 "BSE, stock market, sensex")
Benchmark Sensex and Nifty indices are looking to open higher on Wednesday, even though markets elsewhere in Asia are subdued this morning ahead of the US Fed's rate decision later tonight. At 7:30 am, the Gift Nifty quoted at 19,880 levels, up 70-odd points.
That apart, globally, the US markets ended higher overnight, with Dow Jones, NASDAQ Composite, and the S&P 500 indices climbing up to 0.6 per cent.
Asia-Pacific markets, however, were mixed in early deals. Nikkei 225, Topix, Kospi indices declined up to 0.5 per cent.
Meanwhile, here are some stocks to watch out in trade today:
Q1 results today: Axis Bank, Bharat Petroleum Corporation, Cipla, Colgate-Palmolive (India), Deepak Fertilisers & Petrochemicals Corporation, Dr Reddy's, PNB, Shree Cement, Tech Mahindra, Bajaj Finance, Aditya Birla Sun Life AMC, TCPL and REC, among others.
Tata Motors/ Tata Motors DVR: The automaker on Tuesday announced the termination of its differential voting rights (DVR) or A-share programme, under which, seven ordinary shares of the company will be issued for every 10 A-shares held, and all its outstanding A-shares will stand cancelled. According to the latest share prices and swap ratio, the DVR is available at a 20 per cent discount to the ordinary shares. READ
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Tata Motors also posted a consolidated net profit of Rs 3,202 crore for Q1 of FY24, beating Street estimates, on a 42 per cent YoY jump in revenues to Rs 1.02 trillion. The company posted a net loss of Rs 5,006 crore in the corresponding quarter last year. READ
Larsen & Toubro: L&T on Tuesday announced a buyback of up to Rs 10,000 crore. It also reported a 46.5 per cent year-on-year rise in net profit for the June quarter (Q1FY24) on the back of improved operational performance and higher other income. L&T’s order book crossed the Rs 4-trillion mark for the first time. READ
Bajaj Auto: Bajaj Auto's consolidated net profit jumped by 41.33 per cent year-on-year (YoY) to Rs 1,644 crore in the first quarter of FY24 on the back of strong domestic sales, better cost management and improved foreign exchange realisation. The automobile company's consolidated net profit, however, decreased by 3.55 per cent quarter-on-quarter (QoQ) due to "planned typical season skew for commuter motorcycles", it said. READ
CEAT: The tyre manufacturer has posted over a 15-fold increase in consolidated net profit during the first quarter of the financial year 2023-24 to Rs 144 crore as compared to Rs 8.68 crore during the same period last financial year.
UTI AMC: The company's Q1 net profit jumped 154 per cent to Rs 234 crore. Its revenue from operations rose 60 per cent to Rs 468 crore.
Jubilant Food: The standalone net profit of Jubilant Foodworks for the first quarter of the current financial year (Q1YFY24) declined 74 per cent to Rs 28.9 crore, compared to Rs 112.7 crore for the corresponding quarter of the previous year, the company said in a BSE filing. Sequentially, the net profit stood at Rs 28.5 crore.
SpiceJet: India’s aviation regulator has removed SpiceJet from its so-called enhanced surveillance, saying the no-frills airline had taken "suitable maintenance action". The Directorate General of Civil Aviation (DGCA) conducted 51 checks in 11 places in India on the airline’s fleet, which includes Boeing 737 and Bombardier DHC Q-400 aeroplanes.
SBI Life Insurance: The company has reported a 45 per cent increase in its net profit for the quarter ended June to Rs 380 crore, thanks to 28 per cent growth in renewal premium to Rs 7,350 crore. New business premium grew 11 per cent to Rs 6,210 crore YoY in Q1, aided by an 18 per cent rise in single premium business. READ
HCLTech: The company has announced the launch of its global Delivery Center (GDC) in Rabat, Morocco. The GDC is HCLTech’s first facility in Morocco and is part of the company’s nearshore strategy to serve global enterprises. It will deliver transformation projects to clients across HCLTech’s portfolio themes of digital, engineering, cloud, AI and software.
Satin Creditcare Network: A meeting of the Working Committee of the Board of Directors is scheduled to be held on Friday, July 28, 2023, to consider the fundraising proposal by way of issuance of listed/unlisted, secured/unsecured, nonconvertible debentures on private placement basis.
