Stocks To Watch- TCS, Maruti Suzuki, SBI Cards, NTPC, Adani Green, Power Grid, Piramal Enterprises, GAIL

Stocks To Watch: TCS, Maruti Suzuki, SBI Cards, NTPC, Adani Green, Power Grid, Piramal Enterprises, GAIL

Stocks in focus: The GIFT Nifty traded flat during Monday’s early trading session, indicating a similar opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex ended marginally red after trimming most losses on Friday. The Nifty 50 fell 0.05% to close at 19,646. On the other hand, Sensex tanked 106 points to end at 66,160.2.

“The better-than-expected US Q2 GDP data, though positive, hindered the mood of the domestic market as it signalled the chances of another rate hike. The Fed chief’s comments about a data-centric approach without ruling out rate hikes added to the uncertainty. Furthermore, the reversal of the buying trend by FII and the rise in US bond yields contributed to market volatility. However, Asian markets remained largely positive due to the BOJ’s decision to retain the policy rate, contrary to speculation about the removal of stimulus measures,” said Vinod Nair, Head of Research at Geojit Financial Services.

SBI Cards

SBI Cards and Payment Services reported a slide in first-quarter profit as elevated credit costs and margin compression offset growth in revenue. Profit after tax for the June quarter fell 5.36% to Rs 5.93 billion.

IDFC First Bank

IDFC First Bank posted its fiscal first quarter profit, on a standalone basis, at Rs 765 crore, up 61% in comparison to Rs 474 crore in Q1FY23, in line with the estimates. The profit growth was driven by strong growth in core operating income.

NTPC

NTPC reported a 23% rise in consolidated net profit at Rs 4,907.13 crore for June quarter 2023-24. In the year-ago period, net profit was Rs 3,977.77 crore.

Bank of India

Bank of India reported a nearly three-fold surge in net profit at Rs 1,551 crore in the current quarter, due to a decline in bad loans and higher margins following repricing of existing assets.

Piramal Enterprises

Piramal Enterprises’ board of directors approved a share buyback of up to 1.4 crore shares, at Rs 1,250 apiece, not exceeding an aggregate amount of Rs 1,750 crore.

Power Grid

Power Grid Corporation’s board has approved raising up to Rs 5,700 crore this fiscal in multiple tranches through issuance of unsecured bonds on a private placement basis. The funds raised will be used to part finance its capex requirement.

Maruti Suzuki, Adani Green, Power Grid, GAIL, Adani Transmission

Shares of Maruti Suzuki, Adani Green, Power Grid, GAIL, Adani Transmission will be in focus today as they gear up to announce their first fiscal quarter earnings results.