Stocks to watch on July 24: Nifty futures traded 41 points, or 0.21 per cent, lower at 19,725.50, signaling that Dalal Street was headed for a negative start on Monday. Here’s a slew of stocks that will be in focus today for various reasons.
Reliance Industries: Reliance Industries Ltd said quarterly profit declined 5.9 per cent from a year earlier. Net profit fell to Rs 18,258 crore in the three months ended 30 June from Rs 19,405 crore in the year-ago quarter. Profit missed the average Rs 18,302 crore estimated by a Bloomberg survey of analysts. Revenue declined by 5.31% to Rs 2.1 trillion, in line with estimates. While the company’s oil-to-chemicals business reported weak performance, the consumer-centric retail and telecom businesses reported robust earnings.
ICICI Bank: ICICI Bank announced its April-June quarter results for fiscal 2023-24 on July 22, reporting a rise of 39.7% in net profit at Rs 9,648 crore on a standalone basis, compared to Rs 6,905 crore in the corresponding period last year. The country’s leading private sector lender’s net interest income (NII) -or the difference between interest earned and interest paid, increased 38% year-on-year to Rs 18,227 crore in the first quarter of the current fiscal from Rs 13,210 crore in the corresponding quarter last year.
HDFC Bank: HDFC Bank, India’s biggest private sector lender, expects 17-18% loan growth during the current financial year as there is enough credit demand. During the first quarter, the total advances of the bank rose by 15.8% to Rs 16.15 lakh crore. “we are confident that there is enough credit demand. It is for us to see which one we want and what time we start to build in,” PTI reported quoting HDFC Bank Chief Financial Officer (CFO) Srinivasan Vaidyanathan as saying. The bank will be selective in terms of credit and will not participate in certain loans, Vaidyanathan said.
Adani Enterprises: The Adani Group’s upcoming copper factory in Gujarat is likely to start production in March next year. Kutch Copper Ltd – a subsidiary of Adani Enterprises Ltd – is setting up a greenfield copper refinery project that will produce 1 million tonnes per annum in two phases. The $ 1.1 billion project in Mundra is expected to play a crucial part in green energy infrastructure development. According to a PTI report quoting sources, the Group’s copper-producing factory will have its first phase operational by the end of the current fiscal.
Kotak Mahindra Bank: Private lender Kotak Mahindra Bank has declared its first quarter results for the financial year 2023-24. The Board of Directors of Kotak Mahindra Bank has approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023. Beating the market estimates, Kotak Mahindra Bank reported PAT for Q1FY24 stood at Rs 3,452 crore, up 67% YoY from Rs 2,071 crore in Q1FY23.
SpiceJet: Budget carrier SpiceJet on Friday told the NCLT that Willis Lease Finance is not among the four operational creditors of the airline and, hence, its petition against the airline to initiate a corporate insolvency resolution process should be dismissed. After the hearing, the court deferred the proceedings and the tribunal is now scheduled to hear the matter on July 31. According to Krishnendu Dutta, senior counsel representing the airline, the petitioner’s submission to the court names West Engines (Ireland) Ltd. as the engine lessor, and West Engines itself has not filed the petition.
One97 Communications: Fintech firm One97 Communications which goes by the brand name of Paytm released its Q1 results on Friday. During the April-June quarter, the company narrowed its loss to Rs 357 crore which was a sharp decline from Rs 6,444 crore in the corresponding period last year. Paytm founder and CEO Vijay Shekhar Sharma talked about the growth of the business on Saturday and said Paytm expects to generate free cash flow by the end of this year.
Ultratech Cements: Despite rising raw material prices and energy costs, Aditya Birla Group-owned UltraTech Cement Ltd, on Friday, reported a 6.6% jump in consolidated net profit to Rs 1,688.45 crore for the first quarter of FY24 as compared to Rs 1,584.08 crore a year ago. The profit beats Bloomberg analysts’ estimate of Rs 1,615.3 crore for the country’s largest cement maker. During April-June, the company’s revenue from operations increased by 17% y-o-y to ₹17,737 crore against Rs 15,163.98 crore in Q1 FY23.
JSW Steel: JSW Steel Ltd’s net profit during the first quarter of the current fiscal grew 189.39% to ₹2,428 crore from Rs 839 crore during the same period last year, the company announced Friday. The company’s revenues grew by about 11% at Rs 42,213 crore over Rs 38,086 crore during the same period last year, beating analysts estimates. The operating profit of the company was Rs 7,046 crore in the first quarter of the current fiscal, with an Ebitda margin of 16.7%, the company reported.
Vedanta: Vedanta Ltd posted a 41% drop from a year earlier in June quarter net profit at Rs 3,308 crore amid lower commodity prices and higher finance costs. Earnings before interest, taxes, depreciation and amortization (Ebitda) fell 35% to Rs 6,975 crore with an Ebitda margin of 24% during the quarter. On its semiconductor manufacturing plans after the split with Taiwan’s Foxconn, Duggal said Vedanta is engaging with technology partners to build the semiconductor fab in Gujarat.
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