Stocks to watch on July 30, 2024: Tata Steel, Bharti Airtel, HPCL, ACC, RVNL
As GIFT Nifty suggests a potential gap-down opening for Indian equity indices on Tuesday, here's a closer look at key stocks to monitor:
GIFT Nifty Indicator: GIFT Nifty dropped by 70 points or 0.28%, settling at 24,882.50, signaling a negative start for NSE Nifty 50 and BSE Sensex. On Monday, NSE Nifty 50 closed marginally higher by 1.25 points or 0.01% at 24,836, while BSE Sensex rose 23 points or 0.03%, ending the session at 81,355.84.
Tata Steel: Tata Steel has made a substantial move by acquiring over 5.57 billion equity shares in its Singapore-based subsidiary, T Steel Holdings Pte Ltd (TSHP), for $875 million. This investment was previously approved by the board in May and will be executed in multiple tranches as disclosed in an exchange filing.
Bharti Airtel: Bharti Airtel is undergoing a strategic upgrade by re-farming its existing 4G spectrum across 1800 MHz, 2100 MHz, and 2300 MHz bands to enhance its 5G network capacity. This re-farming, enabled by recent provisions in the Telecom Act, allows the company to repurpose spectrum originally designated for 4G for use in 5G technologies.
Hindustan Petroleum (HPCL): Hindustan Petroleum has reported a dramatic 90% drop in its consolidated net profit for Q1FY25, which stands at Rs 634 crore, down from Rs 6,765.5 crore in the same period last year. This steep decline is attributed to decreased gross refining margins and the impact of lower fuel prices on marketing margins. Earlier, HPCL had reduced auto fuel prices by Rs 2 per litre, marking the first price cut since April 2022.
ACC: ACC’s consolidated profit after tax (PAT) for the first quarter of FY25 fell by 22.5% to Rs 361 crore from Rs 466 crore in the previous year. Revenue from operations also decreased to Rs 5,154.89 crore in the June quarter, compared to Rs 5,201.11 crore a year earlier.
RVNL: Rail Vikas Nigam Ltd. (RVNL) has emerged as the lowest bidder for developing distribution infrastructure in Central Himachal Pradesh. The project is valued at Rs 739.07 crore.
Arvind Limited: Arvind Limited, a prominent Indian clothing retailer, saw a 40% decrease in its profit after tax (PAT) for Q1 FY25, dropping to Rs 39 crore from Rs 65 crore in the same quarter last year. The company's revenue from operations slightly declined to Rs 1,831 crore from Rs 1,853 crore in Q1 FY24. Arvind Limited is known for its brands such as Tommy Hilfiger, Calvin Klein, and Arrow.
J&K Bank: Jammu & Kashmir Bank reported a 27% year-on-year increase in profit after tax (PAT) for the April-June quarter, reaching Rs 415.49 crore, up from Rs 326.45 crore in the same period last year.
Colgate-Palmolive India: Colgate-Palmolive India has exceeded expectations with a 33% year-on-year rise in net profit for the June quarter, reaching Rs 364 crore, surpassing analysts' estimates of Rs 331 crore. Revenue also grew by 13% year-on-year to Rs 1,486 crore, beating the projected figure of Rs 1,429 crore.
Kansai Nerolac Paints: Kansai Nerolac Paints reported a significant 68.7% decline in profit for the fiscal first quarter, falling to Rs 230.83 crore from Rs 738 crore in the same period last year. The company's revenue from operations remained almost unchanged at Rs 2,133.06 crore, slightly lower than Rs 2,156.80 crore in Q1 FY24.
These developments could have significant implications for the respective companies and the broader market.
