Top stocks to watch out for today: Indian benchmark indices held on to their rally and recorded fresh lifetime highs on Monday. The BSE Sensex surged 487 points or 0.75 per cent to settle at a record high of 65,205.05, while the NSE Nifty 50 settled 134 points or 0.70 per cent higher at 19,322.55. The Indian rupee gained 8 paise to close at 81.96 against the US dollar on Monday.
“The ongoing rally in global stock markets is primarily driven by the surprising and unexpected strength of the U.S. economy ( 2% GDP growth in Q1 23), despite the savage 500bp rate hike by the Fed. Global markets which had discounted a US recession by mid-2023 have been proved wrong and the markets are now compensating for the excessive pessimistic discounting in 2022. An important point of distinction between the rally in the US and India is that the US rally is primarily being led by 8 tech stocks while the Indian rally is more broad-based,” said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Since the strength of the market momentum is high, the rally can continue; but valuations are getting stretched,” he added.
Top stocks to watch for July 4:
IDFC and IDFC First Bank
The boards of IDFC Financial Holding Company Ltd, IDFC Ltd and IDFC First Bank approved the merger under which shareholders of IDFC will receive 155 equity shares of the bank for every 100 IDFC shares held. The merger comprises the amalgamation of IDFC Financial Holding into and with IDFC, and of IDFC into and with the bank. The proposal was approved in principle by the boards of the companies in December 2021.
Reliance Industries
Reliance Jio Infocomm Ltd launched Jio Bharat V2 4G phone which is internet-enabled, at Rs 999. The beta trial for the first 1 million phones will start on 7 July. The company said that the phone will be available across all offline channels including Jio and Reliance Retail stores. The latest device will allow users to make UPI payments via JioPay, and access JioCinema, Jio Saavn etc, at plans starting at Rs 123 per month.
Bajaj Finance
Bajaj Finance’s fresh loan book grew 34 per cent from the previous year to Rs 99.4 lakh in the April-June quarter of FY23. The company’s assets under management (AUM) rose 32 per cent year-on-year. The leading NBFC recorded the highest-ever quarterly growth in its AUM of Rs 22,700 crore in the reported quarter. Deposits grew 46 per cent year-on-year to Rs 49,900 crore in the first quarter.
SpiceJet
The domestic carrier said it has successfully concluded the settlement of a loan payment of Rs 100 crore to City Union Bank. The last instalment of Rs 25 crore was paid on 30 June 2023, settling the entire loan account which was taken in 2012. The loan repayment comes after a successful settlement agreement with Nordic Aviation Capital (NAC), a major lessor for SpiceJet's Q400 aircraft.
Avenue Supermarts
The Dmart operator reported a standalone revenue of Rs 11,584.44 in the April-June quarter of FY24, up 18.13 per cent from the corresponding period of last fiscal year. The Radhakishan Damani-backed company’s revenue grew 202.21 per cent since the first wave of the pandemic in 2020. “Standalone Revenue from operations for the quarter ended (QE) June 30, 2023, stood at ₹11,584.44 crore," Avenue Supermarts said in a regulatory filing.
