GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap up opening on the day of the Budget, Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded higher as the index was up 14.50 points or 0.06% at 24,535 indicating a higher start for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 fell 21.65 points or 0.09% to settle at 24,509, while the BSE Sensex advanced 102.57 points or 0.13% to close at 80,502.
Stocks to watch on July 23, 2024
Cyient DLM
Cyient DLM posted a 98.1% year-on-year jump in its net profit standing at Rs 10.5 crore for the first quarter ending June 30, 2024. The company posted a net profit of Rs 5.3 crore. The company’s revenue from operations increased 18.7% to Rs 257.8 crore in comparison to Rs 217.1 crore in the corresponding period of the last fiscal.
Jana Small Finance Bank
Jana Small Finance Bank posted a jump of 89% in its net profit standing at Rs 171 crore in the first reporting quarter of the fiscal year 2025, compared to Rs 90 crore it posted a year ago in the same quarter. Total deposits of the bank grew 41% on year to Rs 23,710 crore. The bank’s advances grew 25% to Rs 25,759 crore. The gross NPA of the lender stood at 2.7%, expanding from 2.5% and the net NPA stood at 0.99% from 1.19%.
Oil India
Oil India (OIL) has entered into a contract with Norway’s Dolphin Drilling Ltd. for the hiring of the ‘Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin’.
Gensol Engineering
Gensol Engineering was the winning bidder for 116-megawatt solar projects in Gujarat for Rs 600 crore. According to a regulatory filing, these projects will be allocated across 27 diverse locations, all under the ambit of Paschim Gujarat Vij Co., the state electricity distribution company.
RailTel
RailTel Corporation of India secured a major order from the Ministry of Railways (Railway Board). The contract, valued at Rs 186.81 crore (including tax), involves the design, development, implementation, operations, and maintenance of the hospital management information system (HMIS) and an integrated empanelled hospital referral portal for Indian Railways.
Bharat Forge
The Pune civil court on Monday accepted the request of the Hiremath siblings to go for mediation to resolve their dispute with uncle Baba N Kalyani over the division of family assets under the Kalyani Hindu Undivided Family (HUF). Granting its consent to the Hiremath siblings’ request, the court gave them 60 days to seek mediation and settle the dispute.
UCO Bank
UCO Bank’s net profit soared 147% year-on-year for the quarter ended June 2024 at Rs 551 crore, led by higher other income, and interest margin. The lender’s non-interest income grew 32% y-o-y to Rs 835 crore during Q1FY25, whereas net interest income (NII) was up 12% y-o-y at Rs 2,254 crore. Global net interest margin (NIM), too, rose to 3.09% in the reporting quarter from 2.86% a year ago.
IDBI Bank
IDBI Bank’s standalone net profit came to Rs 1719.27 crore during the first quarter of FY25, a growth of 40.4% in comparison to Rs 1224.18 crore during the corresponding quarter of the previous financial year. On a consolidated basis, Q1 profit was reported at Rs 1739.15 crore.
Key earnings to watch
Hindustan Unilever, Bajaj Finance, Torrent Pharmaceuticals, United Spirits, AGS Transact Technologies, DCM Shriram, Heritage Foods, ICICI Prudential Life Insurance Company, ICRA, Indoco Remedies, ICICI Securities, M&M Financial Services, Parag Milk Foods, Schaeffler India, Sharda Cropchem, SRF, Thyrocare Technologies, and Welspun Specialty Solutions will release quarterly earnings on July 23.