GIFT Nifty indicated that Indian equity indices NSE Nifty 50 and BSE Sensex might see a positive open. Here’s a look at the key stocks to watch.
Stocks in focus: The GIFT Nifty traded higher during Friday’s early trading session, up by 0.28% at 19,506.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex extended losses for the third session. The Nifty 50 gave up 145 points to close at 19,381.65. On the other hand, Sensex slipped 0.82% to end at 65,240.68.
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“Global markets are still grappling with the impact of the US rating downgrade, with spiking bond yield and strengthening dollar index. However, the pharma sector has managed to weather the storm thanks to its strong earnings outcome, while mid and small-cap stocks have outperformed the benchmark index. The domestic service PMI has surpassed market expectations, reaching a 13-year high due to a rise in new orders, particularly in international sales,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch on 4 August, 2023
Adani Enterprises
Adani Enterprises reported its fiscal first quarter profit at Rs 673.93 crore, up 43.6% as against Rs 469.46 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 25,438.45 crore, down 37.7% in comparison to Rs 40,844.25 crore during Q1FY23.
Zomato
Zomato posted profit for the first time at Rs 2 crore during the first quarter of FY24. It had posted a loss of Rs 186 crore during the corresponding quarter of FY23. Zomato said that the quick commerce (Blinkit) business turned contribution positive for the first time ever in the month of June 2023.
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Varun Beverages
Varun Beverages reported an increase of 25.36% in consolidated net profit at Rs 1,005.42 crore for the quarter ended June, 2023, supported by revenue growth and improvement in margins.
Vedanta
S&P Global Ratings downgraded the credit outlook for Vedanta Resources to negative as a result of increased funding risks. The ratings agency affirmed the ‘B-‘ rating for the company. The company poses an increased refinancing risk since it has large debt maturities up until March 2025.
Torrent Power
Torrent Power entered into a Power Transfer Agreement with subsidiaries of Shapoorji Pallonji & Company. After this agreement, Torrent, through its subsidiary Torrent Urja 8, will supply 132 MW of solar power for SPCL’s desalination plants in Gujarat.
Eicher Motors
Eicher Motors posted a 50.38% on-year gain in consolidated net profit at Rs 918.34 crore for Q1FY24 compared to Rs 610.66 crore in the corresponding quarter last fiscal.
SBI, IDFC, Dilip Buildcon, Mahindra & Mahindra, Housing & Urban Development Corporation, Aditya Birla Fashion and Retail, Britannia Industries, Bharat Heavy Electricals, Fortis Healthcare
Shares of SBI, IDFC, Dilip Buildcon, Mahindra & Mahindra, Housing & Urban Development Corporation, Aditya Birla Fashion and Retail, Britannia Industries, Bharat Heavy Electricals, Fortis Healthcare will be in focus today as the firms gear up to announce their first fiscal quarter earnings results.
