Key Stocks in Focus: Market Movers for July 24, 2024
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Stocks that will see action today: July 24, 2024
Bajel Projects has been awarded a supply of Goods and Services contract by PowerGrid Corporation of India for and on behalf of its project specific SPV - Beawar‐Mandsaur Transmission Ltd - worth ₹586.28 crore (Excluding Taxes). The project has to be executed within 23 months from the date of issuance of notification of award. Titagarh Rail Systems has commenced the export of traction converters, pursuant to which the first batch of 8 converters were shipped to Titagarh Firema S.p.A (Titagarh Firema), Italy on July 19. The said export is part of a EUR 7.18 million (₹65 crore Approx.) order received by TRSL from Titagarh Firema and marks the first rollout of traction converters from Passenger Rolling Stock Facility of Titagarh, India. The board of Dr Reddy's Laboratories, scheduled to be held on July 27, will also consider a proposal of alteration in share capital of the company by sub-division/split of existing shares having face value of ₹5 each, fully paid-up, including the American Depository Shares. Krsnaa Diagnostics has received a signed agreement from the Director, Directorate of Health Services, Madhya Pradesh Public Health Services Corporation Limited, for setting up, operating, managing & maintaining of MRI Scan (1.5 Tesla) machines at 5 (Five) District Hospitals. The size of the contract / tender cannot be estimated being a new project, it further said. Suven Pharmaceuticals said that it is receipt of observation letter with "no adverse observations" from BSE and "no objection" from the National Stock Exchange of India for a scheme of amalgamation of Cohance Lifesciences Ltd with it. The administrative committee of the board of Piramal Pharma has granted approval for entering into definitive agreements with Clean Max Aero Private Limited (SPV) and Clean Max Enviro Energy Solutions Private Ltd for acquisition of up to 15.76 per cent in the equity share capital of the SPV, aggregating up to ₹2.16 crore via cash consideration, in one or more tranches. The acquisition is expected to be completed in 7 to 8 months. Infosys has agreed with UVC Partners , a Venture Capital fund based out of Germany, committing to invest €5.0 million. Germany is a strategic market for Infosys and UVC is a leading earlystage venture capital firm investing in disruptive startups from the German and the European ecosystems. Infosys Innovation Fund seeks to partners with UVC's ecosystem and startups to complement its capabilities, and jointly co-create nextgeneration solutions bringing the power of AI and Deep Tech to help its clients navigate their business transformation. The board of ONGC has approved extension of exercise period for conversion of Share Warrants - I of ₹1,922 crore (paid-up value ₹1,873.95 crore) issued by ONGC Petro additions Ltd. (OPaL)", a joint Venture of the Company, up to six months from its conversion date of 24.08.2024 and extension of back stopping support for compulsory convertible debentures - III of ₹492 crore issued by OPaL upto six months from its mandatory put option on 28.08.2024. There is no charge to be paid by the company for the extension. The board of IOL Chemicals and Pharmaceuticals has said that European Directorate for the Quality of Medicines & Health Care has issued a certificate of suitability for "Valsartan". This certification will enable the Company to export this product in European and other CEP accepting countries. Valsartan is used for to treat high blood pressure (hypertension). The board of Tata Consumer Products has approved rights issue for an amount not exceeding ₹3,000 crore by issuing 3,66,47,492 shares at ₹818 a share. The issue will open on August 5 and end on August 19 while the record date is July 27. Al Mehwar Commercial Investments on Tuesday divested its stake in Elgi Equipments for ₹155 crore through an open market transaction. According to the bulk deal data available on the National Stock Exchange (NSE), Al Mehwar Commercial Investments LLC offloaded 22,97,777 shares, amounting to a 0.7 per cent stake in Elgi Equipments. The shares were sold at an average price of ₹673. At the end of the June quarter, Al Mehwar Commercial Investments LLC held a 1.29 per cent stake in Coimbatore-based Elgi Equipments. SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on July 24, 2024
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Stocks to watch: HUL, Bajaj Finance, Axis Bank, REL, DCM Shriram, Bajel Projects | Stock Market News
