GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 245 points or 1% at 24,140 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by 304.95 points or 1.27% to settle at 24,297.50 while the BSE Sensex jumped 874.94 points or 1.11% to 79,468.01.
“Global markets experienced a notable rebound after the BoJ’s Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability. The Indian market also witnessed broad-based buying across sectors,” 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: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Reliance Industries, Aurobindo Pharma, ONGC, Bajaj Consumer, Bank of Baroda
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Nair also added that the Realty sector seeing a relief rally due to the reinstatement of indexation benefits. The carry trade issue appears to have been eased for now and the focus is on the ongoing RBI policy, which is likely to hold the rate and positive economic outlook.
Stocks to Watch on August 08, 2024
Hindalco Industries
Hindalco subsidiary Novelis Inc reported a 2% year-on-year (YoY) increase in net sales for the first quarter, reaching $4.2 billion. This growth was primarily driven by higher average aluminium prices and increased total shipments. Total flat-rolled product shipments rose 8% to 951 kilotonnes compared to the same period last year.
Godrej Consumer Products
The FMCG major reported a 41.36% jump in profit after tax at Rs 450.69 crore for the June quarter of FY25. This marks a significant increase from the Rs 318.82 crore profit after tax (PAT) recorded in the same quarter of the previous fiscal year. However, total revenue for the quarter declined to Rs 3,331.58 crore, compared to Rs 3,448.91 crore in the corresponding period last year.
Apollo Tyres
The company reported a 24% decline in net profit to Rs 302 crore for the first quarter ended June 30, 2024. This is down from the Rs 397 crore net profit recorded in the same quarter of the previous fiscal year. Revenue from operations for the quarter stood at Rs 6,335 crore, compared to Rs 6,245 crore in the year-ago period.
Abbott India
Drug firm Abbott India, reported a 13% year-on-year increase in net profit, reaching Rs 328 crore for the first quarter ended June 30, 2024, compared to Rs 290 crore in the same quarter last year. Abbott’s revenue for the quarter grew 5.3% to Rs 1,557.6 crore, up from Rs 1,479 crore in the corresponding period of the previous fiscal year.
NHPC
State-owned hydropower giant NHPC, reported a 1.2% year-on-year increase in net profit, reaching Rs 1,108.5 crore for the first quarter ended June 30, 2024, compared to Rs 1,095 crore in the same quarter last year. However, the company’s revenue dipped 2.3% to Rs 2,694.2 crore, down from Rs 2,757.3 crore in the corresponding period of the previous fiscal.
Radico Khaitan
The Liquor maker reported a 13.3% year-on-year increase in net profit, reaching Rs 77.4 crore for the first quarter ended June 30, 2024, compared to Rs 68.3 crore in the same period last year. The company’s revenue from operations increased by 19.1% to Rs 1,136.5 crore, up from Rs 953.9 crore in the year-ago period.
Godfrey Phillips
The cigarette maker reported a 23.9% year-on-year decline in net profit, reaching Rs 223.4 crore for the first quarter ended June 30, 2024, compared to Rs 293.5 crore in the same period last year. Despite the drop in net profit, the company’s revenue increased by 12% to Rs 1,158.2 crore, up from Rs 1,034.1 crore in the corresponding period of the previous fiscal.
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Welspun Corp
The flagship company of the Welspun Group reported a 50% year-on-year jump in net profit, reaching Rs 248.2 crore for the first quarter ended June 30, 2024, compared to Rs 165 crore in the same quarter last year. However, the company’s revenue declined by 22.9% to Rs 3,137.3 crore, down from Rs 4,069.3 crore in the corresponding period of the previous fiscal.
Protean eGov Technologies
Standard Chartered Bank is expected to sell a 3.09% equity stake in an IT-enabled solutions provider through block deals today, August 8. The shares are anticipated to be priced between Rs 1,750 and Rs 1,775 each, with the offer size potentially reaching approximately Rs 221.9 crore at the upper end of the price band.
TVS Supply Chain Solutions
The company has secured a new three-year business contract from JCB in India to manage in-plant warehousing and logistics operations at their Vadodara, Gujarat facility. As part of the agreement, the company will deploy material handling equipment (MHEs) and employ approximately 110 personnel.
Maruti Suzuki India
The company has issued a recall for 2,555 Alto K10 cars due to a suspected defect in the steering-gear box assembly. In a filing with the National Stock Exchange, the company stated that the defect could, in rare cases, affect the vehicle’s steerability.
UPL
The High Court of Australia has dismissed the appeal and ruled in favor of Advanta, a subsidiary of UPL in Australia. The court upheld the Court of Appeal’s judgment, affirming that Advanta is not liable for the economic losses incurred by growers. This decision concludes the Class Action, with no further avenues of appeal available.
Allcargo Gati
Anish T. Mathew has resigned as Chief Financial Officer, effective October 31, 2024, citing personal reasons. The Board has approved the appointment of Deepak Jagdish Pareek as Deputy Chief Financial Officer, effective immediately.
Marico
Operating conditions in the Bangladesh market are gradually improving, although the company continues to monitor the evolving situation closely. Following a brief interruption, most of its retail sales force and distributors have resumed operations. The company anticipates that manufacturing operations will resume soon.
Coromandel International
The Board of Directors has appointed S. Sankarasubramanian as Managing Director and Chief Executive Officer (CEO) of Coromandel International, effective August 7. Sankarasubramanian, who was previously the Executive Director of the Nutrient Business, will now lead the company in his new role.
Key Earnings To Watch Today
Eicher Motors, Life Insurance Corporation of India, ABB India, Oil India, Bharat Forge, Biocon, Alembic Pharmaceuticals, Astral, Astrazeneca Pharma, Bajel Projects, Gujarat State Petronet, IRCON International, Minda Corporation, MRF, Page Industries, Rail Vikas Nigam, Steel Authority of India, Sobha, Unichem Laboratories, and Va Tech Wabag.
