Benchmark equity indices continued to touch record highs for the fourth straight day on Thursday following buying in It, Oil & Gas, and FMCG shares. Rebounding from its early lows, the BSE Sensex rose by 626.91 points or 0.78 per cent to settle at a fresh closing high of 81,343.46. The NSE Nifty50 also recovered early losses and gained 187.85 points or 0.76 per cent to settle at an all-time closing high of 24,800.85. The broader market underperformed down more than 1 per cent. Sector-wise it was a mixed bag with buying seen in IT, FMCG, Financials, and Auto.
“IT sector gained more than 2 per cent after LTI Mindtree reported better-than-expected Q1FY25 results and hopes of other companies to follow a similar trend. SEBI’s proposal for a new asset class between mutual funds and PMS with a Rs 10 lakh ticket size, continued FII buying and a rise in India’s GDP forecast by both IMF and ADB supported the market as Nifty made a smart recovery. We expect this ongoing momentum to continue with stock-specific action. All eyes would be on the budget next week which could set the tone for the next leg of a market rally,” 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 19:
Infosys: The IT giant reported a better-than-expected 7 per cent rise in consolidated net profit at Rs 6,368 crore in the April-June quarter, compared to Rs Rs 5,945 crore in the year-ago period, according to BSE filing. The company raised its growth outlook for the current financial year, signaling an improvement in the IT segment. Consolidated revenue increased by 3.6 per cent to Rs 39,315 crore during the reported quarter from Rs 37,933 crore in the corresponding quarter of the last fiscal. For the current fiscal year, the company raised its revenue growth guidance to 3-4 per cent in constant currency terms from 1-3 per cent projected earlier.
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Tata Technologies: Global Engineering and product development digital services company reported a 15.4 per cent decline in consolidated profit after tax (PAT) at Rs 162.03 crore in the June 2024 quarter, compared to Rs 191.53 crore in the same quarter last fiscal, as per the regulatory filing. Consolidated revenue from operations in the first quarter stood at Rs 1,268.97 crore as against Rs 1,257.53 crore in the year-ago period.
L&T Technology Services: The company reported a 1 per cent growth in PAT for the June quarter at Rs 314 as profitability declined as compared to Rs 311 crore in the year-ago period. Revenues grew 7 per cent to Rs 2,462 crore from Rs 2,301 crore in the year-ago period.
Tata Power: Tata Power Renewable Energy, the renewable energy unit of Tata Power, on Thursday, said that it has signed a memorandum of understanding (MoU) with NHPC Renewable Energy (NHPC REL) to lead the installation of rooftop solar projects across government buildings of central ministries, states, and Union territories.
South India Bank: The private lender reported a 45.3 per cent YoY jump in net profit at Rs 294.1 crore for the first quarter that ended June 2024, compared to Rs 202.4 crore in the year-ago quarter. Net interest income (NII) increased 7.2 per cent, coming at Rs 865.8 crore against Rs 807.7 crore in the year-ago period.
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