Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were staring at weak start on the first day of the week, as suggested by trends on SGX Nifty in early trade. SGX Nifty 50 Index Futures for August were ruling at 17,401 down 22.50 points or 0.13 per cent on Singaporean Exchange. BSE Sensex gained 89 points or 0.2 per cent to settle at 58,388, while NSE Nifty 50 finished trade at 17,398, up 15.50 points or 0.1 per cent. “For this week, 17500 – 17650 remains a sturdy wall and till the time, we do not surpass it convincingly, we would continue to see some tentativeness at higher levels. On the flipside, 17300 followed by 17150 has now become a sacrosanct support,” Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One, said.
Stocks to watch on Monday, 8 August 2022
BPCL: State-owned oil marketing firm Bharat Petroleum Corporation (BPCL) plans to invest Rs 1.4 trillion in the next five years in six strategic areas, including gas, renewables and e-mobility, aimed at diversifying and creating additional revenue streams to hedge against any future decline in the liquid fuel business.
Godrej Properties: Godrej Properties is looking to add new housing projects worth about Rs 15,000 crore this fiscal year by purchasing land outright and by forming joint ventures with landowners. Mumbai-based Godrej Properties Ltd (GPL), part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.
Chemplast Sanmar: Chemplast Sanmar, the Chennai-based specialty chemicals company, on Saturday reported a 41% jump in its profit after tax (PAT) to Rs 41 crore for the first quarter of FY’23 as compared to Rs 29 crore in the same quarter last fiscal.
Marico: FMCG firm Marico Ltd on Saturday posted 3% year-on-year growth in net profit to Rs 377 crore in April-June on the back of improved margins during the quarter.
Indian Overseas Bank: Chennai-based public sector lender Indian Overseas Bank (IOB) on Saturday reported a 20% increase in its net profit at Rs 392 crore for the first quarter of FY 23 as against Rs 327 crore in the corresponding quarter of last fiscal. The income of the bank stood slightly lower at Rs 5,028 crore as compared to Rs 5, 155 crore.