 "Stocks to watch: GAIL, Hindustan Zinc, Vedanta, Tata Consumer, Indus Towers, and Torrent Power shares in focus")
The GIFT Nifty index was up 44.5 points, or 0.18 per cent, at 24,975.0 around 9 am, suggesting a flat to positive start for Dalal Street on Wednesday. The India VIX, an indicator of market volatility, fell 0.5 per cent to 12.88 points.
Global market cues remained stable. In the US, a decline in big tech stocks overshadowed gains in the broader markets, with the S&P 500 ending in the red while the Dow Jones and Nasdaq closed in the green. Asian markets traded within a familiar range, not moving too high or going too low.
Ahead of the opening bell in India, here’s a look at stocks to watch:
GAIL: GAIL (India) Ltd reported a 77.5 per cent rise in consolidated net profit to Rs 3,183.35 crore for the first quarter of fiscal year 2024-25, up from Rs 1,792.99 crore a year ago. The company’s consolidated net profit also increased 28.6 per cent to Rs 2,474.31 crore for the quarter ended June 30.
Hindustan Zinc: The company received an income tax demand of Rs 1,170 crore for the assessment year 2021. This demand is based on disallowances and additions imposed in previous years, which Hindustan Zinc had previously contested successfully before the Income Tax Appellate Tribunal.
Indus Towers: The company approved a buyback of its equity shares along with its June quarter results. Indus Towers will repurchase up to 5.67 crore equity shares, or 2.1 per cent of the total equity, for a total consideration of Rs 2,640 crore.
Torrent Power: Torrent Power has established a wholly-owned subsidiary, Torrent Urja 18 Private Limited, to produce and sell hydrogen and its byproducts, such as ammonia and natural gas. The subsidiary will also generate and trade renewable energy, including hydrogen-based power.
Impact Shorts
More ShortsVedanta: Vedanta announced that 75 per cent of its secured creditors have approved its demerger scheme. The company will now seek clearance from stock exchanges and file the scheme with the National Company Law Tribunal. Post-demerger, Vedanta will have six independent entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Limited.
Tata Consumer: Tata Consumer Products Ltd, which owns Tetley tea and Ching’s Secret noodles, reported a consolidated net profit of Rs 290 crore for the first quarter of fiscal year 2024-25, down 8.5 per cent from Rs 317 crore a year ago. Revenue increased 16 per cent to Rs 4,352 crore from Rs 3,741 crore in the same period last year.
Upcoming results: Ambuja Cements Ltd., Maruti Suzuki Ltd., and Tata Steel Ltd. are set to announce their earnings for the first quarter of fiscal 2025.
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