Stocks To Focus: HCLTech, Avenue Supermarts, Godrej Consumer Products, IREDA, Lupin

Stocks to watch on July 15: The benchmark indices Sensex may open higher today, driven by a positive global sentiment despite mixed cues. At 6:47 AM, GIFT Nifty futures indicated a significant uptick of 91 points at 24,613, suggesting a gap-up start for the stock exchange. However, Asian markets showed mixed performance. Australia’s ASX200 increased by 0.86 percent, whereas Korea’s Kospi slipped marginally by 0.07 percent. Japanese markets remained closed today due to a public holiday. Japan’s Nikkei, however, settled at 2.45 percent on Friday, July 12.

HCLTech: In the April-June quarter, HCLTech reported a nearly 2% sequential decline in its revenue, amounting to Rs 28,057 crore. This decrease was attributed to weakness in the IT services and engineering & R&D services segments. However, the company's consolidated net profit increased by 7% quarter-on-quarter to Rs 4,257 crore, supported by growth in other income and a slight decrease in expenses. HCLTech reported a downturn in revenue from its European operations in the quarter ended June, largely due to the underperformance of its recent acquisition, ASAP Group, according to C Vijayakumar, chief executive officer of the company. “The acquired company, ASAP, particularly in the automotive sector, performed below our expectations. There’s noticeable softness in the automotive segment, especially in Germany, which is exerting pressure”, Vijayakumar said.

Avenue Supermarts: Avenue Supermarts, the company behind the retail chain D-Mart, reported its fiscal first quarter earnings on Saturday. The company's profit was Rs 773.82 crore, marking a 17.5% increase from Rs 658.71 crore in the same period last year. Additionally, the revenue from operations was reported at Rs 14,069.14 crore, reflecting an 18.6% increase compared to Rs 11,865.44 crore in the first quarter of FY24. The company's EBITDA also showed growth, increasing by 18% to Rs 1,221.3 crore from Rs 1,035.3 crore year-on-year.

Godrej Consumer Products: Godrej Consumer Products has recently launched a new mosquito repellent in liquid vapourisers and agarbattis. They are using a newly developed and patented molecule called Renofluthrin. This marks the first time that such a molecule has been developed in India. Previously, the company used to import its molecules for household insecticides from countries like Japan.

IREDA: Indian Renewable Energy Development Agency (IREDA) recorded a net profit of Rs 383.69 crore in the April-June quarter of FY25, reflecting a 30% year-on-year growth compared to Rs 294.58 crore during the same period last year. Additionally, the company's asset quality has shown sequential improvement.

Lupin: Lupin has obtained approval from the USFDA to sell a generic medication for treating seizures. The company disclosed in an exchange filing that it has received approval from the US health regulator to market Topiramate extended-release capsules in the US.

RVNL: Rail Vikas Nigam has been awarded a letter of acceptance (LoA) from Central Railway for the modification and up-gradation of the existing 1 x 25 kV electric traction system at a cost of Rs 132.59 crore.

Piramal Pharma: Piramal Pharma has announced that the USFDA conducted a Pre-Approval Inspection (PAI) of the company’s PPDS Ahmedabad facility from July 10, 2024, to July 12, 2024. The inspection concluded successfully with zero Form-483 observations and a No Action Indicated (NAI) designation.

Alembic Pharmaceuticals: Alembic Pharmaceuticals has received tentative approval from the US Food and Drug Administration for injections to treat pulmonary arterial hypertension. The company made this announcement in an exchange filing on Friday. The approval is for its abbreviated new drug, Selexipag for Injection, with a strength of 1,800 mcg per vial.