Stocks to Watch on Monday, July 31: Asia-Pacific markets rose on Monday even as China’s factory activity for July remained in contraction territory for the fourth straight month. Hong Kong’s Hang Seng index surged over 1.71 per cent, China’s Shanghai Composite was up 1.27 per cent, Japan’s Nikkei 225 popped 1.83 per cent, and South Korea’s Kospi advanced 0.88 per cent.
At 7:50 AM, Gift Nifty quoted at 19,790 as against Nifty50’s spot close of 19,646 last Friday and Nifty Futures’ last close of 19,752.
Overnight, the Dow rose 0.5 per cent, while the S&P 500 added 1 per cent, and the Nasdaq Composite advanced 1.90 per cent in the US.
Q1FY24 results:
Adani Green, Adani Transmission, Asahi India Glass, Bajaj Hindusthan Sugar, Best Agrolife, Bosch, Butterfly Gandhimathi Appliances, Castrol India, Gail India, Go Fashion (India), Heritage Foods, H.G. Infra Engineering, HIL, HMA Agro Industries, Infobeans Technologies, India Pesticides, IRB Infrastructure Developers, JBM Auto, Kaynes Technology India, Kei Industries, Lakshmi Machine Works, Maruti Suzuki India, Navin Fluorine International, Nocil, Oberoi Realty, Petronet LNG, Power Grid, Prakash Industries, R Systems International, Som Distilleries and Breweries, Shivalik Bimetal Controls, Sumitomo Chemical India, Transport Corporation of India, UPL, and Welspun India.
Total revenue from operations dipped slightly to Rs 43,390.02 crore from Rs 43,560.72 crore in the same period a year ago.
SBI Card: SBI Card’s net profit dropped 5.27 per cent to Rs 593.31 crore during the June quarter as compared to the same period last year when it was Rs 626.91 crore.
Marico: It reported a consolidated profit of Rs 436 crore for the June quarter, up 15.6 per cent over Q1FY23. Revenue from operations fell 3.2 per cent YoY to Rs 2,477 crore during the quarter on weak India business and moderate growth in international business.
Uco Bank: State-owned lender reported profit of Rs 223 crore for Q1FY24, rising 80.8 per cent over corresponding period last fiscal, despite higher provisions, driven by surge in operating profit.
Bank of India: The public sector lender has recorded standalone profit at Rs 1,551 crore for the quarter ended June FY24, a 176 per cent year-on-year growth, with net interest income increasing 45 per cent YoY to Rs 5,915 crore. Net interest margin improved by 49 bps YoY to 3.03 per cent in Q1FY24.
Multi Commodity Exchange of India: MCX recorded consolidated profit at Rs 19.6 crore the quarter ended June FY24, falling 52.6 per cent over a year-ago period, impacted by dismal operating performance.
IDFC First Bank: Private sector lender IDFC First Bank’s net profit rose by 61 per cent in the quarter that ended on June 30 (Q1FY24) on a year-on-year (YoY) basis at Rs 765 crore driven by strong growth in operating income.
Nazara Technologies: The gaming firm reported a 31 per cent year-on-year rise in net profit for the first quarter of FY23-24 at Rs 20.9 crore. Revenue rose 14 per cent YoY to Rs 254.4 crore, while Ebitda increased by 10 per cent to Rs 33.1 crore.
Five Star Finance Bank: The Chennai-based lender reported a 32 per cent year-on-year growth in its first quarter net profit at Rs 184 crore led by strong growth in disbursements and higher interest income.
Total assets under management (AUM) stood at Rs 7,583 crore as of June 2023 as against Rs 5,297 crore YoY.
United Breweries: The beer maker reported a 15.9 per cent year-on-year decline in net profit at Rs 136.2 crore for the first quarter that ended June 30, 2023. The total revenue stood at Rs 2,274.8 crore during the period under review, down 6.7 per cent YoY.
Star Health and Allied Insurance: The private health insurer reported a standalone profit of Rs 288 crore, in the quarter ended June, up 35 per cent YoY. The company earned a net premium of Rs 2,801 crore, a 19 per cent increase over a year earlier.
Equitas Small Finance Bank: The bank reported a 97.1 per cent jump in its profit after tax for the April-June 2023 quarter at Rs 191.20 crore, last Friday, compared to Rs 97 crore seen last year. The bank said it registered strong disbursements growth of 47 per cent YoY to Rs 4,757 crore.
News-based stocks:
Bank stocks: For the fortnight that ended on July 14, loan growth stood at 20.2 per cent for the Indian banking sector against expectations of 15.6 per cent growth. Deposits, meanwhile, improved to 13.2 per cent vs expectations of 12.6 percent.
Shriram Finance: Madras High Court sets aside order passed by the Enforecement Directorate (ED) for levying penalty of Rs 5 crore on the company and certain directors of erstwhile SHMPL. It will not have any material impact on the financials of the company.
Hero Motocorp: The two-wheeler maker will close Harley-Davidson X440 online bookings on August 3. Production will start in September.
Fino Payments Bank: The board approved a proposal for transitioning to a small finance bank. The approval is subject to fulfilling all regulatory requirements for the transition.
Power Grid Corporation of India: The state-run company has been declared the successful bidder under tariff-based competitive bidding for two inter-state transmission system projects under build, own operate and transfer (BOOT) basis. The Letters of Intent for both the projects have been received by Power Grid.
MMTC: The public sector company has received the notices of default initially to the tune of $11.50 million addressed to its subsidiary MTPL Singapore from overseas branches of Indian Overseas Bank, Bank of India and UCO Bank.
Godrej Properties: The Mumbai-based real estate developer said the board members will meet on August 2 to consider the proposal of raising of funds by issue of debt securities via private placement
Piramal Enterprises: The company has approved a buyback of 14 million equity shares worth Rs 1,750 crore. The shares will be bought at Rs 1,250 apiece. The buyback size represents 5.87 per cent of total paid-up equity share capital.
Tinna Rubber and Infrasructure Ltd: The company’s Board has approved issue of equity bonus shares in proportion of 1:1 subject to the approval of shareholders at the ensuing annual general meeting and other statutory/regulatory approvals.
Power Grid Corporation: The company won bids for two inter-state transmission projects on a build, Own, operate, and Transfer basis in Rajasthan and Andhra Pradesh. Company will also raise up to Rs 5,700 crore in FY24.
Gland Pharma: The drugmaker got zero observations and a ‘No Action Indicated’ classification from a U.S. FDA inspection at its Visakhapatnam Sterile Oncology facility.