Stocks to watch, July 11, 2024: The benchmarks Sensex, Nifty may see an optimistic open on Thursday buoyed by gains in global markets. The GIFT Nifty futures, too, signal a positive start as they quoted 40 higher to Nifty 50 futures at 24,395.
Asia-Pacific markets showed strength on Thursday morning, with Japan’s Nikkei 225 soaring past 42,000 for the first time on Thursday, boosted by the US big tech rally and optimism over Federal Reserve rate cuts, lifting other Asia-Pacific markets as well.
Japan’s Nikkei 225 rose 0.75 per cent at 42,147 levels, with the broader Topix index climbing 0.60 per cent.
South Korea’s Kospi soared by 0.77 per cent, while the small-cap Kosdaq gained 0.19 per cent. Meanwhile, Australia’s S&P/ASX 200 slipped by 0.47 per cent. Futures for Hong Kong’s Hang Seng index, too, surged by 1.31 per cent.
Overnight in the US, all three major indexes climbed. The S&P 500 and Nasdaq Composite each rose by 1.02 per cent and 1.18 per cent, respectively, while the Dow Jones Industrial Average increased by 1.09 per cent.
Meanwhile, domestically below are some hot stocks to watch on Thursday:
Yes Bank: Global rating agency Moody’s has revised its outlook on Indian private sector lender Yes Bank from “stable” to “positive” on the expectation of a gradual improvement in its depositor base and lending franchise. This will help improve its core profitability over the next 12-18 months. In a separate development, First Abu Dhabi Bank PJSC is reportedly exploring the acquisition of a stake in India’s YES Bank Ltd., estimated at about $5 billion. Sources familiar with the matter disclosed that the West Asian lender is contemplating a bid for up to 51 per cent of YES Bank.
SBI: State Bank of India raised Rs 10,000 crore at a coupon rate of 7.36 per cent through its sixth infrastructure bond issuance, which was oversubscribed by approximately 3.6 times against the base issue size of Rs 5,000 crore.
Glenmark Life: Glenmark Pharma and Glen Saldanha plan to sell up to 7.85 per cent of their stake via an Offer for Sale (OFS) at a minimum price of Rs 810 per share.
Nykaa: ICICI Prudential Mutual Fund purchased 1.5 crore shares of Nykaa on Wednesday at an average price of Rs 174.04 per share. The total transaction amounted to Rs 256 crore.
Tata Elxsi: Tata Elxsi’s net profit dropped by 6.5 per cent quarter-on-quarter (QoQ) to Rs 184.1 crore. Revenue increased by 2.3 per cent to Rs 926.5 crore. EBIT decreased by 3.6 per cent QoQ to Rs 225.3 crore, with EBIT margin narrowing to 24.3 per cent from 25.8 per cent in the previous quarter.
IRB Infrastructure Developers: IRB Infrastructure Developers reported a 35 per cent YoY increase in gross toll collection to Rs 517 crore in June.
Shalby: The hospital chain has got a lease on Asha Parekh Hospital, Santacruz, Mumbai for a period of 30 years. This will enable the company to expand its horizon in Santacruz, Mumbai by constructing a new healthcare facility of 175+ bedded facilities.
Bartronics India: Kinex India Private disclosed on Wednesday its intention to sell 13,500,000 equity shares of Bartronics India, each valued at Rs 11. This transaction represents 4.43 per cent of Bartronics India’s total share capital. The sale is slated for July 11, 2024, for non-retail investors, and on July 12, 2024, for both retail and non-retail investors.
Power Grid: Power Grid plans to borrow funds up to Rs 16,000 crore through bonds in the current financial year (CFY). It also aims to increase its borrowing limits to Rs 15,000 crore from the existing Rs 12,000 crore for the CFY.
Zydus Life: Zydus Life has received tentative approval from the USFDA for diroximel fumarate delayed-release capsules, 231 mg, indicated for treating relapsing forms of multiple sclerosis (MS) in adults.
Kesoram Industries: Kesoram Industries reported a net loss of Rs 62 crore compared to Rs 32.4 crore last year. Revenue decreased by 12 per cent year-on-year (YoY) to Rs 879 crore. EBITDA declined by 32.3 per cent YoY to Rs 70.9 crore, with EBITDA margin at 8 per cent, down from 10.5 per cent last year.
JTL Industries: JTL Industries saw a 2 per cent YoY increase in revenue to Rs 515 crore, with volumes up by 11 per cent YoY. Margins expanded by 70 basis points to 7.7 per cent. EBITDA per tonne stood at Rs 4,632 compared to Rs 4,594 YoY. Additionally, warrants issued to promoters were converted at Rs 270 per share.
Sula Vineyards: Sula Vineyards reported its highest-ever Q1 revenue, with overall net revenue up by 9.7 per cent YoY to Rs 129.6 crore. Revenue from own brands increased by 2.7 per cent YoY to Rs 104.4 crore. Wine consumption and tourism were affected during the quarter due to dry days surrounding the Lok Sabha elections and heatwave conditions.
Sona BLW Precision: Sona BLW Precision issued a corporate guarantee worth $2.8 million in favour of Citibank (China) for its Chinese arm, Comstar Automotive (Hangzhou), to secure proposed working capital and term loan facilities.
Asian Paints: Asian Paints has confirmed the implementation of a price hike across its product portfolio by approximately 1 per cent, effective from July 22.
GE Power India: GE Power India will sell its hydro business to GE Power Electronics and its gas power business to GE Renewable Energy Technologies.
First Published: Jul 11 2024 | 7:29 AM IST
