Stocks to watch: Tata Chemicals, ONGC, Vedanta, Lupin, Power Mech, and Patel Engineering shares in focus

The GIFT Nifty index was up 158 points or 0.65 per cent at 24,301 around 8:45 am on Tuesday (August 6). It hinted at a positive start for Dalal Street after the bloodbath on Monday (August 5).

Global cues remained mixed. All three major Wall Street indices ended in red on Monday in the US. The Asian markets, however, traded in the green, with Japan’s Nikkei up 9.4 per cent on Tuesday.

Ahead of the opening bell in India, here’s a look at stocks to watch:

Tata Chemicals: The company has reported a significant 67.6 per cent decline in net profit year-on-year, standing at Rs 190 crore for the first quarter ending June 30, 2024. In the same quarter last year, the company had posted a net profit of Rs 587 crore. Additionally, the revenue saw a dip of 10.2 per cent, falling to Rs 3,789 crore from Rs 4,218 crore in the corresponding period of the previous fiscal year.

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ONGC: The state-owned enterprise disclosed a 15 per cent year-on-year reduction in net profit, amounting to Rs 8,938.10 crore for the first quarter ending June 30, 2024. This is a drop from the Rs 10,526.78 crore profit reported in the same quarter last year. The CNBC-TV18 poll had forecasted a profit of Rs 8,373 crore for the reviewed quarter.

Adani Energy Solutions: The company announced that it has successfully raised Rs 8,373.10 crore through a qualified institutions placement route. This fund is intended to enhance capacity for evacuating electricity generated from renewable sources.

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Power Mech: The company has secured an order valued at Rs 110.57 crore for the operation and maintenance of a 400 MW captive power plant and utilities at the Petroleum Oil Refinery in Dangote, Nigeria. The project is slated for completion within 24 months.

Bharti Airtel: The telecom operator reported a substantial increase in profit, more than doubling to Rs 4,160 crore in the first quarter ending June 30, 2024, from Rs 1,612.5 crore in the same period last year. Revenue also saw a rise of 2.8 per cent, reaching Rs 38,506.4 crore during the reported quarter, compared to Rs 37,440 crore in the corresponding quarter of the previous year.

Patel Engineering: The Office of the Executive Engineer, Government of Maharashtra, has awarded Patel Engineering Limited (PEL) and its JV Partner a contract worth Rs 317.60 crore. This contract involves the construction of a water lifting arrangement for the first stage from the submergence of the Jigaon project, including civil, mechanical, electrical components, and allied works. The project is expected to be completed within 24 months.

Upcoming Results: Tata Power Company Ltd., TVS Motor Company Ltd., Vedanta Ltd., and Lupin Ltd. are among the companies scheduled to release their first-quarter results today.