Stocks in focus: The GIFT Nifty flat higher during Monday’s early trading session, up by 0.03% at 19,595, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex snapped their three day losing streak. The Nifty 50 added 135.35 points to close at 19,517. On the other hand, Sensex jumped 0.74% to end at 65,721.25.
“Positive earnings reports provided a much-needed boost to the domestic market, aiding its recovery from the impact of weak global cues. The pharma sector sustained its positive momentum, with the trend being extended by the IT and banking stocks. However, increasing US bond yields continued to distract the global market, impeding the inflow of foreign funds into the domestic market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Reliance Industries
Reliance Jio has received $2.2 billion in fund support from the Swedish export credit agency to finance equipment for the 5G rollout, according to Reliance Industries’ annual report. The company has largely procured telecom gears from Swedish firm Ericsson and Finnish company Nokia to deploy its 5G network. Additionally, RIL will hold its AGM on 28 August.
BHEL
Bharat Heavy Electricals reported a fiscal first quarter loss at Rs 343.89 crore, widening from Rs 187.99 crore during the corresponding quarter of last year, primarily due to higher expenses.
Adani Power
Adani Power posted an 83.3% jump in its consolidated net profit to Rs 8,759.42 crore for the April-June quarter on account of higher income. It had reported a net profit of Rs 4,779.86 crore in the April-June period of the preceding 2022-23 fiscal.
Aditya Birla Fashion and Retail
Aditya Birla Fashion and Retail posted its fiscal first quarter earnings wherein it reported a loss of Rs 161.62 crore from a profit of Rs 94.44 crore during the corresponding quarter of FY23.
Britannia Industries
Britannia Industries posted its fiscal first quarter profit at Rs 455.45 crore, up 35.7% in comparison to Rs 335.74 crore during the corresponding quarter of FY23, missing estimates. It posted revenue from operations at Rs 4,010.70 crore, up 8.4% as against Rs 3,700.96 crore during the same period last year.
Bank of Baroda
Bank of Baroda on Saturday reported an 88% jump in net profit at Rs 4,070 crore in the June quarter boosted by healthy interest income on the back of asset repricing and higher loan sales.
Punjab and Sind Bank
Public sector lender Punjab & Sind Bank on Saturday reported a 25% decline in net profit to Rs 153 crore for the June 2023 quarter, partly due to the provision of wage revision and fresh slippages. The lender had reported a net profit of Rs 205 crore in the April-June quarter of 2022-23.
Gland Pharma, Gujarat Narmada Valley Fertilizers & Chemicals, Godrej Consumer Products, Jindal Worldwide, Jupiter Wagons, Max Healthcare Institute, Olectra Greentech, PB Fintech, Ramco Cements, Tata Chemicals and Torrent Pharmaceuticals
Shares of Gland Pharma, Gujarat Narmada Valley Fertilizers & Chemicals, Godrej Consumer Products, Jindal Worldwide, Jupiter Wagons, Max Healthcare Institute, Olectra Greentech, PB Fintech, Ramco Cements, Tata Chemicals and Torrent Pharmaceuticals will be in focus today as the firms gear up to announce their first fiscal quarter earnings results.
(With agency inputs.)