidated financial results for the June quarter. Further, the Board will also consider the Scheme of Arrangement for the demerger of Hotels Business.
JBM Auto: During the June quarter of FY24, the company’s consolidated sales stood at Rs 94.62 crore compared to R 86.50 crore a year ago. Revenue, meanwhile, was Rs 950 crore compared to Rs 869.53 crore YoY. It’s profit came in at Rs 30.18 crore vs Rs 25.81 crore YoY. The Board has approved raising of funds up to Rs 500 crore.
Separately, the company said JBM Electric Vehicles Private Limited, a subsidiary of the company, has commenced its commercial operation at its new Electric Buses manufacturing plant situated at Haryana.
Auto stocks: Shares of automobile manufacturers will be in focus today as the companies will annoucne their monthly sales for July.
State Bank of India: State Bank of India (SBI) said it has raised Rs 10,000 crore at a coupon rate of 7.54 per cent through its third infrastructure bond issuance. The proceeds from the bonds would be utilised in enhancing long-term resources for funding infrastructure and the affordable housing segment, SBI said in a statement.
Oberoi Realty: Oberoi Realty, on Monday, reported a 20.2 per cent fall in quarterly consolidated profit, at Rs 322 crore, hurt by weaker sales and higher expenses. Oberoi’s booking value dropped by 37.5 per cent year-on-year dragging revenue from operations to Rs 910 crore, slightly lower than last year. Meanwhile, total expenses surged by nearly 10 per cent driven by a spike in operating costs.
Gas stocks: The central government raised the price of domestic natural gas on Monday to $7.85 per million British thermal units for August from $7.48 per mBtu in July. The gas produced from the nomination fields of ONGC and Oil India will have a ceiling of $6.50/mBtu, according to a notification by the Petroleum Planning and Analysis Cell.
Bosch: The automaker, on Monday, reported a 22.4 per cent YoY jump in net profit at Rs 408.9 crore for the June quarter. The total revenue stood at Rs 4,158.4 crore during the quarter, up 17.3 per cent on year.
It also said that cleaner fuels, green hydrogen and electrification take center stage in their commitment to a climate-neutral future. Bosch India will showcase the BS6 stage 2 hydrogen engine truck, by early 2024.
Easy Trip Planners: The Board of Directors of the company has approved to acquire 51 per cent stake in Guideline Travels Holidays India Private Limited, Dook Travels Private Limited, and Tripshope Travel Technologies Private Limited. The proposed acquisitions will be paid by way of issuance of its equity.
Lupin: According to reports, Lupin Pharmaceuticals has announced the voluntary recall of two lots of the pregnancy prevention drug Tydemy (drospirenone, ethinyl estradiol and levomefolate calcium tablets 3mg/0.03mg/0.451mg and levomefolate calcium tablets 0.451mg) in the US.
KEI Industries: The company, on Monday, reported June quarter revenue at Rs 1,790.90 crore as compared to Rs 1,568.94 crore seen during the corresponding quarter last year. It reported a net profit of Rs 121.38 crore, up from Rs 103.76 crore YoY.
Larsen and Toubro: L&T Realty Developers Limited, a wholly owned subsidiary of the Company, has incorporated a new wholly owned subsidiary-LH Residential Housing Limited on July 31, 2023.
Petronet LNG: State-run Petronet LNG reported a 13 per cent YoY/32 per cent QoQ growth in consolidated net profit at Rs 819 crore in the April-June quarter of FY24 aided by better capacity utilisation measures. However, its consolidated total income fell 18 per cent YoY/16 per cent QoQ to Rs 11,801 crore.
South Indian Bank: The lender will raise Rs 1,000 crore via QIP, FPO, Rights Issue and other methods. It has also agreed to additionally raise Rs 500 crore via debt.
LIC Housing Finance: The company has announced that Yerur Viswanatha Gowd has tendered his resignation as the chief executive officer upon attainment of superannuation from service of Life Insurance Corporation of India with effect from the end of office hours on July 31, 2023.
VST Industries: The company has opted to settle its West Bengal Entry Tax dispute by paying Rs 5.75 crore, which is 50 per cent of the disputed tax amount, with a waiver of interest and penalty under the West Bengal Sales Tax (Settlement of Dispute) Act, 1999.
Mold-Tek Technologies: The Board of Directors has approved the appointment of Prasad Raju Kosuri as a Chief Executive Officer (CEO) of the company with effect from July 31, 2023.
Greenply Industries: The manufacturing operations at the MDF plant of the company’s wholly owned subsidiary at Vadodara, Gujarat shall remain closed for a period of about nine days w.e.f. August 1, 2023, due to addition of MAT Pre-Heating System.
SRF: The board has approved a project to setup a new and dedicated facility to produce advanced intermediates for Agrochemicals at Dahej, Gujarat. The project will be commissioned and capitalized at an aggregate cost of around Rs 256 crore.