GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap down opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded lower as the index was down 41.50 points or 0.17% at 24,377 indicating a lower start for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 rose 15.65 points or 0.06% to settle at 24,302.15, while the BSE Sensex jumped 62.87 points or 0.08% to close at 80,049.67.
Stocks to watch on July 5, 2024
HDFC Bank
HDFC Bank on Thursday said its gross advances registered 53% year-on-year growth at Rs 24.87 lakh crore in the first quarter. The same stood at Rs 16.3 lakh crore in the last year quarter. Excluding the impact of the merger of erstwhile HDFC with the bank on July 1, 2023, the bank’s gross advances grew 15% over the same period last year. During the quarter, retail loans grew around Rs 18,600 crore, commercial and rural banking loans grew by around Rs 7,200 crore and corporate and other wholesale loans were lower by Rs 26,600 crore over the preceding March quarter.
Life Insurance Corporation
Life Insurance Corporation of India on Thursday announced that it has increased its shareholding in IDFC First Bank by 0.2% to 2.68% of the post-issue paid-up capital of the bank. IDFC First Bank has a market capitalisation of Rs 57,058.68 crore.
Arvind SmartSpaces
Arvind SmartSpaces, the real estate development company of the Lalbhai Group of companies, is planning to focus on residential real estate projects in Ahmedabad, Surat, Pune, Mumbai and Bangalore for FY25. Riding on the back of good cash flow, zero debt and a Rs 900 crore investment platform with HDFC Capital, the company is targeting to add new inventory worth Rs 4,500 – 5,000 crore to its portfolio.
Persistent Systems
Persistent Systems Inc, USA (a wholly-owned subsidiary of Persistent Systems) has entered a stock purchase agreement to acquire Starfish Associates, LLC, USA. New Jersey-based Starfish is focused on unified communication and contact centre technology domain, providing enterprise communication solutions to large enterprises, including Fortune 500 companies.
Mahindra Lifespace Developers
Mahindra Lifespace Developers has acquired land in Bengaluru and won a redevelopment project in Mumbai with a combined revenue potential of Rs 2,050 crore. The company informed about the “closure of two deals aggregating to Rs 2,050 crore in Gross Development Value (GDV),” it said in an exchange filing.
Punjab National Bank
Punjab National Bank reported a solid performance in its Q1 business update for the fiscal year. The bank’s global business witnessed a 3.8% quarter-on-quarter growth and a 10.3% year-on-year increase. Global deposits rose by 2.8% QoQ and 8.5% year-on-year, demonstrating the bank’s ability to attract and retain customer funds. Domestically, deposits saw a 2.7% quarter-on-quarter growth and an 8.1% year-on-year increase. PNB’s global advances showed a significant 5.1% quarter-on-quarter and 12.7% year-on-year growth. On the domestic front, advances grew by 5% quarter-on-quarter and 12.1% year-on-year.
Raymond
Raymond approved the demerger of its real estate arm, Raymond Realty, as it wants to capture value in the booming realty space. The company will issue 6.65 crore shares of Raymond Realty, having a face value of Rs 10 per share upon demerger, which will be subject to the approval of shareholders and regulators. One share of Raymond Realty will be given for every share held in the parent firm, according to an exchange filing. The current promoter ownership in the Mumbai-based garment maker is 49.01%.
Bajaj Auto
Bajaj Auto is likely to name its first-ever CNG and petrol-supported motorcycle ‘Freedom 125’, which will be launched on July 5. The motorcycle, which was earlier supposed to be named ‘Bruzer’, assures to be highly fuel efficient and practical. The name was leaked on the Bajaj Auto website briefly. The auto manufacturer is expected to launch the ‘Freedom 125’ in two variants—a regular model and a premium model, which will also include more colour options and features.