GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 46 points or 0.19% at 24,407 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended down by 108.75 points or 0.45% to settle at 24,324.45 while the BSE Sensex plunged 426.86 points or 0.53% to 79,924.78.
“The Indian market experienced profit booking ahead of the upcoming earnings season. The expectations are muted given moderation in sales growth due to slowdown in the world economy and consolidation in margins driven by high inflation,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the market is under temporary risk towards high budget expectations, which appears well factored in the last one month’s rally. Broader indices lagged large caps and FMCG sector, which are expected to drive momentum going ahead due to stable business outlook.”
Stocks to Watch on July 11, 2024
Yes Bank
First Abu Dhabi Bank PJSC is reportedly considering a bid for a stake in India’s Yes Bank Ltd., potentially amounting to around $5 billion, according to sources familiar with the matter. The Middle Eastern lender is evaluating the possibility of acquiring up to a 51% share in YES Bank. The sources requested anonymity as the discussions are confidential.
Zydus Lifesciences
The company has announced that it received tentative approval from the US FDA to market diroximel fumarate delayed-release capsules, 231 mg (Vumerity delayed-release capsules). These capsules are indicated for the treatment of relapsing forms of multiple sclerosis (MS) in adults.
SBI
The country’s largest lender has successfully raised Rs 10,000 crore at a coupon rate of 7.36% through its sixth infrastructure bond issuance. The issuance received an enthusiastic response from investors, garnering bids exceeding Rs 18,145 crore. This led to the issuance being oversubscribed by approximately 3.6 times against the base issue size of Rs 5,000 crore.
Kesoram Industries
BK Birla Group firm reported a net loss of Rs 62 crore for the first quarter ending June 30, 2024. This is an increase from the net loss of Rs 32.4 crore in the corresponding quarter of the previous year. Additionally, the company’s revenue from operations declined by 12% to Rs 879 crore, compared to Rs 999 crore in the same period last fiscal year.
Sula Vineyards
The wine producer reported a 9.7% increase in net revenue, rising to Rs 129.6 crore compared to Rs 118.2 crore in the same period last year. This growth was primarily driven by the company’s own brands, which saw a 2.7% increase in revenue, reaching Rs 104.4 crore, up from Rs 101.6 crore year-on-year.
Bartronics India
Kinex India Private announced on Wednesday that it will divest 13,500,000 equity shares of the company, each with a face value of Rs 11. This sale, representing 4.43% of Bartronics India’s share capital, is scheduled for July 11, 2024, for non-retail investors, and July 12, 2024, for both retail and non-retail investors.
Power Grid Corp
The state-owned company announced its plans to borrow up to Rs 16,000 crore during the financial year 2025-26. The decision was made by the Board of Directors during their meeting on July 10, 2024. The funds will be raised through various sources, including domestic bonds.
Tata Elxsi
The design and technology services firm reported a 3% year-on-year decline in net profit, amounting to Rs 184.1 crore for the first quarter ending June 30, 2024, compared to Rs 188 crore in the corresponding quarter of the previous year. Sequentially, the net profit for the quarter fell 6.5% from Rs 196.9 crore in the March quarter to Rs 184.1 crore.
Mahindra & Mahindra
The company announced that it does not expect any material impact on its financials. Demand for the XUV700 remains robust, with new bookings in June increasing by 23% compared to May. The company also clarified that there is no concern of unsold inventory, contrary to reports by certain news channels and newspapers.
Shalby
The company has secured a lease order for the immovable property of Asha Parekh Hospital, located in Santacruz, Mumbai, for a duration of 30 years. This development marks the company’s expansion into the healthcare sector in Santacruz, where it plans to construct a new healthcare facility with more than 175 beds.
Oriental Rail
Oriental Rail Infrastructure has clinched orders valued at Rs. 19.33 crore from the Rail Coach Factory (RCF) in Kapurthala, under the Indian Railways. The contract entails the manufacturing and supply of 194 sets of seats for LHB GS coaches and 96 sets of seats and berths for LHB SCN coaches.
