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  1. Stocks to watch on July 23: HAL, HUL, Bajaj Finance, Bharat Forge, IOB, IDBI Bank and more

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Stocks to watch on July 23: HAL, HUL, Bajaj Finance, Bharat Forge, IOB, IDBI Bank and more

Upstox

3 min read | Updated on July 23, 2024, 14:45 IST

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SUMMARY

The domestic equities are expected to open flat as indicated by Gift Nifty, which, at 07:24 AM, was trading 0.03% higher at 24,549.50 levels.

Bajaj Finance, HUL, M&M Financial Services are slated to release their June quarter numbers today. 

Bajaj Finance, HUL, M&M Financial Services are slated to release their June quarter numbers today. 

The wait is finally over! Finance Minister Nirmala Sitharaman is all set to present her seventh consecutive Budget today at 11 am. The domestic equities are expected to open flat as indicated by Gift Nifty, which, at 07:24 AM, was trading 0.03% higher at 24,549.50 levels.

Here is a list of stocks that may hog the limelight today:
Defence stocks: HAL, Bharat Forge and BEML, among others are expected to be on investors' radar as the Budget is expected to bring significant developments in the defence sector, with a strong emphasis on the 'Make in India' initiative. The Modi 3.0 government is poised to enhance Research & Development within the defence realm. Over the past four years, India's defence budget allocation has consistently increased.

Apart from defence, construction, manufacturing and green energy sector stocks are also expected to remain in focus as the Union Budget will likely focus on expanding capital investment in these areas. A comprehensive agricultural policy to make India self-reliant in foodgrain production might also be on the cards.

Auto, auto ancillary and FMCG stocks, too, will be in the spotlight.

Stocks in news

Indian Overseas Bank: The public sector lender on Monday reported a 26.60% rise in its net profits for the April-June 2024 quarter at ₹633 crore. The city-headquartered bank had registered a net profit of ₹500 crore during the corresponding quarter of last year. Total income during the quarter under review grew to ₹7,568 crore up by 21.54% from ₹6,227 crore registered in the same quarter of last year.
Mahindra Logistics: [Mahindra Logistics Ltd (MLL)]https://upstox.com/stocks/mahindra-logistic-limited-share-price/INE766P01016/) on Monday said its standalone profit fell 55 per cent to ₹10.15 crore in June 2024 quarter due to higher startup costs, expenses on manpower and warehouse leasing. The logistics arm of the Mahindra Group had posted a standalone PAT (profit after tax) of ₹22.90 crore in the first quarter of FY24, according to a regulatory filing.
IDBI Bank: The private lender reported a 40.4% increase in its net profit at ₹1,719.2 crore as against ₹1,224.18 crore in the year-ago period. Net interest income (NII) stood at ₹3,233 crore in Q1 FY as against ₹3,998 crore in Q1 FY24, reflecting a decline of 19.1% year-on-year (YoY).
Suzlon Energy: Suzlon Group on Monday said its profit after tax (PAT) went up almost three-fold to ₹302 crore in the June quarter on the back of higher revenues. It had clocked a PAT of ₹101 crore in the year-ago period, the company said in a statement. The company's revenues also rose to ₹2,016 crore from ₹1,348 crore in the year-ago quarter.
Earnings today: Bajaj Finance, HUL, Mahindra & Mahindra Financial Services, ICICI Prudential Life Insurance Company, ICRA, Kajaria Ceramics, Parag Milk Foods, among others are slated to release their June quarter numbers today.

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