Stocks to watch on July 21: Handy futures were up 18 points, or 0.09 percent, at 19,876.50, indicating that Dalal Street was headed for a positive start on Friday. Here’s a slew of stocks that will be in the spotlight today for a variety of reasons.
Results today: Reliance Industries, Ultratech Cement, JSW Steel, HDFC Life, Hindustan Zinc, DLF, Vedanta, One97 Communications, Ashok Leyland, Federal Bank, among others, will report April to June quarterly results for fiscal year 2023-24 (Q1FY24).
Tata engines: Tata Motors arm JLR announced the appointment of Adrian Mardell as CEO for a three-year term.
Hindu Unilever: The FMCG giant recorded a 7.3 percent year-over-year (YoY) increase in consolidated net profit in Q1FY24, in line with Street’s estimates. Revenue also saw a 6 percent year-on-year increase to Rs 15,496 crore.
infosys: The IT major saw sequential revenue growth of 1.3 percent in the June quarter due to a slowdown in deal startup. Net profit, meanwhile, fell 3 percent quarter-on-quarter (QoQ) to Rs Rs 5,945 crore in Q1FY24. The company further lowered expectations for FY24 revenue growth to 1-3.5 percent in constant currency.
Larsen & Toubro: The company said its board will meet next week on July 25 to consider share buybacks and special dividends for FY24. The board of directors will also meet to approve the financial results for the June quarter.
Union Bank of India: The public sector lender’s net profit more than doubled on an annual basis to Rs 3,236 crore in Q1FY24 amid a rise in net interest income (NII), non-interest income and a decline in bad loan provisions. NII, meanwhile, grew by 16.6 percent to Rs 8,840 crore in Q1FY24.
Coforge: The mid-cap IT services company saw net profit jump 10 percent to Rs 165 crore in Q1FY24. Meanwhile, the company’s revenue in constant currency rose 18 percent to Rs 2,221 crore in the June quarter.
Dalmia Bharat: The company reported a 29.6 percent decline in its profit after tax (PAT) for Q1FY24, due to higher costs. Revenue from operations for the quarter under review rose 9.8 percent to Rs 3,624 crore.
PVR stainless steel: The cinema operator said they plan to add two more superplexes this year as part of plans to expand its large format offering. Superplexes or cinemas with 10 or more screens offer a range of formats and experiences under one roof in mega malls with large floor areas.
United Spirits: The company reported an 83 percent year-on-year increase in its consolidated net profit of Rs 477 crore for Q1FY24. However, total income fell 23 percent year-on-year to Rs 5,830 crore in the June quarter.
South Indian bank: The Thrissur-based bank posted a 75 percent year-on-year rise in net profit to Rs 202.35 crore in Q1FY24. NII, meanwhile, grew at a 34 percent annualized rate to Rs 808 crore in the June quarter. Gross non-performing assets also fell from 5.87 percent year-on-year to 5.13 percent.
IndiaMart: The company reported a 78 percent year-on-year increase in its consolidated net profit to Rs 83 crore in Q1FY24. Revenue from operations in the same period increased by 26 percent to Rs 282 crore.
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