Benchmark equity indices Sensex and Nifty rebounded sharply on Friday, reversing a two-day decline, on the back of rally in IT stocks following Tata Consultancy Services’ better-then-expected quarterly results.
The BSE Sensex gained 622 points or 0.78 per cent to settle at 80,519.34. The NSE Nifty50 jumped 186.20 points or 0.77 per cent to close at 24,502.15.
"Multiple tailwinds led the market to come out of the range bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. The chances of a rate cut in September are inching higher, which is evident in the fall of the dollar index. We expect stock-specific moves to gain traction due to the ongoing earnings season and upcoming budget; indeed, IT will be in the limelight due to the good start to the earnings and outlook," said Vinod Nair, Head of Research, Geojit Financial Services.
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Here are the key stocks to watch on July 15:
HCL Technologies: The IT major on July 12 reported its consolidated net profit rose 20 per cent to Rs 4,257 crore in April-June quarter of FY25 compared to Rs 3,534 crore in the year-ago period. Revenue from operations increased 6.7 per cent to Rs 28,057 crore in the reported quarter as against Rs 26,296 crore in the corresponding quarter of previous financial year. The firm declared an interim dividend of Rs 12 per equity share of Rs 2 face value for FY25.
IREDA: Indian Renewable Energy Development Agency Ltd (IREDA) reported a 30 per cent growth in its net profit to Rs 383.69 crore for the April-June quarter of FY25 compared to Rs 294.58 crore during the year-ago period. The renewable energy financier’s asset quality improved on a sequential basis. Gross NPA at the end of the June quarter stood at 2.19 per cent from 2.36 per cent at the end of the March quarter. Net NPA also improved to 0.95 per cent from 0.99 per cent in the March quarter
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Avenue Supermarts: Radhakishan Damani-led Avenue Supermarts which operates the retail chain DMart, announced its April-June quarter results for FY25, reporting a rise of 17.5 per cent hike in consolidated net profit to Rs 773.8 crore as against Rs 658.8 crore in the year-ago period. Revenue from operations rose 18.6 per cent to Rs 14,069 crore compared to Rs 11,865.4 crore in the year-ago period.
One97 Communications (Paytm): Japan’s Softbank investment arm Softbank Vision Fund exited from Paytm in the June quarter at a loss of around USD 150 million, reported PTI. Softbank invested around USD 1.5 billion in One97 Communications, the owner of Paytm brand, in tranches in 2017. Softbank held around 18.5 per cent stake in Paytm before the company’s initial public offering (IPO) in 2021.
Tata Power: Tata Power led power distribution companies (DISCOMS) have invested Rs 4,245 crore in infrastructure expansion and network upgrade in Odisha over the past 3-4 years. Of the total investment, Rs 1,232 crore has been allocated through various government-backed schemes. This includes laying 2,177 circuit kilometres (Ckms) of 33 kilovolt (KV) lines and 19,809 Ckms of 11 KV lines, as well as adding 30,230 distribution transformers to improve the distribution network's reliability across rural and urban areas, the company said on Friday, July 12.
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