 "Stocks to watch on July 8: NLC India, IndusInd Bank, BoB, JM Fin, Marico")
Stocks to watch on Monday, July 8, 2024: Indian equities may see a flat to negative start to the week on Monday due to weak momentum from the global markets. The GIFT Nifty futures also hinted at a weak start, quoting only 5 points higher than Nifty50 futures at 23,384 levels.
Stock exchanges in the Asian-Pacific region were mostly a sea of red this morning, with Japan’s Nikkei slipping by 0.17 per cent and broad based Topix sliding by 0.47 per cent.
South Korean Kospi declined by 0.07 per cent, while the small-cap Kosdaq rose by 0.86 per cent. Futures for Hong Kong's Hang Seng index also edged down by 0.78 per cent.
On Friday in the US, S&P 500 saw a modest gain of 0.54 per cent. Meanwhile, the tech-heavy Nasdaq rose by 0.90 per cent to finish. The Dow Jones Industrial Average also posted a gain, adding 0.17 per cent during the trading session.
Back home, on Monday, below are some hot stocks to track:
NLC India: NLC India has secured the rights to develop the Machhakata coal mine in Angul, Odisha, marking its success in acquiring the second commercial coal mine block in the state. The mine boasts a total coal reserve of 1,377 million tonnes and a peak rated capacity of 30 million tonnes per annum.
Induslnd Bank: Induslnd Bank's Q1FY25 estimates highlighted significant Y-o-Y growth. Net advances increased by 16 per cent Y-o-Y to Rs 3.48 trillion, while deposits grew by 15 per cent Y-o-Y to Rs 3.98 tillion. However, the CASA ratio dropped to 36.7 per cent Y-o-Y from 39.9 per cent Y-o-Y.
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Bank of Baroda: Bank of Baroda's global business expanded by 8.52 per cent Y-o-Y to Rs 23.77 trillion in Q1, with global advances rising by 8.14 per cent Y-o-Y to Rs 10.72 trillion. Global deposits increased by 8.83 per cent Y-o-Y to Rs 13.06 trillion, while domestic deposits grew by 5.25 per cent Y-o-Y to Rs 11.05 trillion. Domestic advances also saw healthy growth of 8.51 per cent Y-o-Y, amounting to Rs 8.81 trillion. The bank’s board has also approved plans to raise additional capital up to Rs 7,500 crore via debt capital instruments. Additionally, the bank aims to raise up to Rs 10,000 crore through long-term bonds to finance infrastructure and affordable housing projects.
Bandhan Bank: Bandhan Bank's board has appointed Ratan Kumar Kesh as Interim MD & CEO, effective July 10, for a term of three months or until a new MD & CEO is appointed, whichever is earlier. Currently, Kesh serves as the Executive Director & Chief Operating Officer of the bank.
JM Financial: JM Financial's board has approved the acquisition of a 42.99 per cent stake in JM Financial Credit Solutions (JMFCSL) for Rs 1,282 crore. Additionally, JM Financial Credit Solutions will acquire a 71.79 per cent stake in JM Financial Asset Reconstruction Company (JMFARC) from JM Financial for Rs 856 crore.
Infosys: Hemant Lamba has resigned from his position as Executive Vice President and Global Head – Strategic Sales at Infosys.
Signature Global India: In the first quarter of fiscal year 2024-25 (Q1FY25), Signature Global India witnessed remarkable Year-on-Year (Y-o-Y) growth across its key metrics. Pre-sales surged by 255 per cent to Rs 3,120 crore, while the area sold increased by 123 per cent to 2.03 million square feet. Collections grew by 102 per cent, reaching Rs 1,210 crore.
Union Bank of India: Union Bank of India's Q1FY25 performance showed notable improvements Y-o-Y. Total deposits grew by 8.52 per cent Y-o-Y, reaching Rs 12.24 trillion, with global gross advances rising by 11.46 per cent Y-o-Y to Rs 9.12 trillion. Domestic CASA deposits saw a 3.76 per cent Y-o-Y increase, totaling Rs 3.99 trillion.
Adani Wilmar: Adani Wilmar's Q1FY25 results indicated positive Y-o-Y trends across various segments. Volume growth stood at 13 per cent, while branded exports volume increased by 36 per cent Y-o-Y. Edible oil volume rose by 13 per cent Y-o-Y, with a corresponding 10 per cent increase in value. The food and FMCG segment witnessed substantial Y-o-Y growth with volumes up by 46 per cent and value by 45 per cent, while the industry essentials segment recorded an 8 per cent decline in volume.
Gillette India: Shareholders of Gillette India have approved the appointment of Kumar Venkatasubramanian as a Director and Managing Director for a five-year term, effective May 1, 2024.
Coforge: Coforge has acquired 4,618,199 equity shares of Cigniti, representing 16.92 per cent of the current paid-up share capital and 16.76 per cent of the expanded capital, at Rs 1,398.50 per share. Following this acquisition, Coforge now holds 27.98 per cent of the current paid-up share capital and 27.73 per cent of the expanded capital of Cigniti.
Dabur India Q1: Dabur India anticipated a solid Q1FY25 performance with mid to high single-digit growth in consolidated revenue Y-o-Y. The India business was expected to achieve mid-single-digit volume growth Y-o-Y, driven by strong performances in the HPC & Healthcare segment and robust growth projections for Badshah Masala in the high teens for volume-led growth.
Titan: Titan Company reported a robust performance in Q1FY25 with a 9 per cent growth in standalone business Y-o-Y and an expansion of its retail network to 3,096 stores by adding 61 new outlets. The jewellery segment grew by 9 per cent Y-o-Y, while watches & wearables showed a 15 per cent growth Y-o-Y. The EyeCare segment registered a 3 per cent growth Y-o-Y, and emerging businesses grew by 4 per cent Y-o-Y. CaratLane, a subsidiary, recorded an impressive 18 per cent growth Y-o-Y.
Marico: Marico's Q1FY25 performance was marked by a modest uptick in underlying volume growth in the domestic business on a quarter-over-quarter basis. Internationally, the company achieved double-digit Y-o-Y growth in constant currency terms. Consolidated revenue grew in high single digits Y-o-Y, driven by expectations of gross margin expansion Y-o-Y owing to a favourable portfolio mix. Operating profit was expected to marginally exceed revenue growth Y-o-Y, leading to a slight increase in operating margin Y-o-Y.
Tata Motors: Jaguar Land Rover reported a 5 per cent year-on-year growth in wholesales, totaling 97,755 units, and a 9 per cent increase in retail sales to 1.11 lakh units for Q1FY25. Notably, wholesales of Range Rover and Range Rover Sport models increased by 22 per cent and 46 per cent respectively, compared to the previous year.
Power Grid Corporation of India: The Board of Directors of Power Grid Corporation of India will convene on July 10 to consider increasing the borrowing limits for FY25 and raising funds for FY26.
Federal Bank: Federal Bank has entered into a strategic Bancassurance partnership with Bajaj Allianz Life Insurance, expanding its insurance partners to a total of 10. This partnership will offer Federal Bank's customers access to a wide range of products from Bajaj Allianz Life Insurance Company.