Benchmark equity indices settled at new record high levels on Monday following buying in PSU Bank shares and fresh foreign fund inflows. The BSE Sensex gained 145.52 points or 0.18 per cent to settle at a new record high of 80,664.86. The NSE Nifty rallied 84.55 points or 0.35 per cent to settle at an all-time closing high of 24,586.70. Majority of sectors ended in green with buying seen in PSU Bank, Oil & Gas, Realty, and Healthcare.
“PSU Banking sector was up 3 per cent after media reports suggested that the government may introduce amendments to the Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. On the domestic front, net direct tax collections increased by 20 per cent YoY to Rs.5.74 lakh crores, aided by higher advance tax payments. In the meantime, India’s WPI inflation inched up higher to surges 3.36 per cent in June. Overall, we expect ongoing momentum to continue with sectorial rotation and stock-specific action,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
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Here are the key stocks to watch on July 16:
Hindustan Unilever Ltd: The FMCG major said its board approved the sale and divestment of the company’s water purification business to AO Smith for Rs 601 Crore. The water purification business, part of HUL’s Home Care segment, generated a turnover of Rs 293 crore in FY2023-24; accounting for less than 1 per cent of HUL’s turnover.
Jio Financial Services: The company’s net profit increased quarter-on-quarter to Rs 312.63 crore in the June quarter of FY25 from Rs 310.63 crore in the quarter ended March 31. The company’s total income for June quarter came in at Rs 417.82 crore, against Rs 414.13 crore in the same period a year ago and Rs 418.18 crore in the previous quarter.
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Vedanta: The mining conglomerate said the committee of directors of the company approved the launch of a qualified institutional placement (QIP), setting the floor price at Rs 461.26 per equity share. Vedanta has launched it QIP with an indicative price range of Rs 440-445 per share, representing a discount of 3-5 per cent to the current market price.
SpiceJet: The low-cost airline reported a consolidated net loss of Rs 297.2 crore in the third quarter of FY24, compared to a net profit of Rs 112.1 crore in the corresponding period of FY23. The airline posted a consolidated net profit of Rs 127.4 crore in the fourth quarter of FY24. In the corresponding period of FY23, the airline had reported a net loss of Rs 124 crore.
DEN Networks: The cable services provider reported a 6.8 per cent year-on-year increase in net profit to Rs 45.5 crore for the first quarter that ended June 2024, compared to Rs 42.6 crore in the year-ago period. The company’s revenue from operations fell 9.4 per cent to Rs 247.5 crore as against Rs 273.2 crore in the corresponding period of previous fiscal.
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