GIFT Nifty traded higher as the index was up 99 points or 0.41% at 24,256 indicating a higher start for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 closed the session 208 points or 0.85% lower to settle at 24,139, while the BSE Sensex fell almost 700 points or 0.87% to close at 78,956.
Stocks to watch on August 14, 2024
Vedanta
Vedanta said that its board of directors has given approval for selling up to 11 crore shares or 2.6% equity in Hindustan Zinc, through an offer for sale (OFS). On Tuesday, Hindustan Zinc closed at Rs 586.35 per share on the BSE which would bring Vedanta’s stake sale to around Rs 6,449 crore.
Vodafone Idea
Vodafone Idea CEO Akshaya Moondra said on Tuesday that the company has seen its subscribers porting out to state-owned BSNL following the recent tariff hikes. The same is because BSNL has not increased the tariffs as was done by the private telecom operators in July. Therefore, the port-out of Vodafone Idea users to BSNL has increased from the pre-tariff hike levels.
Happiest Minds Technologies
Happiest Minds Technologies, a digital transformation and IT solutions company, reported robust revenue growth in the quarter ended June. The company’s consolidated revenue in constant currency increased by 11.4% quarter-on-quarter (QoQ) and 17.8% year-on-year (YoY) to Rs 463.83 crore. The company’s net profit declined by 29.1% QoQ to Rs 51.03 crore, which was 10.4% of total income. This decline was largely due to non-recurring expenses and increased amortisation and financing costs related to recent acquisitions.
Asian Paints
The country’s leading paint manufacturers, Asian Paints and Berger Paints, have announced ambitious capital expenditure (capex) plans in response to the growing presence of new entrant Birla Opus. Asian Paints is set to invest Rs 2,200 crore annually over the next four years, totalling Rs 8,800 crore, in greenfield and brownfield projects, the company’s top officials said.
Piramal Enterprises
Piramal Enterprises on Tuesday announced a 64% year-on-year decline in net profit to Rs 181 crore for the June quarter, primarily due to a higher base from a one-time gain last year. The company’s net profit was bolstered by a gain of Rs 850 crore from a stake sale in a Shriram Group entity.
Nykaa (FSN E-commerce)
Nykaa on Tuesday announced that it is increasing its existing majority stake of 51 per cent in Dot & Key to 90 per cent by acquiring the additional stake of 39 per cent for a consideration amount of Rs 265 crore. Per the agreement, Suyash and Anisha Saraf, the founders of Dot & Key, shall continue to manage and drive the business and will continue to have an ownership stake in the company
Godrej Industries
Godrej Industries announced its fiscal first-quarter earnings on Tuesday with profit growth of 81.1% at Rs 322.49 crore. The company recorded a profit of Rs 178.06 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 4,247.93 crore, down 5.7% as against Rs 4,505.66 crore during the same period of the previous financial year. The company’s EBITDA stood at Rs 333 crore, up 38.5 per cent YoY.
Apollo Hospitals
Apollo Hospitals reported a consolidated net profit of Rs 316 crore for the June quarter, up 82% on year. Revenue from operations rose 15% to Rs 5,086 crore, of which Healthcare Services accounted for Rs 2,637 crore (15%), Healthco Rs 2,082 crore (15%) and AHLL (diagnostics and retail healthcare) Rs 366 crore (15%).
Emcure Pharmaceuticals
Emcure Pharmaceuticals reported an 8.2% on year increase in net profit to Rs 153 crore in Q1FY25 led by sales growth in India and international businesses. Revenue from operations rose 16.6% on year to Rs 1,815 crore in Q1FY25
SJVN
SJVN on Tuesday posted 31% rise in consolidated net profit at Rs 357.09 crore during the June quarter, on account of higher income. It reported a net profit of Rs 271.75 crore in Q1 FY24, the company said in an exchange filing.
Key earnings to watch
Ola Electric Mobility, Glenmark Pharmaceuticals, Astron Paper & Board Mill, Bajaj Healthcare, GMR Power and Urban Infra, Hindustan Aeronautics, Jaiprakash Associates, KNR Constructions, Lux Industries, Mazagon Dock Shipbuilders, National Fertilizers, Apeejay Surrendra Park Hotels, Sanstar, Shriram Properties, SpiceJet, Stanley Lifestyles, Sunteck Realty, and Vascon Engineers will announce their Q1 FY25 results on August 14.
