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Stocks in Focus: SBI, ICICI Lombard, IndusInd and Others

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In the early opening hours on Wednesday, the GIFT Nifty Futures were trading at a flat-to-positive note, indicating a similar opening for the Indian domestic indices. 

The bullish run of the benchmark indices continued on Tuesday as NSE Nifty 50 and S&P BSE Sensex settled at new record highs. 

The Nifty 50 hit its lifetime peak during the day but later consolidated and closed at 19,749.25 points, 0.19% or 37.80 points higher from the previous closing. 

BSE Sensex ended the day 205.21 points or 0.31% higher at 66,795.14 points, crossing the 67,000-mark for the first time ever during the day, 

Here are the top stocks that are likely to remain in the market’s watch today. 

Companies Announcing Quarterly Results on July 19: Tata Coffee, L&T Finance Holdings, Tata Communications, Bank of Maharashtra, Jubilant Pharmova, Can Fin Homes, Finolex Industries and Mastek  

IndusInd Bank: The private lender declared its results for the first quarter of the fiscal year 2023-24. IndusInd posted a net profit of Rs 2,124.50 crore, a 30.2% jump from the same period last year. The bank’s quarterly income rose 28% year-on-year (YoY) to Rs 12,939 crore, and its net interest income (NII) also rose 18% to Rs 4,867 crore in the same period. 

L&T Technology Services: The engineering services company reported a 13% YoY rise and an 8.5% quarter-on-quarter fall in its net profit to Rs 311.1 crore in Q1FY24. The company’s revenue from operations jumped 14.7% to Rs 2,301 crore from the corresponding period last year. 

ICICI Lombard: On Tuesday, the general insurance company announced its financial results for the April-June quarter 2023. It reported an 11.8% growth in net income at Rs 390.36 crore, driven by capital gains from investments and a higher premium income. 

Rallis India: The wife of ace investor late Rakesh Jhunjhunwala, Rekha Jhunjhunwala, sold a 5% stake, equivalent to 97 lakh shares in the chemicals company, in a block deal at Rs 215.05 per share. The buyer in the deal was none other than the company’s promoter, Tata Chemicals, increasing its stake in the subsidiary to 55.04%.

State Bank of India (SBI): SBI plans to set up a new trustee company to manage Corporate Debt Market Development Funds (CDMDF) as its wholly-owned subsidiary. SBI Funds Management will be the Investment Manager cum Sponsor of this fund. 

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