Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to start in red on Tuesday, as suggested by trends on SGX Nifty in early trade. SGX Nifty 50 Index Futures for August were trading in the red, down 0.44 per cent or 76.50 points down at 17,316.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex zoomed 545 points or 0.95% to end at 58,115, while the NSE Nifty 50 index settled at 17,340, up 1.06%. Analysts say that the short-term uptrend of Nifty remains intact and there are no signs of any tiredness in the market at the highs. “Minor consolidation or intraday volatility could be expected at the hurdle of 17400-17500 levels and that hurdle could eventually be taken out on the upside in the near term. The near term upside targets to be watched at 17800 levels and immediate support is placed at 17150 level,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks to watch on Tuesday, 2 August 2022
Sun Pharma: Jefferies in a note said Sun Pharma Q1FY23 revenue/Ebitda /PAT was 2/4/13% above our estimates. The topline beat was driven by a 29% y-o-y sales increase in specialty segment. Ebitda was boosted by lower R&D while PAT benefited from lower taxes. Management indicated Winlevi ramp-up will continue in the coming quarters. It maintained buy with PT of Rs 1,089.
Yes Bank: ICICI Securities said that positivity is setting in for YES Bank with the proposed equity capital raise of Rs 89 bn ($1.1 bn) from Carlyle and Advent International, with each investor potentially acquiring up to 10.0% stake in YES Bank.
Zomato: With four companies in its kitty, food tech major Zomato is looking to have a multiple CEO structure for these businesses and may name the larger organisation, Eternal, for internal purposes.
Reliance Industries, Bharti Airtel, Voda-Idea: Reliance Jio emerged as the top spectrum buyer in the 5G auctions, which concluded on Monday after dragging for seven days. Spending Rs 88,078 crore, Jio acquired 24,740 MHz spectrum across bands. The telco’s total spectrum holding is now higher than rivals Bharti Airtel and Vodafone Idea.
ITC: ITC Ltd’s fiscal first quarter consolidated net profit jumped by over one-thirds over the previous year, helped by a healthy growth in sales. ITC Ltd’s consolidated net profit rose 33.46 per cent on-year to Rs 4,462.25 crore in April-June 2022, from Rs 3,343.44 crore during the same quarter previous year, the company said on Monday in stock exchange filings.
Union Bank of India: Union Bank of India expects to recover Rs 15,000 crore from bad loan accounts during the current fiscal year, and a bulk of this would come from accounts undergoing insolvency resolution process.
Eveready Industries: Battery and flashlights maker Eveready Industries India Ltd on Monday reported a decline of 27.48 per cent in its consolidated net profit at Rs 21.85 crore for the quarter ended June 30, 2022.
Piramal Group: With the acquisition of debt-ridden DHFL, Piramal Group has put in place a growth trajectory and is aiming at loan disbursement of about Rs 3,500 crore in the third quarter of this fiscal.
Adani Green, Bank of India: BSE-listed companies such as Bosch, Indus Towers, Siemens, Adani Green Energy, Bank of India, Voltas, Brigade Enterprises, Deepak Nitrite, Dhanuka Agritech, Dodla Dairy, Gateway Distriparks, Gati, Godrej Properties, Gravita India, JM Financial, Jubilant Pharmova, Lemon Tree Hotels, MOIL, Paradeep Phosphates, RPG Life Sciences, Schneider Electric Infrastructure, Shyam Metalics and Energy, Thermax, Tube Investments of India, and Vaibhav Global will also declare their June quarter earnings on August 2.
Eicher Motors: Eicher Motors sold 5,982 units in the commercial vehicle segment in July 2022, up 40.1 percent compared to 4,271 units sold in same month last year.