Stocks To Watch Today: ACC, Infosys, L&T Infotech, Mindtree, Tata Power
Here are the stocks to watch going into trade today..
Stocks and US equity futures fell Thursday after US inflation accelerated above expectations. The hotter-than-expected print is likely to force the Federal Reserve to be aggressive in its efforts to tackle price rise.
Japan led the decline in Asian equities, while S&P 500 and Nasdaq 100 futures lost 0.5% after a volatile US session on Wall Street.
At 6:20 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.39% at 15,910. L&T Infotech, Tata Elxsi, Angel One and ACC are among the companies scheduled to report their June quarter earnings today.
A dollar gauge advanced, commodity-linked currencies retreated and the euro fell back toward $1 after briefly dipping below that level Wednesday.
Nymex crude hovered around $96 a barrel. Bitcoin rallied past $20,000.
Here's a look at the stocks to watch today:
Infosys: The company will acquire Denmark-based BASE Life Science for €110 million. The deal is likely to close during the second quarter of FY23.
Tata Power: TP Saurya, a wholly owned subsidiary, has won a contract from Solar Energy Corporation of India for setting up a 600 MW hybrid (wind and solar) power project in Karnataka. This will increase Tata Power's total renewables capacity to 5,524 MW.
JSW Energy: JSW Neo Energy, a wholly owned subsidiary, has won a deal from Solar Energy Corporation of India to set up a 300 MW wind power plant.
Sanofi: The company will consider one-time special interim dividend for the year ending Dec. 31, 2022, on July 26.
Jubliant Pharmova: Jubilant Pharma Holdings Ltd., a unit of Jubilant Pharma, has secured a five-year loan facility from Standard Chartered Bank to repay $350 million in term loans and bonds. An additional $50 million has been earmarked for capital expenditure.
Hindustan Zinc: The company has approved interim dividend of Rs 21 per share of face value of Rs 2 each for FY23, amounting to Rs 8,873.17 crore.
NHPC: The company has received approval of the Ministry of Power for pre-investment activities at Sawalkot Hydroelectric Project in J&K for an amount of Rs 973 crore at November 2021 price level.
Maximus International: The company has drawn-up a more than Rs 25-crore expansion plan for East African operations, over the next 2-3 years.
Earnings Post Market Hours
Mindtree Q1 FY23 (Consolidated, QoQ)
Revenue up 7.7% at Rs 3,121.1 crore
EBIT down 9% at Rs 598.20 crore
EBIT margin at 19.17% vs 18.94%
Net profit down 0.32% at Rs 471.6 crore
Tata Metaliks Q1 FY23 (Consolidated, YoY)
Revenue up 10.5% at Rs 666.37 crore
EBITDA down 84% at Rs 24.13 crore
EBITDA margin at 3.6% vs 25.5%
Net profit down 98.7% at Rs 1.22 crore
Analyst Actions
Emkay on Mindtree
Reiterates 'buy' with a target price kept unchanged at Rs 3,400 at 25x Jun'24E EPS
Cites strong execution, margin defense and benefits from merger synergies with LTI in the medium term as positives
Nomura on Mindtree
Retains 'neutral' and raises target price from Rs 2,830 to Rs 2,910, an implied return of 0.32%
Marginally raises FY23-24F EPS by 2-3% to factor in better margin
Prefers Infosys in the large cap space.
Earnings Today
L&T Infotech
Tata Elxsi
Angel One
ACC
Pledged Share Details
Max Financial Services: Promoter Max Ventures Investment Holdings revoked a pledge of 1.6 lakh shares on July 11.
Bulk Deals
Rites: HDFC Mutual Fund sold 31.18 lakh (1.29%) shares at Rs 235 apiece.
Sunteck Realty: Jainam Broking bought 7.91 lakh (0.54%) shares at Rs 502.92 apiece.
Zydus Wellness: Nippon India Mutual Fund A/C Nippon India Small Cap fund bought 9.36 lakh (1.47%) shares at Rs 1,540 apiece. Pioneer Investment Fund sold 8.07 lakh (1.26%) shares at Rs 1,540.21 apiece.
Who’s Meeting Whom
Persistent Systems: To meet investors and analysts on July 22.
ICICI Prudential Life: To meet investors and analysts on July 16.
Angel One: To meet investors and analysts on July 15.
AGMs Today
L&T Infotech
Sona BLW Precision Forgings
Escorts Kubota
Raymond
Trading Tweaks:
Price Band Revised From 20% To 10%: PC Jeweller
Ex-Date Annual General Meeting: Atul, Bosch, Mahindra & Mahindra
Ex-Date Dividend: Atul, Bosch, Mahindra & Mahindra, Bharat Forge, Coromandel International, Wipro, Ashok Leyland, Safari Industries
Ex-Date Final Dividend: Adani Enterprises, Adani Ports and Special Economic Zone, Adani Total Gas, Bosch, Birlasoft, Lupin, Neuland Laboratories, Piramal Enterprises, Hitachi Energy India, Redington (India), Route Mobile, Sasken Technologies, Zensar Technologies, Zydus Wellness
Ex-Date Special Dividend: Bosch
Ex-Date Interim Dividend: Tata Consultancy Services
Ex-Date Buy Back: Birlasoft
Record-Date Dividend: Shree Cement, Aditya Birla Sun Life AMC
Record-Date Final Dividend: Shree Cement, Aditya Birla Sun Life Asset Management Co.
Move Into Short-Term ASM Framework: CEAT, Shalimar Paints
Research Reports:
Ola Electric - Set To Lead India Automotive Electrification Movement: ICICI Securities
Life Insurance Premium Sees Marginal Change In June, Points To Growth Normalisation: CareEdge
HG Infra FY22 Annual Report Analysis - Infrastructure Beyond Highways: Dolat Capital
India Economy - CPI Inflation Unchanged At 7% In June; Lower-Than-Expected IIP In May: Motilal Oswal
