Samvardhana Motherson, Bajaj Auto, Maruti, HDFC Bank, LTIMindtree, and LIC Housing Finance among top stocks to track

Stocks to watch: The Gift Nifty indicates a flat-to-positive start to trading on Dalal Street on Wednesday. At 8:32 am, the GIFT Nifty traded 6.5 points, or 0.03 per cent higher at 19,500 levels.

Here's a look at the stocks that may remain in focus today:

LTIMindtree, LIC Housing Finance: The NSE announced on Tuesday that LTIMindtree will replace HDFC in the Nifty50 index from July 13, while LIC Housing Finance will replace HDFC in the Nifty Financial Services index. The merger process between HDFC and HDFC Bank was officially completed on July 1, and subsequently, as per the plan, HDFC will be delisted on July 13. 

Bandhan Bank: The private sector lender said on Tuesday that its chief financial officer, Sunil Samdani, has resigned.

IndianOil: The company announced on July 4 that it will consider fundraising at its board meeting scheduled for July 7.

Microtech Developers: The company released its Q1 business update on Tuesday during post-market hours. Lodha said it achieved its best-ever Q1 pre-sales performance of Rs 33.5 billion, showing a growth of nearly 17 per cent on a YoY basis. Collections were Rs 24.0 billion for 1QFY24. Collections were impacted by seasonal factors (summer vacations and monsoons), it said.

HDFC Bank: In its Q1 business update, the lender said its advances aggregated to approximately Rs 16,155 billion as of June 30, 2023, a growth of around 15.8% over Rs 13,951 billion as of June 30, 2022, and a growth of around 0.9% over Rs 16,006 billion as of March 31, 2023. Gross of transfers through inter-bank participation certificates and bills rediscounted, the Bank’s advances grew by around 20.2% over June 30, 2022, and around 1.9% over March 31, 2023.

Samvardhana Motherson: MSSL Consolidated Inc. (‘MSSL Consol’), an indirect wholly-owned subsidiary of Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) (‘SAMIL’), has signed an agreement for an investment of $14 million, 12 per cent optionally convertible secured note of Prysm Systems Inc. (‘Prysm’). Besides, Samvardhana Motherson via a 100% subsidiary of SMRP B.V. ("SMRP B.V.") has entered into an agreement to acquire an 81% stake in Yachiyo’s 4W (Y4W) Business.

Syngene, Strides Pharma: Strides Pharma Science, as per reports, said it has entered into a binding agreement to sell the biologics Unit-3 manufacturing facility of its associate company Stelis Biopharma (SBL) to Syngene International on a slump sale basis for Rs 702 crore in an all-cash deal. 

Maruti Suzuki India is slated to launch its Invicto model in India today. 

Bajaj Auto: The two-wheeler company is teaming up with UK's Triumph Motorcycles to introduce their new range of 400cc motorcycles. The launch is scheduled for today.

Suzlon Energy: The company said its board will meet on July 7 to consider and approve capital raising by way of one or more or a combination of permissible methods.

BROKERAGE RADAR

Morgan Stanley on IndusInd Bank (CMP: 1367) 

• Maintain Overweight, Target 1725 
• update for F1Q24. 
• Sequential loan growth was strong at 4% vs. 6% QoQ last quarter
• On a YoY basis, loan growth was steady at 21% vs. the last quarter 
• Retail deposits growth improved to 5.4% QoQ vs. 3.7% last quarter (21% YoY vs. 19% YoY) 

Nomura on Samvardhana Motherson International (CMP: 85) 

• Double Upgrade to Buy from Neutral, Target raised to 105 from 90 
• Acquires 81% stake in Yachiyo 4w business at attractive valuations 
• Good acquisition given the high potential of sunroof systems and entry into Japanese customers 
• See EPS accretion of >7% for the company 
• Valuations attractive given upsides to earnings from recent acquisitions