Here are the top 10 stocks that could be in focus in today’s trade:
Hero MotoCorp: Enforcement Directorate seized cash and jewellery worth ₹25 crore during raids against top officials of Hero MotoCorp. The law enforcement agency also found “incriminating” documents in the residences and offices of executive chairperson Pawan Kant Munjal and others. This comes a day after ED conducted searches at Chairman Pawan Munjal’s premises on August 1 located in Delhi and neighbouring Gurugram, and also registered a case against him under the Prevention of Money Laundering Act (PMLA), reported news agency PTI.
Titan: Titan Company Limited, India’s leading consumer lifestyle company, reported revenue growth of 19% in the first quarter of FY 2023-24. The total income for the quarter on a standalone basis was Rs. 10,306 crore, while the consolidated total income reached Rs. 11,070 crore. The EBIT for the quarter showed a slight decline of 2% on both standalone and consolidated levels. Similarly, the PBT before exceptional items decreased by 4% to ₹1,024 crores and 7% to ₹1,002 crores for standalone and consolidated figures, respectively. The PAT also saw a dip of 2% to ₹777 crores on a standalone basis and 4% to ₹756 crores on a consolidated basis.
InterGlobe Aviation: InterGlobe Aviation Ltd, the operator of India’s largest airline IndiGo, reported record quarterly profit and revenue on robust demand for air travel, lower fuel costs, and favourable foreign currency movement. Net profit rose to ₹3,090.6 crore in the quarter ended 30 June from a loss of ₹1,064.3 crore. Total income rose by 32% to ₹17,161 crore from a year earlier. The airline also said it plans to make early investments in aviation-related companies and will look at acquiring assets such as aircraft and engines to make better use of its cash flows.
Vedanta: Anil Agarwal’s Twin Star Holdings Ltd, a promoter entity of Vedanta Ltd, aims to sell a 4.3% stake in the Indian mining company for ₹4,136 crore as part of the billionaire’s plan to reduce debts and transform his Vedanta group into a pure-play green energy and non-ferrous business. According to the terms of a deal brokered by JP Morgan India Pvt. Ltd, Twin Star Holdings will sell 160 million shares in Vedanta to institutional investors at a minimum of ₹258.50 each, a 5% discount to Wednesday’s closing price of ₹272.15 on NSE.
Delta Corp/Nazara Tech: GST Council decided to amend central and state laws from 1 October to ensure that 28% GST is paid on the full value of amounts deposited by players for betting on online games, casinos, and horse races. However, redeployed winnings will be excluded from the indirect taxation. The new regime will be reviewed after six months of implementation, finance minister Nirmala Sitharaman said. However, there would be an income tax on winnings, as per law. The GST Council also decided to amend the Integrated GST Act to require registration of offshore gaming platforms serving Indian consumers and to collect GST from them.
L&T Financial Holdings: Bain Capital has offered 7.9 crore share in L&T Finance Holdings Ltd for block trade for which the floor price has been set at ₹128.1 per share, reported CNBC TV-18. The US-based investment firm seeks $123 million through the block deal. On August 2, shares of L&T Finance Holdings settled 2% lower at ₹129.95 apiece on the BSE. L&T Finance Holdings Ltd reported a 102.6 per cent jump in consolidated net profit at ₹530.93 crore for the first quarter of FY24, from ₹262 crore a year ago, on the back of steady growth in net interest margins.
HPCL: State-owned Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday reported a consolidated net profit of ₹6,765.5 crore in the first quarter of the fiscal year 2023-24. The company posted a net loss of ₹8,557 crore in the same period last year. On a sequential basis, net profit rose 87% from ₹3,608.3 crore in the fourth quarter of fiscal year 2023, HPCL said in an exchange filing.
Rites: Railway engineering and consulting company Rites Ltd is close to signing international contracts to supply locomotives and wagons, even as it explores consulting services abroad, chairman and managing director Rahul Mithal said. The state-run company has emerged as the lowest-cost bidder for contracts worth Rs1,000 crore to supply locomotives and wagons to Zimbabwe and Mozambique. Rites is also exploring consulting opportunities related to projects and rolling stock in India’s neighbouring countries such as Nepal, Bangladesh and Sri Lanka, as well as in Chile.
FSN E-Commerce Ventures: Online fashion and beauty retailer Nykaa on Wednesday announced a slew of management changes. Shalini Raghavan, chief marketing officer (CMO), has stepped down, Mint has learnt. Falguni Nayar, founder and CEO, will now lead the marketing function, the company said in a statement. Meanwhile, the company announced a host of new management changes. In June the company elevated Shailendra Singh as business head for physical retail beauty. Singh continues to lead key omnichannel initiatives.
Mankind Pharma: Mankind Pharma Ltd on Wednesday reported a 66% growth in profit for the first quarter of fiscal year 2024 on strong domestic sales. Its net profit rose to ₹494 crore as compared to a net profit of ₹298 crore in the corresponding quarter of 2022-23. The company’s total income rose to ₹2,637 crore in the June quarter of the current fiscal from ₹2,196 crore in the year-ago period, Mankind Pharma said in an exchange filing. Mankind Pharma’s board has approved the re-appointment of Ramesh Juneja as its chairman and Rajeev Juneja as vice-chairman and managing director, the drugmaker said.
