GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 340 points or 1.38% at 24,375 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 293.20 points or 1.17% to settle at 24,717.70 while the BSE Sensex fell 885.59 points or 1.08% to 80,981.96.
“The domestic market saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers for further upward movement. Q1FY25 earnings have been lackluster so far, while broader market valuations remain significantly high,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that despite the US Fed hinting at a rate cut in September, global markets are consolidating as this move has already been priced in. Additionally, weak earnings from the US IT sector, a potential rise in unemployment, the possibility of further rate hikes by the BOJ, and a slowdown in China’s growth are all dampening market sentiment.
Stocks to Watch on August 05, 2024
State Bank Of India
State Bank of India (SBI) announced a net profit of Rs 17,035.16 crore for the first quarter of the financial year 2024-25. This marks a 0.89% increase from the Rs 16,884.29 crore reported in the same period the previous year. The public sector bank reported an 8.18% growth in total deposits for the June quarter. The bank’s domestic deposits grew by 8.08% during this period. Additionally, SBI’s net interest margin (NIM) for the entire bank stood at 3.22% for the first quarter, with the domestic NIM at 3.35%.
Infosys
The IT major On Saturday said that it received a communication from the Directorate General of GST Intelligence (DGGI) indicating the closure of pre-show cause notice proceedings for the financial year 2017-2018. The proceedings involved an amount of Rs 3,898 crore.
Britannia Industries
Britannia Industries, the Indian biscuit maker, reported a consolidated net profit of Rs 524 crore for the June quarter. This represents a 14.5% increase from the Rs 458 crore recorded in the same quarter of the previous financial year.
Titan Company
On Friday, August 2, Tata Group’s leading jewellery and watchmaker firm announced a 0.9% year-on-year decline in standalone net profit, totaling Rs 770 crore for the first quarter ending June 30, 2024. Despite this, the company’s standalone revenue rose by 8.1% to Rs 12,053 crore, compared to Rs 11,145 crore in the same period of the previous fiscal year.
Divis Lab
On August 3, pharma giant Divis Labs announced a 21% year-on-year rise in net profit, reaching Rs 430 crore for the first quarter of FY25. The company’s revenue from operations also saw a significant increase of 19%, growing to Rs 2,118 crore from Rs 1,778 crore. In the same quarter last year, Divis Labs’ net profit was Rs 365 crore.
Bank Of India
Public sector lender Bank of India announced a 10% rise in net profit for the first quarter of the current financial year, reaching Rs 1,702.7 crore. This is an increase from the Rs 1,551 crore recorded in the same quarter last year.
Tamilnad Mercantile Bank
Tamilnad Mercantile Bank reported a 9.97% rise in net profit for the April-June 2024 quarter, reaching Rs 287.29 crore. This growth is attributed to an increase in interest income. In the corresponding quarter last year, the Tamil Nadu-based bank registered a net profit of Rs 261.23 crore.
JK Tyre
JK Tyre & Industries announced a 37% year-on-year increase in consolidated net profit for the first quarter ended June 30, 2024, reaching Rs 211 crore. This is up from Rs 154 crore reported for the April-June quarter of the previous fiscal year.
Ambuja Cements
On August 3, Adani Group-owned Ambuja Cements, part of the diversified Adani Portfolio, announced its first venture in Bihar. This marks the largest investment in the state by a cement industry player. The Warisaliganj Cement grinding unit, a standalone facility, will have an overall capacity of 6 MTPA and will be established with an investment of nearly Rs 1,600 crore.
JSW Steel
The company has submitted a notice to surrender its mining lease for the Jajang iron ore block in Keonjhar, Odisha, citing “uneconomic operation.” The Jajang block is one of four iron ore mining leases acquired through an auction in 2020, according to a regulatory filing made by the company on Saturday.
Ashoka Buildcon
The company has emerged as the lowest bidder for two Mumbai Metropolitan Region Development Authority (MMRDA) projects, valued at approximately Rs 1,280.8 crore. The projects involve designing and constructing a creek bridge from Kolshet to Kalher and another from Gaimukh to Payegaon. Both contracts are for engineering, procurement, and construction (EPC) work.
