Buzzing stocks: GIFT Nifty hinted at a tepid start for domestic indices BSE Sensex and NSE Nifty 50. Here’s a look at the key stocks to watch in trade.
Stocks in focus: The GIFT Nifty recorded a 0.13% loss during Monday’s early trading session, with a value of 19,594 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs and ended Friday’s trading session broadly in the green. Nifty 50 soared 150.75 points to close at 19,564.50 after making a new 52-week high of 19,595.35 intraday.
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“The controlled inflation in the US has instilled optimism among investors that a 25-bps rate hike would be adequate to stabilise the US economy. This improved prospect has contributed to the strong buying of Indian IT stocks despite muted Q1 earnings. Furthermore, the broad-based rally in the domestic market was supported by India’s consecutive third month decrease in wholesale prices, along with the positive involvement of FIIs,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to Watch on 17 July, 2023
HDFC Bank
HDFC Bank is set to report its earnings for the first quarter this fiscal year. This will be HDFC Bank’s first earnings results following its lender with HDFC. Experts projected that margins will remain stable and the lender will see strong loan growth.
JSW Energy
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JSW Energy reported its fiscal first quarter profit at Rs 289.88 crore, down 48.3% in comparison to Rs 560.43 crore during the same quarter last year. It posted revenue from operations at Rs 2,927.85 crore, declining by 3.3% from Rs 560.43 crore during Q1FY23.
Avenue Supermarts
Avenue Supermarts, which runs the DMart retail chain, posted a mere 2.5% on-year rise in profit for the first quarter of FY24 at Rs 658.75 crore as against Rs 642.93 crore during the same quarter last year, missing estimates.
Bandhan Bank
Bandhan Bank registered a 18.7% on-year fall in profit for the first quarter of FY24 at Rs 721 crore on low NIIs and increasing GNPAs.
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Suzlon Energy
Suzlon won an order of 100.8 MW from Everrenew Energy to supply 48 wind turbines with a rated capacity of 2.1 MW each. The project will be commissioned in Tamil Nadu by March 2024.
State Bank of India
SBI hiked its lending rate or MCLR by 5 bps across tenors, effective from 15 July. All MCLR based rates will now range from 8 to 8.75%.
Lupin
Lupin received approval from the US FDA for its ANDA for Chlorpromazine Hydrochloride Tablets USP of varying dosage levels. The drug is a generic equivalent to the reference listed drug (RLD) of Upsher-Smith Laboratories.
Power Grid
Power Grid’s board of directors approved the implementation of advanced metering infra projects worth Rs 4,067.3 crore. The board further approved the transfer of telecommunications business undertaken by the holding company to subsidiary POWERGRID Teleservices.
