Equity benchmark indices snapped their two-day losing streak on Wednesday following a rally in IT stocks amid a surge in the US market on renewed hopes on a rate cut by the Federal Reserve in September.
The NSE Nifty closed marginally up by 4.75 points or 0.02 per cent to close at 24,143.75
Equity benchmark indices snapped their two-day losing streak on Wednesday following a rally in IT stocks amid a surge in the US market on renewed hopes on a rate cut by the Federal Reserve in September.
The BSE Sensex rose by 149.85 points or 0.19 per cent to settle at 79,105.88. The NSE Nifty closed marginally up by 4.75 points or 0.02 per cent to close at 24,143.75. The overall market sentiment remained muted, driven by gains in the IT sector, while the metals sector saw the steepest decline.
"The domestic market traded within a narrow range; even as global markets saw a positive turnaround. The IT index edged up, reflecting optimism for improved US CPI data expected later today, which could increase the scope of a loose monetary policy from the Fed," said Vinod Nair, Head of Research, Geojit Financial Services.
Here are the key stocks to watch on August 16:
Hindustan Zinc: The Vedanta Group company is likely to release a special dividend payout of Rs 8,000 crore to its shareholders in the ongoing financial year, PTI reported citing sources. The company board is expected to meet on Tuesday to consider and approve the special dividend payment of this financial year. According to the report, from the total amount around 30 per cent or Rs 2,400 crore is expected to the Centre contributing to its non-tax revenues for the financial year.
Glenmark Pharmaceuticals: The pharma company reported a 127 per cent YoY growth in its net profit to Rs 340.27 crore for the June 2024 quarter compared to Rs 149.93 crore in the year-ago period. The company’s revenue from operations increased to Rs 3,244.19 crore, up 6.9 per cent from Rs 3,036.07 crore in the year-ago period. Its EBITDA stood at Rs 588.3 crore, up 34.5 per cent year-on-year.
SpiceJet: The company reported a 19.9 per cent decline in net profit to Rs 158.2 crore in June quarter of FY25 compared to Rs 197.6 crore in the year-ago quarter. Revenue fell 14.7 per cent to Rs 1,708 crore as against Rs 2,003.6 crore in the June 2023 quarter. The company’s board has approved to raise Rs 3,000 crore through a Qualified Institutional Placement (QIP).
Hindustan Aeronautics: The company reported a 76.5 per cent YoY increase in consolidated net profit to Rs 1,437.14 crore in June 2024 compared to Rs 814.09 crore in the year-ago period. Total income increased 17.54 per cent YoY to Rs 5,083.85 crore as against Rs 4,325.29 crore in the year-ago quarter.
Ola Electric: The recently listed company posted a consolidated net loss of Rs 347 crore in the April-June quarter of FY25 widening from Rs 267 crore in the year-ago period. Revenue from operations jumped 32.26 per cent to Rs 1,644 crore during the quarter compared to Rs 1,243 crore in the corresponding quarter last year.