Stocks To Watch: Patanjali Foods, Hero MotoCorp, Coal India And Others In News

The NSE Nifty gained 131.35 points or 0.55 per cent to close at a new lifetime high of 24,141.95. Among the indices, IT soared, teck, commodities, telecom, industrials, and metal were the gainers
Stocks To Watch
Stocks To Watch

Benchmark equity indices Sensex and Nifty settled on record highs on Monday after buying in banking and IT stocks following gains in Asian and European markets.

The BSE Sensex rebounded by 443.46 points or 0.56 per cent to close at an all-time high of 79,476.19. The NSE Nifty gained 131.35 points or 0.55 per cent to close at a new lifetime high of 24,141.95. Among the indices, IT soared, teck, commodities, telecom, industrials, and metal were the gainers while utilities, power, and realty were the laggards.

"The domestic market sustained its upward momentum, with a reduction in US PCE inflation raising hopes for a rate cut by the FED in September. This optimism contributed to the strong performance of IT stocks. We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair's speech for further indication on interest rates," said Vinod Nair, Head of Research, Geojit Financial Services.

Here are the key stocks to watch on July 2:

Patanjali Foods: The company has signed a business transfer agreement with Patanjali Ayurved to acquire the non-food business undertaking or hair care, skin care, dental care, and home care business of Patanjali Ayurved, including all movable assets, immovable properties, contracts, licences on a going concern basis through a slump sale for Rs 1,100 crore, which will be paid in five tranches. The acquisition falls under the ambit of a Related-Party Transaction.

Hero MotoCorp: The two-wheeler maker’s June sales increased 15 per cent YoY to 5.03 lakh units. Domestic sales jumped 16 per cent to 4.91 lakh units. To expand its EV portfolio with new products in the mid and mass segments in CFY. Global business sales grew 44 per cent during the June quarter FY25 led by expansion of Nepal operations, growth in Columbia and Mexico, and increased market penetration in Turkey. Exports in June slipped to 12,032 units from 14,236 units last year.

DCX Systems: The manufacturer of cables and wire harness assemblies has received a significant contract worth Rs 1,250 crore from Larsen & Toubro Ltd, India. The purchase order involves the manufacture and supply of electronic modules. The company is tasked with executing the order within a three-year period, it said.

Coal India: The state-owned company achieved an 8 per cent growth in coal production, reaching 189.3 million tonnes in the first quarter of the current fiscal compared to 175.5 MTs in the year-ago period. This was 13.8 MTs more in volume terms compared to the corresponding quarter of FY 2024.

CSB Bank: The private lender recorded a 17.8 per cent YoY growth in gross advances to Rs 25,099 crore. The bank reported a 22.2 per cent growth in deposits at Rs 29,920 crore in the first quarter, compared to Rs 24,476 crore in the same period last year. CASA deposits down 1.3 per cent. Term deposits increased 32.7 per cent to Rs 22,471 crore. Advances against gold and gold jewellery jumped 24 per cent to Rs 12,487 crore.

Related Stories

No stories found.
logo
Outlook Business & Money
business.outlookindia.com