 "Stocks to watch: Godrej Agrovet, Zomato, Dr Reddy's, Nestle, JSW Infra, and Netweb Tech in focus")
GIFT Nifty, on Friday (August 2) around 8:35 am, hinted at a gap-down start for Dalal Street. The index was down 255.5 points, or 1.02 per cent, at 24,799.5.
India VIX, an indicator of volatility in the stock market, was down 2.42 per cent at 12.93.
Global indicators remained negative. In the US, manufacturing data for July came in lower than June, sparking fears of a recession in the world’s largest economy. Major US stock indices ended in red on Thursday (August 1). Asian stocks were in the red too, tracking Wall Street losses.
Ahead of the opening bell in India, here’s a look at stocks to watch:
Godrej Agrovet: Godrej Agrovet, controlled by brothers Adi and Nadir Godrej, is buying out US-based Tyson Foods’ interest in the processed poultry business. It is acquiring the US company’s 49 per cent stake in Godrej Tyson Foods for Rs 323 crore. The change in shareholding comes after 16 years and results in Tyson scaling down its play in one of the largest economies in the world.
Dr Reddy’s Laboratories, Nestle: Nestle India has invested Rs 705.5 crore in a joint venture with Dr Reddy’s Laboratories Ltd. focused on nutritional health solutions. With this investment, Nestlé India now owns 49 per cent of the joint venture.
In a separate development, Aurigene Oncology Limited, a wholly-owned subsidiary of Dr Reddy’s, has made an investment of Rs 2,08,62,912 in Clean Renewable Energy KK 2A Private Limited. Following this investment, Aurigene Oncology holds 26.99 per cent of the share capital in CREL, which is engaged in the business of setting up solar power plants, generating and distributing power from solar projects, and offering project-related consultancy.
Zomato: Zomato reported a significant jump in its net profit in Q1FY25 to Rs 253 crore, up from Rs 2 crore reported in Q1FY24. The company’s net profit increased 44.5 per cent sequentially from Rs 175 crore in the preceding quarter. Revenue from operations jumped 74 per cent year-on-year to Rs 4,206 crore in Q1FY25, with growth driven by Blinkit, Zomato’s quick commerce business.
Impact Shorts
More ShortsJSW Infrastructure: The company has informed the exchanges that its Board of Directors has approved the appointment of Mr. Rinkesh Roy as President and designated him as Senior Management Personnel of the Company, effective August 1, 2024.
Netweb Technologies: Promoters of Netweb Technologies India Ltd, including Sanjay Lodha, Navin Lodha, Vivek Lodha, and Niraj Lodha, are expected to sell 20.54 lakh shares of the company through block deals. The floor price for the deal has been set at Rs 2,180 per share, which is a 3.4 per cent discount on the current market price.
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