Stocks To Focus: LTIMindtree, Asian Paints, IREDA, Glenmark Pharma, L&T Finance
Stocks to watch on Thursday, July 18: The Indian stock markets may open higher today, influenced by mixed global cues. At 6:40 AM, GIFT Nifty futures traded slightly higher at 24,672 levels, indicating a neutral to positive start. Across Asia, markets mirrored Wall Street's downturn, with Australia's ASX200 and Korea's Kospi down 0.01 percent and 1.01 percent, respectively, while Japan's Nikkei dropped 2.01 percent due to weaker-than-expected trade figures. On July 16, foreign institutional investors were net buyers domestically, acquiring shares worth Rs 1,271.45 crore, whereas domestic institutional investors sold shares worth Rs 529.48 crore.
LTIMindtree: LTIMindtree reported that its revenue and net profit increased sequentially for the quarter ending in June. This growth was due to expansions in deals and an uptick in digital spending by clients. While the revenue surpassed expectations, the net profit slightly missed Street estimates. The consolidated revenue increased by almost 3% quarter-on-quarter to Rs 9,142.6 crore in April-June, which is higher than the Bloomberg estimate of Rs 9,075 crore.
Asian Paints: Asian Paints has reported a 24.6% year-on-year drop in profit for the first quarter of FY25. The profit was Rs 1,186.79 crore, compared to Rs 1,574.84 crore in the same quarter of FY24. The revenue from operations was Rs 8,969.73 crore, down 2.3% from Rs 9,182.31 crore in the corresponding period last year.
IREDA: IREDA is set to invest Rs 290 crore in a 900 MW hydroelectric power project in Nepal. The company's Board of Directors has given in-principle approval for the equity investment at a meeting held on Tuesday, as mentioned in an exchange filing. IREDA will acquire a 10 percent stake in the Upper Karnali Hydro-Electric Power Project.
Glenmark Pharma: Glenmark Pharmaceuticals has received final approval from the US Food and Drug Administration (USFDA) for Topiramate capsules. The approved drug is bioequivalent and therapeutically equivalent to Topamax capsules from Janssen Pharmaceuticals and will be distributed in the U.S. by Glenmark Therapeutics Inc., USA.
L&T Finance: L&T Finance recorded a 29% increase in its consolidated net profit, amounting to Rs 686 crore for the first quarter ending in June 2024, driven by strong interest income. This marks a significant rise from the net profit of Rs 531 crore reported in the corresponding quarter of the previous year. Additionally, the Net Interest Income (NII) grew by 23% to Rs 2,020 crore in Q1 FY25, compared to Rs 1,644 crore in the same period of the previous year.
Bajaj Electricals: Bajaj Electricals has announced that its Managing Director and CEO, Anuj Poddar, has resigned from his position to pursue an external opportunity. The Board has accepted his resignation and has recognized and acknowledged his contributions in formulating the transformation and growth journey of the company over the past five and a half years.
Avenue Supermarts: Avenue Supermarts is one of India’s most profitable retailers, maintaining a stable margin profile. In the first quarter of FY25, the company's operating margins held steady at 8.7% year-on-year, despite increasing operating costs. This was due to a 29.2% increase in employee expenditure and a 25.8% rise in other expenses, as the company expanded by adding new and larger stores. The consolidated revenue grew by 18.6% YoY to Rs 14,069 crore, in line with the estimates of analysts.
Tata Power: Tata Power plans to invest Rs 20,000 crore in capital expenditure in FY25, which is in addition to the Rs 12,000 crore invested in FY24, as stated by the company’s chairman N Chandrasekaran on Tuesday.
SpiceJet: SpiceJet’s Chief Financial Officer, Ashish Kumar, has resigned to pursue other opportunities, the airline announced on Tuesday, July 16th. Following his departure, Joyakesh Podder has been appointed as the new Deputy Chief Financial Officer, effective July 15, 2024.
