Stocks to Watch on July 28: Nifty futures traded 34 points, or 0.17 per cent, higher at 19,798, signaling that Dalal Street was headed for a positive start on Friday. Here’s a slew of stocks that will be in focus today for various reasons.
Q1 results today: Marico, Mahindra & Mahindra Financial Services, Indian Oil Corporation, Exide Industries, Equitas Small Finance Bank, United Breweries, RITES, SBI Cards, among others.
Cipla: In one of the largest potential transactions this year, private-equity majors Blackstone and Baring have initiated talks with the Hamied family, the promoters of pharmaceutical firm Cipla, to acquire up to 20 per cent in the company. The family owns 33.47 per cent and may become minority owners if the talks succeed, said a source close to the development.
Adani group shares: Barclays, Deutsche Bank AG and Standard Chartered are in talks to lend between $600 million and $750 million collectively to the Adani group, as part of discussions to refinance the debt taken to fund its purchase of Ambuja Cements, reported Bloomberg. READ
Adani New Industries, an arm of Adani Enterprises, on Thursday, raised $394 million (Rs 3,231 crore) from Barclays PLC and Deutsche Bank AG. The proceeds will be used to secure the working capital requirements for its integrated solar module manufacturing facility.
Bharti Airtel: Despite a 10 per cent increase in revenue, telecom provider Airtel Africa announced a net loss of $151 million in the first quarter (April-June) of FY24 on Thursday. This compares to a profit of $178 million in the same quarter of the previous year. In the quarter immediately preceding Q1 FY24, the company reported a net profit of $227 million.
ACC: The Adani Group-promoted cement company reported a twofold rise in profit for Q1FY24 backed by strong volume growth of 23 per cent. ACC reported a consolidated profit of Rs 466.14 crore, a significant increase of 105 per cent compared to the year-ago quarter. Revenue from operations for the company rose by 16.4 per cent year-on-year (yoy) to Rs 5,201.11 crore.
Indus Towers: Telecom infrastructure company Indus Towers posted a consolidated net profit of Rs 1347.9 crore in the first quarter (April-June) of FY24, 182 per cent higher year-on-year than the Rs 477 crore posted in Q4FY23. However, on a sequential basis, net profit fell 3.6 per cent from the Rs1,399 crore posted in Q4 FY23. Revenue from operations also rose 3 per cent to Rs 7,076 crore from Rs 6,897 crore in Q4FY23.
BEL: Bharat Electronics has reported a 23 per cent YoY rise in net profit to Rs 531 crore for the quarter ended June. Revenue from operations came in at Rs 3,446.69 crore for the quarter as compared to Rs 3,063.58 crore a year ago.
RailTel: RailTel has posted a net profit of Rs 38.4 crore for the first quarter from Rs 25.9 crore a year ago. The company’s revenue rose to Rs 467.6 crore from Rs 376.9 crore in the same quarter last year.
Lupin: The drug maker has addressed the concerns raised in the warning letter by the U.S. FDA for its Goa and Pithampur facilities through its corrective actions.
Indian Hotels: The Tata Group hospitality firm on Thursday reported a 30.5 per cent rise in consolidated net profit at Rs 236.01 crore for Q1FY24. Consolidated revenue from operations was at Rs 1,466.37 crore during the quarter as compared to Rs 1,266.07 crore in the year-ago period.
Further, the company or one of its subsidiaries will purchase 100 per cent equity in Pamodzi Hotels PLC, a listed company in Zambia, from Tata International Singapore PTE Ltd. It will buy 90 per cent of Tata’s stake while acquiring the remaining 10 per cent through the delisting process in Zambia.
JK Lakshmi Cement: The company has acquired a 100 per cent stake in Hidrive Developers and Industries for Rs 16.33 crore in cash. It has also agreed to raise up to Rs 2,500 crore through debt to partly finance its ongoing projects and for various growth opportunities.
Rail Vikas Nigam: The government has agreed to exercise the green shoe option in Rail Vikas Nigam’s offer for sale. It will divest an additional 1.96 per cent stake in Rail Vikas Nigam under its green shoe option.
Ipca Laboratories: The Competition Commission of India has approved Ipca Laboratories’ proposal to acquire a controlling stake in Unichem Laboratories.
Sterlite Technologies: Optical and digital solutions companyposted a 156 per cent higher profit after tax of Rs 46 crore in the first quarter (April-June) of FY24, up from Rs 18 crore in Q4FY23. The company’s revenue rose 2 per cent to Rs 1,522 crore in Q1FY24, up from Rs 1,487 crore.
Welspun Enterprises: The company has signed a share purchase agreement with Authum Investment & Infrastructure, Sansaar Housing Finance, and Michigan Engineers to acquire a 50.10 per cent stake in Michigan Engineers for Rs 137.07 crore in cash.
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