Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to open in green on Wednesday, a day before weekly F&O expiry. SGX Nifty 50 Index Futures for July were trading 189 points or 1.2 per cent up at 16,526.50 on Singaporean Exchange. In the previous session, the BSE Sensex gained 246 points and ended at 54,767 points, while the NSE Nifty 50 crossed the 16,300 mark and settled at 16,340, gaining 62 points. Technical anlysts say Nifty shows good sign of grinding its way up even as newsflow remains mixed. “Nifty can remain in the 16216-16479 band in the near term,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
Stocks to watch on Wednesday, 20 July 2022
Hindustan Unilever: FMCG major Hindustan Unilever on Tuesday beat estimates by posting an 11% year-on-year jump in its standalone net profit to `2,289 crore on the back of price hikes taken during the April-June quarter.
Tube Investments: Murugappa Group’s engineering firm Tube Investments of India has said it is focused on developing both OEM partnerships and distributor channels to increase its presence in the overseas markets. Exports will continue to be the company’s key growth factor, enabled by a sharp focus on offering differentiated products and niche applications. Majority of its exports has been to the US and European markets.
Grasim Industries: Grasim Industries, the flagship company of the Aditya Birla Group, is setting up a business-to-business (B2B) e-commerce platform for building materials with a Rs 2,000-crore investment spread over the next five years.
HDFC Life Insurance: Backed by a healthy rise in annualised premium equivalent (APE) and a significant decline in Covid-related claims, private sector life insurer HDFC Life Insurance on Tuesday reported around 22% year-on-year (y-o-y) growth in its net profit at Rs 328.79 crore for the first quarter this fiscal on a consolidated basis.
L&T Finance Holdings: L&T Finance Holdings on Tuesday reported a 47% year-on-year (y-o-y) rise in net profit to Rs 262 crore, led by a 19% growth in the retail loan book.
Ambuja Cements: Ambuja Cements, a part of Switzerland-based building material conglomerate Holcim Group, posted a 14.25% fall in consolidated net profit at Rs 752 crore for the second quarter ended June, impacted by rising fuel prices.
Vedanta: Metals and mining company Vedanta on Tuesday said its board has approved an interim dividend payment of Rs 19.5 per share to shareholders, amounting to Rs 7,250 crore. This is the second interim dividend by the company in FY23 and amounts to a total payout of Rs 18,958 crore.
PNB Housing Finance: PNB Housing Finance and its directors have settled a case with market regulator Sebi for violations pertaining to the preferential issuance of shares to the Carlyle Group. The deal was called off subsequently.
ONGC, OIL, OMCs: As crude prices begin sliding under the weight of recession fears, the Centre has eliminated the Rs 6 a litre tax it imposed on export of petrol from the beginning of the month, reduced export taxes on diesel and aviation turbine fuel by Rs 2 a litre from Rs 13 and Rs 6 per litre respectively imposed on July 1. The additional excise duty domestic crude has been reduced by 27% to Rs 17,000 per barrel. New rates will be effective from Wednesday.
Patanjali Foods: Patanjali Foods Ltd will soon cut prices of soyabean oil, sunflower oil and palm oil by Rs 10-15 per litre to pass on the benefits of fall in global prices, a top company official said.