Stocks to Watch: Key Developments and Results

The Indian stock market witnessed a volatile trading session on Wednesday, with the benchmark indices ending the day with a loss of nearly half a percent. The market’s performance was influenced by various news developments and the release of first-quarter results from several companies. In today’s trade, shares of Nykaa, TCS, Tata Elxsi, Glenmark Life, YES Bank, and Siemens will be in focus due to these factors.

TCS, Anand Rathi Wealth, and Akme Fintrade: First-Quarter Results

TCS, Anand Rathi Wealth, and Akme Fintrade will announce their first-quarter results today, which will be closely watched by investors. These companies are expected to provide insights into their financial performance and future prospects.

Yes Bank: Moody’s Revises Outlook and Acquisition Talks

Global rating agency Moody’s has revised its outlook on YES Bank from “stable” to “positive”, citing the lender’s expected improvement in its depositor base and lending franchise. This development is expected to boost the bank’s core profitability over the next 12-18 months. Additionally, First Abu Dhabi Bank PJSC is reportedly exploring the acquisition of a stake in YES Bank, estimated to be worth around $5 billion. The West Asian lender is considering a bid for up to 51% of YES Bank.

SBI: Infrastructure Bond Issuance

State Bank of India has successfully raised Rs 10,000 crore through its sixth infrastructure bond issuance, which was oversubscribed by approximately 3.6 times. The bonds were issued at a coupon rate of 7.36% and will be used to fund the bank’s infrastructure projects.

Glenmark Life: Stake Sale

Glenmark Pharma and Glen Saldanha plan to sell up to 7.85% of their stake in Glenmark Life through an Offer for Sale (OFS) at a minimum price of Rs 810 per share.

Nykaa: ICICI Prudential Mutual Fund’s Purchase

ICICI Prudential Mutual Fund purchased 1.5 crore shares of Nykaa on Wednesday at an average price of Rs 174.04 per share, amounting to a total transaction of Rs 256 crore.

Tata Elxsi: Financial Performance

Tata Elxsi reported a 6.5% quarter-on-quarter decline in net profit to Rs 184.1 crore. Revenue increased by 2.3% to Rs 926.5 crore, while EBIT decreased by 3.6% to Rs 225.3 crore. The company’s EBIT margin narrowed to 24.3% from 25.8% in the previous quarter.

Other Key Developments

IRB Infrastructure Developers reported a 35% year-on-year increase in gross toll collection to Rs 517 crore in June. Power Grid plans to borrow funds up to Rs 16,000 crore through bonds in the current financial year and increase its borrowing limits to Rs 15,000 crore from the existing Rs 12,000 crore.

Zydus Life has received tentative approval from the USFDA for diroximel fumarate delayed-release capsules, 231 mg, indicated for treating relapsing forms of multiple sclerosis (MS) in adults. Kesoram Industries reported a net loss of Rs 62 crore compared to Rs 32.4 crore last year, while Sula Vineyards reported its highest-ever Q1 revenue, with overall net revenue up by 9.7% year-on-year to Rs 129.6 crore.

Sona BLW Precision issued a corporate guarantee worth $2.8 million in favour of Citibank (China) for its Chinese arm, Comstar Automotive (Hangzhou), to secure proposed working capital and term loan facilities. Asian Paints has confirmed the implementation of a price hike across its product portfolio by approximately 1% effective from July 22. GE Power India will sell its hydro business to GE Power Electronics and its gas power business to GE Renewable Energy Technologies.

These developments and results will be closely watched by investors and analysts, providing valuable insights into the performance and prospects of these companies.

Historical Context:

The Indian stock market has been experiencing volatility in recent times, with the benchmark indices fluctuating due to various factors such as global economic trends, domestic policy decisions, and company-specific news. The Indian economy has been growing steadily, with the GDP growth rate increasing to 7.2% in the fourth quarter of 2022-23. The Reserve Bank of India (RBI) has been taking steps to control inflation, which has been a major concern for the economy. The RBI has been raising interest rates to curb inflation, which has led to a rise in bond yields and a decline in stock prices.

Key Developments and Results:

• TCS, Anand Rathi Wealth, and Akme Fintrade will announce their first-quarter results, which will provide insights into their financial performance and future prospects. • Moody’s has revised its outlook on YES Bank from “stable” to “positive”, citing the lender’s expected improvement in its depositor base and lending franchise. • First Abu Dhabi Bank PJSC is reportedly exploring the acquisition of a stake in YES Bank, estimated to be worth around $5 billion. • State Bank of India has successfully raised Rs 10,000 crore through its sixth infrastructure bond issuance, which was oversubscribed by approximately 3.6 times. • Glenmark Life plans to sell up to 7.85% of its stake through an Offer for Sale (OFS) at a minimum price of Rs 810 per share. • ICICI Prudential Mutual Fund purchased 1.5 crore shares of Nykaa on Wednesday at an average price of Rs 174.04 per share, amounting to a total transaction of Rs 256 crore. • Tata Elxsi reported a 6.5% quarter-on-quarter decline in net profit to Rs 184.1 crore, with revenue increasing by 2.3% to Rs 926.5 crore and EBIT decreasing by 3.6% to Rs 225.3 crore. • IRB Infrastructure Developers reported a 35% year-on-year increase in gross toll collection to Rs 517 crore in June. • Power Grid plans to borrow funds up to Rs 16,000 crore through bonds in the current financial year and increase its borrowing limits to Rs 15,000 crore from the existing Rs 12,000 crore. • Zydus Life has received tentative approval from the USFDA for diroximel fumarate delayed-release capsules, 231 mg, indicated for treating relapsing forms of multiple sclerosis (MS) in adults. • Kesoram Industries reported a net loss of Rs 62 crore compared to Rs 32.4 crore last year. • Sula Vineyards reported its highest-ever Q1 revenue, with overall net revenue up by 9.7% year-on-year to Rs 129.6 crore. • Sona BLW Precision issued a corporate guarantee worth $2.8 million in favour of Citibank (China) for its Chinese arm, Comstar Automotive (Hangzhou), to secure proposed working capital and term loan facilities. • Asian Paints has confirmed the implementation of a price hike across its product portfolio by approximately 1% effective from July 22. • GE Power India will sell its hydro business to GE Power Electronics and its gas power business to GE Renewable Energy Technologies.

Summary in Bullet Points:

• TCS, Anand Rathi Wealth, and Akme Fintrade will announce their first-quarter results. • Moody’s has revised its outlook on YES Bank from “stable” to “positive”. • First Abu Dhabi Bank PJSC is exploring the acquisition of a stake in YES Bank. • State Bank of India has successfully raised Rs 10,000 crore through its sixth infrastructure bond issuance. • Glenmark Life plans to sell up to 7.85% of its stake through an Offer for Sale (OFS). • ICICI Prudential Mutual Fund purchased 1.5 crore shares of Nykaa. • Tata Elxsi reported a decline in net profit and revenue growth. • IRB Infrastructure Developers reported a 35% year-on-year increase in gross toll collection. • Power Grid plans to borrow funds up to Rs 16,000 crore through bonds. • Zydus Life received tentative approval from the USFDA for diroximel fumarate delayed-release capsules. • Kesoram Industries reported a net loss. • Sula Vineyards reported its highest-ever Q1 revenue. • Sona BLW Precision issued a corporate guarantee worth $2.8 million. • Asian Paints confirmed a price hike across its product portfolio. • GE Power India will sell its hydro and gas power businesses.