Hindustan Unilever: The company's net profit grew by 2.7% to ₹2,538 crore in the first quarter of FY25, and revenue increased by 1.3% to ₹15,339 crore. EBITDA rose by 2.4% to ₹3,606 crore, and the margin expanded to 23.5%. The underlying volume growth was at 4%. The company expects low-single-digit price growth in the second half of the financial year. The company's net profit rose 3% YoY to ₹2,538 crore in Q1FY25. Bajaj Finance: The non-banking finance company's net profit rose by 14% to ₹3,912 crore in Q1FY25, and net interest income jumped by 25% to ₹8,365 crore. However, both Gross NPA and Net NPA showed a slight increase. Bajaj Finance's Q1FY25 net profit numbers missed street expectations. United Spirits: The company's profit grew by 1.7% to ₹485 crore, and revenue soared by 3.5% to ₹2,761 crore in the first quarter of this fiscal. However, EBITDA remained flat at ₹713 crore, and the margin dropped by 90 bps to 25.8%. Torrent Pharmaceuticals: The company's net profit grew by 21% to ₹457 crore, and revenue increased by 10.3% to ₹2,859 crore in Q1FY25. EBITDA rose by 14.3% to ₹904 crore, and the margin expanded by 110 bps to 31.6%. ICICI Prudential Life Insurance: The value of new business (VNB) grew by 7.8% to ₹472 crore, but the VNB margin dropped to 24% in the first quarter of this fiscal. Premium growth (APE) increased by 34.4% to ₹1,963 crore, and profit climbed by 8.7% to ₹225 crore. Schaeffler India: The auto parts maker reported a 3.5% YoY growth in net profit at ₹245.4 crore for the first quarter that ended June 30, 2024. The company's revenue from operations increased 15.2% to ₹2,106.8 crore. Religare Enterprises: The company is likely to file the open offer application with the concerned regulators, but it is also likely to submit views of its board and particularly independent directors on why the open offer should not be approved as it is not transparent and fair. Steel Strips Wheels: The company reported net sales at ₹1,025.29 crore in June 2024, down 1.83% YoY from Rs. 1,044.40 crore in June 2023. Quarterly net profit for the company stood at ₹46.20 crore in June 2024, down 2.94% YoY from Rs. 47.60 crore in June 2023. United Spirits: The Diageo-controlled liquor maker reported a 1.7% YoY increase in consolidated net profit at ₹485 crore for the first quarter that ended June 30, 2024. The company's consolidated net sales grew 3.5% to ₹2,761 crore. ICICI Prudential: The company reported a 9% increase in profit after tax (PAT) for the June quarter at ₹224.34 crore. Its net premium income increased to ₹7,875 crore from ₹7,020 crore a year earlier. DCM Shriram: The diversified agri firm reported a 77.2% YoY jump in net profit at ₹100.3 crore for the first quarter that ended June 30, 2024. The company's revenue from operations increased 4.6% to ₹3,073 crore. Bajel Projects: The company received contracts worth ₹586.28 crore for the supply of goods and services for a transmission line package from PowerGrid Corporation of India. South Indian Bank: The bank announced that the board members will meet on July 30 to consider raising funds via the issuance of equity shares through various methods. Titagarh Rail Systems: The company has commenced the export of traction converters. The first batch of eight converters was shipped to Titagarh Firema SpA, Italy, on July 19, the company said. Vedanta: The mining company will be considering its second interim dividend for the fiscal on July 26. The record date for determining entitlement of equity shareholders for the proposed dividend, is being fixed as Saturday, August 03. Axis Bank: The bank is expected to post double-digit growth in profit and net interest income (NII) for the April-June quarter (Q1FY25), when it reports its quarterly results on Wednesday, 24 July. The increase is expected to be driven by a healthy growth in loans. Tata Consumer Products: The company's board announced a rights issue worth ₹3,000 crore at ₹818 per share. Mahindra & Mahindra Financial Services: The company posted a 45.45% jump in net profit at ₹512.96 crore in the first quarter of FY25. SpiceJet: The company plans to raise up to ₹3,000 crore by selling securities, including shares. Asian Paints: The company has implemented another price increase of 1-1.25%, marking the second price hike in just a month. The company had previously raised prices by around 1% effective July 22, 2024. In the June quarter, Asian Paints reported a 7% volume growth. Infosys: The IT company has invested €5 million for a minority stake in German venture capital fund UVC Partners. The investment will be made as and when