Benchmark indices fell for the third consecutive session in the previous session, with the Nifty50 breaking the psychological barrier of 16,000 following weakness in European counterparts ahead of US inflation data. US inflation data, released in the evening, came in at 9.1 percent in June, higher than analysts’ expectations. The BSE Sensex fell 372 points to 53,514, while the Nifty50 fell 92 points to 15,967.
Results today
ACC, Larsen & Toubro Infotech, Angel One, Bombay Burmah Trading Corporation, Butterfly Gandhimathi Appliances, Earum Pharmaceuticals, GTPL Hathway, Shakti Pumps (India), Tata Elxsi, Tata Steel Long Products and Tiger Logistics (India) will be the focus in the future have quarterly results on July 14.
Stocks to watch
mind tree
The mid-cap IT company reported 37.3 percent year-over-year growth in first-quarter profit of 23 at Rs 471.6 crore, and sales rose 36.2 percent year-over-year to Rs 3,121.1 crore, with the highest-ever order book of $570 million. Consecutive revenue growth was 7.7 percent in rupee terms and constant currency sales grew 5.5 percent quarter-on-quarter thanks to healthy demand for digital capabilities, while profits declined 0.3 percent quarter-on-quarter.
Sanofi India
The company said the board of directors will consider issuing a one-time special interim dividend on July 26 for the year ending December 31, 2022. The record date for the interim dividend has been set for August 8.
NHPC
The government has granted an investment approval for pre-investment activities for the Sawalkot HE project (1856 MW) in Union Territory of Jammu & Kashmir at the cost of Rs 973 crore at the November 2021 price level. The project is being carried out by NHPC.
Tata Metaliks
The Tata Group company recorded a 98.7 percent year-over-year profit decline from Rs 1.22 crore for the quarter ended June 2022, but sales grew 10.5 percent to Rs 666.4 crore thanks to a higher realization of both pig iron as nodular 36-40 percent. However, sales volumes of pig iron and ductile tubes were lower at 23 percent and 8 percent year-on-year, respectively, mainly due to a weakening market sentiment for pig iron from mid-May. Pig iron prices also witnessed a sharp drop in market prices following the imposition of export duties by the government on May 22, 2022. EBITDA declined 82.7 percent year-on-year to Rs 27.11 crore in Q1FY23.
Tata Power Company
The company said subsidiary TP Saurya has received the letter of award from Solar Energy Corporation of India (SECI). The company will set up a 600 MW hybrid (wind and solar) energy project for SECI in Karnataka. The project will be commissioned within 24 months of the implementation date of the PPA.
Duroply Industries
A total of 26 investors, including Porinju Veliyath and Ashish Chugh, will take a stake in the company. The company said the board has approved the issuance of up to 10.33 lakh shares to one promoter and 25 investors through preferential issuance, at a price of Rs 126 per share, and also 11.91 lakh warrants to promoters. The total fundraising through shares will be Rs 13.02 crore and Rs 15 crore through the issuance of warrants.
Hindu Zinc
The company said the board of directors has approved an interim dividend of Rs 21 per share of shares for the fiscal year 2022-2023 in the amount of Rs 8,873.17 crore. The record date for the payment of an interim dividend is July 21.
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