Stocks To Watch- Infosys, IOC, Titan, Tata Steel, JK Cement, Dabur, Suzlon, Ujjivan Small Finance Bank

Stocks To Watch: Infosys, IOC, Titan, Tata Steel, JK Cement, Dabur, Suzlon, Ujjivan Small Finance Bank

Stocks in focus: The GIFT Nifty recorded a 0.31% loss during Friday’s early trading session, with a value of 19,488 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. On Thursday, benchmark Indian equity indices Nifty and Sensex hit fresh all-time highs. Nifty soared above 19,500 but pared its gains to settle just shy of the level at 19,497.3, while Sensex ended higher by 0.52% at 65,785.64.

“Foreign investors continue to provide unwavering support to the domestic market, helping to sustain the ongoing rally despite weak global cues. India’s underperformance during the year is expected to reverse moving ahead. The mid- and small-cap segments have outperformed the benchmark index, with realty, oil & gas, power and consumption stocks leading the sectorial rally as provisional & economic data suggest a good Q1FY24 results. However, global markets are displaying a negative trend, influenced by hawkish FOMC minutes and US-China tensions,” said Vinod Nair, Head of Research at Geojit Financial Services.

IOC

Indian Oil Corporation to invest Rs 54,000 crore on various major projects in Tamil Nadu in the next few years. The projects include the new 9 MTPA grass-roots refinery along with CPCL at an estimated cost of Rs 35,580 crore at Nagapattinam, product pipelines at Rs 2,600 crore, city gas distribution projects at Rs 7,570 crore and gas pipelines, including for LPG, at Rs 2,225 crore.

Titan

Titan registered a 20% on-year revenue growth for the quarter ended 30 June, and the key consumer businesses recorded double-digit growth. The flagship jewellery portion saw a 21% on-year growth.

Ujjivan Small Finance Bank

The gross loan book of Ujjivan Small Finance Bank rose 31% on-year to Rs 25,346 crore as on June 30; gaining 5% on a sequential basis.

Dabur

Dabur India estimated that first-quarter sales increased more than 10%, as easing inflation allowed customers to spend more on the consumer goods company’s products. Demand trends in both urban and rural India improved during the quarter, Dabur said.

JK Cement

JK Maxx Paints invested an amount of Rs 60.24 crore towards the acquisition of 20% equity shares of Acro Paints. Following this second tranche of investment, JKMPL has a total of 80% equity share capital of APL with immediate effect.

Suzlon

Suzlon’s board of directors will convene to discuss the possibility of fundraising following the recent rights issue.

Tata Steel

Tata Steel’s domestic production of crude steel clocked in at 5.01 million tonnes, growing 2% on-year for the quarter ended 30 June, 2023. The production fell sequentially as a result of planned maintenance shutdowns.