“We expect the market to remain in consolidative mode with support at lower levels. Investors would react to the domestic and US CPI data. TCS and HCL Tech results would give cues for other IT majors. Auto, PSU Banks, Pharma, building material, and defence sector stocks could continue to see positive momentum,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Financial Services.
“Indications are in favor of further consolidation in the index so participants have no option but to focus on stock-specific opportunities,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. Wipro, TCS, Patanjali Foods, HCL Tech, Titan among stocks to watch on Thursday.
Tata Consultancy Services (TCS) on Wednesday reported a 16.83% YoY rise in net profit at Rs 11,074 crore for the June quarter. Revenue for the quarter came in at Rs 59,381 crore, up 12.55% YoY. Revenue growth in constant currency terms grew 7% YoY. It also announced an interim dividend of Rs 9 per share
Share of Titan Company will trade ex-dividend on Thursday, July 13, 2023. The Tata Group company had announced a dividend of Rs 10 per equity share.
Patanjali Foods, formerly known as Ruchi Soya Industries Ltd, Wednesday said its promoters will sell 2.53 crore shares of face value of Rs 2 each via OFS today, July 13, 2023. The company has fixed the floor price for the OFS at Rs 1,000 per equity share, a steep 18.36% discount to its Wednesday closing price of Rs 1,225 on BSE.
HCL Tech shared will be in focus as the company reported its Q1FY24 earnings on Wednesday. In the previous session, HCL Tech shares closed at Rs 1108.3, a minor decrease of 0.59%.
Wipro will report its June quarter results on Thursday. It is likely to report a drop in both revenue and profit for Q1FY24, weighed down by unfavorable business environment and subdued tech spending by clients.
Wipro, Federal Bank, Angel One, Sterling and Wilson, Tata Metaliks, Bhansali Engineering Polymers, Avantel, Aditya Birla Money, Nakoda Group, Roselabs Finance, Thirdwave Financial Intermediaries, Longview Tea Company, and others will declare their Q1 results today.
Power Finance Corporation (PFC) has filed a draft shelf prospectus to raise Rs 10,000 crore through non-convertible debentures (NCDs). The public issue of secured, rated, listed, and redeemable NCDs will have a face value of Rs 1,000 each and will be issued in one or more tranches.
"Nifty broke the two-day winning streak on Wednesday to end the day in red. The band of 19,300-19,523 is the important range to be tracked for the coming days. Any level above 19,523 would resume an uptrend, while level below 19,300 could lead to correction," said Devarsh Vakil, Deputy Head - Retail Research, HDFC Securities
“Bank Nifty has reached the lower end of that channel and also the 50% Fibaonnci retracement level (44,600) which should attract buying interest. We expect the Bank Nifty to start recovering as it has now reached crucial support zone. On the upside initially we expect it to target 45,000," said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
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