 "Stocks to Watch, July 24: HUL, Bajaj Fin, L&T, Dr Reddy's, Vedanta, Axis Bk")
Stocks to Watch today, Wednesday, July 24, 2024: A day after the Union Budget 2024-25 (FY25) presentation, investors will react to the fine print of the Budget document and assess the sectoral impact.
Besides, stock-specific action amid June quarter (Q1FY25) results, and global cues will guide the sentiment on Dalal Street today.
At 7:40 AM, GIFT Nifty futures were down 57 points at 24,397 level.
Globally, Asia Pacific indices were mostly lower led by ASX200 and Kospi, down around 0.1 per cent each.
Against this, here is a list of stocks to watch today, July 24:
Q1FY25 results today, July 24: Larsen & Toubro, Axis Bank, SBI Life Insurance Company, Bajaj Finserv, Federal Bank, Petronet LNG, Jindal Steel & Power, Aditya Birla Sun Life AMC, Aurionpro Solutions, Bikaji Foods International, CG Power and Industrial Solutions, CMS Info Systems, DCB Bank, HFCL, Indian Energy Exchange, Indraprastha Gas, JK Paper, KPIT Technologies, Karnataka Bank, Oracle Financial Services Software, Hitachi Energy India, Ramkrishna Forgings, SIS, Sona BLW Precision Forgings, Syngene International, Trident, Tata Teleservices, V-Guard Industries, and Welspun Living will release their June quarter earnings on Wednesday, July 24.
Bajaj Finance: India's biggest NBFC saw a 14 per cent year-on-year (Y-o-Y) growth in its consolidated net profit to Rs 3,912 crore in the April-June period, driven by healthy growth in net interest income (NII).
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Its NII expanded by 25 per cent Y-o-Y to Rs 8,365 crore, while NIM shrank by 23 bps.
Hindustan Unilever: HUL reported a 2.2 per cent Y-o-Y rise in consolidated net profit at Rs 2,610 crore for Q1FY25, in line with market expectations.
Its revenue came at Rs 15,707 crore, up 1.4 per cent on year, as against Bloomberg's estimate of Rs 15,587 crore. PAT was estimated at Rs 2,601 crore.
ICICI Prudential Life Insurance: The insurance arm of the ICICI Group reported an 8.7 per cent yearly increase in net profit to Rs 225.4 crore in Q1FY25, owing to a rise in expenses (up 33 per cent Y-o-Y).
It also saw a contraction of VNB margin to 24 per cent in Q1FY25 compared to 30 per cent in the corresponding period last year.
Other Q1 result reactions: AGS Transact Tech, ICICI Securities, Parag Milk Foods, United Spirits, Torrent Pharma.
Dr Reddy's Laboratories: According to the pharmaceutical company's stock exchange filing, a meeting of the Board of Directors is scheduled to be held on July 27, 2024, to consider a proposal of sub-division/split of existing equity shares, including the American Depositary Shares, as may be determined by the Board.
Tata Consumer Products: Sharing an update on the Rights Issue, approved in January this year, Tata Consumer Products said on Tuesday that the company plans to issue 36.6 million rights equity shares in a bid to raise Rs 2,997.77 crore.
The price of each rights share has been fixed as Rs 818 -- a 35-per cent discount to its last closing price.
Vedanta: The Board of Directors will meet on July 26 to consider a second interim dividend for FY25.
Hindalco: Hindalco Industries subsidiary Novelis, a supplier to a joint venture co-owned by Porsche, said on Tuesday that it had notified automotive customers of a force majeure event that forced it to close an aluminium plant in Switzerland.
The plant was shut down in late June due to flooding and was unable to deliver fully to its automotive customers in Europe, Novelis said.
Suven Pharmaceuticals: The pharma company has received an observation letter with 'no adverse observations' from the BSE the National Stock Exchange of India Ltd in relation to the Scheme of Amalgamation.
Krsnaa Diagnostics: The company has received a signed agreement from the Director, Directorate of Health Services, Madhya Pradesh Public Health Services Corporation Limited, for setting up, operating, managing & maintaining of MRI Scan (1.5 Tesla) machines at five district hospitals across Bhopal, Indore, Ujjain, Gwalior, and Jabalpur.
Steel Strips Wheels: The company said it is exploring various avenues to foray into the electric vehicles (EV) segment in the coming years.
Titagarh Rail Systems: Titagarh Rail Systems has commenced the export of traction converters, pursuant to which the first batch of eight converters were shipped to Titagarh Firema S.p.A (Titagarh Firema), Italy on July 19, 2024. The said export is part of 7.18 million euros (Rs 65 crore approx.) order received by TRSL from Titagarh Firema and marks the first rollout of traction converters from Passenger Rolling Stock Facility of Titagarh, India.