GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap down opening on Thursday. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded lower as the index was down 38 points or 0.15% at 24,667.50 indicating a lower start for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Tuesday, the NSE Nifty 50 rose 26 points or 0.11% to settle at 24,613, while the BSE Sensex advanced 51.69 points or 0.06% to close at 80,716.55.

Stocks to watch on July 18, 2024

LTIMindtree 

LTIMindtree reported a sequential increase in its revenue and net profit for the quarter that ended June, driven by deal ramp-ups and a rise in digital spending by clients. However, while the topline exceeded estimates, the bottom line slightly missed Street expectations. The consolidated revenue rose nearly 3% quarter-on-quarter to Rs 9,142.6 crore in April-June. This is also higher than the Bloomberg estimate of Rs 9,075 crore.

Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea

Asian Paints 

Asian Paints released its fiscal first quarter earnings with a profit drop of 24.6% on-year during the first quarter of FY25. The profit was recorded at Rs 1,186.79 crore as compared to Rs 1,574.84 crore reported during the corresponding quarter of FY24. It posted revenue from operations at Rs 8,969.73 crore, down 2.3% as against Rs 9,182.31 crore during the same period last year. 

IREDA

IREDA to invest Rs 290 crore in a 900 MW hydroelectric power project in Nepal. The Board of Directors gave in-principle approval for the equity investment at a meeting on Tuesday, the company said in an exchange filing. The company will pick up a 10 per cent stake in the Upper Karnali Hydro-Electric Power Project.

Glenmark Pharma

Glenmark Pharmaceuticals has received final approval by the US Food & Drug Administration (USFDA) for Topiramate capsules. The approved drug is bioequivalent and therapeutically equivalent to Topamax capsules of Janssen Pharmaceuticals and will be distributed in the U.S. by Glenmark Therapeutics Inc., USA.

L&T Finance 

L&T Finance reported a 29% increase in its consolidated net profit standing at Rs 686 crore for the first quarter that ended June 2024 on the back of healthy interest income. The company reported a net profit of Rs 531 crore in the same quarter a year ago. Net Interest Income (NII) rose 23% to Rs 2,020 crore in Q1 FY25 compared to Rs 1,644 crore in the year-ago period.

Bajaj Electricals 

Bajaj Electricals announced that its Managing Director and CEO, Anuj Poddar has resigned from the position to pursue an external opportunity. The Board has accepted his resignation while recognising and acknowledging his contributions in formulating the transformation and growth journey of the company over the past five and a half years.

Avenue Supermarts

Considered among India’s most profitable retailers with a steady margin profile, Avenue Supermarts’ operating margins remained flat (8.7%) year-on-year in the June quarter (Q1FY25) because of rising operating costs. Employee expenditure and other expenses jumped 29.2% and 25.8%, respectively, in Q1 as the company added new and bigger stores. Consolidated revenue grew 18.6% YoY to Rs 14,069 crore in line with Street estimates.

Tata Power 

Tata Power will invest Rs 20,000 crore towards capital expenditure in FY25. This is over and above the Rs 12,000 crore invested in FY24, the company’s chairman N Chandrasekaran said on Tuesday.

SpiceJet

SpiceJet’s Chief Financial Officer, Ashish Kumar, has resigned to pursue other opportunities, the airline announced on Tuesday, July 16. Following his departure, Joyakesh Podder has been appointed as the Deputy Chief Financial Officer, effective July 15, 2024. 

Key Earnings Today

Infosys, Tata Technologies, L&T Technology Services, Persistent Systems, Dalmia Bharat, Central Bank of India, Ceat, Havells India, Andhra Cements, Bharat Bijlee, Choice International, Ashapuri Gold Ornament, CIE Automotive India, Grindwell Norton, JSW Infrastructure, Gopal Snacks, Mastek, Polycab India, Premier Explosives, Newgen Software Technologies, Rallis India, Reliance Industrial Infrastructure, Sagar Cements, Shoppers Stop, Reliance Industrial Infrastructure, South Indian Bank, Swaraj Engines, Sterling and Wilson Renewable Energy, Tanla Platforms, Tata Communications, Trident Texofab, and Vraj Iron and Steel will announce their quarterly earnings for Q1 Of FY25 on July 18.