Stocks in Focus on Tuesday: The market opened with a huge gap-up and extended gains for the second consecutive session in the previous session, following positive global sentiment. Buying in technology, metal, and banking and financials stocks lifted the benchmark indices higher by 1.4 per cent. The BSE Sensex climbed 760 points to 54,521, while the Nifty50 jumped 229 points to 16,278.
Results Today
Hindustan Unilever, HDFC Life Insurance Company, ICICI Lombard General Insurance Company, Ambuja Cement, L&T Finance Holdings, Network18 Media & Investments, TV18 Broadcast, Polycab India, AU Small Finance Bank, DCM Shriram, Garware Synthetics, Hatsun Agro Product, Kirloskar Pneumatic, Ponni Sugars (Erode), Rallis India, Shemaroo Entertainment, and Steel Strips Wheels will be in focus ahead of quarterly earnings on July 19.
Stocks in News
IndusInd Bank
The private sector lender says the board has approved the raising of funds up to Rs 20,000 crore through debt securities on a private placement basis. The fundraising is subject to the approval of the members of the bank.
Alok Industries
The textile company posted a consolidated loss of Rs 141.58 crore for the quarter ended June 2022, which widened from a loss of Rs 97.65 crore in the same period last year, due to higher raw material, and power and fuel costs. Revenue increased significantly by 56 per cent YoY to Rs 1,971.52 crore in Q1FY23.
NTPC, Indian Oil
State-owned power giant and oil marketer have inked a pact to form a joint venture firm for meeting the electricity requirements of upcoming projects of the oil major. They signed an agreement on July 18, 2022 for the formation of a joint venture company.
Mahindra & Mahindra
The homegrown auto major said it has hiked its stake in its Finland-based arm Sampo Rosenlew Oy to 100 per cent with the acquisition of residual shares for over Rs 35 crore. The company increased its stake in combine harvester maker to 79.13 per cent with the acquisition of additional 1,050 shares for Rs 31.15 crore in 2020.
Tube Investments of India
The company through its subsidiary TI Clean Mobility (TICMPL) acquired a 65.2 per cent stake in IPLTech Electric (IPLT), through a combination of purchase of equity shares from the founders and other existing shareholders of IPLT. The acquisition cost is Rs 246 crore. IPLT is a startup engaged in the manufacturing and sale of electric heavy commercial vehicles. In addition, the company decided to make a further investment of up to Rs 150 crore in subsidiary TICMPL and provision of inter-corporate deposit of an amount of up to Rs 100 crore to TICMPL.
Nelco
The company clocked a 7.8 per cent year-on-year growth in consolidated profit at Rs 4.72 crore for the quarter ended June 2022 supported by a robust topline. Revenue grew by 48 per cent to Rs 81.68 crore during the quarter YoY.
Excel Realty N Infra
The company said the board will hold a meeting on August 4 to consider the sub-division of face value of Equity shares, and the issue of bonus share.
Surya Roshni
The company received orders worth Rs 91.27 crore for API-5L grade 3LPE coated pipes from Bharat Gas Resources. The contract will be executed within 12 months.
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