Stocks to watch on July 20, 2023: Domestic markets may open on a somber note on Thursday, amid mixed global cues. At 7:40 am, the Gift Nifty was flat at 19,840 levels.
Overnight, the US markets ended higher on the back of stronger-than-expected quarterly results. Dow Jones, NASDAQ Composite, and the S&P 500 gained up to 0.3 per cent.
Asia-Pacific markets, however, largely fell in early deals ahead of key economic data releases. Nikkei 225, Topix, Kospi indices declined up to 0.5 per cent, while Australia's S&P 200 index bucked the trend with 0.5 per cent gains.
Meanwhile, back home, here are the top stocks to watch in Thursday's trade:
Results today: Hindustan Unilever, Infosys, Havells India, United Spirits, Union Bank of India, Mphasis, Persistent Systems, Dalmia Bharat, Coforge, ICICI Securities, among others will report the April-June quarter results for fiscal year 2023-24 (Q1FY24).
Reliance Industries: Shares of RIL will go through a special pre-open auction between 9 am to 10 am on Thursday, July 20, on the back of demerger of Jio Financial Services. Investors can place, modify, or cancel orders during this session. The listing price of Jio Financial Services will be derived by splitting the difference between Wednesday's closing price and price derived from the special session.
TCS: The IT giant plans to expand its partnership with GE HealthCare Technologies to transform the firm's IT operating model. The transformation will bring intelligent care solutions to one billion patients across more than 160 countries where GE HealthCare operates. READ MORE
Bank of Maharashtra: The public sector lender's net profit grew 95.2 per cent year-on-year (YoY) at Rs 882.08 crore in Q1FY24. Net interest income (NII), meanwhile, expanded 38.8 per cent to Rs 2,339.72 crore during the recently concluded quarter. READ MORE
Federal Bank: The board of the company will mull fundraising on Friday, July 21, and share allotment plans to the International Finance Corporation (IFC). The fundraising will be through the issue of preference shares to qualified institutional buyers (QIB). READ MORE
L&T Finance Holdings: The company's consolidated net profit doubled on a YoY basis to Rs 531 crore in Q1FY24, on steady net interest margins (NIMs) and reduction in credit cost. The NIMs plus feeds for the retail segment, which forms 82 per cent of loans, improved to 11.71 per cent.
Power Finance Corporation: The company aims to raise funds of up to Rs 5,000 crore through a public offering of non-convertible debentures (NCDs) starting from Friday, July 21 onwards. The issue is scheduled to close on July 28.
Finolex Industries: The company reported over 10 per cent growth in net profit at Rs 110.88 crore in the June quarter, even though the income declined marginally to Rs 1,179.2 crore from Rs 1,189.8 crore, in the year-ago period.
Tata Communications: The company posted a 29.8 per cent fall in consolidated net profit at Rs 382 crore in the June quarter, hit by higher interest costs and lower forex gains. The consolidated revenue, however, rose 10.7 per cent YoY to Rs 4,711 crore in the June quarter.
Jubilant Pharmova: The company reported an 87 per cent decline in consolidated net profit at Rs 6 crore in Q1FY24, impacted by higher expenses. Consolidated total revenue from operations, on the contrary, jumped 9.3 per cent to Rs 1,586.9 crore in Q1FY24.
Tata Coffee: The company reported a 5 per cent fall in consolidated net profit at Rs 62.06 crore for the quarter ended June. Total income, however, rose to Rs 707.93 crore in Q1FY24 from Rs 666.05 crore, in the year-ago period, amid higher realisations.