Stocks To Focus: Cyient DLM, Jana Small Finance Bank, Oil India, Gensol Engineering, RailTel
Stocks to Watch on 2024-25 Budget Day, July 23: The Indian stock markets are expected to be volatile today as investors focus on key proposals by Finance Minister Nirmala Sitharaman for Union Budget 2024-25. The Bharatiya Janata Party (BJP) led by Narendra Modi is set to present its first Budget during its third term. Analysts anticipate a combination of populist and reform-oriented announcements. As of 7:45 AM, GIFT Nifty was trading 34 points higher at 24,553 in anticipation of the Budget 2024 presentation.
Cyient DLM: In the first quarter ending June 30, 2024, Cyient DLM reported a 98.1% year-on-year increase in net profit, amounting to Rs 10.5 crore, compared to Rs 5.3 crore in the previous year. The company's revenue from operations also rose by 18.7% to Rs 257.8 crore, up from Rs 217.1 crore in the same period last fiscal year.
Jana Small Finance Bank: Jana Small Finance Bank's net profit surged by 89% to reach Rs 171 crore in the first quarter of the fiscal year 2025, compared to Rs 90 crore in the same quarter last year. The bank's total deposits grew by 41% to Rs 23,710 crore, while its advances increased by 25% to Rs 25,759 crore. The bank's gross non-performing assets (NPA) rose to 2.7% from 2.5%, and its net NPA decreased to 0.99% from 1.19%.
Oil India: Oil India (OIL) has signed a contract with Dolphin Drilling Ltd. of Norway to rent the 'Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin'.
Gensol Engineering: Gensol Engineering won the bid for 116-megawatt solar projects in Gujarat for Rs 600 crore. As per a regulatory filing, these projects will be spread across 27 different locations and will fall under the jurisdiction of Paschim Gujarat Vij Co., the state's electricity distribution company.
RailTel: RailTel Corporation of India has secured a significant order from the Ministry of Railways (Railway Board). The contract, valued at Rs 186.81 crore (including tax), entails the design, development, implementation, operations, and maintenance of the hospital management information system (HMIS) and an integrated empanelled hospital referral portal for Indian Railways.
Bharat Forge: The Pune civil court on Monday accepted the request of the Hiremath siblings to go for mediation to resolve their dispute with uncle Baba N Kalyani over the division of family assets under the Kalyani Hindu Undivided Family (HUF). Granting its consent to the Hiremath siblings’ request, the court gave them 60 days to seek mediation and settle the dispute.
UCO Bank: UCO Bank's net profit increased by 147% year-on-year to reach Rs 551 crore for the quarter ended June 2024. This was driven by higher other income and interest margin. Non-interest income for the bank grew by 32% year-on-year to reach Rs 835 crore during Q1FY25, while the net interest income (NII) increased by 12% year-on-year to Rs 2,254 crore. The global net interest margin (NIM) also rose to 3.09% in the reporting quarter from 2.86% a year ago.
IDBI Bank: IDBI Bank reported a standalone net profit of Rs 1719.27 crore in the first quarter of FY25, marking a growth of 40.4% compared to Rs 1224.18 crore in the same quarter of the previous financial year. On a consolidated basis, the Q1 profit was reported at Rs 1739.15 crore.
