Stocks to watch: Dr Reddy’s, Tata Motors, HAL, Bajaj Finance, Nestle India

Stocks to watch today: Indian stock markets are set to open on a positive note after the US Federal Reserve hiked interest rates in line with street estimates, up 75 basis points for the second month in a row. As of 7:20 a.m., the SGX Nifty Futures showed 16,760 levels, up about 119 points on the Nifty50.

Globally, U.S. markets rallied strongly on Wednesday after Fed Chairman Jerome Powell relieved investors of the pace of rate hikes. The Dow Jones gained more than 400 points to 1.3%, while the S&P 500 climbed 2.6% and the NASDAQ Composite jumped 4.06%.

Asia-Pacific markets, however, traded mixed on Thursday morning. Japan’s Nikkei 225 fell 0.1%, while South Korea’s Kospi climbed 0.6%.

Meanwhile, back home, here’s a list of stocks that could see action in Thursday’s trade:

Results today: Bajaj Finserv, Dr Reddy’s, Nestle India, SBI Life Insurance, Vedanta, SBI Cards, Shree Cements, TVS Motor, Shriram Transport Finance Company, Jubilant Foodworks, Punjab National Bank, Dr Lal Pathlabs, KPR Mill, TTK Prestige and Westlife Development publish their results for the June quarter (Q1FY23).

Bajaj Finance: The company posted the highest quarterly consolidated net profit ever at Rs 2,956 crore for the first quarter of FY23 on the back of robust revenue from steady loan growth. Total revenue increased 38% year-on-year (YoY) to Rs 9,283 crore in the first quarter of FY23 from Rs 6,743 crore a year ago. Management said the company recorded the highest quarterly customer deductible increase of 27.3 lakh in Q1FY23. READ MORE

Tata engines: The auto major posted a consolidated net loss of Rs 5,007 crore in Q1FY23 from Rs 4,451 crore a year earlier. That aside, consolidated revenue from operations increased by 8% year-on-year to Rs Rs 71,935 crore from Rs 66,406 crore in Q1FY22. Management expects to achieve free cash flow starting in the second quarter and be free of auto debt by FY24. READ MORE

Maruti Suzuki India: The automaker doubled its consolidated net profit for Q1FY23 to Rs Rs 1,013 crore, due to the weak base in the prior year period. While Ebit operating profit stood at Rs 1,260.7 crore in Q1FY23, Ebitda margin – a key measure of profitability – stood at 7.2% in the quarter. Management said it was working to cut costs to minimize the impact on customers. READ MORE

Biocon: The company recorded a 71% year-on-year increase in consolidated net profit to Rs 144 crore in Q1FY23 from Rs 84 crore thanks to steady growth in verticals. The company’s total revenue rose to Rs 2,217 crore in the first quarter of FY23 from Rs 1,808 crore a year ago. Management remains confident of sustainable growth in the next phase. READ MORE

Blue Dart Express: The major logistics company tripled consolidated profit after tax (PAT) to Rs 118.79 crore in the first quarter of FY23 from Rs 31.3 crore a year ago. Operating revenue, meanwhile, recorded a growth of 49.3% to Rs 1,293.3 from Rs 866.2 crore in Q1FY22. Ebitda increased by 125% year-on-year to Rs 201 crore, while Ebitda margin stood at 15.5%. READ MORE

United Breweries: The beer maker quintupled its consolidated net profit to Rs 162.50 crore in Q1FY23 from Rs 30.9 crore a year ago, due to the surge in volumes. Operating income soared 95.88% to Rs 5,196.08 crore in the quarter under review. However, gross margin was 408 basis points lower year-on-year due to barley and crude oil price inflation. READ MORE

HAL: They signed a $100 million contract with Honeywell for 88 engines to power the Hindustan Turbo Trainer – 40 (HTT-40), on which Army, Navy and Army pilots Indian Air Force (IAF) will first learn to fly. While the final price of HTT-40 is still under negotiation between HAL and IAF, reports suggest in the range of Rs 50-55 crore.

Poonawalla Fincorp: The company recorded a 118% year-on-year increase in net profit to Rs 141 crore in Q1FY23 thanks to improved net interest margins. That said, NIMs rose 155 basis points year-on-year to 9.5%, while the cost of borrowing fell to 6.9% in June 2023 from 9.6% a year ago. .

Shriram City Union Finances: The two-wheeled financier posted a 61% year-on-year increase in consolidated net profit in the first quarter of FY23 to Rs 354 crore from Rs 220 crore a year ago. The company’s operating income in the quarter under review increased by 24% year-on-year to Rs 2,003 crore from Rs 1,611 crore in Q4FY22.

Mahindra Living Space: The company announced the retirement of Arun Nanda as chairman. Nanda will be replaced by Ameet Hariani, an independent director on the board since 2017.

Stocks under F&O prohibition: Delta Corporation and Indiabulls Housing Finance were banned during the F&O blackout period on Thursday, July 28.

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