Stocks To Watch- Adani Ports, Paytm, GCPL, HDFC Bank, Inox Wind, Torrent Pharma, Coal India, Ramco Cements

Stocks To Watch: Adani Ports, Paytm, GCPL, HDFC Bank, Inox Wind, Torrent Pharma, Coal India, Ramco Cements

Stocks in focus: The GIFT Nifty was flat during Tuesday’s early trading session, down by 0.01% at 19,677, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. On Monday, the Nifty 50 added 80.3 points to close at 19,597.3. On the other hand, Sensex jumped 0.35% to end at 65,953.48.

“The Indian market began the data-centric week with modest gains, primarily propelled by strong performances in the pharma and IT sectors. Global markets portrayed a mixed picture, with US futures exhibiting positivity in response to a moderation in bond yields, while European markets experienced declines due to weak economic data. Caution prevailed in the market due to the anticipation of upcoming inflation data and the RBI’s monetary policy,” said Vinod Nair, Head of Research at Geojit Financial Services.

Paytm

Price Waterhouse (PwC) has resigned as the auditor of Paytm Payments Services (PPSL) with effect from August 7, said One 97 Communications, Paytm parent, said in a regulatory filing. The company has appointed SR Batliboi & Associates as the statutory auditors of PPSL.

Adani Green

Qatar Investment Authority acquired a 2.7% stake in Adani Green Energy in a block deal on Monday for a total consideration of Rs 3,920 crore. The deal comes nearly a month after the renewable energy firm raised funds from GQG Partners and other investors.

HDFC Bank

HDFC Bank has hiked its marginal cost-of-funds-based lending rate (MCLR) by up to 15 basis points across select tenures with immediate effect. The new rates are in the range of 8.35-9.20% per annum.

Ramco Cements

Ramco Cements declared net revenue of Rs 2,249 crore in the first fiscal quarter compared to Rs 1,779 crores during the corresponding quarter in the year-ago period with a growth of 26%. EBITDA for Q1FY24 is Rs 349 crores as against Rs 308 crores during Q1FY23 with growth of 14 per cent. EBITDA margin was affected due to higher fuel and weak cement prices.

Inox Wind

Sources suggested that the promoter entity of Inox Wind will offload a stake worth Rs 500 crore in a block deal on Tuesday. The offer price will be set at a maximum discount of 5% from the current market price.

Torrent Pharma

Torrent Pharma clocked a 6.6% hike on-year in net profit at Rs 378 crore for the quarter ended 30 June. Total revenue was 10% higher on-year at Rs 3448.9 crore compared to Rs 3124.9 crore in the first quarter of the previous financial year.

Adani Ports, Coal India, Utkarsh Small Finance Bank, Gujarat State Fertilisers & Chemicals, Happiest Minds Technologies, Birla Corporation, Hindalco Industries, Ircon International, Oil India

Shares of Adani Ports, Coal India, Utkarsh Small Finance Bank, Gujarat State Fertilisers & Chemicals, Happiest Minds Technologies, Birla Corporation, Hindalco Industries, Ircon International, Oil India will be in focus today as the firms gear up to announce their first fiscal quarter earnings results.

(With agency inputs.)