L&T, Infosys, Coforge, DLF, Reliance Industries, Utkarsh Small Finance Bank, HUL among top stocks to watch today

Stocks to watch today: At 8:16 AM, the SGX Nifty was trading 17 points, or 0.09 per cent higher at 19,875.5 levels, indicating a positive start to trading on Dalal Street on Friday.

Here's a list of stocks that may trade actively today: 

Infosys

The IT bellwether shocked the street by sharply lowering its FY24 guidance. The company's ADRs slumped as much as over 11 per cent after the Q1 results announcement. Read more 

Hindustan Unilever (HUL):

Hindustan Unilever Ltd on Thursday reported a 6.9 per cent rise in consolidated profit after tax at Rs 2,556 crore in the first quarter ended June 30, 2023, riding on a gradual recovery in the FMCG industry despite operating in a challenging environment. The company had posted a consolidated net profit of Rs 2,391 crore in the same quarter last fiscal, Hindustan Unilever Ltd said in a regulatory filing.

Utkarsh Small Finance Bank:

The shares of the company are slated to list on bourses today. 

Coforge

Mid-cap IT services company Coforge on Thursday reported a consolidated net profit of Rs 165 crore for the quarter ended June 30, 2023 (Q1FY24), up 43.9 per cent against Rs 149 crore registered in the year-ago period. On a yearly basis, the net profit increased by 10 per cent. The company's revenue in constant currency terms increased 18 per cent to Rs 2,221 crore from Rs 1,829 crore in Q1 FY23, according to a BSE filing.

L&T

The company will consider a share buyback on July 25. The record date for the dividend will be Wednesday, August 2 subject to the board's approval, according to the regulatory filing. The company is also expected to approve its June quarter numbers in the meeting. 

Reliance Industries

The oil-to-telecom behemoth is slated to announce its Q1 results today. 

Other key earnings

Apart from RIL, other notable names that are slated to release their June quarter numbers today include DLF, Ashok Leyland, Vedanta, and Atul Limited, HDFC Life, among others.

Mahindra & Mahindra 

According to the regulatory filing of the company, the US court has granted its affiliate Mahindra Automotive North America permission to continue making and selling the post-2020 version of its off-road vehicle Roxor in the US. Fiat Chrysler Automobiles (FCA) renewed the motion to enjoin the Post-2020 Roxor granted by the Eastern District Court of Michigan. Based on its findings, the court rejected applying the safe distance rule to this case, as requested by FCA.

IndusInd Bank

The 29th Annual General Meeting or AGM will be held on Thursday, August 24, 2023, in which the bank's board will consider raising funds through debt securities aggregating to Rs. 20,000 crore. Resolution in this connection will be valid for 12 months from the date of its passing at the 29th AGM by the Members of the Bank or until the 30th AGM, whichever is earlier. 

Persistent Systems 

The June quarter numbers (Q1FY24) came in below estimates. The Pune-based technology services company Persistent Systems on Thursday announced an 8 per cent rise in net profit to Rs 228 crore in the June quarter. It registered a 23.6 per cent increase in revenue to Rs 2,321 crore in the first quarter of this fiscal, up from Rs 1,878 crore in the year-ago quarter, according to a company filing.

Mphasis Ltd

The company posted below estimated results for the June quarter. Revenue was down 3.2 per cent at Rs 3,252 crore, profit after tax (PAT) was down 2.2 per cent at Rs 396 crore and margins were flat at 15.3 per cent. 

Jindal Stainless 

Jindal Stainless Limited (JSL) completed the acquisition of Jindal United Steel Limited (JUSL). Earlier, JSL held a 26 per cent stake in JUSL; it has now acquired the remaining 74 per cent equity stake in JUSL for a cash consideration of Rs 958 crores. The transaction makes JUSL a 100 per cent-owned subsidiary of JSL. 

Union Bank of India 

State-owned Union Bank of India on Thursday reported a more than 100 per cent jump in net profit at Rs 3,236 crore in the June quarter, aided by a decline in bad loans and an improvement in interest income. The Mumbai-based lender had posted a net profit of Rs 1,558 crore in the year-ago period.

Dalmia Bharat

Cement maker Dalmia Bharat Ltd on Thursday reported a 29.75 per cent decline in consolidated profit after tax at Rs 144 crore in the June quarter, impacted by higher expenses. The company had posted a consolidated profit after tax of Rs 205 crore in the first quarter of the last fiscal year, Dalmia Bharat said in a regulatory filing. Consolidated revenue from operations was at Rs 3,624 crore as compared to Rs 3,302 crore in the year-ago period.

Hindustan Aeronautics

The company and the defence ministry of Argentina have entered into a Letter of Intent (LoI) for productive cooperation and procurement of Light and Medium Utility Helicopters for Argentina's armed forces.

Tata Consultancy Services (TCS)

TCS has been selected by the British Broadcasting Corporation (BBC) to transform its finance and payroll functions and manage the underlying application estate for greater agility and resilience.

United Spirits

United Spirits on Thursday reported a consolidated net profit of Rs 477 crore for the first quarter ended June 2023. The company had posted a net profit of Rs 261 crore in the April-June quarter of the last fiscal. Total income rose to Rs 5,830 crore in the first quarter. It stood at Rs 7,157 crore in the year-ago period. In a regulatory filing, United Spirits said the results of the quarter were not comparable to the June quarter of last fiscal as the company completed a slump sale of the entire business undertaking associated with 32 brands to Inbrew Beverages on September 30, 2022. READ MORE

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