Domestic equities are expected to open in the green on Friday, August 9. At 07:36 AM, the GIFT Nifty futures traded 16 points, or 0.07% higher at 24,387.50 levels. This implies the NIFTY50 will open 251 points higher, as per publicly available information.
Here’s a list of stocks that may remain in focus today:
Ola Electric: Shares of the company are slated to be listed on the bourses today. The company's IPO concluded on August 6, 2024, with an overall subscription rate of 4.45 times.
Earnings today: CE Info Systems (MapmyIndia), Trent, Zydus Lifesciences, Sun TV Network, Siemens India, Rupa & Company, Muthoot Microfin, and Matrimony.com are some of the names that are slated to release their June quarter results today.
Cochin Shipyard reported on August 8 a 77% jump in net profit at ₹174.2 crore in the first quarter of FY25, compared to ₹98.6 crore in the corresponding period of the previous financial year. The state-run firm’s revenue from operations jumped 62.1% to ₹771.47 crore in the quarter under review over ₹475.86 crore in the year-ago period.
However, on a sequential basis, both the topline and the bottomline slipped.
SAIL: The state-owned steel company on Thursday posted a 61.51% fall in consolidated net profit to ₹81.78 crore, mainly on account of reduced income. It had reported a net profit of ₹212.48 crore during the April-June period of the preceding 2023–24 fiscal, the company said in an exchange filing.
The company's total income declined to ₹24,174.80 crore during the quarter from ₹24,822.83 crore a year ago. Its expenses were at ₹23,871.60 crore as against ₹24,598.06 crore in the year-ago period. The standalone profit after tax nosedived to ₹10.68 crore from ₹150 crore in April-June, FY24.
LIC:
Life Insurance Corporation of India (LIC) on Thursday reported a 10% rise in its net profit to ₹10,461 crore in the June 2024 quarter. The state-owned life insurance behemoth had a net profit of ₹9,544 crore in the year-ago period. The total income increased to ₹2,10,910 crore during the latest June quarter as against ₹1,88,749 crore in the year-ago period.
MD and CEO Siddhartha Mohanty said the assets under management (AUM) increased to ₹53,58,781 crore as of June 30 as compared to ₹46,11,067 crore at the end of the same quarter last year, registering an increase of 16.22%.
The total premium income for the quarter increased by 16% to ₹1,13,770 crore as compared to ₹98,363 crore in the same quarter a year ago.
SJVN: As per news reports, the company's board will consider in a meeting on August 13 a proposal to raise funds through securitisation of assets and stake sale in its wholly owned subsidiary, SJVN Green Energy Ltd.
Sobha: The realty firm on Thursday reported a 50% fall in its consolidated net profit to ₹6.05 crore in the June 2024 quarter. Its net profit stood at ₹12.05 crore in the year-ago period. Total income also declined to ₹669.85 crore during the April-June period of this fiscal year from ₹939.24 crore a year ago.
The strong performance in Q1 FY25 was supported by robust housing demand across all our operational markets and a steady focus on efficient execution, Jagadish Nangineni, Managing Director at Sobha Ltd., said.
CONCOR: Container Corporation of India posted a 5% rise in first-quarter profit on Thursday, aided by strong cargo volume growth. Consolidated net profit rose to ₹258 crore ($30.7 million) for the quarter ended June 30, from ₹246 crore a year ago.
Eicher Motors:
Eicher Motors on Thursday said its consolidated profit after tax increased 20% year-on-year to ₹1,101 crore in the first quarter ended June 2024, aided by higher sales. The company reported a profit after tax (PAT) of ₹918 crore in the June quarter of the last fiscal.
Revenue from operations rose to ₹4,393 crore in the latest June quarter as compared to ₹3,986 crore in the year-ago period, Eicher Motors said in a regulatory filing.
Vedanta: As per a Bloomberg report, Vedanta Ltd. has put a plan to sell its steel business on hold after a $1 billion share sale gave the company more breathing room with its finances and as environmental and regulatory concerns deter potential bidders.
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