Indices Sensex and Nifty are eyeing a higher start to Thursday’s session after the US Federal Reserve raised interest rates by 25 basis points (bps) taking the Fed’s fund rate to the highest in over 22 years. At 6:55 am, the Gift Nifty quoted 19,847 levels, up over 70-odd points.
Globally, the US markets ended mixed overnight. Dow Jones rose 0.2 per cent, while NASDAQ Composite, and the S&P 500 indices declined up to 0.1 per cent.
Asia-Pacific markets largely rose in early deals. Key indices Nikkei 225, Topix, S&P 200 indices gained up to 0.5 per cent.
Meanwhile, here are some stocks to watch out in trade today:
Q1 results today: Nestle India, ACC, Bajaj Finserv, Indian Hotels, Indian Bank, Indus Towers, Ajanta Pharma, Arvind, Astec Lifesciences, Bharat Electronics, Birlasoft, Dr Lal PathLabs, Laurus Labs, Macrotech Developers, RailTel and Ujjivan Small, among others
M&M/RBL Bank: Diversified business conglomerate Mahindra and Mahindra (M&M) has picked up a 3.53 per cent stake in private sector lender RBL Bank for Rs. 417 crore. “We may consider further investment, subject to pricing, regulatory approvals, and required procedures. However, in no circumstance will it exceed 9.9 per cent,” M&M said in an exchange notification on Wednesday.
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Tech Mahindra: The IT services provider has started off the financial year 2023-24 on a disappointing note with its net profit falling 38.8 per cent YoY to Rs 692.5 crore in Q1. Revenue grew 3.5 per cent at Rs 13,159 crore. In dollar terms the firm’s revenue was down 4.2 per cent sequentially. This is the weakest performance when compared to peers.
Cipla: Pharma major Cipla posted a 45.1 per cent year-on-year (YoY) rise in profit after tax (PAT) for the quarter ended June 30, 2023, to Rs. 996 crore, riding on a 17.7 per cent rise in income from operations at Rs. 6,329 crore. On a sequential basis, the company’s revenues grew by 10.2 per cent while PAT growth was 40.6 per cent.
Tata Consumer Products: The FMCG company has clocked 22 per cent on-year growth in consolidated profit at Rs 338 crore for the Q1FY24, with strong growth in the India branded business and improved performance in international and non-branded business. Revenue from operations rose 12.5 per cent year-on-year to Rs 3,741.2 crore.