Stocks to Track TCS HCLTech, Tata Tech, Persisten, Sula Vineyards, Wockhardt, RITES
Domestic equity benchmarks fell more than 1.0 per cent last week as investors awaited the onset of a new earnings season amid caution surrounding the trade war with hopes of a favourable India-US deal. The Nifty 50 index fell 311.2 points, or 1.2 per cent, to settle at 25,149.9 on Friday.
On Thursday, TCS kicked off the earnings season on a muted note, attracting mixed reactions from brokerages. Its net profit rose 6.0 per cent on a year-on-year basis and the Tata group IT giant declared a dividend of Rs 11 per share. Its worse-than-expected quarterly revenue raised concerns about future demand for the country’s IT space. The company’s clients stayed cautious about non-essential spending amid tariff-related uncertainty.
CLSA maintained its ‘accumulate’ rating on TCS but lowered its target price by Rs 48 to Rs 4,279, while UBS maintained a ‘buy’ call with a target of Rs 3,950. Citi retained a ‘sell’ while reducing its target price to Rs 3,135 from Rs 3,220.
As investors await a new trading session on Dalal Street, here are a few stocks set to be in focus in Monday’s trade:
Corporate results | HCLTech, Tata Tech Q1 results due on Monday
HCLTech, Tata Technologies, Tejas Networks and Rallis India are among the around 25 companies scheduled to report their financial results for the April-June period on Monday.
Sirca Paints
The company’s board is set to meet on the same day to discuss a preferential allotment of shares.
Market infra-related stocks in focus
NSE is set to launch monthly electricity futures on Monday.
Market infra-related stocks will be in focus during the course of the trading day.
Corporate Action | Persistent Systems, BEML
The IT firm’s stock is set to trade ex-dividend at the opening bell.
BEML’s board is set to meet on July 21 to consider a stock split proposal.
Aris Infra Solutions
The company has registered a 7.3 per cent increase in its March-quarter revenue to Rs 221 crore. Its net loss has narrowed to Rs 1.3 crore from Rs 20 crore a year ago.
IRB Infrastructure
The infra company has reported a 5.0 per cent increase in toll collections in June, with an 8.0 per cent increase in the tally for the June quarter.
Sula Vineyards
The company’s operating revenue has declined 7.9 per cent in Q1, with own brands revenue down 10.8 per cent.
Ajmera Realty
The company has logged a 42 per cent jump in Q1 collections to Rs 234 crore.
However, its sales value has declined 65 per cent to Rs 108 crore with a 52 per cent fall in the carpet area sold amid pending approvals and low inventories.
VIP Industries
The Dilip Piramal family is set to sell a 31.9 per cent stake in the company to a Multiples PE-led consortium for Rs 1,763 crore.
An open offer will follow for a 26 per cent stake in the company at Rs 388 apiece, marking a 15 per cent discount to market price.
Akzo Nobel India
JSW Paints is set to launch an open offer for a 25.24 per cent stake in the company.
Glenmark Pharma
The US drug regulator has issued a warning letter for the Indian pharma company’s Indore facility after conducting an inspection in February.
Wockhardt
The drug maker plans to exit its US generic pharma business due to continued losses.
It plans to focus and invest in its advanced portfolio.
NCC
The company has received a letter of acceptance to the tune of Rs 2,269 crore from the MMRDA for a Mumbai Metro Line 6 project.
The work, set to be completed in two years, includes design, supply and installation.
RVNL
The PSU has received an LoA worth Rs 213 crore from the South Central Railway, one of the zones under the Indian Railways.
RITES
The company has secured a Rs 46.8-crore order from DCTE for college construction and renovation in Karnataka.
The project is expected to be completed in 36 months.