GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap down opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded lower as the index was down 70 points or 0.28% at 24,882.50 indicating a negative start for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 closed the session 1.25 points or 0.01% higher to settle at 24,836, while the BSE Sensex rose 23 points or 0.03% to close at 81,355.84.
Stocks to watch on July 30, 2024
Tata Steel
Tata Steel acquired over 5.57 billion equity shares in its Singapore-based arm for $875 million. In May, Tata Steel’s board gave the nod for the infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, said the company in an exchange filing.
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Bharti Airtel
Bharti Airtel on Monday said it is re-farming its existing 4G spectrum in 1800 MHz, 2100 MHz and 2300 MHz bands to meet the growing traffic demand on the 5G network. Re-farming of spectrum means utilising the frequency for another technology (5G in this case) switching it from the technology (4G) it was initially allocated for. The recently enacted Telecom Act has provisions that allow telecom operators to re-farm spectrum, or use it for other technologies than initially intended when they bought it.
Hindustan Petroleum
Hindustan Petroleum reported a sharp decline of 90% in its consolidated net profit for the Q1FY25, amounting to Rs 634 crore compared to Rs 6,765.5 crore in the corresponding period of the previous fiscal year. The net profit also declined by 76.6% sequentially from Rs 2,709.31 crore in the fourth quarter of FY24, due to a reduction in the company’s gross refining margins. Furthermore, the reduction in fuel prices impacted the company’s marketing margins. The state-owned oil marketing companies had earlier cut auto fuel prices by Rs 2 per litre, the first reduction since April 2022.
ACC
ACC’s consolidated profit after tax (PAT) fell 22.5% to Rs 361 crore in the first quarter of the financial year 2024-2025 as sales missed. The company had reported a PAT of Rs 466 crore in the year-ago period. Its revenue from operations also dropped to Rs 5,154.89 crore in the June quarter against Rs 5,201.11 crore in the year-ago period.
RVNL
Rail Vikas Nigam Ltd. emerges as the lowest bidder for the development of distribution infrastructure at Central Zone of Himachal Pradesh. The order is worth Rs 739.07 crore.
Arvind
Arvind Limited, a leading Indian clothing retailer, has reported a decline of 40% in its profit after tax (PAT) in Q1 FY25 to Rs 39 crore from a profit of Rs 65 crore in the same quarter of last financial year. The Ahmedabad-based textile major’s overall revenue from the operations for the first quarter stood at Rs 1,831 crore compared to a revenue of Rs 1,853 crore in Q1 FY24, a marginal decline of one per cent. Arvind Limited sells brands like Tommy Hilfiger, Calvin Klein and Arrow.
J&K Bank
J&K Bank posted Rs 415.49 crore as profit-after-tax (PAT) for the April-June quarter of the current financial year, which is up by 27% YoY from Rs 326.45 Cr recorded for the first quarter of the previous financial year.
Colgate-Palmolive
Colgate-Palmolive India reported higher-than-expected net profit and revenue for the June quarter, driven by price hikes and a pick-up in rural demand. The oral care major posted a 33% year-on-year (y-o-y) rise in June-quarter profit to Rs 364 crore. The consensus of analysts’ estimates polled by Bloomberg projected a profit of Rs 331 crore for the quarter. Revenue for the quarter grew 13% y-o-y to Rs 1,486 crore, ahead of Street estimates of Rs 1,429 crore.
Kansai Nerolac Paints
Kansai Nerolac Paints reported its fiscal first quarter numbers wherein the company’s profit plummeted 68.7% to Rs 230.83 crore as compared to Rs 738 crore recorded during the first quarter of the previous fiscal year. It posted revenue from operations at Rs 2133.06 crore, marginally lower than Rs 2156.80 crore posted during the corresponding quarter of FY24.
Key earnings to watch
360 ONE WAM, Aegis logistics, Ajanta Pharma, Apar Industries, Arvind SmartSpaces, Carborundum Universal, CarTrade Tech, Castrol India, Dixon Technologies, Exide Industries, Fine Organics Industries, Force Motors, Firstsource Solutions, Gail, Granules India, Greenpanel Industries, Indiamart Intermesh, Indus Towers, Indian Oil Corp, Johnson control Hitachi, Jindal Stainless, LLOYDS Metals and Energy, Macrotech Developers, MOIl. Navin Fluorine International, PTC Industries, Rajratan Global Wire, R R Kabel, Sapphire Foods, Shyam Metalics and Energy, Star Health and allied Insurance, Tata Consumer Products, Titagarh Rail Systems, Torrent Power, Varun Beverages, Vardhman Textiles, and Waaree Renewable Technologies will announce their quarterly results for Q1FY25 on July 30.
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