Stocks to watch: Tata Communications, Can Fin Homes, L&T Tech, CIE Automotive, ICICI Lombard

Companies like Larsen and Toubro Technology Services, ICICI Prudential, IndusInd, and Polycab declared their Q1 FY23-24 results on Tuesday, while Tata Communications, Can Fin Homes, L&T Finance Holdings, etc. are scheduled to announce their Q1 results on Wednesday.

The S&P BSE Sensex rose 205 points, or 0.31 per cent to 66,795.14 levels, while the NSE's Nifty ended at 9,749, up 37.80 points, or 0.19 per cent. Photo: Unsplash, for representation purpose only

The benchmark indices continued their record performance on Tuesday as well, scaling new peaks. The S&P BSE Sensex rose 205 points, or 0.31 per cent to 66,795.14 levels, while the NSE's Nifty ended at 9,749, up 37.80 points, or 0.19 per cent.

The 30-share index of the BSE was also on a roll, as it too reached a milestone of 67,007.02. NSE's Nifty also followed in the footsteps of the BSE index, hitting a new high of 19,819.45 intraday.

As the share market continued its brilliant show on Tuesday, a lot of companies declared their results, including Larsen and Toubro Technology Services, ICICI Prudential, ICICI Lombard, IndusInd, Polycab, Heidelberg, JSW Ispat, etc.

TRENDING NOW

Companies like Tata Communications, Can Fin Homes, and L&T Finance Holdings are scheduled to announce their results on Wednesday (July 19).

The GIFT Nifty on Wednesday at around 8:45 am was trading 37.8 points, or 0.19 per cent higher at 19,749.25 levels, indicating a flat-to-positive start to trading on Dalal Street on Wednesday.

Before the market opens on Wednesday, ZeeBiz takes you through the list of shares you can watch out for. Equities are expected to see a muted start today, as indicated by the GIFT Nifty, which was trading 5.5 points lower at 19,798 levels.

Results on July 19

Tata Communications, Tata Coffee, L&T Finance Holdings, Bank of Maharashtra, Can Fin Homes, Jubilant Pharmova, Mastek, and Finolex Industries are expected to announce their June quarter numbers today.

ICICI Prudential

ICICI Prudential announced its Q1 results on Tuesday, beating Zee Business Research estimates, registering a 33 per cent rise in its profit to Rs 207 crore in Q1.

While its net premium income rose two per cent on a year-on-year basis to Rs 7,020 crore, its value of new business stood at Rs 438 crore for the June quarter, a slide of seven per cent compared to the year-ago period.

Its share, however, struggled for most of the day as it declined 1.45 per cent to Rs 574 at close on the BSE. Given its good results today, the share can make upward movements on Wednesday.

Polycab India

Polycab India also announced its first-quarter results on Tuesday, clocking an 81.7 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 399.2 crore.

The company's revenue from operations for Q1 stood at Rs 3,889.38 crore, up 42.1 per cent.

Its total income also rose 42 per cent to Rs 3,953.38 crore against Rs 2,780.9 crore in the year-ago period.

The company's share was one of the best performers on the BSE on Tuesday, as it soared 5.92 per cent to Rs 4,146.30 at close.

It will be interesting to see if it rises further on Wednesday.

L&T Technologies

L&T Technologies also announced its first-quarter results on Tuesday, reporting a 13 per cent YoY rise in its consolidated net profit to Rs 311 crore in Q1 FY23-24.

For the April-June quarter, the company's revenues also soared 15 per cent to Rs 2,301 crore.

However, the sequential net profit was down 8 per cent while revenues also declined 3 per cent.

The company's share saw a marginal decline as it closed at Rs 4063.55 on the BSE. The company's share price has jumped 4.94 per cent in the last five days, and it will also be a share to follow on Wednesday.

Tata Communications

Tata Communications is set to announce its first-quarter results on Wednesday. As per Zee Business Research estimates, the communication company is set to witness a jump of 2.9 per cent to Rs 47,00 crore in its revenue.

At the same time, its PAT is expected to decline 4.9 per cent to Rs 310 crore against the previous quarter's Rs 326 crore.

The share price of the company ended flat on Tuesday at Rs 1600.50. As it declares its results on Wednesday, it will certainly garner some attention.

IndusInd Bank

In its Q1 results announced on Tuesday, the bank announced a 33 per cent jump in its PAT YoY to Rs 2,124 crore.

The company's total income for the quarter soared 28 per cent YoY to Rs 12,939 crore.

Net interest YoY also rose 18 per cent to Rs 4,867 crore. The company's share, however, ended flat at Rs 1,390 on the BSE. The company's upbeat results are most likely to have a strong impact on its share price on Wednesday.

ICICI Lombard

Leading general insurance company ICICI Lombard on Tuesday reported an 11.8 per cent growth in net income at Rs 390 crore for the three months ended June, driven by capital gains from investments and a higher premium income.

Gross Direct Premium Income (GDPI) or premium income rose 18.9 per cent at Rs 6,387 crore, beating the industry growth of 17.9 per cent in the June quarter. READ MORE

B.L. Kashyap and Sons Ltd

The company secured an order aggregating Rs 369 crore from DLF Home Developers Limited. The contract includes a free supply of steel and pertains to civil structure and waterproofing works and has a completion timeline of 33 months.

Hero MotoCorp

Indian multinational motorcycle and scooter manufacturer on Tuesday made an addition to their vehicular segment by launching the new Xtreme 200S 4 Valve which has smartphone connectivity featuring turn-by-turn navigation and Bluetooth for call and SMS alerts.

CIE Automotive India

The company declared its June quarter numbers on July 18. CIE Automotive India saw a 60 per cent rise in its June quarter profit to Rs 301.68 crore. The subsidiary of Spain's CIE Automotive reported a 4.7 per cent rise in revenue at Rs 232 crore.

State Bank of India (SBI)

The public sector bank announced to set up of a new Trustee Company as a Wholly Owned Subsidiary of the Bank for managing the Corporate Debt Market Development Fund for which SBI Funds Management Limited is identified as the Investment Manager cum Sponsor Fund.

Adani Transmission

The company released its provisional operational update in which it said that its distribution loss is improving consistently and stands at 4.85 per cent in Q1 FY24 against 6.95 per cent in Q1 FY23. The loss was lower than usual due to seasonal factors, the filing read.

Himadri Speciality

The company's board has approved the acquisition of 100 per cent Equity Shares of Combe Projects Private Limited by way of purchase of Equity Shares from the existing shareholders of the Target Company. The company also announced its June quarter number which showed that the profit after tax grew 123.2 per cent at Rs 86.15 crore against Rs 38.6 crore year-on-year (YoY) but its revenue was down 9.1 per cent to Rs 950.9 crore against Rs 1046.6 crore in a year ago period.

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