 "Stocks to Watch today, Aug 08: Airtel, Max Health, GIC Housing, Sobha, BEML")
Stocks to Watch on Tuesday, August 08, 2023: The equity markets are likely to start on a subdued note, tracking losses in the China and Hong Kong markets. Overnight, the US markets rallied smartly, however, later a Fed official warned of more rate hikes.
At 07:50 AM, the GIFT Nifty futures quoted at 19,636, indicating a negative start of 30-odd points on the Nifty 50.
Meanwhile, these stocks are likely to see some action in trade on Tuesday.
Earnings Watch: Adani Ports, Chambal Fertilisers, Coal India, Dhampur Sugar, Dish Tv, EIH, GSFC, Gujarat Alkalies, Happiest Minds, Hester Biosciences, Hikal, Hindalco, IdeaForge Technology, IRCON, ITDC, Jet Airways, Jain Irrigation, Midhani, National Fertilizers, Oil India, Phoenix Mills, Religare Enterprises, Star Cement, Subex, Suven Life, Talbros Automotive, Tilaknagar Industries and Utkarsh SFB are some of the prominent companies scheduled to announce June quarter earnings today.
PSU Banks: Shares of state-run banks are likely to be in focus after the aggregate net profit more than doubled to Rs 34,418 crore in Q1 owing to treasury gains and healthy growth in net interest income (NII), backed by strong credit offtake. READ MORE
Max Healthcare: The company’s Q1FY24 net profit jumped 27 per cent to Rs 291 crore as against Rs 229 crore in Q1FY23. Total income increased by 17 per cent year-on-year (YoY) to Rs 1,629 crore.
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Bharti Airtel: The company has launched Airtel Xstream AirFiber, India's first 5G wireless Wi-Fi service designed to provide internet to areas without fibre-based internet connections. The initial roll-out is in New Delhi and Mumbai.
Also Read: Stock Market LIVE: Asian indices mixed ahead of China's July trade data
Also Read: Stock Market LIVE: Asian indices mixed ahead of China's July trade data
Adani Green: The West Asian-based sovereign investment fund, Qatar Investment Authority, acquired a 2.7 per cent stake in Adani Green Energy for Rs 3,920 crore via block deals on Monday. Banking sources state that the proceeds will be used by the group to reduce its debt.
This investment comes hot on the heels of reports that the same fund is considering the acquisition of a 1 per cent stake in Reliance Retail Venture. READ MORE
Reliance Industries (RIL): According to its annual report, the company has reset its battery pack production timeline, shifting it from 2023 earlier to 2024.
Tata Chemicals: The company’s Q1FY24 net profit dipped 8 per cent to Rs 587 crore as against Rs 637 crore in Q1FY23. Total income, however, was up 6 per cent YoY at Rs 4,218 crore.
Godrej Consumer Products: The company’s Q1FY24 net profit declined 8 per cent to Rs 318.82 crore as against Rs 345.12 crore in Q1FY23. Total income grew by 10 per cent YoY to Rs 3,448.90 crore.
GIC Housing Finance: The company’s Q1FY24 net profit dropped 19 per cent to Rs 31.84 crore as against Rs 39.17 crore in Q1FY23. Total income was down 2 per cent YoY at Rs 268.43 crore.
Torrent Pharma: The company’s Q1FY24 net profit was up 7 per cent at Rs 378 crore as against Rs 354 crore in Q1FY23. Total income rose by 10 per cent YoY to Rs 2,591 crore.
Gland Pharma: The company’s Q1FY24 net profit slipped 15 per cent to Rs 194 crore as against Rs 229 crore in Q1FY23. Total income was up 41 per cent YoY at Rs 1,209 crore.
Sobha: The company’s Q1FY24 net profit zoomed 167 per cent to Rs 12 crore as against Rs 4.5 crore in Q1FY23. Total income surged by 61 per cent YoY to Rs 908 crore.
BEML: The company has secured a contract worth Rs 3,177 crore from Bangalore Metro Rail Corporation for supply of rolling stock 5RS-DM.
RailTel Corporation of India: The company has won work order for monetization of network infrastructure services on revenue sharing model for a period of 10 years amount to Rs 700 crore from Pimpri Chinchwad Smart City.
Welspun Speciality Solutions: The firm has bagged an order of Rs 37 crore for supply of stainless steel bars.
Stocks in F&O ban: Balrampur Chini, GNFC, Hindustan Copper, Indiabulls Housing Finance, India Cements and Piramal Enterprises (PEL) are the six stocks in F&O ban period on Tuesday.