Top-performing stocks today include RIL, HUL, Infosys, L&T, LTIMindtree, HAL, Utkarsh Small Finance Bank, and several others making headlines in the buzzing stock market.
Keep an eye on these noteworthy companies as they grab headlines ahead of the opening bell today.
On July 21, investors will closely monitor the quarterly earnings results of various companies, including Reliance Industries, HDFC Life Insurance Company, JSW Steel, UltraTech Cement, Vedanta, One 97 Communications, Aarti Drugs, Ashok Leyland, CMS Info Systems, CreditAccess Grameen, Cyient DLM, DLF, Dodla Dairy, Glenmark Life Sciences, Hindustan Zinc, Ramkrishna Forgings, and Tejas Networks for insights into their performance during the June FY24 quarter.
July 22 will see a spotlight on the quarterly earnings of ICICI Bank, Kotak Mahindra Bank, RBL Bank, AU Small Finance Bank, Yes Bank, Seshasayee Paper & Boards, Sportking India, Thirumalai Chemicals, and Titagarh Rail Systems as investors closely analyze their performance during this period.
Infosys, the country's second-largest IT services provider, reported a profit of Rs 5,945 crore for the quarter ending June FY24, representing a 3 percent decline compared to the previous quarter. The company also revised its full-year revenue growth guidance to 1-3.5 percent from the earlier projection of 4-7 percent, while maintaining the EBIT (Earnings Before Interest and Taxes) margin guidance at 20-22 percent. Despite the challenges, Infosys managed to achieve a 1.3 percent sequential growth in revenue, amounting to Rs 37,933 crore. In dollar terms, revenue rose by 1.4 percent QoQ to $4,617 million, with revenue growth in constant currency terms standing at 1 percent. These results surpassed the CNBC-TV18 poll estimates, which had predicted a 0.7 percent rise in revenue.
Hindustan Unilever, the FMCG major, has reported robust financial results for the quarter ending June FY24. The company achieved a noteworthy 6.1 percent year-on-year growth in revenue, reaching Rs 15,148 crore, along with an impressive 8 percent year-on-year increase in profit, totaling Rs 2,472 crore. These positive figures were driven by growth across all key segments, including home care, beauty & personal care, and foods & refreshments.
On the operational front, Hindustan Unilever's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surged by 8.4 percent to Rs 3,521 crore, leading to a margin expansion of 50 basis points at 23.2 percent compared to the same period last year.
However, the underlying volume growth for the quarter stood at 3 percent, which fell short of CNBC-TV18 poll estimates that had predicted a growth rate of 5-6 percent. Nonetheless, the company's overall performance remains strong and promising in the current market landscape.
Jindal Stainless: The nation's largest stainless steel manufacturing company has successfully concluded the acquisition of Jindal United Steel. Initially holding a 26 percent stake in Jindal United Steel, Jindal Stainless has now acquired the remaining 74 percent equity stake in the company for a cash consideration of Rs 958 crore. Following this transaction, Jindal United Steel has become a wholly-owned subsidiary of Jindal Stainless. Jindal United Steel currently operates a hot strip mill with a capacity of 1.6 million tons per annum (MTPA) and a cold rolling mill with a capacity of 0.2 MTPA. It is also undergoing capacity expansion up to 3.2 MTPA at Jajpur, Odisha.
Larsen & Toubro: The renowned engineering and infrastructure company has announced that its board of directors will convene on July 25 to consider the buyback of equity shares of the company and declare a special dividend for the financial year 2023-24. Upon approval, the record date for determining the entitlement of equity shareholders for the dividend will be set as August 2. Additionally, during the meeting, the board will also approve the unaudited consolidated and standalone financial results for the quarter ending June 2023.
Utkarsh Small Finance Bank: The shares of this small finance bank will be listed on the stock exchanges on July 21. The issue price has been set at Rs 25 per share.
LTIMindtree: In a strategic move, the technology consulting and digital solutions company has entered into a partnership with CYFIRMA, a prominent external threat landscape management platform company. The collaboration aims to bolster the threat intelligence capabilities of LTIMindtree's XDR (Extended Detection and Response) platform and assist global enterprises in identifying, evaluating, and managing potential risks and threats effectively.
Hindustan Aeronautics: A significant step has been taken as the state-owned defense major and Argentina have signed a Letter of Intent (LoI) to facilitate productive cooperation and the acquisition of light and medium utility helicopters for the armed forces of the Argentine Republic.
Persistent Systems: The Pune-based IT company has reported a net profit of Rs 228.8 crore for the quarter ending June FY24, which represents a 9 percent decline compared to the previous quarter, primarily due to weak operating performance. Despite the challenges, revenue in rupee terms saw a 3 percent QoQ growth, amounting to Rs 2,321.2 crore, and revenue in dollar terms also increased by 3 percent to $282.90 million for the quarter. The order booking for the quarter ended June 2023 reached $380.3 million in total contract value and $271.9 million in annual contract value terms.
Mahindra and Mahindra: The Federal District Court at Michigan has issued an order on Fiat Chrysler Automobile's (FCA) renewed motion to enjoin the Post-2020 ROXOR and, after analysis, declined to apply the safe distance rule as requested by FCA. Consequently, FCA's motion to enjoin the Post-2020 ROXOR has been denied. With this ruling, Mahindra Automotive North America, a subsidiary of Mahindra and Mahindra, retains the freedom to produce, sell, and distribute the Post-2020 ROXOR in the United States without any restraints.
IndusInd Bank: The private sector lender has received board approval for raising funds up to Rs 20,000 crore through the issuance of debt securities on a private placement basis.
What's Your Reaction?
