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Stocks To Watch: Wipro, HAL, Dmart, Ola Electric, GIC Re, Oberoi Realty
GIFT Nifty futures, which trade about 50 points higher as compared to Nifty's previous close at 25,102, are signaling a small opening gain for the Indian markets. Here are the key stocks which are likely to make headlines in today's session:
Wipro: The board meet on October 16-17, 2024, it would decide to issue bonus share. Wipro reported sequential decline in revenue, not on YoY counts. The net profit in Q1 has been registered at 4.6% YoY growth; hoped that a little improvement could bring better growth and execution.
HAL: Ministry of the Indian government upgraded the status of HAL as Maharatna CPSE. The company was informed on X through a post of Department of Public Enterprises.
Reliance Industries: Analysts expect tough quarter for the company due to low margins in its refining business. Profit is expected to be off between 1% and 13%, while Kotak Institutional sees a much more modest 2.2% profit increase; revenue would have probably risen 4%.
HCL Tech: The IT company is expected to witness minimal single-digit growth in revenue and profit in the quarter. However, its services business will act as a buffer to products. Total contract value (TCV) is also likely to be down year on year.
Avenue Supermarts (Dmart): Avenue Supermarts said that their consolidated net profit had gone up 5.77% for Q2 at Rs 659.58 crore, while revenues had gone up by 14.41% at Rs 14,444.5 crore. The company's CEO, Neville Noronha, said that in the quarter that has just ended, revenues were higher by 5.5% YoY, and growth was borne out of online grocery platforms.
For instance, Adani Power: Despite concerns over pricing, the deal to sell power to Bangladesh under the Bangladesh-Adani Power purchase agreement has a good chance of going forward. This power purchase agreement was made in 2017, assuring electricity supply from a 1,600 MW Jharkhand-based plant into the Bangladesh power grid, amounting to a roughly 10% supply of power to Bangladesh.
Ola Electric: The company is in the dock of the Automotive Research Association of India (ARAI), accused of some pricing practices on its S1 X 2 kWh model. ARAI had noticed Ola had not given any notice of a cut in price before its 'BOSS' sale, which would typically create issues with government subsidies.
Life Insurance Corporation (LIC): LIC has extended the maximum entry age to its new endowment product to 50 years w.e.f. October 1, 2024. The decision came in the wake of the guideline issued on surrender value, which also compels an 8-10% general premium hike for some of the endowment products. It also introduced a new micro-term insurance product targeting financial institutions and NGOs.
Oberoi Realty: The real estate major will raise up to Rs 6,000 crore with an equity raise for development activities. The company recently purchased Nirmal Lifestyle Realty to book in Mumbai. Oberoi Realty clocked a 54.5% growth in revenue in the Q1 FY25.
Godrej Properties: Godrej bought six land parcels worth Rs 9,650 crore in Q2, as the company continues with its expansion strategy. Eight new acquisitions this fiscal year helped Godrej achieve 63% of its annual land acquisition target. The company has reported a 3% rise in Q2 sales bookings, which stood at nearly Rs 5,200 crore.
Adani Energy Solutions: Adani signed a 30-year deal with Kenya Electricity Transmission Company (Ketraco) on developing and managing key power infrastructure in Kenya, a $736 million project. The deal will enhance Kenya's power grid and improve blackouts reduction.
IREDA: Indian Renewable Energy Development Agency has formed a subsidiary to sell and B2B renewable energy businesses. In Q2, the net profit of IREDA was 36% up at Rs 387.75 crore.
Coal India: Coal India retained the lead in domestic coal production even though its share fell by 0.6% in H1 FY25. Output increased 2.5%, still 3.6% less than FY24 targets.
Adani Enterprises: The share sale by Adani Enterprises fetched $500 million. Its issue got four times oversubscribed, and the proceeds are destined to fund new energy projects. It will be reducing its debt as well.
GIC Re: General Insurance Corporation of India has been upgraded from 'B++' to 'A-' in a Financial Strength Rating. This upgrade indicates a high level of capital reserves that should position the company favorably for growth in international markets starting in January 2025.
Jio Financial Services: Jio has launched the new version of the JioFinance App, through which it will offer a bouquet of financial services such as loans, savings accounts, and insurance services for customers to have a smooth digital experience.
Macrotech Developers: Macrotech has posted a net debt increase by 14% in Q2FY25 amounting to Rs 4,920 crore mainly due to land and construction investment. In Q2, the company garnered an all-time sales booking of Rs 4,290 crore, with a year-on-year growth of 21%.
Star Health: Star Health is being threatened by ransom demand of Rs 68,000 for leakage of customer data after the cyberattack. The company is working in tandem with the authorities in India to solve the problem.
Life Insurance Companies: Life insurance companies have reported strong 14% year-on-year growth of new business premiums for the month of September that had reached Rs 35,020 crore. LIC and private carriers both had solid growth.
ONGC: Oil and Natural Gas Corporation is racing ahead in plans to set up mini-LNG plants in various states to exploit stranded natural gas sources.
Cummins India: Domestic capital expenditure is increasing, the demand for diesel generators will increase, generating benefits for Cummins India; the main levers being the power demands from data centers.
Wockhardt: CDSCO has approved new antibiotic, Miqnaf, in drug development for community-acquired bacterial pneumonia
Indian Overseas Bank: IOB has developed various Retail Loan Processing Centres aimed at loan approval facilitation and help embedding digital technologies across customer services and financial accessibility.
Just Dial: The company saw its net profit jump nearly twice over Q2 at Rs 154 crore. During the period, the revenue grew by 9.3% YoY. The major investments were made in AI to bolster customer and vendor experience.
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