Indian benchmark indices managed to recover from day's lows on Wednesday but ended with cuts in the previous trading session. BSE Sensex tumbled 280.16 points, or 0.35 per cent, to settle at 80,148.88 amid the budget volatility. The Nifty50 dropped 65.55 points, or 0.27 per cent to end the session at 24,413.50. Here are the stocks that may remain under spotlight before the opening bell on Thursday, July 25, 2024:
Q1 results today: Adani Green Energy, Nestle India, DLF, Tech Mahindra, Adani Energy Solutions, Canara Bank, Ashok Leyland, Mphasis, United Breweries, AU Small Finance Bank, Embassy Office Parks REIT, Motilal Oswal Financial Services, Go Digit General Insurance, Jupiter Wagons, Laurus Labs, Cyient and more will announced their results for the June 2024 quarter later today.
Corporate actions today: Shares of KSB Ltd will trade ex-split in 1:5 ratio today. Besides this, shares of Akzo Nobel, Bhansali Engineering, Hind Rectifiers, Magadh Suger & Energy, MRF, Pradeep Metals, Radico Khaitan, United Breweries and V-Guard Industries will trade ex-dividend today.
Larsen and Toubro: The engineering and construction major reported 12 per cent YoYin its consolidated net profit to Rs 2,786 crore for the quarter ended June 30, 2024. The company's revenue from operations increased 15 per cent YoY to Rs 55,120 crore, on the back of robust execution witnessed in the projects and manufacturing portfolio on the back of a large order book.
Dr Reddy’s Laboratories: The drug major has transferred 49 per cent of its equity share capital in the joint venture company, Dr Reddy’s and Nestle Health Science, to Nestle India. After the transfer, Dr Reddy’s Labs holds 51 per cent of the share capital, while Nestle India holds 49 per cent of the share capital in the joint venture company.
Axis Bank: The private lender reported a net profit of Rs 6,035 crore for Q1FY25, up 75 per cent YoY from Rs 3,452 crore in the corresponding quarter previous year. Its net interest income (NIIs) for the June 2024 quarter rose to 12 per cent YoY Rs 13,448 crore. The bank's asset quality dropped with gross NPAs up 11 bps at 1.54 per cent and net NPAs 3 bps up at 0.34 per cent.
Sun Pharmaceutical: The USFDA has made the content of a warning letter public. The drug maker received the warning letter from the US FDA for its Dadra facility on June 19. There is no impact on the company's financial, operational, or other activities. Sun Pharma will work with the US FDA and undertake all necessary steps to resolve the outstanding issues.
ITC: The FMCG major's subsidiary ITC Infotech India has incorporated a wholly owned subsidiary in Italy under the name ITC Infotech Italia SRL.
SBI Life Insurance Company: The leading private insurer reported a standalone net profit of Rs 520 crore for the first quarter ended June 2024. This is a growth of 36 per cent YoY. The net premium income for the reporting quarter increased 15 per cent YoY to Rs 15,105 crore. The first year premium for the June quarter jumped 19 per cent YoY to Rs 3,146 crore
RBL Bank: The private lender may see a block deal by private equity firm EQT (formerly Baring PE Asia), which is likely to sell a 7.9 per cent stake for Rs 1,080 crore, suggested some media reports. Baring PE will sell 4.78 crore shares at a floor price of Rs 226 per share.
Indian Energy Exchange: The power & utility bourse posted over 27 per cent YOY rise in consolidated net profit to Rs 96.44 crore for June quarter, mainly on the back of higher revenues. Total income rose 21 per cent YoY to Rs 154.47 crore during the quarter. IEX recorded a total trading volume of 30.4 BUs, up 21 per cent YoY.
Jindal Steel & Power: The metal player reported a 21 per cent YoY fall in its net profit at Rs 1,338 crore in the June 2024 quarter. Revenues were up 8 per cent YoY to Rs 13,618 crore, while Ebitda also increased to Rs 2,839 crore with a flat ebitda margin of 20.9 per cent for the quarter.
Rail Vikas Nigam: The state-run railway company has received a letter of acceptance (LoA) from SER HQ-Electrical/South Eastern Railway for a project worth Rs 191.53 crore. The project involves the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2x25KV system.
Dish TV India: The cable TV service provider has received board approval for raising funds up to Rs 1,000 crore via equity shares or bonds, in one or more tranches. The board also approved the incorporation of a subsidiary in India to undertake the business of distributing products and services through a robust digital platform.