Nirmala Sitharaman, Nirmala, Minister of Finance, Budget (Photo: Reuters)
At 07:45 am, GIFT Nifty was trading up 34 points at 24,553 ahead of the presentation of the budget for 2024. FOLLOW LIVE UPDATES
Here’s a list of stocks to watch today, Tuesday, July 23, 2024:
Shipping Company, Garden Reach Shipbuilders, Adani Ports: Shares of shipping, shipbuilding and port-related companies could see action today. According to reports, the government may increase funding for port modernisation, provide incentives for green shipping practices and launch a maritime development fund with a corpus of Rs 15,000-20,000 crore to support shipbuilding at low interest rates.
HAL, Astra Micro, Bharat Dynamics: Stocks of defence-related companies will be in focus during the budget day given the government’s efforts to realise Aatmanirbhar Bharat and to produce defence-related equipment indigenously.
DLF, Oberoi Realty, Sobha, LIC Housing Finance, Aadhar Housing, Home First Finance: Shares of real estate companies and home loan providers are likely to take note of the Modi government’s proposals for the real estate sector in the 2024-25 budget.
The sector expects a boost to affordable housing through a revamped Pradhan Mantri Awas Yojana-Grameen, more credit-related incentive schemes for economically weaker/lower income groups and tax breaks for affordable housing.
Fertilizers, agrochemicals, FMCG: Stocks of companies in the rural economy/agriculture-related businesses could see significant action on the budget day. Shares of Madras Fertilizers, GNFC, Mangalore Chemicals and Fertilizers, NFL, RCF and Rallis India would be on investors’ radar as they expect the government to roll out incentives to boost rural incomes.
According to reports, industry bodies have asked the government to rationalise fertilizer subsidies and increase investment in agricultural research.
The agricultural sector experts suggested that all agriculture-related subsidies could be consolidated for transfer through Direct Benefit Transfer (DBT). They also recommended increasing the selling price of urea, which has remained unchanged since 2018.
A boost to the rural economy can give a boost to consumer companies like HUL, Britannia Industries, ITC, Marico and Dabur.
Titagarh Wagons, IRCTC, Ircon International, Texmaco Rail: Shares of railway-related companies would react to any announcement by Finance Minister Nirmala Sitharaman regarding Indian Railways. The industry expects a substantial allocation to strengthen infrastructure, improve connectivity and modernise services across the rail network.
IDBI Bank, Bank of Maharashtra, IOB: Shares of state-owned banks are expected to be volatile today as financial market participants look for announcements on further dilution of equity of state-owned banks to meet the norm of 25 per cent government shareholding prescribed by stock market regulator, the Securities and Exchange Board of India.
That aside, according to a Company standard report, the banking sector is hoping that Finance Minister Nirmala Sitharaman will make an announcement on the much-awaited five-day banking rule in the Budget. Bankers have also made several proposals for the Budget, including tax cuts on deposits and mortgages, as well as the creation of a special refinancing entity for non-banking financial companies (NBFCs).
Other stocks we’re focusing on today:
Q1FY25 Results as of Tuesday, July 23, 2024: Bajaj Finance, DCM Shriram, Heritage Foods, Hindustan Unilever, ICICI Prudential, ICRA, Indoco Remedies, ICICI Securities, Kajaria Ceramics, Mahindra and Mahindra Financial Services, Schaeffler India, Sharda Cropchem, SRF, Steel Strips Wheels, Thyrocare Technologies, Torrent Pharmaceuticals and United Spirits today announced their June quarter results.
Reactions to Q1 results: Suzlon Energy, Zensar Technologies, Spencers Retail, Allied Blenders, Mangalore Refinery and Petchem, Greenlam Ind and Cyient DLM.
Reliance Industries: RIL’s arm, Reliance New Energy, has acquired the remaining 12.7 percent stake in Reliance Lithium for EUR 3.7 million.
Federal BankThe Reserve Bank of India has approved the appointment of Krishnan Venkat Subramanian as MD and CEO for three years, with effect from September 23.
Hotels near Lemon Tree: The company has signed two licensing agreements, namely Lemon Tree Hotel, Arpora, Goa, and Keys Lite by Lemon Tree Hotels, Pathankot, Punjab. The two new properties are expected to open in FY2026.
Punjab and Sind Bank: The Bank’s Board of Directors is expected to meet on July 26, 2024, to discuss and approve the Bank’s unaudited assessed financial results for the quarter ended June 30, 2024. The Board will also consider raising funds up to Rs 3,000 crore in one or more tranches, through issuance of Basel III-compliant Additional Tier I Bonds, Tier II Bonds or a combination thereof.
Power Mech Projects: The Uttarakhand government has revised the tender awarded to the company for the construction of the Government Medical College & Hospital for Uttarakhand Pey Jal Nigam Limited (UKPJNL). The project cost has been revised upwards to Rs 593.99 crore.
Gensol Technology: The company has emerged as the preferred bidder for 116 MW solar projects, with an EPC turnover of Rs 600 crore in Gujarat.