 "Markets, market valuation, stocks, Sensex, Adani Group")
Equity markets were looking to start on a muted note on Tuesday amid mixed global cues. At 7:30 am, the Gift Nifty quoted 19,728 levels, up 36-odd points.
Globally, the US markets ended higher overnight, with Dow Jones, NASDAQ Composite, and the S&P 500 indices rising up to 0.5 per cent.
A mixed trend, meanwhile, was seen in Asia-Pacific markets. While Nikkei 225, Topix, Kospi indices fell up to 0.2 per cent; Australia's S&P 200 index bucked trend by gaining 0.2 per cent in Tuesday's early deals.
Meanwhile, here are some stocks to watch out in trade today:
Q1 results today: Asian Paints, Bajaj Auto, Cyient, CEAT, Delta Corp, Dixon Technologies (India), Jubilant FoodWorks, Jyothy Labs, KPIT Technologies, Larsen & Toubro, SBI Life and Tata Motors, among others.
Reliance Industries: RIL has agreed to invest alongside Brookfield Infrastructure and Digital Realty in its Indian special- purpose vehicles (SPVs) for developing data centres in India. The oil to telecom conglomerate said it would hold a 33.33 per cent stake in each of the related Indian SPVs of Brookfield and Digital Realty and become an equal partner. The proposed investment, RIL said, was around Rs 378 crore, with a commitment for further investments of up to Rs 622 crore in form of equity and debt securities in these SPVs and any other new SPVs set up. READ
Tata Steel: The Tata Group company reported a net profit of Rs 525 crore in the first quarter of 2023-24. Its net profit was Rs 7,714 crore in the same quarter a year ago, and Rs 1,566 crore in the quarter ending March 2023. The total revenue from operations came in at Rs 59,490 crore, which is 6.3 percent lower and around 5.5 percent lower over Q3. READ
TVS Motor Company: The automobile major has posted a 42 per cent rise in consolidated net profit during the first quarter of 2023-24 to Rs 434 crore, as compared to Rs 305 crore during the April to June period of 2022-23, driven by a rise in sales and revenue. During the quarter under review, the company’s revenue from operations also increased by 24 per cent from Rs 7,316 crore in April to June quarter of 2022-23 to Rs 9,056 crore during the Q1 of FY24. READ
LIC Housing Finance: The company has fixed August 18 as the record date for the purpose of ascertaining the eligibility of members for payment of the final dividend. The final dividend, if approved by the members in the 34th AGM, will be paid to the eligible members within the stipulated period of 30 days from the date of AGM.
Relaxo Footwear: Its Q1 profit was 46 per cent higher at Rs 56 crore from last year. Q1 revenue was at Rs 739 crore, up 11 percent YoY. EBITDA stood at Rs 108 crore; margins at 14.6 percent up by 165 bps YoY. The decline in raw material prices led to improved operating efficiency and profitability during the quarter, the company said.
JK Paper: The paper maker recorded a turnover of Rs 1,663.97 crore (up 10 percent), EBITDA of Rs. 532.03 crore (up 16 percent) and profit after tax of Rs 308.67 crore (up 18 percent) on consolidated basis for the quarter ended June 2023 as compared to corresponding quarter of the previous financial year. The results have improved due to the acquisition of corrugation business last year and better performance by Sirpur Paper Mills with increased volume and higher sales realisation.
Jammu & Kashmir Bank: J&K Bank’s net profit jumped 97 percent YoY to almost double its profit-after-tax to Rs 326.45 crore for the first quarter of FY 2023-24 when compared to Rs 165.97 crore recorded for the April-June quarter last financial year. With NIM at almost 4 percent along with 24 percent YoY increase in net interest income, the company sees “promising top-line growth” unfolding in coming quarters.
SJVN: The Government of Arunachal Pradesh has allotted five projects totalling 5,097 MW to the company. The projects allocated are 3,097 MW Etalin, 680 MW Attunli, 500 MW Emini, 420 MW Amulin and 400 MW Mihumdon. All the five projects are located in Dibang Basin, which will result in optimal resource utilisation and timely completion of projects, the company said. The development of these projects will involve an investment of more than Rs 50,000 crore.
PNB Housing Finance: Its net Interest Income improved by 70 percent YoY and 6 percent QoQ to Rs 629 crore. Profit after tax increased by 48 percent YoY and 24 percent QoQ to Rs 347 crore. IT also recorded its highest ever Return on Assets in a decade at 2.07 percent in Q1FY24 as compared to 1.61 percent in FY23.
Wipro: Wipro FullStride Cloud has partnered with Pure Storage, a provider of enterprise data storage solutions, to help clients accelerate their sustainability journey through the power of technology.
Maruti Suzuki: The carmaker has recalled 87,599 units of S-Presso and Eeco models to check and replace faulty steering tie rods, manufactured between 05 July 2021 and 15 February 2023. "Affected vehicle owners will be receiving communication from Maruti Suzuki authorized dealer workshops for inspection and replacement of the faulty part, free of cost," the company said in an exchange filing.
Samvardhana Motherson: The comapny said it will take over German high-end polymer parts maker Dr Schneider's business at an enterprise value of €118 million. The acquisition will expand Motherson's footprint in the interior polymers business with enhanced offerings in premium lighting panels and air vents. The deal follows Motherson's acquisition of Honda's Yachiyo sunroof business earlier this month.
HDFC AMC: The HDFC Asset Management Company (AMC) on Monday reported a 52 per cent year-on-year (YoY) growth in first quarter (Q1 FY 2024) profit at Rs 478 crore. In the same quarter of FY 2023, the AMC's net profit stood at Rs 314 crore. Compared to the previous quarter, the profit is up 27 per cent. In Q4 FY 2023, the company had posted a net profit of Rs 376 crore. READ
SpiceJet: The Delhi high court (HC) on Monday directed budget airline SpiceJet Ltd’s managing director, Ajay Singh, to appear in person for a hearing on 5 September. The court also directed the airline to disclose all its assets in response to an application filed by Kal Airways seeking payment from SpiceJet. During the hearing, senior advocate Maninder Singh, appearing on behalf of Kal Airways, alleged that SpiceJet had not complied with previous court orders.
Eros International Media: Eros International Media is facing scrutiny from the Ministry of Corporate Affairs amid allegations of fund siphoning. The development comes mere weeks after SEBI accused the media group of financial misreporting and fund diversion. It has subsequently banned MD Sunil Arjan Lulla and three of the company's entities from the securities market. According to a Reuters report quoting unnamed government officials, the government has ordered an inspection of the company's accounts.
