Stocks to watch, July 10: L&T Finance, Dixon Tech, TCS, IT stocks, BoM, Indian Bank, Torrent Pharma, SAIL

The domestic stock market is expected to open in the green on Friday, July 10. The GIFT NIFTY futures suggest that the NIFTY50 index will open 119 points higher.

The results come at a time when concerns are mounting over the growth outlook for India's $315-billion IT services industry amid the rapid adoption of artificial intelligence. Excluding exceptional items, TCS said its June-quarter net profit rose **8.5% year-on-year to ₹13,849 crore.

Managing Director and CEO K. Krithivasan said the demand environment remained subdued during the quarter due to geopolitical tensions, with some clients delaying project decisions. However, he struck a more optimistic tone on the outlook.

"The assignment of the BBB- long-term issuer credit rating places Federal Bank in the global investment-grade category and marks an important milestone in the Bank's evolution. It is the first international issuer credit rating assigned to the Bank by S&P Global Ratings," the bank said in its press release.

The press release added that the rating reflects an independent assessment of Federal Bank's credit profile and underscores the strength of its franchise, disciplined risk management, sound capitalisation, diversified funding profile, liquidity position and consistent financial performance.

The agreement is effective from the current financial year and comes with an option to renew for 10 years. The company said the licensor will not have any board representation or equity stake in Lux Industries, and the transaction is not a related-party deal.

To achieve this, SAIL is developing the longest slurry pipeline in India's steel sector, the company said, adding that this will eliminate dependence on railway rakes for transporting iron ore.

As part of an expansion project, the plant's crude steel production capacity will increase from the current 4.65 MT per annum (MTPA) to 7.25 MTPA, while its hot metal production capacity will be enhanced to 7.55 MTPA. The project involves a direct capital investment of approximately ₹15,000 crore.

The company's PAT stood at ₹93.8 crore in the corresponding quarter of the previous financial year.

Total revenue increased 18% to ₹336.4 crore during the April-June period from ₹284.1 crore a year earlier, the company said in a statement.

Assets under management (AUM) grew 21% year-on-year to surpass the ₹1 lakh crore mark, reaching ₹1,06,300 crore as of June-end, supported by a net inflow of ₹2,743 crore during the first quarter of FY27.

“This action follows a product recall notification issued by our manufacturer Dr Reddy's Laboratories Ltd., Hyderabad (DRL), for a technical evaluation,” Torrent Pharmaceuticals said in a regulatory filing.

The affected product by the recall is Semalix injection of select batches of 2 mg and 4 mg, manufactured by DRL, it added.

There is no risk to patients already on this treatment because of the recall, the company said.

All other SKUs of Semaglutide being sold by Torrent, including the oral formulation, remain completely unaffected, it added.

In a regulatory filing on Thursday, the Mumbai-based Oberoi Realty, which recently announced a foray into the Delhi-NCR market, said the court ruling has not stayed construction of this upcoming project, and the order does not impact sales already concluded.

The company said it would "pursue the necessary legal course of action".

On June 29, Oberoi Realty announced that it will invest ₹6,000 crore to develop its first housing project.