Stocks to Watch Today: GIFT Nifty was up 179 points or 0.74% at 24,324 indicating a positive 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 positive opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded higher as the index was up 179 points or 0.74% at 24,324 indicating a higher start for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Both the exchanges were not doing business yesterday, August 15, on account of Independence Day. Previously, on Thursday, the NSE Nifty 50 closed the session 4.75 points or 0.02% higher to settle at 24,143, while the BSE Sensex rose 150 points or 0.19% to close at 79,106.
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Stocks to watch on August 16, 2024
Hindustan Zinc
Hindustan Zinc, a Vedanta group company, is reportedly planning a special dividend of Rs 8,000 crore to its shareholders in the current fiscal year, PTI reported, citing sources. The company’s board is expected to meet on Tuesday to approve the special dividend payment. The sources said that the total amount, approximately Rs 2,400 crore, or 30%, is projected to benefit the central government and contribute to its non-tax revenue for the fiscal year.
Suzlon Energy
Suzlon Energy’s acquisition of operations and maintenance player Renom is expected to help it grow its market share and expand to new markets. The wind turbine manufacturer recently announced acquiring a 76% stake in Renom Energy Services, the country’s largest multi-brand renewable energy operations and maintenance service (OMS) company, from the Sanjay Ghodawat Group (SGG).
Glenmark Pharmaceuticals
Glenmark Pharmaceuticals reported its fiscal first-quarter earnings with profit at Rs 340.27 crore, posting a jump of 127% compared to Rs 149.93 crore during the corresponding quarter of FY24. The company said that the growth was driven by strong demand for its drugs and a marginal cost decrease. It recorded revenue from operations at Rs 3244.19 crore, up 6.9% as against Rs 3036.07 crore during the same period of the previous financial year. The company’s EBITDA stood at Rs 588.3 crore, up 34.5% on year.
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Hindustan Aeronautics
Hindustan Aeronautics reported a 76.5% on year increase in consolidated net profit in Q1FY25 at Rs 1,437.14 crore Vs Rs 814.09 crore in Q1FY24. Total income for the quarter increased 17.54% YoY to Rs 5,083.85 crore from Rs 4,325.29 crore in the first quarter of FY24.
Vedanta
Vedanta on Wednesday announced that it has raised the Offer For Sale (OFS) proposal for Hindustan Zinc (HZL) and now intends to offload 3.31% of the issued and paid-up equity share capital of Hindustan Zinc, earlier it was 2.6%. This represents up to 14,00,00,000 equity shares of the HZL.
SpiceJet
SpiceJet reported a 20% decline in its consolidated net profit standing at Rs 158 crore in the first quarter ended June 2024. The same stood at Rs 198 crore in the last year. Revenue from operations fell 15% on year to Rs 1,708 crore as against Rs 2,003 crore in the same period of the previous year.
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Tata Steel
Tata Steel has acquired around 116 crore equity shares in its Singapore-based arm, T Steel Holdings Pte, for $182 million. “Tata Steel acquired 1,15,92,35,669 ordinary equity shares of face value USD 0.157 each aggregating to USD 182 million (Rs 1,528.24 crore) in T Steel Holdings Pte Ltd (TSHP),” said Tata Steel in an exchange filing.
Hinduja Global Solutions
Hinduja Global Solutions reported a multifold jump in its consolidated profit to Rs 161.5 crore in Q1 FY25, mainly due to sale proceeds of healthcare business received during the period. The company reported a net profit of Rs 16.64 crore in the same period a year ago. The revenue from operations of Hinduja Global Solutions (HGS) declined by 3.6% to Rs 1,091.92 crore in the June 2024 quarter from Rs 1,133.49 crore posted in the same period a year ago.
Ola Electric
Ola Electric Mobility recorded a consolidated net loss of Rs 347 crore in the April-June quarter widening from Rs 267 crore in the year-ago quarter. Its revenue from operations climbed 32.26% to Rs 1,644 crore during the quarter under review as against Rs 1,243 crore in the corresponding period last year.
Key earnings to watch
Bheema Cements, Rapid Investments, Sharanam Infraproject and Trading, and Shri Venkatesh Refineries will announce their Q1 FY25 results on August 16.
