Stocks to Watch on Wednesday, August 2: Equity markets are eyeing a shaky start on Wednesday amid sour global mood. Overnight on Tuesday, ratings agency Fitch cut the US credit rating from ‘AAA’ to ‘AA+’, citing “expected fiscal deterioration over the next three years”.
At 7:47 AM, Gift Nifty was down around 40 points at 19,765 level. Elsewhere in Asia, Japan’s Nikkei 225 led losses with a cut of 1.21 per cent. South Korea’s Kospi fell 0.64 per cent, Australia’s S&P/ASX 200 dropped 0.67 per cent, and Hong Kong’s Hang Seng index shed 0.9 per cent.
Read: Stock Market Live: Global shares muted as Fitch lowers US credit rating
In the US, the Dow Jones Industrial Average settled 0.2 per cent higher on Tuesday, while the S&P 500 lost 0.27 per cent and the Nasdaq Composite was down 0.43 per cent.
Q1FY24 results today: Aditya Birla Capital, AIA Engineering, Ambuja Cements, Amrutanjan Healthcare, Arvind SmartSpaces, Adani Wilmar, Carborundum Universal, Dhanuka Agritech, Prataap Snacks, Engineers India, Firstsource Solutions, Fusion Micro Finance, Gateway Distriparks, Godrej Properties, Goodyear India, Gujarat Gas, HPCL, InterGlobe Aviation, Indostar Capital Finance, Indian Overseas Bank, Kirloskar Ferrous Industries, Kewal Kiran Clothing, KSB, Mankind Pharma, MAS Financial Services, Metropolis Healthcare, Narayana Hrudayalaya, Orient Electric, Paradeep Phosphates, Pricol, Prism Johnson, Quess Corp, Sapphire Foods India, Sheela Foam, SKF India, Strides Pharma Science, Titan Company, Vaibhav Global, VIP Industries, Vardhman Special Steels.
BEML: Shantanu Roy has assumed the charge of chairman and managing director with effect from August 1, 2023.
Hero MotoCorp: The company, on Tuesday, reported a 12 per cent decline in total sales at 3,91,310 units in July compared to total sales of 4,45,580 units a year ago.
Separately, the Exchanges have sought clarification from the company on report that the Enforcement Directorate has conducted raids against Hero Motocorp Executive Chairman Pawan Munjal and some others as part of money laundering probe. The company, in this regard, said “officials from the Enforcement Directorate visited two of their offices in Delhi and Gurugram, and the residence of Pawan Munjal. We continue to extend all cooperation to the agency”.
Power Grid Corporation of India: The company has approved an investment proposal for an 85 MW Solar PV power project at Nagda, MP, for an estimated cost of Rs 554.91 crore.
TVS Motor Company: The company has reported a 4 per cent increase in total sales at 3,25,977 units in July. Domestic two-wheeler sales registered a growth of 17 per cent to 235,230 units.
Also Read: Ambuja Cements to acquire majority stake in Sanghi Industries: Reports
Syrma SGS Technology: The company reported a consolidated total revenue of Rs 623.4 crore for Q1FY24, up by 59 per cent YoY, as compared to Rs 391.8 crore for the corresponding period last year, primarily driven by Automotive, Consumer and Industrial segments. The consolidated Ebitda was up by 64 per cent YoY to Rs 59 crore, and net profit 65 per cent to Rs 28.3 crore.
Separately, Syrma has entered into a definitive agreements to acquire a 51 per cent stake in Johari Digital Healthcare Limited, an end to end design-led manufacturer of electro-medical devices, for a consideration of Rs 229.5 crore. The acquisition will enable Syrma SGS to enter the lucrative medical devices segment.
DLF: Promoter, Kushal Pal Singh, sold 14.4 million shares, representing its entire 0.59 per cnt stake in the company. The shares were sold via bulk deal for Rs 504.21 apiece.
DroneAcharya Aerial Innovations: The company has entered into a Memorandum of Understanding (MoU) with The Indian Society for Technical Education (ISTE) for establishment of drone school, drone centre of excellence and drone and GIS related courses in addition to Drone Pilot Training Course.
Metro Brands: The footwear retailer, on Tuesday, reported an 11.6 per cent year-on-year (YoY) fall in net profit at Rs 93.5 crore for the quarter ended June 2023. In the quarter, total revenue stood at Rs 582.5 crore, up 14.7 per cent YoY. Ebitda margin, however, shrank 400bps to 32 per cent.
Metro Brands recorded the highest-ever quarterly sales of e-commerce sales (including omni-channel ) of Rs 61 crore.
Zee Entertainment: IDBI Bank has challenged NCLT’s order before NCLAT which had dismissed an application filed under Section 7 of IBC, 2016, against ZEEL.
Campus Activewear: According to reports, the counter is expected to see a block deal for eight million shares at a price of Rs 295-300 apiece.
SAT Industries: Aeroflex Industries Limited, a subsidiary of the company, has received a clearance from the Securities and Exchange Board of India (Sebi), for its initial public offer (IPO).
Sula Vineyards: The leading wine producer has received an excise duty notice of Rs 116 crore from the Maharashtra excise department. This comes after the minister vacated the interim stay granted on the demand notice issued by the Nashik collector for recovery of excise duty from Sula Vineyards. However, Sula Vineyards said the order does not affect the existing business or the activities of the company.
Som Distilleries and Breweries: The company has received the approval to supply their Indian Made Foreign Liquor (IMFL) brands in Rajasthan. It said it is hopeful that this portfolio shall have a meaningful impact on the topline and bottomline of the company in the medium-term.
Sterling and Wilson Renewable Energy: The company has received a Limited Notice to Proceed for an engineering, construction, and procurement order worth Rs 360 crore for a project in India. This is in addition to the new order value of Rs 466 crore that the company reported in Q1 FY24.
Gujarat Ambuja Exports: The Ahmedabad bench of NCLT has approved the Scheme of Amalgamation between Mohit Agro Commodities Processing Private Limited and itself.
Tribhovandas Bhimji Zaveri: The Indian jeweller has reported a nearly five-fold jump in first-quarter profit, at Rs 11.37 crore, on Tuesday as higher margins from premium pricing and lower expenses banded together to make up for its first revenue fall in 10 quarters.
GE Power Grid: The company received a contract worth over Rs 444 crore from Gujarat State Electricity Corporation. The order will be executed within 30 months.
Redington: The technology solutions provider has reported a 21.2 per cent YoY decline in net profit at Rs 248.8 crore for Q1FY24, while total revenue stood at Rs 21,187.2 crore, up 26.1 per cent YoY. Ebitda margin contracted to 2 per cent from 3 per cent in the corresponding period last year.