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 51 points or 0.21% at 24,364.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 21.70 points or 0.09% to settle at 24,323.85 while the BSE Sensex fell 53.07 points or 0.07% to 79,996.60.
“The domestic market traded with a mixed bias, with the heavy-weight banking sector acting as a laggard. Adding to the worry are the top lending banks, which recorded a sequential decline in deposit growth in the June quarter,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also While Midcap and Small Cap outperformed and the respective BSE indices hit an all-time high. Globally, investors now await the US non-farm payroll data to be released later today to gauge the trajectory of the US Fed’s potential rate cuts.
Stocks to Watch on July 8, 2024
Bandhan Bank
Bandhan Bank has announced the appointment of Ratan Kumar Kesh as the Interim Managing Director and Chief Executive Officer (MD & CEO), effective July 10, 2024. This decision follows the retirement of Chandra Shekhar Ghosh, the current MD & CEO, whose tenure concludes on July 9, 2024.
Titan Company
The company’s jewellery domestic operations grew by nearly 8%, contributing to an overall year-on-year growth of 9%. Despite high gold prices and fewer wedding days impacting consumer demand and sentiment, the watches and wearables business grew by 15% compared to last year, while the EyeCare business saw a 3% year-on-year increase.
IndusInd Bank
The bank reported a 16% growth in advances from last year, reaching Rs 3.48 lakh crore. Deposits also increased by 15% year-on-year, totaling Rs 3.98 lakh crore. The CASA ratio stands at 36.7%, compared to 39.9% last year and 37.9% in March.
Adani Wilmar
The company achieved a robust volume growth of 13%, propelled by market-specific strategies aimed at gaining market share, particularly in under-indexed markets. Alternate channels experienced a 19% increase in volume. Branded exports saw a significant 36% year-on-year volume growth. The Food and FMCG business recorded a 23% volume growth from last year. Despite industry challenges, the Edible Oils business continued to thrive, with a 13% volume growth and a 10% value growth year-on-year.
Indian Bank
The bank reported a 10.9% year-on-year growth in total business, reaching Rs 12.21 lakh crore. Total deposits increased by 9.5% from last year, totaling Rs 6.81 lakh crore, while gross advances rose by 12.7% to Rs 5.4 lakh crore.
Fsn E-Commerce Ventures
The company anticipates revenue growth of 22% to 23% in the first quarter. Gross Merchandise Value (GMV) growth for the quarter is expected to be in the mid-twenties. The beauty vertical’s revenue growth is projected to align with the consolidated entity’s growth at around 22-23%, while its GMV growth is expected to be higher, in the high twenties. The fashion vertical is expected to deliver a healthy performance with approximately 20% revenue growth, although GMV growth for the quarter is projected to be lower, in the mid-teens.
Bank of Baroda
The bank reported an 8.5% increase in domestic advances from last year, reaching Rs 8.82 lakh crore. Domestic retail advances surged by 20.8% to Rs 2.22 lakh crore. Global advances grew by 8.1%, totaling Rs 10.72 lakh crore. Domestic deposits rose by 5.25% to Rs 11.05 lakh crore.
Dabur
Dabur has observed a sequential improvement in demand trends, with rural growth picking up and expected to accelerate in the coming months. The company forecasts consolidated revenue growth in the mid-to-high single digits, while the India business may experience mid-single-digit volume growth.
The HPC & Healthcare segment is projected to grow in high-single digits. Additionally, the international business is expected to post strong growth in constant currency terms. Gross margins are anticipated to see some expansion.
Signature Global
The company announced a 255% growth in pre-sales, reaching Rs 3,120 crore, and a 102% rise in collections from last year, totaling Rs 1,210 crore. Net debt declined by Rs 180 crore to Rs 980 crore. Realizations for the quarter increased to Rs 15,369 per square foot. The number of units sold rose by 8% to 968 units, up from 894 units. The company has already achieved over 30% of its Rs 10,000 crore pre-sales guidance in the first quarter.
Marico
The company reported high single-digit growth in consolidated revenue, with expectations of continued upward trends throughout the year. Gross margins are also likely to expand year-on-year due to a favorable portfolio mix. The domestic business posted a modest uptick in underlying volume growth on a sequential basis. Parachute coconut oil saw low single-digit volume growth but is expected to increase visibly through the rest of the year, driven by healthy trends in offtake growth. Saffola Oils delivered mid-single-digit volume growth, while Value Added Hair Oils had a soft start to the year due to persistent competitive headwinds.
KPI Green Energy
Company has successfully signed a power purchase agreement for a 50MW solar-wind hybrid power project with Gujarat Urja Vikas Nigam. The Project, consisting of 50MW solar and 16.80MW wind was awarded through a competitive bidding process.
Coforge
The IT major further acquired 4,618,199 equity shares of Cigniti. The acquisition represents 16.92% of current paid p share capital of Cigniti. The Cost of acquisition was at Rs 1,398.50/ share.
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