 "Stocks to Watch on July 6: JSW Steel, Adani Wilmar, DCB Bank, Zomato, BSE")
Stocks to Watch on Thursday, July 6, 2023: Global weakness, coupled with the weekly F&O expiry, may keep indices volatile on Thursday. At 7:50 AM, Gift Nifty was down 23 points at 19,489 levels.
In Asia, most markets were lower after minutes from the US Federal Reserve revealed that most officials see more hikes ahead at a slower pace.
Japan's Nikkei fell 1 per cent, South Korea's Kospi 0.27 per cent, and Australia's ASX200 0.9 per cent. China's Shanghai Composite, meanwhile, added 0.15 per cent.
Overnight in the US, Dow Jones Industrial Average slipped 0.38 per cent, the S&P 500 dropped 0.2 per cent, and the Nasdaq Composite dipped 0.18 per cent.
Here's a list of stocks that will be in focus today:
Tata Power: Tata Power has received Letter of Award (LoA) to implement smart metering project in Chhattisgarh State Power Distribution Company. The value of project is Rs 1,744 crore, and the project will be spanned over a period of 10 years.
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Adant Enterprises: According to a report, Adani Enterprises has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The company redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining.
JSW Steel, Zomato, JBM Auto: JSW Steel will replace Housing Development Finance Corporation (HDFC) in the S&P BSE Sensex effective from July 13. Moreover, JBM Auto Components will replace HDFC Ltd in S&P BSE 500 index; Zomato in S&P BSE 100 index; and Apollo Hospitals in S&P BSE Sensex 50 index.
Tata Steel: N. Chandrasekaran, chairman of the company and of the Tata group, reportedly told shareholders at the 116th annual general meeting of Tata Steel on Wednesday that the company may have to take a decision on the future of the troubled UK business in a year as the life of the blast furnace in Port Talbot, Wales, will come to an end.
"Our preference is to replace it with an EAF (electric arc furnace). We have drawn up a proposal and given it to the UK government," Chandrasekaran told the shareholders.
Ujjivan Small Finance Bank: In its quarterly business update, the lender informed the exchanges that its total deposits grew 44 per cent/4 per cent YoY/QoQ to Rs 26,655 crore in Q1FY24, while advances were up 31 per cent/5 per cent YoY/QoQ to Rs 25,346 crore. CASA growth moderated as deposits shifted from CASA to term deposits. It grew 27 per cent YoY, but slipped 3 per cent QoQ.
Prestige Estates Projects: The Company and its wholly owned subsidiary, Prestige Exora Business Parks Limited, has entered into a Joint Venture agreement with W.S. Industries (India) Limited for development of IT/IT enabled services/parks in 6.53 acres of immovable property at Porur, Chennai.
Bombay Dyeing: According to reports, the Bombay Dyeing and Manufacturing Company is in talks to sell a part of its land parcel in Central Mumbai at a valuation of R 5,000 crore. A Japanese conglomerate is leading the race among the bidders to acquire the land which has a development potential of 2 million sq ft for commercial purposes. Bombay Dyeing will reporedtly use the proceeds to reduce part of its debt and for other corporate purposes.
DCB Bank: The Bank has received an intimation from RBI receiving approval allowing Tata Asset Management Private Limited to acquire aggregate holding of up to 7.5 per cent of the paid-up equity capital of the Bank through the schemes of Tata Mutual Fund. The approval is valid for a period of one year from the date of RBI letter (July 5, 2023).
Asian Paints: The Company has incorporated a joint venture company, Asian Cement Holding Limited (AWCHL), in Dubai International Financial Centre, United Arab Emirates (UAE) as the holding company for the purpose of setting up an operating company in Fujairah, UAE. Named Asian White Inc. FZE, it will carry out the business of manufacturing and exporting white cement and white cement clinker.
Adani Wilmar: The Adani Group company reported volume growth of 25 per cent YoY for the quarter ended June, 2023. However, sales declined 15 per cent YoY due to sharp drop in edible oil prices.
The food and FMCG segment recorded revenue growth of over 30 per cent YoY to cross Rs 1,000 crore-mark on a standalone basis.
Marico: Domestic volumes grew in low-single digits in Q1FY24, with a minor volume drop in Parachute Coconut Oil- Consolidated revenue in the quarter declined in low-single digits- Gross margin is expected to expand materially on a YoY and QoQ basis-
Solara Active Pharma Sciences: Jitesh Devendra has resigned as the managing director (MD) and director and key managerial personnel (KMP) of the company. Further, Poorvank Purohit has been appointed as the new managing director & chief executive officer (MD & CEO) of the company.
Separately, the company has approved rights issue to raise Rs 450 crore.
Force Motors: The company sold 1,783 units of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) in June, 2023, and 648 units of Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors. Total exports stood at 440 units.
Biocon: Biocon Biologics Ltd (BBL), a subsidiary of Biocon Ltd, has completed the integration of the acquired biosimilars business in over 70 countries in Emerging Markets effective July 1, 2023, increasing the scale and scope of its business.
BSE: The company's Board will meet today to approve the share buyback proposal.
India Cements: LIC has pared its shareholding to 3.83 per cent from 5.88 per cent of the paid-up capital of the company. LIC has divested its stake in India Cement through open market sale at an average price of Rs 191.59.