Stocks to watch: Asian Paints, Bajaj Auto, Tata Steel, Axis Bank, Lupin

Stocks to watch today: Indian stock markets are expected to open in a narrow range on Tuesday on volatile global sentiment ahead of the US Federal Reserve’s interest rate decision. As of 7:20 a.m., the SGX Nifty Futures was reading 16,592 levels, indicating a decline of around 39 points on the Nifty50.

Overall, US markets were choppy on Monday as investors turned away from growth stocks. While the Dow Jones and S&P 500 climbed 0.3% and 0.1%, respectively; The NASDAQ Composite slipped 0.4%.

Asia-Pacific markets, however, were mixed on Tuesday morning, with Japan’s Nikkei 225 falling 0.2%, while Hong Kong’s Hang Seng index rose 0.6%.

Meanwhile, back home, here are some stocks that will likely see action in trade on Tuesday:

Results today: Asian Paints, L&T, Bajaj Auto, Tata Power, United Spirits, Union Bank of India, Relaxo Footwears, Aditya Birla Sun Life AMC, UTI AMC, Shoppers Stop, Greenlam Industries, Ujjivan Small Finance Bank and South Indian Bank to Release June Report quarterly results (Q1FY23) on Tuesday, July 26.

Axis Bank: The private sector lender saw its standalone net profit rise 91% year-on-year (YoY) to Rs 4,125.26 crore in the first quarter of FY23, on firm revenue growth net of interest (NII) and improved margins. Meanwhile, the bank recorded a 21% year-on-year growth in the NII to Rs 9,384 crore. The bank expects credit growth to outpace the broader industry, which is around 13%. READ MORE

Tech Mahindra: The IT major reported a 16.4% year-on-year drop in consolidated net profit to Rs 1,132 crore in Q1FY23 from 1,353 crore. Revenue, meanwhile, rose 24.6 percent year-on-year to Rs 2,708 crore from Rs 10,198 crore a year ago. However, operating profit fell by 9.2% to Rs 1,403.4 crore and operating profit margin narrowed to 11% from 15.2% in Q1FY22. READ MORE

Tata Steel: The steelmaker reported a 21% drop in its consolidated net profit to Rs 7,714 crore in the first quarter of FY23 due to higher expenses. On the other hand, total revenue increased to Rs 63,698.15 crore in Q1FY23 from Rs 53,627.66 crore in Q1FY22. Higher expenses weighed on the company as it rose to Rs 51,912.17 crore from Rs 41,490.85 crore in the prior year quarter. RLEARN MORE

Jindal stainless steel: The company saw its consolidated net profit rise 8% year-on-year to Rs 329.37 crore in the first quarter of FY23, from Rs 305.84 crore a year ago, on the back of higher revenues . Total revenue rose 36% year-on-year to Rs 5,490.91 crore in the first quarter from Rs 4,042.32 crore. READ MORE

Macrotech Developers: The property company’s consolidated net profit jumped 68% year-on-year to Rs 270.80 crore due to upbeat sales. Total revenue also increased to Rs 2,675.78 crore in Q1FY23 from Rs 1,749.97 crore in Q1FY22. With a good start to FY23, management said the first quarter of FY23 was the best first quarter ever with Rs 2,814 crore in pre-sales in India. READ MORE

Lupine: The pharmaceutical company has received approval from the US health regulator to market a generic drug for the treatment of high blood pressure, called azilsartan medoxomil tablets. According to IQVIA MAT data, Azilsartan Medoxomil tablets had estimated annual sales of $101 million in the United States and are equivalent to Edarbi tablets from Azurity Pharmaceuticals Inc. READ MORE

Textiles of the century: The textile business saw its net profit jump 78% year-on-year to Rs 63 crore, on the back of robust sales in the first quarter of FY23. Sales rose 41% year-on-year to 1,170 crore crore in the first quarter of FY23 as the paper and pulp business saw sales increase by 49% year-on-year to 857 crore on the back of better capacity utilization.

Indian Energy Exchange (IEX): They posted an increase of more than 11% year-on-year in consolidated net profit to Rs 69.12 crore in the first quarter of FY23 due to rising revenue. The company’s total revenue increased to Rs 113.39 crore in Q1FY23 from Rs 102.87 crore in Q1FY22. The board also recommended a final dividend of Re1 per share and set August 12, 2022 as the record date for the final dividend of 2021-2022.

Karur Vysia Bank: The bank recorded a 110% year-on-year jump in net profit to Rs 229 crore in Q1FY23 from Rs 109 crore. Operating profit, meanwhile, rose 15% YoY to Rs 475 crore and NII climbed 17% YoY to Rs 746 crore. However, gross NPAs fell to 5.2% from 7.9% a year ago.

Sterlite Technologies: The broadband technology company posted a consolidated loss of Rs 20 crore in Q1FY23 against a profit of Rs 116 crore in Q1FY22. Consolidated revenue from operations increased to Rs 1,575 crore in Q1FY23 from Rs 1,316 crore a year ago. That said, the company’s total backlog stood at Rs 11,200 crore at the end of the reported quarter.

Stocks under F&O prohibition: Indiabulls Housing Finance is the only security banned during the F&O blackout period on Tuesday 26th July.

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