Stocks To Focus: MGL, Concor, Godrej Consumers, Jupiter Wagons, Senco Gold, Sun Pharma
On July 9, 2024, Indian stocks may open flat on Tuesday, reflecting mixed global signals. The GIFT Nifty suggests a muted start, with a 17-point increase to Nifty 50 futures at 24,392. In Asia-Pacific markets, there was a mostly positive opening on Tuesday, influenced by the strong performance of the S&P 500 and the Nasdaq Composite in Wall Street, which closed at record highs. Japan's Nikkei 225 rose by 1.06%, while the broader Topix index climbed 0.36%. South Korea's Kospi remained flat, and the small-cap Kosdaq rose by 0.12%. Additionally, Australia's S&P/ASX 200 surged by 0.76%. However, Futures for Hong Kong's Hang Seng index were trading 0.55% lower at 17,427 levels.
Mahanagar Gas: The state-run company has announced that the prices of Compressed Natural Gas (CNG) and domestic Piped Natural Gas (PNG) will increase to partially offset rising gas costs. The new prices will be effective from midnight of July 8, 2024, or the morning of July 9, 2024. The delivered price of CNG will go up by Rs 1.50 per kilogram, and the price of domestic PNG will rise by Rs 1.00 per standard cubic meter in and around Mumbai.
Godrej Consumer Products: The FMCG company showed a mixed performance across its global operations in the latest quarter. Despite challenging conditions in India, its domestic business demonstrated resilience, achieving high single-digit organic volume growth and mid-single-digit value growth.
Container Corp: The state-owned company has reported a 6% year-on-year (YoY) increase in total volumes for the first quarter of FY25. The company handled 11.59 lakh twenty-foot equivalent units (TEUs) compared to 10.93 lakh TEUs during the same period last year.
Jupiter Wagons: The mobility solutions provider has announced that its Fund Raising Committee has approved the launch of a qualified institutional placement (QIP), with a floor price set at Rs 689.47 per equity share. The preliminary placement document was filed with both BSE Ltd and the National Stock Exchange of India Ltd on July 8, 2024.
Senco Gold: The jewelry retail company reported a strong performance for the first quarter of FY25. Retail sales grew by 11%, and same-store sales increased by 4%. The company also noted growth in average transaction value and average selling price, both in the 12% range. Total sales growth for Q1, including exports, e-commerce, corporate, digital products, and other segments, stood at 9% year-on-year (YoY).
Utkarsh Small Finance Bank: The microfinance lender has announced that it has received approval from the Reserve Bank of India (RBI) for the reappointment of Govind Singh as Managing Director and Chief Executive Officer. The approval was conveyed via an RBI letter dated July 8, 2024 and extends Singh’s tenure for three years, starting from September 21, 2024.
Sun Pharma: The pharmaceutical company expects a high single-digit increase in overall revenue for the fiscal year 2025. Additionally, the company intends to start enrolling patients for phase-2 trials of its weight loss drug, GLP-1R, in the second half of the calendar year 2024.
Torrent Power: Torrent Power’s subsidiary, Torrent Urja 14 (TU14), is planning to set up solar projects with a capacity of up to 50 MW to supply clean power to ARS Steels & Alloy International (ARS). According to a BSE filing on Monday, the Subscription and Shareholders’ Agreement (SSSA) was signed on the same day, which includes ARS acquiring an equity stake in TU14, a branch of Torrent Power.
