Stocks To Focus: Bandhan Bank, Titan Company, IndusInd Bank, Adani Wilmar, KPI Green

Stocks will likely open flat to negative on Monday, July 8, 2024, due to weak global market momentum. The GIFT Nifty futures suggest a weak start, only 5 points higher than Nifty50 futures at 23,384 levels. This morning, stock exchanges in the Asia-Pacific region mostly showed declines, with Japan’s Nikkei slipping by 0.17 percent and broad-based Topix sliding by 0.47 percent. South Korea's Kospi declined by 0.07 percent, while the small-cap Kosdaq rose by 0.86 percent. Futures for Hong Kong's Hang Seng index also edged down by 0.78 percent.

Bandhan Bank: Bandhan Bank has announced the appointment of Ratan Kumar Kesh as the Interim Managing Director and Chief Executive Officer (MD & CEO), effective July 10, 2024. This decision follows the retirement of Chandra Shekhar Ghosh, the current MD & CEO, whose tenure concludes on July 9, 2024.

Titan Company: The company's domestic jewelry operations grew by nearly 8%, contributing to an overall year-on-year growth of 9%. Despite high gold prices and fewer wedding days impacting consumer demand and sentiment, the watches and wearables business grew by 15% compared to last year, while the EyeCare business saw a 3% year-on-year increase.

IndusInd Bank: The bank has reported a 16% increase in advances from last year, reaching Rs 3.48 lakh crore. Deposits also saw a 15% year-on-year increase, totaling Rs 3.98 lakh crore. The CASA ratio is at 36.7%, compared to 39.9% last year and 37.9% in March.

Adani Wilmar: The company achieved strong volume growth of 13%, driven by market-specific strategies aimed at gaining market share, especially in previously underperforming markets. Alternate channels saw a 19% increase in volume. Branded exports experienced a significant 36% year-on-year volume growth. The Food and FMCG business recorded a 23% volume growth from the previous year. Despite industry challenges, the Edible Oils business continued to thrive, achieving a 13% volume growth and a 10% value growth year-on-year.

Indian Bank: The bank reported a 10.9% year-on-year growth in total business, reaching Rs 12.21 lakh crore. Total deposits increased by 9.5% from last year, totaling Rs 6.81 lakh crore, while gross advances rose by 12.7% to Rs 5.4 lakh crore.

Fsn E-Commerce Ventures: The company expects revenue to grow by 22% to 23% in the first quarter. Gross Merchandise Value (GMV) growth for the quarter is anticipated to be in the mid-twenties. The beauty vertical's revenue growth is projected to be around 22-23%, similar to the overall growth of the company, while its GMV growth is expected to be higher, in the high twenties. The fashion vertical is forecasted to have a healthy performance with approximately 20% revenue growth, although GMV growth for the quarter is projected to be lower, in the mid-teens.

Bank of Baroda: The bank recorded an 8.5% increase in domestic loans compared to last year, reaching Rs 8.82 lakh crore. Domestic retail loans saw a significant surge of 20.8% to Rs 2.22 lakh crore. Global loans grew by 8.1%, totaling Rs 10.72 lakh crore. Domestic deposits also increased by 5.25% to Rs 11.05 lakh crore.

Dabur: Dabur has noticed a steady increase in demand, particularly in rural areas, and anticipates this trend to continue gaining momentum in the near future. The company predicts that its overall revenue will grow by mid-to-high single digits, with the India business likely to experience mid-single-digit volume growth.

Signature Global: The company has reported a 255% growth in pre-sales, reaching Rs 3,120 crore, and a 102% increase in collections from last year, totaling Rs 1,210 crore. Net debt declined by Rs 180 crore to Rs 980 crore. Realizations for the quarter increased to Rs 15,369 per square foot. The number of units sold went up by 8% to 968 units, from 894 units. The company has already achieved over 30% of its Rs 10,000 crore pre-sales target in the first quarter.

Marico: The company reported a high single-digit growth in consolidated revenue and expects this upward trend to continue throughout the year. Gross margins are also expected to expand year-on-year due to a favorable portfolio mix. The domestic business showed a modest increase in underlying volume growth compared to the previous period. Parachute coconut oil experienced low single-digit volume growth but is expected to grow significantly for the remainder of the year, driven by healthy offtake growth trends. Saffola Oils achieved mid-single-digit volume growth, while Value Added Hair Oils had a slow start to the year due to persistent competitive challenges.

KPI Green Energy: The Company has successfully signed a power purchase agreement for a 50MW solar-wind hybrid power project with Gujarat Urja Vikas Nigam. The project, consisting of 50MW solar and 16.80MW wind, was awarded through a competitive bidding process.

Coforge: The IT company acquired 4,618,199 equity shares of Cigniti, representing 16.92% of its current paid share capital. The cost of acquisition was Rs 1,398.50 per share.