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Market Update: A Look Ahead to Thursday

Indian Benchmark Indices Make New Highs

Indian stocks continued their upward trend on Wednesday, with the BSE Sensex reaching new highs and the Nifty 50 index posting significant gains. Thursday, July 04, 2024, promises to be an exciting day in the market, with several key earnings announcements and developments expected to shape trading activity.

Companies to Watch Ahead of the Opening Bell

Le Travenues Technology: The parent company of ixigo, a popular travel operator, is set to announce its quarterly results for Q1FY25 later on Thursday. Investors will be keenly observing the company’s performance and guidance for the fiscal year.

Tata Steel: The Scheme of Amalgamation for Tata Steel’s steel arm and Angul Energy has been approved by the National Company Law Tribunal (NCLT) Mumbai Bench. This development is likely to have a significant impact on the company’s prospects and valuation.

Bajaj Finance: In its Q1FY25 earnings update, Bajaj Finance reported Assets Under Management (AUM) at ₹3.54 lakh crore, reflecting a 31% year-on-year (YoY) growth. The company also saw a 26% YoY growth in deposits and a net liquidity surplus of ₹16,200 crore as of June 2024.

<b)Vedanta: The metal miner reported a 3% YoY increase in cast metal aluminum production and a 36% YoY surge in alumina production at its Lanjigarh refinery. The company’s oil and gas production for the quarter, however, declined by 17% YoY.

Bandhan Bank: The private lender bank announced a 21.8% YoY growth in loans and advances at ₹1,25,619 crore for Q1FY25. Total deposits, meanwhile, fell 1.5% quarter-on-quarter (QoQ) but grew 22.8% YoY.

Marico: The FMCG company has collaborated with Kaya to develop an omni-channel presence for Kaya’s product range in personal care. This partnership is likely to drive growth for both companies and consolidate their positions in the market.

L&T Finance: The shadow lender reported a 95% retailisation for Q1FY25, up from 82% in Q1FY24. The company’s retail disbursements surged 33% YoY to ₹14,830 crore, and the retail loan book grew 31% YoY.

Brigade Enterprises: The Bangalore-based real estate developer has signed a joint development agreement for a residential project with a potential floor area of 1.2 million square feet. The project is valued at ₹1,100 crore.

Suryoday Small Finance Bank: The small finance lender reported a 42% YoY growth in gross advances and 46% YoY growth in disbursement for Q1FY25. The bank’s total deposits grew 42% YoY to ₹8,137 crore.

GE T&D India: The power transformers company has received two key orders worth €64 million and €26 million, respectively, from Grid Solutions for the supply and supervision of high-voltage products.

Zee Media Corporation: The Ministry of Corporate Affairs has approved the media company’s proposal to incorporate a subsidiary named Pinews Digital.

Indiabulls Real Estate: The realty company has formally changed its name to Equinox India Developments.

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