 "Stocks to Watch: Tech M, Axis Bank, Dr Reddy's, RVNL, M&M, RBL Bank, AMCs")
Indices Sensex and Nifty are eyeing a higher start to Thursday's session after the US Federal Reserve raised interest rates by 25 basis points (bps) taking the Fed’s fund rate to the highest in over 22 years. At 6:55 am, the Gift Nifty quoted 19,847 levels, up over 70-odd points.
Globally, the US markets ended mixed overnight. Dow Jones rose 0.2 per cent, while NASDAQ Composite, and the S&P 500 indices declined up to 0.1 per cent.
Asia-Pacific markets largely rose in early deals. Key indices Nikkei 225, Topix, S&P 200 indices gained up to 0.5 per cent.
Meanwhile, here are some stocks to watch out in trade today:
Q1 results today: Nestle India, ACC, Bajaj Finserv, Indian Hotels, Indian Bank, Indus Towers, Ajanta Pharma, Arvind, Astec Lifesciences, Bharat Electronics, Birlasoft, Dr Lal PathLabs, Laurus Labs, Macrotech Developers, RailTel and Ujjivan Small, among others
AMCs/RIL: BlackRock, the world’s largest asset manager, has joined forces with Mukesh Ambani-led Jio Financial Services (JFS) for a foray into India’s asset management space. The move will mark the US-based investment manager’s re-entry into the domestic market. It will also provide the recently hived off arm of Reliance Industries a solid foundation for its financial services ambitions. READ
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Axis Bank: The third-largest private sector lender in the country, reported a 41 per cent increase in net profit to Rs. 5,797 crore for the quarter ended JUNE 30, 2023. This growth was driven by healthy loan growth and trading gains. The bank’s net interest income grew 27 per cent year-on-year (YoY) to Rs. 11,959 crore, aided by a 22 per cent growth in advances to Rs. 8.58 trillion. The net interest margin also swelled by 50 basis points (bps) YoY to 4.1 per cent. READ
M&M/RBL Bank: Diversified business conglomerate Mahindra and Mahindra (M&M) has picked up a 3.53 per cent stake in private sector lender RBL Bank for Rs. 417 crore. “We may consider further investment, subject to pricing, regulatory approvals, and required procedures. However, in no circumstance will it exceed 9.9 per cent,” M&M said in an exchange notification on Wednesday.
Dr Reddy's Laboratories: The drugmaker posted an 18 per cent year-on-year (YoY) jump in net profit for the first quarter of 2023-24 financial year to Rs 1,402 crore, riding on growth in its businesses in the US and Russia. Its revenues grew by 29 per cent YoY to touch Rs 6,738 crore in Q1FY24. On a sequential basis, DRL’s revenues grew by 7 per cent, while the profit after tax (PAT) swelled by 46 per cent. READ
Tech Mahindra: The IT services provider has started off the financial year 2023-24 on a disappointing note with its net profit falling 38.8 per cent YoY to Rs 692.5 crore in Q1. Revenue grew 3.5 per cent at Rs 13,159 crore. In dollar terms the firm’s revenue was down 4.2 per cent sequentially. This is the weakest performance when compared to peers.
Cipla: Pharma major Cipla posted a 45.1 per cent year-on-year (YoY) rise in profit after tax (PAT) for the quarter ended June 30, 2023, to Rs. 996 crore, riding on a 17.7 per cent rise in income from operations at Rs. 6,329 crore. On a sequential basis, the company’s revenues grew by 10.2 per cent while PAT growth was 40.6 per cent.
Tata Consumer Products: The FMCG company has clocked 22 per cent on-year growth in consolidated profit at Rs 338 crore for the Q1FY24, with strong growth in the India branded business and improved performance in international and non-branded business. Revenue from operations rose 12.5 per cent year-on-year to Rs 3,741.2 crore.
Rail Vikas Nigam: The Government of India is going to sell up to 7.09 crore equity shares or a 3.4 percent stake in Rail Vikas Nigam, with an option to additionally sell 4.08 crore shares or 1.96 percent via an offer for sale (OFS). The OFS will take place on July 27 for non-retail investors and July 28 for retail investors. The floor price has been fixed at Rs 119 per share.
Poonawalla Fincorp: The non-banking finance company announced the consummation of its controlling stake sale in its housing finance subsidiary Poonawalla Housing Finance (PHFL) to Perseus SG Pte Ltd, an entity affiliated to TPG Global LLC. With this stake sale, PHFL has ceased to be a subsidiary of PFL and Perseus SG Pte Ltd now holds a controlling equity stake in PHFL. PFL received a post-tax consideration of Rs 3,004 crore for its stake sale.