Nair also added that the global market is focusing on US job data and the probability for deeper slowdown has raised concerns that the US economy is heading for a recession, forcing the federal reserve to cut rates faster than initially expected.

Stocks to Watch on August 09, 2024

LIC

Life Insurance Corporation of India reported a 10% increase in its net profit, reaching Rs 10,461 crore for the June 2024 quarter, compared to Rs 9,544 crore in the same period last year. The company’s total income also saw a rise, climbing to Rs 2,10,910 crore, up from Rs 1,88,749 crore in the June 2023 quarter.

Eicher Motors

Eicher Motors reported a 20% year-on-year increase in net profit, reaching Rs 1,101.5 crore for the first quarter ending June 30, 2024, compared to Rs 918 crore in the same period last year. The company’s revenue also saw a growth of 10.2%, rising to Rs 4,393.1 crore from Rs 3,086.4 crore in the corresponding quarter of the previous fiscal year.

Cochin Shipyard

The state-owned company reported a 76.5% year-on-year increase in net profit, reaching Rs 174.2 crore for the first quarter ending June 30, 2024, up from Rs 98.7 crore in the same period last year. The company’s revenue also surged by 61.1%, rising to Rs 771.5 crore compared to Rs 475.9 crore in the corresponding quarter of the previous fiscal year.

SAIL

The state-owned company reported a 61.5% year-on-year decline in net profit, dropping to Rs 81.8 crore for the first quarter ending June 30, 2024. This decline was attributed to lower net sales realization (NSR) and adjustments related to exceptional items. In the same quarter last year, SAIL had posted a net profit of Rs 212 crore.

CONCOR

The state-owned company reported a 5.8% year-on-year increase in net profit, reaching Rs 259.4 crore for the first quarter ending June 30, 2024, up from Rs 245 crore in the same period last year. The company’s revenue also rose by 9.4%, climbing to Rs 2,103.1 crore compared to Rs 1,922.8 crore in the corresponding quarter of the previous fiscal year.

ABB India

ABB India, a leader in electrification and automation, reported a 50.3% year-on-year increase in net profit, reaching Rs 443.5 crore for the second quarter ending June 30, 2024. This marks a significant rise from the Rs 295.6 crore net profit recorded in the same quarter last year.

Biocon

Biocon reported a substantial 550.6% year-on-year spike in consolidated net profit for Q1, soaring to Rs 659.7 crore from Rs 101.4 crore in the same period last year. The company’s revenue saw a slight increase of 0.3%, reaching Rs 3,432.9 crore compared to Rs 3,422.6 crore. Notably, other income surged to Rs 1,134.5 crore, a significant rise from Rs 93.5 crore in the corresponding quarter of the previous year.

Oil India

The state-run company, reported a 27.7% decline in its consolidated net profit for the April-June quarter, with the figures released after market hours on Thursday. The company posted a profit of Rs 1,466.8 crore for the June quarter, down from Rs 2,028.8 crore reported in the March quarter.

Sobha

The realty firm reported a 49.2% year-on-year decline in net profit, dropping to Rs 6.1 crore for the first quarter ending June 30, 2024, compared to Rs 12 crore in the same period last year. The company’s revenue also saw a decline, falling by 29.5% to Rs 640.3 crore from Rs 907.9 crore in the corresponding quarter of the previous fiscal year.

GAIL

The company has partnered with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) to optimize the operations of RRVUNL’s gas-based power plants in Rajasthan. As part of the collaboration, both parties will work together to establish approximately 1,000 MW of solar and wind projects.

Nexus REIT

Global investment firm Blackstone is set to sell 33 crore units of its REIT firm, Nexus Select Trust, for nearly Rs 4,500 crore through a block deal on the stock exchanges, according to sources. Blackstone, which currently holds approximately 43% of Nexus Select Trust, is expected to conduct the block deal on Friday.

Birla Corporation

The firm reported a 45% decline in net profit, dropping to Rs 33 crore for the first quarter of the 2024-25 fiscal year, compared to Rs 60 crore in the same period last year. The company’s revenue for the April-June period also fell by 8.9%, totaling Rs 2,207 crore, down from Rs 2,423 crore in the corresponding quarter of the previous fiscal year.

MCX 

The Securities and Exchange Board of India (SEBI) has approved the appointment of Praveena Rai as the Managing Director and Chief Executive Officer of Multi Commodity Exchange of India (MCX). Her appointment is contingent upon her acceptance of the offer and the approval of MCX’s shareholders.

Utkarsh Small Finance Bank

The Reserve Bank of India has approved an increase in the authorized capital of Utkarsh Small Finance Bank from Rs 1,500 crore to Rs 2,000 crore. This change also includes a corresponding amendment to the bank’s Memorandum of Association (MOA).

SJVN

SJVN Green Energy, a subsidiary of SJVN, has commissioned the 90 MW Omkareshwar Floating Solar Project. With this new addition, SJVN’s total installed capacity has now reached 2,466.50 MW.

OLA Electric Mobility

Ola Electric Mobility is anticipated to have a lackluster debut on the bourses on Friday, August 9, despite receiving a decent response from market participants. Ahead of its listing, the stock is trading with a Grey Market Premium (GMP) of Rs -3. With the upper price band set at Rs 76, the stock is expected to list at Rs 73, representing a discount of approximately 4%.

Key Earnings To Watch Today

Grasim Industries, Alkem Laboratories, Honasa Consumer, Siemens, Zydus Lifesciences, Apollo Micro Systems, Bajaj Consumer Care, Balkrishna Industries, Bharat Dynamics, Berger Paints India, Concord Biotech, Engineers India, General Insurance Corporation of India, India Cements, Inox Wind, IRB Infrastructure Developers, Jubilant FoodWorks, Info Edge India, SJVN, Sundaram-Clayton, Sun TV Network, Suven Pharmaceuticals, Trent, and Wockhardt.