Stocks to Focus: SBI, Infosys, Ambuja Cement, JK Tyre, Britannia, JSW Steel, Delhivery
Stocks to Watch on Monday, August 5: The Sensex and Nifty50 benchmarks may open lower on Monday due to weak global cues. At 6:41 AM, GIFT Nifty futures were down 369 points, trading at 24,342.50, indicating a lower start. Asia-Pacific markets continued last week's losses, following the trend seen on Wall Street. The Nikkei dropped around 7 percent, the Kospi fell over 4 percent, and the ASX200 declined approximately 3 percent.
State Bank of India: The state-owned lender reported a modest 0.9% increase in its net profit, primarily due to margin compression, increased loan loss provisions, and a decrease in other income. The board has approved raising up to Rs 25,000 crore through tier-1 and tier-2 bonds in the current fiscal year.
Infosys: The IT company indicated that the Directorate General of GST Intelligence (DGGI) has retracted a tax demand of Rs 3,898 crore for the financial year ending March 2018, providing partial relief for India's second-largest software company.
Ambuja Cement: The Adani Group company has announced plans to invest around Rs 1,600 crore in Bihar to establish a cement grinding unit in Warisaliganj, located in the Nawada district. This 6 million tonnes per annum grinding unit marks ACL's first venture in Bihar.
JK Tyre: The company has reported a 37% year-on-year increase in consolidated net profit to Rs 211 crore in the first quarter ended June. However, the company's total income decreased to Rs 3,655 crore for the period under review, down from Rs 3,726 crore in the year-ago period.
NTPC: India's largest power generator is set to start construction of a nuclear power plant in Rajasthan by March in collaboration with its joint venture partner Nuclear Power Corp of India Ltd. The estimated expenditure for the project is about Rs 50,400 crore.
Britannia Industries: The company's consolidated net profit saw a 10.85% increase to reach Rs 504.88 crore in the June quarter, driven by growth in volume and operating margins. Its revenue from operation also rose by 6% to Rs 4,250.29 crore in the same quarter.
Hindustan Zinc: Vedanta Ltd is seeking domestic partners to establish manufacturing plants for zinc-based batteries in India. Senior executives disclosed this information to Mint. Previously, the company had revealed a strategic partnership with US-based AEsir Technologies to explore zinc-based energy storage solutions in order to lessen reliance on other critical minerals.
JSW Steel: The company has submitted a notice to surrender a mining lease for a block in Odisha, citing "uneconomic operation". The Jajang iron ore block in Keonjhar is one of the four iron ore mining leases acquired through an auction in 2020.
Titan Company: The company reported a small 1% decrease in standalone net profit to Rs 770 crore in the June quarter, down from Rs 770 crore in the same period last year. Revenue from operations for the Tata Group company in the first quarter increased by nearly 9% to Rs 11,263 crore.
Delhivery: The logistics company reported a net profit of Rs 54.35 crore for the April to June quarter, compared to a net loss of Rs 89.48 crore in the same quarter the previous year. The company is planning to launch a network of shared dark stores to facilitate faster deliveries for e-commerce firms and direct-to-consumer brands.
