Stocks To Watch: Asian Paints, Bajaj Finance, ONGC, Tata Power, Adani Enterprises

Shares of Bajaj Finance Ltd., Oil and Natural Gas Corporation Ltd., Tata Power Co. Ltd., and Adani Enterprises Ltd. will be in focus on Thursday.

IRDAI imposed a penalty of Rs 1 crore on Bajaj Finance for violation of rules on reconciliation of commission and professional fees received and reported and a Rs 1 crore penalty for violation of regulations on maintenance of records of customer documentation.

ONGC commenced production from a coal-bed methane block in Bokaro, Jharkhand. Initial production at 1.7 lakh SCMD is expected to be ramped up to 3 lakh SCMD by the end of fiscal 2025.

Tata Power plans to invest Rs 20,000 crore in capital expenditure in fiscal 2025 to expedite its pivot to renewable energy and augment its transmission and distribution businesses, Chairman Natarajan Chandrasekaran said.

Indian benchmarks opened higher on Tuesday, defying clues from Asian peers. Right after opening, the NSE Nifty 50 recorded a fresh high of 24,650.05.

The GIFT Nifty was trading 8 points or 0.03% higher at 24,672.50 as of 06:59 a.m.

The Nifty continued its upward momentum and traded in positive territory throughout the day. It closed at a fresh closing high for the third day in a row on Tuesday.

The support level for Nifty has also shifted higher to 24,500 and if the index falls below these levels, then a correction can be expected, as per analysts.

Conversely, Bank Nifty is consolidating within a tight range, yet it remains above the 21-Day Exponential Moving Average support as per analysts' observations. The DEMA is located around 51,960, and the recent swing low is near 51,750, and analysts indicate that adopting buy-on-dip strategies could be advantageous.

• Bajaj Finance: IRDAI imposed a penalty of Rs 1 crore on the company for violation of rules on reconciliation of commission and professional fees received and reported and a Rs 1 crore penalty for violation of regulations on maintenance of records of customer documentation.

• ONGC: The company commenced production from a coal bed methane block in Bokaro, Jharkhand. Initial production at 1.7 lakh SCMD is expected to be ramped up to 3 lakh SCMD by the end of FY25.

• Tata Power: The company plans to invest Rs 20,000 crore in capital expenditure in fiscal 2025 to expedite its pivot to renewable energy and augment its transmission and distribution businesses, Chairman Natarajan Chandrasekaran said.

• Adani Enterprises: A joint venture company of the Adani Group and Abu Dhabi-based Sirius International Holding will acquire a majority stake in AI and cloud platform startup Coredge.io to expand its offerings in the data centre and cloud offering space.

• KEC International: The company received new orders worth Rs 1,100 crore for transmission and distribution projects in India and overseas.

• SpiceJet: Ashish Kumar resigned as CFO; Joyakesh Podder takes charge as head of finance and is designated as deputy CFO effective July 15.

• Triveni Engineering: The company started commercial operations of its Indian-made foreign liquor business and launched two whisky products, Matsya and The Crafters Stamp.

• IREDA: The company will invest Rs 290 crore through special-purpose vehicles in association with SJVN for a 900-megawatt hydropower project in Nepal.

• Hindustan Oil Exploration: The company made a major gas discovery in an unexplored layer called Sand-9 in the Dirok-1 well. Initial tests show a flow rate exceeding 6 million standard cubic feet per day. If further tests are successful, this discovery could increase the company's proven reserves and boost revenue.

• GMR Airports: The company reported 8% growth in total passenger traffic year-on-year at 1.06 crore in the month of June and a 6% jump in total aircraft movements at 69,055.

Infosys, L&T Technology Services, Tata Communications, and Tata Technologies will be in focus on Thursday as they announce their first quarter results.

Other results to look out for include CEAT, the Central Bank of India, CIE Automotive India, Dalmia Bharat, Grindwell Norton, Havells India, JSW Infra, Mastek, Newgen Software Technologies, Persistent Systems, Polycab India, Rallis India, Sagar Cements, Shoppers Stop, South Indian Bank, Sterling and Wilson Renewable Energy, and Tanla Platforms.

L&T Finance Q1 FY25 (Consolidated, YoY)

• Total income up 12% at Rs 3,785 crore versus Rs 3,377 crore

• Net profit up 29% at Rs 685 crore versus Rs 531 crore (Bloomberg estimate Rs 677 crore)

Just Dial Q1 FY25 (Consolidated, QoQ)

• Revenue up 3.8% at Rs 281 crore versus Rs 270.3 crore

• EBITDA up 14.2% at Rs 81 crore versus Rs 71 crore

• EBITDA margin at 28.7% versus 26.1%

• Net profit up 22% at Rs 141 crore versus Rs 116 crore

Alok Industries Q1 FY25 (Consolidated, YoY)

• Revenue down 29% at Rs 1,006 crore versus Rs 1,415 crore

• EBITDA up 68% at Rs 21 crore versus Rs 12 crore

• EBITDA margin at 2.1% versus 0.9%

• Net loss at Rs 207 crore versus loss of Rs 226 crore

Asian Paints Q1 FY25 (Consolidated, YoY)

• Revenue fell 2% to Rs 8,969 crore versus Rs 9,318.4 crore (Bloomberg estimate: Rs 9,318.4 crore)

• Operating profit declined 20% to Rs 1,694 crore versus 1,965.4 crore (Bloomberg estimate: Rs 1,965.4 crore)

• Margin shrank to 18.9% from 23.1% (Bloomberg estimate: 21.1%)

• Net profit declined 24.6% to Rs 1,187 crore versus Rs 1,575 crore (Bloomberg estimate: Rs 1,407.3 crore)

LTIMindtree Q1 Results (QoQ)

• Revenue up 2.8% at Rs 9142.6 crore versus Rs 9074.6 crore

• Net profit up 3.1% Rs 1,135 crore versus Rs 1161.2 crore

• Ebit increased 4.8% to Rs 1371 crore versus Rs 1389 crore

• Margin expanded 30 basis points to 15% versus 15.3%