Stocks in focus: The GIFT Nifty recorded a 0.05% gain during Friday’s early trading session, with a value of 19,869 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 again and ended Thursday’s trading session broadly in green. The Nifty 50 rose 146 points to close at 19,979.15, a whisker away from 20,000. Sensex jumped around 500 points to 67,571.90, a new all-time closing high.
“Unlocking of value by heavy weights (like RIL & ITC) is apprising the main indices. The anticipation of a good Q1 results from Banks, is providing an extra boost to drive to new highs. Mixed cues from global peers is not disturbing the mood of the domestic market as FIIs inflows stay put to the prospects of the Indian economy” said Vinod Nair, Head of Research at Geojit Financial Services.
HUL
Hindustan Unilever recorded fiscal first quarter profit at Rs 2,556 crore, up 6.9% in comparison to Rs 2,391 crore in the corresponding quarter of last year and missed the street’s estimates. It clocked a total income of Rs 15,679 crore, up 6.2% as against Rs 14,757 crore during the first quarter of FY23.
IndusInd Bank
IndusInd Bank’s board of directors approved a fund raising funds up to Rs 20,000 crore via debt securities on a private placement basis.
Jindal Stainless
Jindal Stainless completed the acquisition of Jindal United Steel (JUSL) by acquiring the remaining 74% stake for Rs 958 crore. Following the transaction, JUSL has become a wholly-owned subsidiary of JSL.
Persistent Systems
Persistent Systems reported an 8.1% on-year rise in net profit to Rs 228.76 crore and a 23.6% increase in revenues to Rs 2,321 crore for the April-June quarter of FY24.
Larsen & Toubro
Larsen & Toubro (L&T) will seek approvals from shareholders for a share buyback, the first-ever in its history, and also for a special dividend for FY24.The company’s board will seek approvals for the buyback and special dividend at its board meeting convened on July 25.
TCS
Tata Consultancy Services bagged a deal from British Broadcasting Corporation (BBC) to change their finance, procurement and HR applications management. The company will leverage AI-driven human-machine collaboration suite, TCS Cognix in the multi-year partnership.
Union Bank of India
Union Bank of India posted a 108% on-year rise in net profit during the April-June quarter, riding on strong loan growth and an improvement in asset quality. The bank posted a net profit of Rs 3,236 crore in the quarter under review, up 16% on a sequential basis.