 "Stocks to watch: HCL Tech, Vedanta, LIC, Oil India, Eicher Motors, and Ola Electric shares in focus")
The GIFT Nifty index indicated a robust start for Dalal Street on Friday, August 9, with the index up 287.5 points or 1.19 per cent at 24,388 points around 8:45 am. The India VIX, a key indicator of market volatility, climbed 2.67 per cent to 16.6, suggesting heightened investor activity.
Global markets provided a positive backdrop. In the United States, all three major indices—Nasdaq, Dow Jones, and S&P 500—rallied on Thursday, buoyed by a sharper-than-expected drop in jobless claims. Asian markets followed suit, with stocks rising on Friday, tracking the gains from Wall Street.
Ahead of the opening bell in India, here’s a look at stocks to watch today:
HCL: HCLSoftware, the software division of HCLTech, announced on Friday its intent to acquire Zeenea, a Paris-based innovator in data catalog and governance solutions. Zeenea’s platform supports a range of metadata management applications, including data cataloguing, lineage, governance, compliance, and enterprise data marketplace.
Vedanta: Vedanta Limited has been slapped with an environmental compensation of Rs 71.16 crore by the Odisha State Pollution Control Board. The fine relates to alleged unauthorised dumping of fly ash at its aluminium smelter and captive power plant in Jharsuguda district, according to a report by The Hindu.
LIC: Life Insurance Corporation (LIC) reported a 10 per cent increase in net profit, reaching Rs 10,461 crore for the June 2024 quarter, compared to Rs 9,544 crore in the same period last year. The company’s total income rose to Rs 2,10,910 crore, up from Rs 1,88,749 crore in the year-ago quarter.
Oil India: State-run Oil India saw a 27.7 per cent decline in consolidated net profit for the April-June quarter, which was reported after market hours on Thursday. The company posted a profit of ₹1,466.8 crore for the June quarter, down from Rs 2,028.8 crore in the previous quarter that ended in March.
Impact Shorts
More ShortsEicher Motors: Eicher Motors reported a 20 per cent year-on-year rise in net profit, reaching Rs 1,101.5 crore for the quarter ended June 30, 2024. The company’s revenue grew 10.2 per cent to Rs 4,393.1 crore, up from Rs 3,086.4 crore in the corresponding quarter of the previous fiscal year.
Ola Electric Mobility: Despite receiving a decent response from market participants, Ola Electric Mobility is expected to have a subdued debut on the bourses on Friday, August 9.
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