 "Stocks to watch: L&T Tech, Paytm, Rallis India, Piramal Pharma, NMDC")
Stocks to watch on July 19, 2023: Tracking strong global cues, Dalal Street might be headed for a positive start in Wednesday's trade. At 7:25 am, the Gift Nifty climbed 83-odd points to quote around 19,804 levels.
Globally, the US markets ended higher overnight as all three major averages notched their highest level since April 2022. Dow Jones, the S&P 500, and NASDAQ Composite gained up to 1 per cent.
Following Wall Street's cheerful rally, markets in Asia-Pacific, too, rose in early deals. Nikkei 225, Topix, Kospi, S&P 200 indices climbed up to 1 per cent.
Meanwhile, back home, here are the top stocks to watch in Wednesday's trade:
Results today: Tata Communications, L&T Finance Holdings, Bank of Maharashtra, Finolex Industries, Alok Industries, Mastek, Jubilant Pharmova, Tata Coffee, among others will report the April-June quarter results of fiscal year 2023-24 (Q1FY24).
IndusInd Bank: The lender reported a 32.5 per cent year-on-year (YoY) growth in net profit at Rs 2,124 crore in Q1FY24, on the back of a fall in provisions. Net interest income (NII), meanwhile, grew 18 per cent YoY to Rs 4,867 crore in the recently concluded quarter. READ MORE
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L&T Technology: The company registered 13 per cent YoY rise in net profit to Rs 311.1 crore in Q1FY24 but was down 8.5 per cent compared to the previous quarter. Revenue from operations, however, saw a 14.7 per cent YoY jump to Rs 2,301 crore. READ MORE
Paytm: Softbank sold 2 per cent of its shares in One97 Communications, the parent firm of Paytm. With this, the investor’s stake in Paytm has come down to less than 10 per cent. As per reports, SoftBank has sold shares worth $200 million over several weeks. READ MORE
NMDC: The state-run company has fixed rates for lump ore and fines at Rs 4,950 and Rs 4,210 per tonne, respectively. The latest prices are inclusive of royalty and contributions to District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET). READ MORE
Rallis India: Tata Chemicals acquired 97 lakh shares of its subsidiary Rallis India for Rs 208 crore through a block deal, with face value of Re 1 each at Rs 215.05 per equity share, thereby, increasing its stake by 5 per cent to 55.04 per cent.
Polycab India: The company saw 82 per cent YoY surge in first-quarter profit, driven by higher sales in its mainstay wires and cables business. The wires and cables segment was expected to log growth due to higher infra spending by the government and healthy demand for realty, said analysts.
Heidelberg Cement: On the back of easing fuel price and packaging cost, the company saw a marginal rise of 1.3 per cent in net profit at Rs 52.32 crore in Q1FY24. The total revenue from operation, too, rose marginally to Rs 595.64 crore during the quarter under review.
Piramal Pharma: The company received capital markets regulator Sebi's approval to raise up to Rs 1,050 crore through rights issue of shares. The proceeds of the issue will be utilised for payment of debt and general corporate purposes.
CIE Automotive: The auto component supplier's second-quarter profit jumped 60 per cent, boosted by growth in Indian and European markets. However, the company's European business grew 5.3 per cent YoY, outperforming Indian business, which grew 4.8 per cent YoY.
ICICI Lombard: Investment income and higher premiums helped the company clock nearly 12 per cent growth in first-quarter profit. Income from investments jumped nearly 27 per cent, led by market value of securities and higher profits on sale of investments.
Himadri Specialty: The company acquired complete stake in Combe Projects via a share purchase agreement from existing shareholders. On completion, Combe will become a wholly-owned subsidiary of Himadri Specialty.