GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap down opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded lower as the index was down 19.50 points or 0.08% at 24,911 indicating a negative start for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 closed the session 21 points or 0.09% higher to settle at 24,857, while the BSE Sensex rose 100 points or 0.12% to close at 81,455.
Stocks to watch on July 31, 2024
Tata Consumer Products
Tata Consumer Products reported a consolidated net profit of Rs 290 crore (attributable to owners) for the June quarter, a drop of 8.3% on year, missing Street estimates amid muted demand led by heatwaves and elections. Bloomberg consensus estimates had pegged the net profit for the quarter at Rs 351 crore.
Stocks To Watch: Tata Steel, Bharti Airtel, HPCL, ACC, RVNL Stocks To Watch: Infosys, Coal India, Bank of Baroda, Maruti Suzuki, Tata Steel Stocks To Watch: UltraTech Cement, Paytm, Power Grid, Cipla, ICICI Bank Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro
Varun Beverages
PepsiCo bottler Varun Beverages posted a 26% on-year rise in its consolidated net profit at Rs 1,253 crore in the June quarter. Bloomberg consensus estimates had pegged it at Rs 1,276 crore. The company follows a January-December accounting year. The consolidated revenue for the second quarter came in at Rs 7,334 crore, up 28.7% on year, led by India volumes which grew nearly 23% versus last year, thanks to an extended heat wave across the country.
JSW Infrastructure
JSW Group looks to transform its infrastructure arm, JSW Infrastructure, into a complete logistics solutions provider, chairman Sajjan Jindal said at the company’s 18th annual general meeting on Tuesday. “India’s economy is getting bigger and stronger and it is on track to hit $10 trillion. With its diverse countryside and hinterland, India’s logistics industry needs more large-sized private sector companies to provide last-mile connectivity solutions for its stakeholders,” Jindal said.
Indian Oil Corporation
Indian Oil Corporation reported a fall of 74.7% in its consolidated net profit for the first quarter of the financial year 2024-25 at Rs 3,722.63 crore from Rs 14,735.30 crore in the corresponding period a year ago. On a sequential basis too, the net profit declined by 32% from Rs 5,487.92 crore in Q4FY24. The significant decline in the net profit comes amid a decline in the company’s gross refining margins.
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Vodafone Idea
Vodafone Idea has received an order from the Commercial Tax Office in Chennai South, Tamil Nadu confirming the penalty of Rs 27.3 crore along with the demand and interest as applicable. The order was passed under Section 74 of the Integrated Goods and Services Tax Act, 2017. The penalty is for re-availment of credit reversed earlier in FY20.
Ajanta Pharma
Speciality pharmaceutical company Ajanta Pharma posted a profit growth of 18.1% for the first quarter of FY25 at Rs 245.77 crore in comparison to Rs 208.12 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1144.92 crore, up 12.1% as against Rs 1021.04 crore during the same period last year.
GAIL
The gas giant recorded a consolidated net profit of Rs 3,183.35 crore, a growth of 77.54% compared to the Rs 1,792.99 crore it reported in the same quarter of the previous year. The company’s revenue grew to Rs 34,821.89 crore against Rs 32,848.78 crore in Q1 2023-24, an increase of 6% on year.
Bharti Airtel
Bharti Airtel chairman Sunil Bharti Mittal’s remuneration rose 92% to Rs 32.27 crore in FY24, while managing director and CEO, Gopal Vittal’s salary rose 10% to Rs 18.5 crore, according to the annual report of the company. Mittal was drawing close to Rs 15 crore for the last three years since FY21 owing to weakness in the business environment. On August 24, 2023, with shareholders approval, his remuneration was restored to Rs 30 crore.
Torrent Power
Torrent Power reported a rise of 88% on year to Rs 972 crore in the first quarter of the financial year 2024-25, helped by surging power demand. The company, a unit of Torrent Group, said a year ago in the same quarter that its consolidated net profit stood at Rs 517 crore. The energy provider’s revenue rose 23.3% to Rs 9,034 crore.
Key earnings to watch
Maruti Suzuki, Ambuja Cement, Coal India, Mahindra and Mahindra, Tata Steel, Action Construction Equipment, Asahi India Glass, Aster DM Healthcare, Bank of Baroda, BHEL, Birlasoft, Crompton Greaves Consumer Electricals, Electrosteel Castings, Elgi Equipment’s, Five-star Business Finance, GE T&D India, Godrej Properties, Greenply Industries, HeidelbergCement, JBM Auto, JK Lakshmi Cement, KPR Mills, Lakshmi Machine Works, Mankind Pharma, Maruti Suzuki India, Nuvoco Vistas Corp, The Phoenix Mills, Prestige Estates Projects, Pricol, Puravankara, Redington, Relaxo Footwears, RITES, Sonata Software, Stylam Industries, Sundaram Fasteners, Tata Investment Corp, Tata Steel, Teamlease Services, Thomas Cook, Urgo Capital, and ZEE Entertainment will release their Q1 earnings on July 31.