Top Stocks for July 22: RIL, HDFC Bank, Wipro, YES Bank, IDBI Bank, PVR

Photo: Reuters

Stocks to Watch Today: July 22, 2024

Today, Monday, July 22, 2024, Indian stock markets are poised for a weak start, with benchmark indices BSE Sensex and NSE Nifty50 indicating a downward trend. At 7:05 AM, GIFT Nifty futures suggested a gap-down of over 100 points. This follows Friday's profit booking, subpar June quarter results from Reliance Industries, and the surprising news of US President Joe Biden withdrawing from the November 2024 elections.

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Globally, major indices are also experiencing declines: Nikkei and Kospi are down over 1% each, ASX200 and Shanghai Composite have fallen 0.8% each, and Hang Seng is down by 0.4%. Markets are also gearing up for several key events this week, including the Economic Survey 2023-24, Union Budget 2024-25, monthly F&O expiry for July, Q1FY25 results, and US GDP data.

Stocks to Watch Today:

• Reliance Industries: Mukesh Ambani's Reliance Industries Limited reported a 5.5% year-on-year decline in consolidated profit, totaling ₹15,138 crore for Q1FY25. Revenue for the quarter was ₹2.32 trillion, up 11.7% year-on-year.

• HDFC Bank: The bank posted a 35% year-on-year growth in net profit to ₹16,175 crore for the June quarter, surpassing Bloomberg’s estimate of ₹15,652 crore. Net Interest Income (NII) increased by 26.4% year-on-year to ₹29,837 crore, with a net interest margin of 3.47%.

• Wipro: The IT firm announced a Q1FY25 net profit of ₹3,036.6 crore, reflecting a 5.2% year-on-year and 6.2% quarter-on-quarter increase. This result exceeded Bloomberg estimates of ₹2,931 crore. Wipro slightly adjusted its revenue guidance for the second quarter from -1% to +1%.

• Kotak Mahindra Bank: The bank reported a consolidated net profit of ₹7,448 crore for Q1FY25, marking a 79% year-on-year increase. This included gains from the sale of a 70% stake in Kotak General Insurance to Zurich Insurance Group.

• YES Bank: YES Bank's net profit for Q1FY25 surged by 46.7% to ₹502 crore, driven by a strong increase in NII and reduced provisions. NII grew by 12.2% year-on-year to ₹2,244 crore, although net interest margin slipped to 2.4%.

• PVR Inox: The cinema chain's consolidated net loss widened to ₹179 crore in Q1FY25 from ₹82 crore in Q1FY24. However, Managing Director Ajay Bijli expressed optimism about future releases and a potential recovery in Hollywood.

• SpiceJet: The airline faced a 'Qualified Opinion' from its auditor on FY24 accounts due to non-compliance with various regulations.

• Oberoi Realty: The real estate company reported an 82% increase in consolidated net profit to ₹584.51 crore for Q1FY25. Total income rose to ₹1,441.95 crore compared to ₹933.56 crore in Q1FY24.

• Other Q1FY25 Results: Companies like Aarti Surfactants, Poonawalla Fincorp, Shakti Pumps, Netweb Technologies, JK Cements, RBL Bank, Union Bank of India, Patanjali Foods, and Nippon India Life also released their results.

• Railtel: Railtel Corporation of India has set August 14, 2024, as the 'Record Date' for the final dividend of ₹1.85 per share for FY24.

• KPI Green Energy: The company secured a Letter of Award from MAHAGENCO for a 100 MW solar power project in Maharashtra.

• Zaggle Prepaid Ocean Services: Zaggle has entered into a three-year agreement with PNB MetLife India Insurance Company to provide Zaggle Save for employee expense management and benefits.

• Mahindra & Mahindra: The company introduced its new SUV brand, Mahindra 'Thar ROXX', under the Thar portfolio.

• HDFC Life Insurance: A tax demand notice was revised from ₹4,179 crore to ₹1,868 crore.

• JSW Infra: JSW Infra approved the purchase of assets for a 30 MTPA slurry pipeline project in Odisha for ₹1,700 crore.

• Anant Raj: Anant Raj Cloud Pvt. Ltd, a subsidiary, signed an MoU with Google LLC for various services.

• Coal India: Coal India received a Composite license for prospecting and mining from the Ministry of Mines, Govt of India.

• IndusInd Bank: The board approved raising up to ₹20,000 crore through debt securities via private placement.

• Vedanta: The mining company raised ₹8,500 crore through a Qualified Institutional Placement (QIP).

• Dish TV: The board will meet on July 24, 2024, to consider a fund-raising proposal.