Stocks in focus: The GIFT Nifty recorded a 0.02% gain during Tuesday’s early trading session, with a value of 19,784 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs and ended Monday’s trading session broadly in green. The Nifty 50 rose 146.95 points or 0.75% to close at 19,711.45 after making a new lifetime high of 19,731.85 intraday.
“Despite the mixed performance observed in the Asian market due to China’s underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result. Nifty50 Q1 consolidated PAT is projected to grow by more than 20% YoY, which can upgrade the full-year earnings growth of FY24. Small caps outperformed as comparative valuations are attractive trading below the long-term average compared to large and mid-caps,” said Vinod Nair, Head of Research at Geojit Financial Services.
LTIMindtree
LTIMindtree posted a net profit of Rs 1,152.3 crore in the first quarter of FY24, up 3.4% sequentially. In the March quarter of FY23, the company posted a net profit of Rs 1,114 crore. Despite macroeconomic headwinds, the IT firm managed to post a marginal increase in its Q1 revenue at Rs 8,702 crore, up by 0.12% quarter-on-quarter.
Patanjali Foods
Patanjali Foods said Rajiv Jain-led investment management firm GQG Partners has acquired a 5.96% stake in the company through the offer-for-sale (OFS), which concluded on Friday. Allotment to non-retail investors was done at Rs 1,103.80 per share; GQG’s investment would, therefore, be worth around Rs 2,400 crore, analysts tracking the company said.
Indian Oil
Refining major Indian Oil has signed long-term deals with France’s TotalEnergies and UAE’s ADNOC LNG to procure 2 million metric tonne per annum (mtpa) of liquefied natural gas.
Infosys
IT major Infosys signed an agreement with a pre-existing client for providing artificial intelligence and automation-led development, modernization, and maintenance services. The total consideration for the deal is $2 billion over the course of five years.
Central Bank of India
Central Bank of India posted a profit jump of 81.4% for the quarter ended June 2023 to reach Rs 494.98 crore, in comparison to Rs 272.90 crore during the same period last year. The bank earned a total interest of Rs 7,258.97 crore, up 30.7% as against Rs 5,555.14 crore during Q1FY23.
Adani Total Gas
Oil regulator Petroleum and Natural Gas Regulatory Board has rejected Adani Total Gas Ltd‘s application for a licence to retail CNG to automobiles and piped gas to household kitchens in Noida, on the outskirts of the national capital, on grounds that it does not meet criteria.