Stocks to Watch Today, August 1: Infosys, Godrej Prop, Adani Ent, ITC, TaMo

Stocks to watch today, August 01, 2024: GIFT Nifty indicates a positive start for the benchmark equity indices on Thursday. Here is the list of buzzing stocks to watch during today's trading session

Stocks to Watch Today, Thursday, August 01, 2024: Benchmark domestic indices, the BSE Sensex and the NSE Nifty50, are likely to start positively on Thursday amidst favourable global and domestic cues. At 07:00 AM, GIFT Nifty futures quoted around 25,033 levels, hinting at a gap-up of around 50 points on the NSE Nifty50 index.

Overnight in the US, Wall Street's major indices, the Nasdaq Composite and the S&P 500, posted their biggest daily percentage gains since February 2022, ending higher by 2.64 per cent and 1.58 per cent respectively. Meanwhile, the Dow Jones Industrial Average advanced 0.24 per cent on Wednesday.

 

In Asia, the Shanghai Composite was up 0.08 per cent, and South Korea's Kospi was up 0.22 per cent, while Hong Kong's Hang Seng was down 0.31 per cent. Japan's Nikkei traded down 3.10 per cent, and the Asia Dow traded down 0.32 per cent on Wednesday morning.

Here is a list of stocks to watch today, August 1:

Q1FY25 Results on Thursday: Aditya Birla Capital, Adani Enterprises, Adani Ports and Special Economic Zone, Akzo Nobel India, Alkyl Amines Chemicals, Adani Transmission, Bajaj Steel Industries, Bharat Wire Ropes, Dabur India, Datamatics Global Services, Diamond Power Infrastructure, Emami, Escorts, Everest Industries, G R Infraprojects, Hindustan Foods, India Grid Trust, ITC, JMG Corporation, John Pharmaceuticals, JSL Industries, Kalyan Jewellers India, Kaycee Industries, The KCP, KSB, LERTHAI Finance, Maral Overseas, Max Healthcare Institute, Mideast Integrated Steels, Narayan Realty, Netlink Solutions (India), Neuland Laboratories, RailTel Corporation of India, Repco Home Finance, Sun Pharmaceutical Industries, Suryoday Small Finance Bank, Tata Motors, Tata Motors (DVR), Thermax, TV Today Network, UFO Moviez India, Unjha Formulations, Vaibhav Global, Welspun Enterprises, Wall Street Finance, and Zomato.

Infosys: The IT giant has received a pre-show cause notice for the payment of GST of Rs 32,403 crore from Karnataka State GST authorities for the period July 2017 to March 2022, relating to the expenses incurred by the company's overseas branch offices. Infosys has responded to the GST authorities, stating, "The Company believes that as per regulations, GST is not applicable on these expenses. Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the GST Council, services provided by the overseas branches to the Indian entity are not subject to GST."

Bharat Forge: The company has informed the exchanges that a wholly-owned subsidiary has been granted a defence license by the Department for Promotion of Industry & Internal Trade under The Industries (Development and Regulation) Act, 1951, for the manufacture of various defence products at its Jejuri unit.

Vedanta: Anil Agarwal-led Vedanta has received approval from BSE and NSE to split into six independent listed companies. The company will soon file an application with the Hon’ble National Company Law Tribunal to progress its pursuit of unlocking value for shareholders.

Wipro: The leading technology services and consulting company announced that it has been selected by MAHLE, a global automotive supplier, to transform their IT infrastructure with an innovative hybrid cloud solution. Wipro stated, "MAHLE’s ambition was to provide high-quality and innovative service, allowing their internal customers to focus on their core business, thereby enabling sustainable growth."

Tata Steel: Tata Group's steel arm, Tata Steel, reported a 51.4 per cent year-on-year (Y-o-Y) increase in consolidated net profit at Rs 959.61 crore in the first quarter of FY25, compared to Rs 633.95 crore reported in the corresponding quarter of the previous fiscal year. The jump in net profit was aided by lower expenses and raw material costs. The company's total revenue on a consolidated basis stood at Rs 54,771.39 crore, down 7.9 per cent Y-o-Y and 6.7 per cent quarter-on-quarter (Q-o-Q).

Bank of Baroda: The public-sector lender reported a 9.5 per cent Y-o-Y increase in its net profit to Rs 4,458 crore for the quarter ended June 30, due to lower credit costs. The bank had posted a net profit of Rs 4,070 crore in the corresponding quarter of the previous fiscal year. Bank of Baroda's net interest income (NII) expanded by 5.5 per cent to Rs 11,600 crore, compared to Rs 10,997 crore in the same quarter a year ago.

Godrej Properties: The company reported its highest ever consolidated net profit of Rs 520.05 crore in Q1 FY25, significantly higher than Rs 124.94 crore posted in Q1 FY24. Godrej Properties' revenue from operations dropped 21.05 per cent Y-o-Y to Rs 739 crore in Q1 FY25 from Rs 936.09 crore recorded in the corresponding quarter of the previous fiscal year.

Adani Power: Billionaire Gautam Adani-led Adani Power reported a 55 per cent Y-o-Y decline in its consolidated net profit to Rs 3,913 crore in Q1FY25, compared to Rs 8,759 crore reported in Q1FY24. The company's total income declined to Rs 15,474 crore in Q1FY25 from Rs 18,109 crore in the same quarter of the previous fiscal year.

Mankind Pharma: The pharma major's net profit jumped 9.9 per cent Y-o-Y in Q1 FY25 to Rs 543 crore, from Rs 494 crore reported for the same period last year. The company's revenue from operations rose 12.2 per cent Y-o-Y to Rs 2,893 crore in Q1FY25, from Rs 2,579 crore reported in Q1 FY24.

Coal India: The state-owned miner's consolidated net profits grew 4.1 per cent Y-o-Y in Q1FY25 to Rs 10,959 crore. The public sector utility reported a minimal 1.3 per cent Y-o-Y increase in its revenue from operations to Rs 36,464 crore during the quarter under review. Coal India's net income rose 2.2 per cent to Rs 38,349.21 crore in Q1FY25, up from Rs 37,521.03 crore in Q1 FY24.

Other Q1FY25 Result Reactions:ACE, AK Spintex, Ambuja Cements, Anup Engineering, Asahi India Glass, Bansal Wire Industries, Birlasoft, Cockerill India, Colinz Laboratories, Deepak Fertilisers & Petrochemicals Corporation, Dwarikesh Sugar Industries, Dynamic Cables, Eco Hotels, Gujarat Container, Hindustan Bio Sciences, IIFL Securities, Indian Metals & Ferro Alloys, Mahindra & Mahindra, Mac Industries, Maan Aluminium, National Fertilizers, NPL Advisors, Nuvoco Vistas Corporation, OnMobile Global, One Point One Solutions, Oswal Agro Mills, Oswal Greentech, Phoenix Mills, Prestige Estates Projects, Relaxo Footwears, Rexnord Electronics and Controls, RITES, Sonata Software, Steel Exchange India, Stylam Industries, Sundaram Fasteners, Swarna Securities, Tata Investment Corporation, Tata Steel, Thomas Cook (India), Timex Group India, and Zee Entertainment Enterprises.