Stocks to watch: Shares of firms like IndusInd Bank, Tata Comm, Paytm, ICICI Lombard, Rallis India, and others will be in focus on Wednesday’s trade.
Stocks to Watch on July 20: Nifty futures traded 7 points, or 0.04 per cent, higher at 19,848, signaling that Dalal Street was headed for a muted start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons.
Results: Shares HUL, Infosys, Havells, and United Spirits will be in focus today as the companies will announce their first quarter results today.
Vedanta: The Anil Agarwal company is seeking to sell ESL Steel Ltd, formerly known as Electrosteel Steels Ltd, after acquiring the asset for Rs 5,320 crore through a bankruptcy resolution process five years ago. A previous attempt to sell the asset in late December failed as certain approvals, including environmental clearance and expansion plan, were still pending, turning prospective buyers cautious.
Dr Reddy’s Labs: The pharmaceutical company reported receiving no observations or actions from the US Food and Drug Administration (USFDA) at its active pharmaceutical ingredient production plant in Srikakulam. The inspection was carried out from 10 to 19 July.
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Tata Communications: The company reported a 29.8 per cent decline in its consolidated net profit at Rs 382 crore for the June quarter, driven by elevated interest expenses and reduced foreign exchange gains. The company saw a 10.7 per cent year-on-year increase in consolidated revenue at Rs 4,711 crore. Ebitda declined by 4.2 per cent year on year to Rs 929 crore due to inorganic costs incurred during this quarter.
Reliance Industries: The multi-sector conglomerate will spin off its finance division, Jio Financial Services today. Also, Reliance Strategic Investments has appointed Isha Ambani and Anshuman Thakur as non-executive directors, and Hitesh Kumar Sethia as managing director and chief executive officer for three years.
Federal Bank: The private sector lender said its board has set a base price of Rs 132.59 for each share for its impending QIP. The bank holds the option to apply a discount of up to 5% on this floor price for the issue. The bank reported a 42% surge in its net profit for the June quarter to Rs 1,147 crore.
Krsnaa Diagnostics: The company said the National Health Mission of Rajasthan has withdrawn the letter of acceptance issued for the provision of laboratory services across the state. This service was intended as part of a free diagnostics initiative, employing a hub and spoke model. The company said the cancellation occurred due to a demand for additional performance security, which was not met due to disagreements rooted in certain technicalities.
Finolex Industries: The producer of PVC pipes and fittings, reported a 16.2 per cent year-on-year increase in net profit for the first quarter ending June 30, 2023, amounting to Rs 115.3 crore. However, during the same period, the total revenue witnessed a slight decrease of 0.9 per cent, totaling Rs 1,179.2 crore, compared to Rs 1,189.8 crore in the corresponding period of the previous fiscal year.
L&T Finance: L&T Finance Holdings has more than doubled its net profit for the first quarter at Rs 531 crore. Revenue from operations during the reporting quarter jumped 8 per cent to Rs 3,223 crore.
LIC: Sat Pal Bhanoo has been appointed as the Managing Director of Life Insurance Corp (LIC) of India.
