Stocks to watch: Eicher Motors, Tata Consumer, Coal India, BoB, IRCTC

Stocks to watch today: Better-than-expected US inflation data and favorable global signals are expected to encourage Indian stock markets on Thursday. As of 7:10 a.m., the SGX Nifty Futures was reading 17,745 levels, indicating an open spread of over 200 points on the Nifty50.

Globally, US markets posted strong gains on Wednesday after the US CPI rose from its highest level in 40 years to 8.5% in July. The Dow Jones jumped 500 points to 1.6%, while the S&P 500 climbed 2.1% and the NASDAQ Composite rose 2.8%.

Asia-Pacific markets were also exuberant on Thursday morning, with Australia’s S&P 200 up 0.6% and South Korea’s Kospi 1.1%.

In the meantime, back home, here’s a list of stocks that could see action in trade on Thursday:

Results today: Page Industries, Apollo Hospitals, Trent, Bharat Forge, Aurobindo Pharma, Bata India, Phoenix Mills, Sapphire Foods India, KNR Constructions, Sunteck Realty, Greaves Cotton, Shilpa Medicare, Wonderla Holidays and West Coast Paper Mills will release their June quarter results (Q1FY23).

Eicher engines: The major auto company announced a doubling of its consolidated net profit to Rs 611 crore in the first quarter of FY23, from Rs 237 crore a year ago, thanks to robust sales in international markets. The company’s operating revenue, meanwhile, soared to Rs 3,397 crore in Q1FY23 from Rs 1,974 crore in Q1FY22. READ MORE

Tata Consumer Products: FMCG major reported a 38.2% increase in consolidated net profit to Rs 276.72 crore for the June quarter 2022-23 from Rs 200.24 crore a year ago. Operating revenue also jumped 10.58% year-on-year (YoY) to Rs 3,326.83 crore in the first quarter of FY23. Despite a challenging macroeconomic environment, management said the company recorded market share gains in the tea and salt categories in India. READ MORE

Coal India: The state-run company saw its consolidated net profit jump 178% year-on-year to Rs 8,834 crore from Rs 3,174 crore in the corresponding quarter of the previous financial year. Despite higher production and shipments, the miner was able to control total expenditure at Rs Rs 23,985 crore in Q1FY23. READ MORE

Bank of Baroda: The public sector lender plans to increase the marginal cost of funds-based lending rates (MCLR) by 5 to 20 basis points (bps) across maturities. The interest rate hike comes after the Reserve Bank of India (RBI) raised the benchmark repo rate another 50 basis points to 5.40%. READ MORE

IARC: The company reported a 196% increase in net profit year-on-year to Rs Rs 246 crore in the first quarter of FY23 from Rs 82.5 crore a year ago. Operating revenue, on the other hand, increased by 251% to Rs 853 crore in Q1FY23 from Rs 243 crore in Q1FY22. READ MORE

Infosys: CEO Salil Parekh expects attrition levels for Infosys to moderate over the coming quarters. Furthermore, Parekh pointed out that attrition measured on a quarterly basis has already started to show signs of improvement and the same will soon be reflected on an annualized basis. Previously, Infosys attrition levels increased to 28.4% in the first quarter of FY23 from 27.7% in the prior sequential quarter. READ MORE

Pidilite Industries: The company recorded a 64.27% year-on-year increase in consolidated net profit to Rs 357.52 crore in Q1FY23 from Rs 217.64 crore. Operating revenue increased by 60.11% to Rs 3,101.11 crore from Rs 1,936.79 crore a year ago. While revenue from the consumer and bazaar segment grew 63.9% year-over-year, the business-to-business segment soared nearly 50% year-over-year in Q1FY23.

Zomato: The food delivery platform expects to break even for the overall business by the end of the second quarter of FY24. The company cut its investment forecast to $320 million from $400 million of dollars. They expect the food delivery business to contribute to Adjusted EBITDA, also claiming a reduction in fixed costs.

Vedanta: To diversify operations across the natural resource spectrum, Vedanta CEO Anil Agarwal said the company is targeting $100 billion in revenue by 2030 and investments of around $3 billion in over the next two years for growth and vertical integration.

Stocks under F&O prohibition: Balrampur Chini Mills and Delta Corporation were the prohibited stocks during the F&O blackout period on Thursday July 11.

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