GIFT Nifty Opening Update
GIFT Nifty opened today at 24,099.50. It is up 135.50 points (0.56%) from yesterday’s close of 23,994.50— so the trend is positive.
The domestic stock market is anticipated to commence trading positively on Friday, July 10. The GIFT NIFTY futures indicate that the NIFTY50 index is poised to open 119 points higher. Ten companies are scheduled to announce their financial results for the June quarter today. The list comprises entities including Elecon Engineering Company, Indian Bank, Bank of Maharashtra, L&T Finance, and Just Dial, among others.
Here is a compilation of equities that are likely to attract attention today.
Equities to monitor:
- TCS, India’s largest IT services company, reported a 4.61% year-on-year increase in consolidated net profit to Rs 13,349 crore for the June quarter on Thursday. The company also expressed confidence that demand, which was impacted by the West Asia conflict during the quarter, is likely to improve in the ongoing quarter. The results arrive at a moment when apprehensions are escalating regarding the growth prospects for India’s $315-billion IT services sector, particularly in light of the swift integration of artificial intelligence. Excluding exceptional items, TCS reported that its net profit for the June quarter increased by 8.5% year-on-year, reaching Rs 13,849 crore. Managing Director and CEO K. Krithivasan indicated that the demand environment continued to be subdued throughout the quarter, attributed to geopolitical tensions, which led to some clients postponing project decisions. However, he adopted a more optimistic perspective on the outlook. We remain optimistic that demand will rebound in Q2, largely due to the considerable technology backlog our customers need to address,” Krithivasan stated during the post-earnings analyst call.
- SAIL’s Bokaro Steel Plant announced on Thursday that it is poised to obtain 8.3 million tonnes (MT) of iron ore each year directly from SAIL mines via a contemporary slurry pipeline system. SAIL is in the process of developing the longest slurry pipeline in India’s steel sector, which the company asserts will reduce reliance on railway rakes for the transportation of iron ore. As part of an expansion project, the plant’s crude steel production capacity is set to rise from the current 4.65 MT per annum to 7.25 MTPA, while its hot metal production capacity will be augmented to 7.55 MTPA. The project entails a direct capital investment estimated at around Rs 15,000 crore.
- Anand Rathi Wealth, a wealth management firm, reported a 24% year-on-year increase in its consolidated profit after tax (PAT) to Rs 116 crore for the June quarter of FY27, attributed to consistent growth in assets under management and an increase in client acquisitions. The company’s PAT was Rs 93.8 crore in the same quarter of the prior financial year. Total revenue increased 18% to Rs 336.4 crore during the April-June period from Rs 284.1 crore a year earlier, the company stated. Assets under management (AUM) experienced a year-on-year growth of 21%, exceeding the Rs 1 lakh crore threshold and achieving a total of Rs 1,06,300 crore by the end of June. This increase was bolstered by a net inflow of Rs 2,743 crore during the first quarter of FY27.
- Torrent Pharmaceuticals Ltd on Thursday announced a voluntary recall as a precautionary measure for select batches of Semalix injection disposable pens utilised in diabetes treatment. “This action follows a product recall notification issued by our manufacturer Dr Reddy’s Laboratories Ltd., Hyderabad (DRL), for a technical evaluation,” Torrent Pharmaceuticals stated in a regulatory filing. The recall pertains to Semalix injection from specific batches of 2 mg and 4 mg, produced by DRL, it added. The company stated that there is no risk to patients currently undergoing this treatment due to the recall. All other SKUs of Semaglutide being sold by Torrent, including the oral formulation, remain completely unaffected, it added.
- Oberoi Realty Ltd announced on Thursday that a court order preventing the company from making any further allotment of flats in its newly launched Rs 16,000 crore luxury housing project in Gurugram will not adversely affect its business operations. In a regulatory filing on Thursday, Oberoi Realty, based in Mumbai and recently venturing into the Delhi-NCR market, stated that the court ruling has not halted construction of the upcoming project, and the order does not affect sales that have already been finalised. The company stated it would “pursue the necessary legal course of action”. On June 29, Oberoi Realty disclosed its intention to allocate Rs 6,000 crore for the development of its inaugural housing project.