GIFT Nifty was down 26 points or 0.10% at 24,828 indicating a muted start for domestic indices. Here are the top stocks to watch for the day.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap down opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded lower as the index was down 26 points or 0.10% at 24,828 indicating a lower start for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 rose 188 points or 0.76% to settle at 24,801, while the BSE Sensex advanced 627 points or 0.78% to close at 81,343.
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Stocks to watch on July 19, 2024
Infosys
Infosys on Thursday reported a better-than-expected earnings of Rs 6,368 crore for the June quarter and also surprised the street by upping its sales forecast for FY25 to 3-4% in constant currency terms from 1-3% earlier. The higher forecast indicates clients are starting to spend more on technology in a resilient global environment. Infosys net profits, which fell 20% sequentially, mainly due to an income tax refund received in the last quarter, were led by growth in its banking, financial, services and insurance (BFSI) vertical.
LTIMindtree
LTIMindtree announced a multi-million dollar contract extension with Absa Bank, a leading African financial services group. The partnership, which has already spanned 17 years, has seen LTIMindtree play a crucial role in Absa Bank’s digital transformation, the company said in a press release.
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CEAT
RPG group flagship CEAT recorded a 6% year-on-year (y-o-y) dip in standalone net profit for the June quarter, after accounting for a voluntary retirement scheme (VRS) that contributed to the profit decline. The Mumbai-based tyre maker posted a net profit of `149 crore for the reporting quarter, while its standalone revenue from operations rose 8% y-o-y to `3,168 crore.
Tata Power
Tata Power Renewable Energy, the renewable energy arm of Tata Power, on Thursday said that it has signed a memorandum of understanding (MoU) with NHPC Renewable Energy (NHPC REL) to lead the installation of rooftop solar projects across government buildings of central ministries, states and Union territories.
Zydus Lifesciences
Zydus Lifesciences said that the USFDA has classified its injectables manufacturing facility as “official action indicated” located at Jarod, near Vadodara in Gujarat, following an inspection. The US Food and Drug Administration (USFDA) conducted inspection at the injectables manufacturing facility between April 15 and April 23, 2024, the company said in an exchange filing.
Tata Technologies
Tata Technologies reported a net profit of Rs 162 crore in Q1 of FY25, a decline of 15% on year due to declining revenue from its services segment and higher expenses. In the same quarter a year ago, its profit stood at Rs 192 crore. The company’s total operating revenue rose 0.9% to Rs 1,269 crore year-on-year (YoY) and fell 2.5% quarter-on-quarter (QoQ).
Persistent Systems
The company’s net profit grew by 33.94% to Rs 306.41 crore for the quarter ending June 30, 2024, against Rs 228.76 crore it reported a year ago in the same period. The company’s revenue from operations rose 17.92% to Rs 2,737.17 crore in Q1 FY25 from Rs 2,321,17 crore in the corresponding period a year ago.
L&T Technology Services
L&T Technology Services’ net profit declined 8% Q-o-Q to Rs 313.6 crore for the first quarter of this fiscal. On a year-on-year basis, the net profit was up 0.8%. The IT engineering firm’s revenue declined 3% sequentially to Rs 2,461.9 crore in the Q1. On a year-on-year basis, the revenue was up 7%. Operating margins fell to 15.6% in the just concluded quarter from 16.9% in Q4 of FY24. On a year-on-year basis, margins fell by 160 bps (100 bps is 1%).
