 "Stocks to Watch: Infy, Bajaj Auto, Voda Idea, ICICI Lombard, Tata Comm, Zee")
Stocks to Watch on Thursday, April 18, 2024: Indian stock markets are likely to start today’s trading session on a tentative note, in the backdrop of uncertainty of US rate cut timing and precarious situation in the Middle East (Iran-Israel) region.
Gift Nifty futures hinted at a likely gap-down open as of 07:30 am, as they quoted around 22,148 levels. However, stock specific action may guide the market sentiment as major companies, including Infosys and Bajaj Auto report Q4 earnings.
Overnight the US markets ended in negative zone after US Fed officials including Fed chief Jerome Powell backed away from providing guidance on when rates may be cut, and instead hinted of a likely higher-for-longer regime.
Dow Jones slipped 0.1 per cent. Nasdaq dropped 1.2 per cent and the S&P 500 declined 0.6 per cent at close. The 10-year bond yield remained steady around 4.58 per cent.
In commodities, Gold futures dropped below the $2,400 threshold, while Brent Crude Oil futures declined to $87 per barrel on account of build-up of higher reserves in the US.
This morning in Asia, the trend was mixed – Kospi zoomed 1.5 per cent, while Nikkei and Taiwan quoted in the negative zone.
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Meanwhile, these are the stocks that are likely to see action on Thursday.
Results today: Bajaj Auto, Infosys, HDFC Life, ICICI Securities, Mastek, Network 18, Orient Hotels, RS Software and TV18 Broadcast are few of the prominent companies scheduled to announce March quarter earnings today.
Infosys: The IT major is expected to register lower single-digit growth in revenues for the January-March quarter on the back of weakness in discretionary spends and lower contribution from large deals, analysts said. READ MORE
Voda Idea (Vi): Ahead of the launch of its Rs 18,000 crore follow-on public offer (FPO), has allotted 4.9 billion shares to anchor investors at Rs 11 apiece - the top end of the FPO price band - raising Rs 5,400 crore on high investor demand.
ICICI Lombard: Q4FY24 net profit rose 18.9 per cent year-on-year (YoY) to Rs 519.50 crore from Rs 436.96 crore in Q4FY23, driven by healthy growth in premium and investment income.
Tata Communications: Q4 consolidated net profit declined marginally to Rs 321.55 crore for the fourth quarter ended on March 2024 as against Rs 326.64 crore in the same period a year ago. Consolidated revenue grew 24.5 per cent YoY to Rs 5,691.70 crore.
Paytm: The fintech firm refuted reports, claiming that the company had not received any communication regarding the deferral of its subsidiary Paytm Payment Services’ (PPSL’s) licence application and any associated penalties due to concerns about Chinese shareholding in the parent company.
Zee Entertainment: The media giant on Wednesday announced a streamlined organisational structure Punit Goenka assuming direct charge of key verticals, including domestic broadcast business. Under the new structure, Zee will have four key business segments -- broadcast, digital, movies and music.
Ambuja Cements: The Adani family on Wednesday converted the final tranche of warrants issued for Ambuja Cements, investing another Rs 8,339 crore in the cement company, thereby increasing their holding to 70.3 per cent in the cement firm.
Angel One: Q4FY25 net profit jumped 27 per cent YoY to Rs 340 crore as increased trading activity helped more than make up for its higher spending on client acquisition. Consolidated revenue surged by 65 per cent YoY to Rs 1,357 crore.
IIFL Finance: The board of IIFL Finance approved a rights issue in the ratio of one equity share for every nine equity shares amid the continuation of the ban on its gold loan business at Rs Rs 300 per share.
Stocks in F&O ban today: Balrampur Chini, Bandhan Bank, GNFC, Hindustan Copper, Metropolis, National Aluminium, Primal Enterprises, SAIL, Vodafone Idea and Zee Entertainment are the 10 stocks in futures & options ban period on Thursday.