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Stocks to Watch on Wednesday, August 09, 2023: The key benchmark indices are likely to start trade on a tepid note mirroring the negative overseas cues. The US markets endd in red overnight, albeit off the day’s low and closer home major markets in Asia exhibited a mixed trend.
At 07:50 AM, the GIFT Nifty futures quoted at 19,604, indicating a negative start of 40-odd points on the Nifty 50.
Meanwhile, these stocks are likely to see some action in trade on Wednesday.
Earnings Watch: Abbott India, Bata India, Berger Paints, Bombay Dyeing, DreamFolks Services, eClerx, EID Parry, FDC, Force Motors, Gujarat Pipavav, Granules India, HPL Electric Power, Igarashi Motors, IRCTC, Kalyan Jewellers, KIOCL, Natco Pharma, Power Mech Projects, Ratnamani Metals, Schneider Electric, SJVN, Sula Vineyards, TajGVK Hotels, Tata Power, TD Power Systems, Thomas Cook, Trent, Veranda Learning Solutions, VGuard, Vijaya Diagnostic Centre, Zee Entertainment and Zuari Agro Chemicals are some of the notable companies scheduled to announce June quarter earnings today.
Adani Enterprises, Adani Wilmar: Adani Group’s flagship firm is exploring selling its 44 per cent stake in its joint venture with Wilmar International, freeing up capital for their core business. READ MORE
Siemens: The company’s Q1 consolidated net profit jumped 51.8 per cent to Rs 455.50 crore for the quarter ended June 2023 when compared with Rs 300.90 crore in the corresponding period of FY23. Total income was up 14.4 per cent year-on-year (YoY) at Rs 4,873.20 crore.
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Coal India (CIL): The company’s Q1 consolidated net profit declined by 10.1 per cent to Rs 7,941.40 crore for the quarter ended on June 30 as against Rs 8,834.22 crore in the corresponding quarter a year ago. Total income, however, was up 4 per cent YoY at Rs 37,521 crore.
Tata Power: The company announced an investment of up to Rs 13,000 crore for setting up two pumped hydro storage projects (PSPs) in Maharashtra, with a combined capacity of 2,800 MW.
Larsen & Toubro (L&T): Anil M Naik, outgoing chairman of L&T said that the tendering process for awarding construction contracts by the government is broken and needs to be fixed urgently to reduce cost overruns to the tune of trillions of rupees. READ EXCLUSIVE INTERVIEW
Maruti: The four-wheeler major’s board approved the issue of shares on a preferential basis to Suzuki Motor Corporation (SMC) for the acquisition of the Gujarat plant from its Japanese parent for a better grip of production, including that of electric vehicles (EVs). READ INTERACTION with chairman R C Bhargava.
Exide Industries: Construction of the company’s greenfield lithium-ion cell manufacturing project in Bengaluru is going on in full swing and commercial production of the first phase is expected by the end of FY25.
Oil India: The company’s Q1 consolidated net profit rose by 3.7 per cent to Rs 1,613.4 crore for the quarter ended June 2023 when compared with Rs 1,555.5 crore in the corresponding period of FY23. Revenue from operations, however, declined by 22 per cent YoY to Rs 4,644 crore.
Prestige Estates: The company’s Q1 net profit increased 30.2 per cent to Rs 267 crore for the quarter ended June 2023 when compared with Rs 205 crore in the corresponding period of FY23. Total income, however, declined 13.3 per cent YoY to 1,680.90 crore.
Birla Corporation: The company’s Q1 consolidated net profit declined 3.6 per cent to Rs 59.71 crore for the quarter ended June 2023 when compared with Rs 61.92 crore in the corresponding period of FY23. Total income, however, increased by 9.3 per cent to Rs 2,424.63 crore.
Stocks in F&O ban: Balrampur Chini, Chambal Fertilisers, Delta Corp, Hindustan Copper, Indiabulls Housing Finance and India Cements are the six stocks in F&O ban period on Wednesday.
