Stocks To Watch: L&T, HUL, Bajaj Finance, Axis Bank, SpiceJet, Federal Bank

Larsen & Toubro Ltd., Axis Bank Ltd., SpiceJet Ltd. and Federal Bank Ltd. will be in focus on Wednesday.

The market fluctuated during the Union budget 2024-25 presentation, spurred by buying activity in consumer durables, FMCG, and pharma sectors following proposed incentives from the Finance Minister.

Analysts expect consolidation in the index in the near-term, with Nifty's immediate support levels around 24,200 and 24,000. 24,700 and 24,800 will work as resistance zones for the index. Analysts have suggested traders to adopt a stock-specific approach, as opportunities may arise on both sides of the trade.

The Nifty Bank index had been consolidating in a range leading up to the budget but saw a correction on the event day. Analysts expected the resistance points for Bank Nifty to be at 52,000 and 52,550, while key support levels will be seen at 51,200 and 51,000.

The GIFT Nifty was trading 0.24% or 59.5 points lower at 24,411.5 as of 06:52 a.m.

• SpiceJet: The company will raise up to Rs 3,000 crore via rights issues at Rs 818 per share.

• Infosys: The company has signed a contract with UVC Partners to co-create next-generation solutions using AI and deep technology.

• Titagarh Rail Systems: The company begins the export of traction converters with the first shipment to Italy.

• Suven Pharmaceuticals: The company received an observation letter with 'no adverse observations' from BSE and 'no observations' from NSE. Observations are for a scheme of amalgamation seeking the amalgamation of Cohance Lifesciences with the company.

• IOL Chemicals And Pharmaceuticals: EDQM issued a certificate of suitability for Valsartan tablets. Valsartan is used to treat high blood pressure.

• Shilpa Medicare: The company’s unit manufacturing facility in Karnataka received GMP certification from COFEPRIS- Mexico. The inspection was conducted from Nov. 6 to Nov. 10, 2023.

• MIC Electronics: Kalidindi Satyanarayana Raju resigned as CEO effective July 10 and appointed Rakshit Mathur as CEO effective Aug 1. The company also appointed Vivek Reddy Venumuddala as COO with immediate effect.

• South Indian Bank: The company is to consider fundraising on July 30.

• Bajel Projects: The company received an order worth Rs 568 crore from PowerGrid Corp. for a period of 23 months. The project includes a transmission system for the evacuation of power from Rajasthan.

• Tide Water Oil: The company has decided to change its name to Veedol Corporation.

Larsen & Toubro Ltd., Axis Bank Ltd. and Federal Bank Ltd. will be among the major firms to report their first-quarter earnings on Wednesday.

Other companies that will be announcing their earnings on Wednesday include Aditya Birla Sun Life AMC, Bajaj Finserv, Bajaj Holdings, Bikaji Foods, CG Power, CMS Info System, Craftsman Automation, DCB Bank, Go Fashion, HFCL, Indian Energy Exchange, IGL, Jindal Steel and Power, JK Paper, KPIT Tech, Karnataka Bank, Mahindra Lifespace Developers, MAS Financial Services, Oracle Financial Services, Petronet, PG ELectroplast, Hitachi Energy, Ramkrishna Forgings, SBI Life Insurance, SIS, Sona BLW Precision Forging, and Syngene International.

Bajaj Finance Q1 FY25 (Consolidated, YoY)

• Net profit up 13.82% at Rs 3,912 crore versus Rs 3,437 crore.

• Total income up 28.8% at Rs 16,102 crore versus Rs 12,500 crore.

HUL Q1 FY 25 (Consolidated, YoY)

• Revenue up 1.4% at Rs 15,707 crore versus Rs 15,496 crore (Bloomberg estimate Rs 15,587 crore).

• Ebitda up 2.2% at Rs 3,744 crore versus Rs 3,665 crore (Bloomberg estimate Rs 3,690 crore).

• Ebitda margin at 23.8% versus 23.7% (Bloomberg estimate 23.7%).

• Net profit up 2.2% at Rs 2,612 crore versus Rs 2,556 crore (Bloomberg estimate Rs 2,601 crore).

Thyrocare Technologies Q1 FY25 (Consolidated, YoY)

• Revenue up 16.3% at Rs 157 crore versus Rs 135 crore (Bloomberg estimate Rs 155 crore).

• Ebitda up 23.5% at Rs 43 crore versus Rs 35 crore (Bloomberg estimate Rs 41 crore).

• Ebitda margin at 27.2% versus 25.6% (Bloomberg estimate 26.2%).

• Net profit up 38.8% at Rs 24 crore versus Rs 17 crore (Bloomberg estimate Rs 22 crore).

Torrent Pharma Q1 FY25 (Consolidated, YoY)

• Revenue up 10.3% at Rs 2,859 crore versus Rs 2,591 crore (Bloomberg estimate Rs 2,878 crore).

• Ebitda up 14.3% at Rs 904 crore versus Rs 791 crore (Bloomberg estimate Rs 909 crore).

• Ebitda margin at 31.6% versus 30.5% (Bloomberg estimate Rs 31.6%).

• Net profit up 20.9% at Rs 457 crore versus Rs 378 crore (Bloomberg estimate Rs 461 crore).

Schaeffler India Q2 FY 25 (Consolidated, YoY)

• Revenue up 15.2% at Rs 2,107 crore versus Rs 1,829 crore (Bloomberg estimate Rs 1,971 crore).

• Ebitda up 10.4% at Rs 377 crore versus Rs 342 crore (Bloomberg estimate Rs 358 crore).

• Ebitda margin at 17.9% versus 18.7% (Bloomberg estimate 18.2%).

• Net profit up 3.4% at Rs 245 crore versus Rs 237 crore (Bloomberg estimate Rs 244 crore).

ICICI Prudential Life Insurance Q1 FY25 (Consolidated, YoY)

• Value of new business up 7.8% Rs 472 crore versus 438 crores.

• VNB Margin at 24% versus 30%.

• APE up 34.4% at Rs 1,963 crore versus Rs 1,461 crore.

• VNB margin at 24% versus 30%.

• PAT up 8.7% by 225 crore versus 207 crores.

ICICI Securities Q1 FY25 (Consolidated, YoY)

• Total income up 76% at Rs 1,644 crore versus Rs 934 crore.

• Net profit up 94.5% at Rs 527 crore versus Rs 271 crore.