GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap up opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded flat as the index was up just 9 points or 0.04% at 24,960 indicating a muted start for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 rose 429 points or 1.76% to settle at 24,835, while the BSE Sensex jumped 1293 points or 1.63% to close at 81,333.
Stocks to watch on July 29, 2024
UltraTech Cement
In a bid to further strengthen its position in the South Indian markets, UltraTech Cement, the flagship company of the Aditya Birla Group, has announced plans to acquire a 32.72% stake in India Cements from promoters and their associates for Rs 3,954 crore. This strategic move is expected to give it a competitive edge in the fast-growing Southern cement market, particularly in Tamil Nadu.
Paytm
The inter-ministerial panel that oversees investments linked to China is yet to give its approval to Paytm’s proposal to invest in its payment aggregator arm, a top government official said on Friday, reported PTI. The proposal is still under consideration by the inter-ministerial panel and expected to take a call soon, Financial Services Secretary Vivek Joshi told PTI.
Power Grid Corp
Power Grid Corporation of India reported a 3.52% growth in its consolidated net profit to Rs 3,723.92 crore for the June quarter on the back of higher income. The company clocked Rs 3,597.16 crores profit for the year-ago period. During the quarter, its total income increased to Rs 11,279.59 crore against Rs 11,257.60 crore in the corresponding period of the last fiscal.
Cipla
Cipla’s Samina Hamied, non-executive director of the company, tendered her resignation from the Board with effect from October 2024 due to “personal and family commitments.” Also, the company recorded a growth of 17.4% on year in its net profit standing at Rs 1,178 crore for the first quarter FY25. In the fiscal of the same quarter, the company reported a net profit of Rs 1,003 crore. Cipla’s income from operations rose 7% on year to Rs 6,694 crore compared to Rs 6,258 crore in the same period a year ago.
ICICI Bank
ICICI Bank infused Rs 500 crore in its subsidiary, ICICI Home Finance in the first quarter of FY25, said Sandeep Batra, Executive Director of the bank. “In Q1-2025, we did some equity. We infused about Rs 500 crore,” said Batra. The bank has till now infused Rs 1,862 crore through equity in the subsidiary.
Also, ICICI Bank reported a net profit of Rs 11,059.1 crore in the first quarter of FY25, a rise of 14.6% on year against Rs Rs 9,648.2 crore the bank posted in the corresponding period of last year.
REC
REC posted a 16.57% increase in its consolidated net profit to Rs 3,460.19 crore for Q1 FY25 on account of higher revenues. A year ago in the same quarter, its net profit came in at Rs 2,968.05 crore. Also, the company will pay an interim dividend of Rs 3.50 per equity share.
Zen Technologies
Zen Technologies reported a 92% on year increase in its revenue form moperatiosn standing at Rs 254 crore for the June quarter of FY25. The company’s net profit rose to Rs 74.18 crore in Q1 FY25 from Rs 47.13 crore, up 57% on year. “We are excited about the future and confident in meeting our guidance of Rs 900 crores of turnover in the current financial year”, said Ashok Atluri, the Chairman and managing director. The total orderbook stands at Rs 1158.54 crore, consisting of training simulators and anti-drone systems.
NTPC
NTPC reported a net profit of Rs 4,511 crore, up 11% on year against Rs 4,733 crore in the same quarter a year ago. Its consolidated revenue for the April-June quarter of FY25 rose 13.5% on year to Rs 44,419.2 crore from Rs 43,390 crore in the corresponding period a year ago.
Hindustan Unilever
The government is considering tightening the foreign direct investment (FDI)conditions for the tobacco sector to cut down on any room available for promotional activities and curb smuggling, a senior official said. The current policy explicitly prohibits FDI in manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes. However, technology collaboration, licensing for trademark, brand name and management contracts are allowed in the sector.
Dr Reddy’s Laboratories
The company’s net profit dropped 0.90% on year to Rs 1,392.4 crore during the first quarter of the current financial year, while the revenue from operations grew by 13.88% on year to Rs 6,757.9 crore.
Punjab National Bank
Punjab National Bank recorded a net profit of Rs 3,252 for the first quarter of the current financial year, a jump of 159% on year in comparison to Rs 1,255 crore reported in the same quarter a year ago. The bank’s Net Interest Income rose to Rs 10,476 crore in Q1FY25 from Rs 9,504 crore in Q1FY24, showing a 10.23% growth on year.
Key earnings to watch
Hindustan Petroleum Corporation, ACC, Bharat Electronics, Arvind, ASK Automotive, Adani Total Gas, Adani Wilmar, Colgate Palmolive, CSB Bank, Data Patterns, Indian Bank, Jindal Saw, Kansai Nerolac Paints, Kalpataru Projects International, Pfizer, Quess Corp,Strides Pharma Science, Voltamp Transformers, Whirlpool of India, and Wonderla Holidays will announce their quarterly results for Q1FY25 on July 29.
