GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 75 points or 0.31% at 24,120 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 63.05 points or 0.26% to settle at 23,992.55 while the BSE Sensex plunged 166.33 points or 0.21% to 78,593.07.
“The domestic market tried to rebound mirroring the Asian markets. However, momentum was short-lived and closed below the threshold level of 24,000. Investors are watching the appreciating Yen, weak US economic data, and rising geopolitical tensions,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea Stocks To Watch: Infosys, Coal India, Bank of Baroda, Maruti Suzuki, Tata Steel
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Nair also added that they are now exercising caution and shifting towards defensive sectors such as FMCG, IT, and pharma. Nonetheless, the market is looking forward to the decline of crude prices and potential rate cuts by the US Fed & RBI to mitigate the downturn risk.
Stocks to Watch on August 07, 2024
Lupin
Pharma major reported a 77.2% year-on-year jump in net profit, reaching Rs 801.3 crore for the first quarter that ended June 30, 2024. This marks a substantial rise from the Rs 452.3 crore net profit posted in the corresponding quarter of the previous year.
Tata Power
The company reported a 0.2% year-on-year decline in net profit, amounting to Rs 970.9 crore for the first quarter that ended June 30, 2024. In the corresponding quarter of the previous year, the company posted a net profit of Rs 972.5 crore, according to a regulatory filing.
PI Industries
Udaipur-based agrochemicals maker reported a 17.2% year-on-year increase in net profit, reaching Rs 448.8 crore for the first quarter that ended June 30, 2024. This compares to a net profit of Rs 383 crore posted in the corresponding quarter of the previous year.
Cummins India
Power solutions technology provider Cummins India reported a 33% year-on-year jump in standalone net profit, reaching Rs 419.8 crore for the first quarter that ended June 30, 2024. This marks a significant rise from the Rs 315.7 crore net profit posted in the corresponding quarter of the previous year.
PB Fintech
The parent company of Policybazaar and Paisabazaar, reported a net profit of Rs 60 crore for the first quarter that ended June 30, 2024. This marks a significant turnaround from the net loss of Rs 11.9 crore posted in the corresponding quarter of the previous year. The company’s revenue saw a substantial increase, jumping 51.8% to Rs 1,010.5 crore compared to Rs 665.6 crore in the same period of the preceding fiscal year.
Chambal Fertilisers
The company reported a 32.4% year-on-year jump in net profit, reaching Rs 448.3 crore for the first quarter that ended June 30, 2024, compared to Rs 338.6 crore in the corresponding quarter of the previous year. Despite this profit increase, the company’s revenue dipped 11.7% to Rs 4,933.2 crore, down from Rs 5,589.3 crore in the same period of the preceding fiscal year.
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Gland Pharma
The drug firm reported a 25.9% year-on-year decline in net profit, amounting to Rs 143.8 crore for the first quarter that ended June 30, 2024, compared to Rs 194 crore in the corresponding quarter of the previous year. Despite the profit decline, the company’s revenue increased by 16%, reaching Rs 1,401.7 crore compared to Rs 1,208.7 crore in the same period of the preceding fiscal year.
Bosch
Auto components major reported a 13.8% year-on-year increase in net profit, reaching Rs 465.4 crore for the first quarter that ended June 30, 2024, compared to Rs 409 crore in the corresponding quarter of the previous year. The company’s revenue also saw a rise, increasing by 3.8% to Rs 4,316.8 crore, up from Rs 4,158.4 crore in the same period of the preceding fiscal year.
State Bank Of India
The Government of India has approved the appointment of Challa Sreenivasulu Setty as Chairman of the State Bank of India (SBI) for a three-year term, effective August 28. Additionally, Rana Ashutosh Kumar Singh has been appointed as Managing Director. Currently, Setty serves as a Managing Director, and Singh is a Deputy Managing Director at SBI.
Realty Stocks
In a relief to the real estate sector, the Centre has decided to revisit its decision to eliminate indexation benefits on property transactions following widespread backlash from stakeholders. The central government has proposed an amendment to the Finance Bill, 2024, allowing individuals to choose between a 12.5% long-term capital gains tax rate without indexation or a 20% rate with indexation for properties acquired before July 23, 2024.
Suzlon Energy
The company has announced plans to acquire a 76% stake in Renom Energy Services from the Sanjay Ghodawat Group in two or more tranches. In the first tranche, the company will purchase a 51% stake for ₹400 crore. The remaining 25% stake will be acquired within 18 months of the first acquisition for ₹260 crore.
Key Earnings To Watch Today
Godrej Consumer Products, Aadhar Housing Finance, Abbott India, Aditya Birla Fashion and Retail, Apollo Tyres, Balaji CARE Ratings, Chemplast Sanmar, Coromandel International, Gandhar Oil Refinery, Godfrey Phillips, Gujarat Pipavav Port, Happy Forgings, ITD Cementation, Krishna Institute of Medical Sciences, Dr Lal PathLabs, Lemon Tree Hotels, NHPC, NLC India, Sula Vineyards, Welspun Corp, Zee Media Corporation
