The Nifty futures contract rose 7 points, or 0.04 percent, to 19,848, indicating that Dalal Street will open relatively flat on Thursday. These stocks will be the subject of today’s attention for a variety of reasons.
Results: As the firms release their first quarter results today, attention will be on the shares of HUL, Infosys, Havells, and United Spirits.
Vedanta: Five years ago, the Anil Agarwal business purchased ESL Steel Ltd. for Rs. 5,320 crore via a bankruptcy resolution procedure. The enterprise was originally known as Electrosteel Steels Ltd. When the asset was first put up for sale in late December, the transaction fell through because a number of clearances, including environmental clearance and an expansion plan, were still waiting and lacked the confidence of potential purchasers.
Dr Reddy’s Labs: The pharmaceutical business declared that the US Food and Drug Administration (USFDA) has not made any observations or taken any measures at its Srikakulam manufacturing facility for active medicinal ingredients. The inspection took place between July 10 and July 19.
Tata Communications: Due to higher interest costs and lower foreign currency gains, the company’s consolidated net profit for the June quarter fell by 29.8% to Rs 382 crore. Consolidated revenue for the firm increased by 10.7% on a yearly basis to Rs 4,711 crore. Due to inorganic expenditures spent in this quarter, Ebitda decreased by 4.2% year over year to Rs 929 crore.
Jio Financial Services, a branch of Reliance Industries, the multi-sector conglomerate, will be spun off today. Additionally, Isha Ambani and Anshuman Thakur have been named non-executive directors at Reliance Strategic Investments, while Hitesh Kumar Sethia has been named managing director and chief executive officer for a period of three years.
Federal Bank: The private sector lender said that the base price for its next QIP has been fixed by the board at Rs 132.59 per share. The bank has the right to reduce this floor price for the issuance by up to 5%. In the June quarter, the bank’s net profit increased by 42% to Rs 1,147 crore.
Krsnaa Diagnostics: According to the business, the Rajasthan National Health Mission has revoked the letter of approval it had provided for the delivery of laboratory services across the state. This service was meant to be a part of a hub-and-spoke model free diagnostics project. The corporation said that the cancellation happened as a result of a request for more performance security not being satisfied owing to differences based on certain technicalities.
For the first quarter ended June 30, 2023, Finolex Industries, a manufacturer of PVC pipes and fittings, reported a 16.2% year-over-year rise in net profit, totaling Rs 115.3 crore. The overall income did, however, see a minor decline during the same time of 0.9%, totalling Rs. 1,179.2 crore as opposed to Rs. 1,189.8 crore during the same period of the prior fiscal year.
L&T Finance: L&T Finance Holdings’ net profit for the first quarter increased by more than double to Rs 531 crore. The reporting quarter’s operating revenue increased 8% to Rs 3,223 crore.
LIC: Life Insurance Corp (LIC) of India has named Sat Pal Bhanoo as its managing director.