the capital is called over the investment period of approximately five years. These solutions leverage artificial intelligence (AI) and Deep Tech to aid clients in their business transformation efforts. Indoco Remedies: The company reported net sales at ₹401.43 crore in June 2024, which was down 5.07% from Rs. 422.88 crore in June 2023. Quarterly net profit at Rs. 14.95 crore in June 2024 was down 42.37% YoY from Rs. 25.94 crore in June 2023. MMP Industries: The company reported net sales at ₹155.51 crore in June 2024, up 2.69% YoY from Rs. 151.43 crore in June 2023. Quarterly net profit stood at Rs. 9.88 crore in June 2024, up 51.97% YoY from Rs. 6.50 crore in June 2023. Nupur Recyclers: The company reported net sales at ₹34.42 crore in June 2024, up 87.47% YoY from Rs. 18.36 crore in June 2023. Quarterly net profit stood at Rs. 2.99 crore in June 2024, up 95.42% from Rs. 1.53 crore in June 2023.
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A comprehensive look at the stocks making headlines on July 24, 2024, including major players like HUL, Bajaj Finance, and Axis Bank. This summary covers recent financial results, corporate actions, and market expectations.
Hindustan Unilever Limited (HUL)
Hindustan Unilever Limited (HUL) is set to be in the spotlight as it announces its Q1 FY25 results today. Market analysts are keenly watching for the company's performance, particularly in light of recent consumer trends and economic factors. HUL, being a bellwether for the FMCG sector, is expected to provide valuable insights into consumer spending patterns and rural demand
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.Bajaj Finance
Bajaj Finance is another major player reporting its Q1 FY25 results today. The non-banking financial company (NBFC) has been a strong performer in recent quarters, and investors are eager to see if this trend continues. Key metrics to watch include loan growth, asset quality, and any commentary on the broader financial services landscape
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.Axis Bank
Axis Bank, one of India's leading private sector banks, is also scheduled to release its Q1 FY25 results. The banking sector has been facing challenges due to global economic uncertainties, and Axis Bank's performance will be closely scrutinized. Investors will be looking at factors such as net interest margin, credit growth, and asset quality
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.Reliance Industries Limited (RIL)
Reliance Industries Limited, the diversified conglomerate, will be in focus as it holds its 46th Annual General Meeting (AGM) today. Shareholders and market watchers are anticipating potential announcements regarding the company's future plans, particularly in its digital and retail segments. Any updates on the proposed demerger of its financial services business will also be of significant interest
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.DCM Shriram
DCM Shriram has announced a buyback of shares at ₹210 per share, which is likely to impact its stock price. The company plans to buy back up to 1.35 crore shares, representing about 8.64% of the total paid-up equity share capital. This move is expected to enhance shareholder value and potentially lead to increased investor interest in the stock
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Bajel Projects
Bajel Projects will make its debut on the stock exchanges today. The company's initial public offering (IPO) was subscribed 3.84 times, indicating strong investor interest. As with any new listing, market participants will be closely watching its opening price and subsequent performance throughout the day
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.Other Stocks to Watch
Several other companies are also likely to see action based on recent developments:
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Tata Steel: The company has signed an MoU with the Punjab government to set up a steel plant in the state
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Vedanta: The mining giant has announced plans to demerge its businesses into separate listed companies
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ICICI Bank: The private sector lender reported strong Q1 results, beating market expectations
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As the market opens on July 24, 2024, these stocks are likely to see significant attention from traders and investors alike, potentially driving market sentiment and overall index movements.
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