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Stocks to watch: Dr Reddy’s, Tata Motors, HAL, Bajaj Finance, Nestle India

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today: The Indian equity are likely to open on a positive note after the US Federal Reserve raised interest rates in-line with street estimates, up 75 basis points for the second straight month. At 7:20 AM, the SGX Futures quoted 16,760 levels, up 119-odd points on the Nifty50.

Globally, the US witnessed a sharp rally on Wednesday after Fed Chairman Jerome Powell relieved investors about the pace of rate hikes. Dow Jones rallied over 400 points to 1.3 per cent, while the S&P 500 climbed 2.6 per cent, and NASDAQ Composite jumped 4.06 per cent.

Asia-Pacific markets, however, traded mixed on Thursday morning. Japan’s Nikkei 225 was down 0.1 per cent, whereas South Korea’s Kospi climbed 0.6 per cent.

Meanwhile, back home, here is a list of stocks that may see action in trade on Thursday:

Results today: Bajaj Finserv, Dr Reddy’s, Nestle India, SBI Life Insurance, Vedanta, SBI Cards, Shree Cements, TVS Motor, Shriram Transport Finance Company, Jubilant Foodworks, Punjab National Bank, Dr Lal Pathlabs, KPR Mill, TTK Prestige, and Westlife Development will report their June quarter results (Q1FY23).

Bajaj Finance: The company reported highest-ever quarterly consolidated net profit at Rs 2,956 crore for Q1FY23 on the back of robust income due to smooth loan growth. Total income rose 38 per cent year-on-year (YoY) to Rs 9,283 crore in Q1FY23 from Rs 6,743 crore from a year-ago period. The management said that the company recorded highest ever quarterly increase in customer franchise of 27.3 lakh in Q1FY23. READ MORE

Tata Motors: The auto major saw consolidated net loss of Rs 5,007 crore in Q1FY23 as against Rs 4,451 crore a year earlier. That apart, consolidated revenue from operations rose 8 per cent YoY to Rs Rs 71,935 crore as against Rs 66,406 crore in Q1FY22. The management expects to get free cash flows from Q2 onwards and get auto debt free by FY24. READ MORE

Maruti Suzuki India: The carmaker posted two-fold jump in consolidated net profit for Q1FY23 to Rs Rs 1,013 crore, due to low base in the year-ago period. While operating Ebit profit stood at Rs 1,260.7 crore in Q1FY23, Ebitda margin — a key measure of profitability — came in at 7.2 per cent during the quarter. The management said that it is making efforts to reduce costs in order to minimize impact on customers. READ MORE

Biocon: The company reported 71 per cent YoY increase in consolidated net profit to Rs 144 crore in Q1FY23 from Rs 84 crore on the back of steady growth across business verticals. Total revenue for the company rose to Rs 2,217 crore in Q1FY23, as compared to Rs 1,808 crore in the year-ago period. The management remains confident of sustainable growth in the next phase. READ MORE

Blue Dart Express: Logistics major posted over three-fold rise in consolidated profit after tax (PAT) to Rs 118.79 crore in Q1FY23 from Rs 31.3 crore, a year ago. Revenue from operations, meanwhile, clocked 49.3 per cent growth to Rs 1,293.3 from Rs 866.2 crore in Q1FY22. Ebitda grew 125 per cent YoY to Rs 201 crore, whereas Ebitda margin stood at 15.5 per cent. READ MORE

United Breweries: The beer maker registered five-fold jump in consolidated net profit to Rs 162.50 crore in Q1FY23 from Rs 30.9 crore in the year-ago period, due to spurt in volumes. Revenue from operations climbed 95.88 per cent to Rs 5,196.08 crore during the quarter under review. However, gross margin were lower 408 basis points YoY due to price inflation in barley and crude oil. READ MORE

HAL: They have signed $100 million contract with Honeywell for 88 engines to power the indigenous Hindustan Turbo Trainer – 40 (HTT-40), on which Army, Navy and Indian Air Force (IAF) pilots will first learn to fly. While the final price of the HTT-40 is still being negotiated between HAL and the IAF, reports suggest in the range of Rs 50-55 crore.

Poonawalla Fincorp: The company posted 118 per cent YoY rise in net profit at Rs 141 crore in Q1FY23 on improvement in net interest margins. That said, NIMs were up by 155 basis points YoY to 9.5 per cent, whereas, cost of borrowing declined to 6.9 per cent in June 2023 from 9.6 per cent a year ago.

Shriram City Union Finance: The two-wheeler financier posted 61 per cent YoY rise in consolidated net profit in Q1FY23 to Rs 354 crore as compared to Rs 220 crore in the year-ago period. The company’s income from operations during the quarter under review was seen up by 24 per cent YoY to Rs 2,003 crore as against Rs 1,611 in Q4FY22.

Mahindra Lifespace: The company announced retirement of Arun Nanda as chairman. Nanda will be succeeded by Ameet Hariani, an independent director on the board since 2017.

Stocks in F&O ban: Delta Corporation and Indiabulls Housing Finance were banned in the F&O ban period on Thursday, July 28.

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