Stocks To Watch- M&M, Axis Bank, Reliance Industries, RVNL, Cipla, TCPL, Nestle India, Bajaj Finserv, RBL Bank

Stocks To Watch: M&M, Axis Bank, Reliance Industries, RVNL, Cipla, TCPL, Nestle India, Bajaj Finserv, RBL Bank

Stocks in focus: The GIFT Nifty recorded a 0.20% gain during Thursday’s early trading session, with a value of 19,845 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex ended in the green. The Nifty 50 rose 50 points to close at 19,778.3. On the other hand, Sensex added 350 points to end at 66,707.2.

“Optimism has inched back today after the last three trading days of consolidation ahead of the FOMC meeting. As the market’s ambiguity against the monetary policy is likely to reverse henceforth, going forward we are unlikely to see another Fed rate hike in 2023. This is because inflation has rapidly come down and is forecast to settle down further. However, the interest rate is expected to stay high in the short-term since the rigidity of core inflation remains above the long-term average,” said Vinod Nair, Head of Research at Geojit Financial Services.

Axis Bank

Axis Bank posted net profit at Rs 5,797 crore in the first quarter of the current fiscal, higher than the Rs 4,125 crore reported a year ago, up 40.5% on-year.

RVNL

The government will offload a 5.36% stake in Rail Vikas Nigam (RVNL) through an offer-for-sale method, set to open on 27 July. The floor price for the OFS has been set at Rs 119 apiece, coming in at a 12% discount from the current levels.

Reliance Industries

Jio Financial Services and BlackRock announced that they will form a joint venture (JV) to launch an asset management company (AMC) – Jio Blackrock. This will be BlackRock’s second innings in India’s mutual fund industry. Jio BlackRock will be a 50:50 joint venture

Cipla

Cipla posted a profit increase of 45.1% at Rs 995.70 crore in comparison to Rs 686.40 crore during the corresponding quarter of FY23, beating estimates. It posted revenue from operations at Rs 6,328.89 crore, up 17.7% on-year.

Tata Consumer Products

Tata Consumer Products reported consolidated profit at Rs 337.71 crore during the first quarter of FY24, up 22% against Rs 276.72 crore during the corresponding quarter of last year. Revenue from operations came in at Rs 3,741.21 crore, up 12.5% as against Rs 3,326.83 crore during Q1FY23.

Jindal Stainless

Jindal Stainless on Wednesday posted a 45% cent jump in its consolidated net profit to Rs 737.58 crore in the April-June quarter on account of higher income.

Bajaj Finserv, Nestle India, Accelya Solutions, Indian Bank, Laurus Labs

Shares of Bajaj Finserv, Nestle India, Accelya Solutions, Indian Bank, Laurus Labs will be in focus today as they gear up to announce their first fiscal quarter earnings results.