Stocks To Focus: TCS, GTPL Hathway, Anand Rathi Wealth, RCF, Adani Wilmar, Vodafone Idea, HCL Tech
Stocks to watch on Friday, July 12, 2024: Indian bourses are staring at a bullish weekend open despite weak trends in global peers. The GIFT Nifty futures indicate a near gap-up start, as they quoted 94 points higher to Nifty 50 futures at 24,476. Asia-Pacific markets were largely in red on Friday morning, with Japan’s Nikkei 225 index declining 2.08 percent. The drop followed three consecutive days of setting new closing highs. The broader Topix index also saw a retreat, falling by 1.04 percent during the same trading session. South Korea’s Kospi declined by 0.94 per cent, while the small-cap Kosdaq index slipped by 0.19 per cent.
TCS: During the first quarter ending June 30, 2024, India's largest IT services company reported an 8.7% year-on-year (YoY) increase in consolidated net profit, reaching Rs 12,040 crore. The company also saw a 5.4% rise in revenue, totaling Rs 62,613 crore for the quarter.
GTPL Hathway: The company's consolidated profit for Q1 declined by 57.4% year-on-year, dropping to Rs 14.99 crore from Rs 35.2 crore. However, the company's revenue increased by 8.9%, reaching Rs 843.4 crore compared to Rs 774.4 crore in the same period last year.
Rathi Wealth: The prominent non-bank wealth solutions firm recorded a 37.9% year-on-year rise in net profit, reaching Rs 73.2 crore for the first quarter, compared to Rs 53.1 crore in the corresponding quarter of the previous year. The company's revenue increased by 35.8% to Rs 237.6 crore from Rs 175 crore in the same period last fiscal year.
RCF: The state-owned company announced that its board of directors has approved a Rs 514.6 crore contract with Topsoe to revamp its ammonia plant at RCF Thal. The contract includes procuring a basic engineering design package and supplying proprietary equipment and catalysts to reduce specific energy consumption.
Vodafone Idea: Vodafone Idea has obtained shareholder approval to issue preferential shares to Nokia and Ericsson. The company informed investors through a stock exchange filing on July 11 that its shareholders had voted in favor of the preferential issue at an Extraordinary General Meeting (EGM).
Adani Wilmar: An edible oil company has announced that it will acquire a 67% stake in Omkar Chemical Industries Private (OCIPL). OCIPL manufactures various chemicals and compounds and operates a plant in Panoli, Gujarat, with an annual capacity of about 20,000 metric tonnes (MT) of surfactants.
Oriental Rail Infra: The company has announced that its wholly-owned subsidiary, Oriental Foundry Private Ltd, has secured an order worth Rs 432.16 crore from Indian Railways. According to a stock exchange filing, the order entails the manufacture and supply of 1,200 BVCM-C wagons as specified by the Railway Board.
LT Foods: The company has opened a new facility in Harlow, United Kingdom and expects to generate annual revenue of 50 million pounds over the next two years, with a target of reaching 100 million pounds within the next five years.
Dabur: The FMCG major has announced that it added two lakh outlets to its sales network in FY24, marking the highest addition by any FMCG company in the country. According to the latest annual report, Chairman Mohit Burman stated that 8 out of every 10 Indian households now use one or more Dabur products.
PFC: Sandeep Kumar has been appointed as the Director (Finance) on the board of Power Finance Corporation, effective from July 11, following his appointment by the Central Government.
Indus Tower: Indus Towers announced on Wednesday that over 60% of its total tower installations in FY24 have been in rural India. This move supports the Government of India’s vision to bridge the digital divide and provide enhanced connectivity to villages.
