Home Business Stocks to watch- RIL, Colgate-Palmolive, Axis Bank, Lemon Tree Hotels

Stocks to watch- RIL, Colgate-Palmolive, Axis Bank, Lemon Tree Hotels

Business By admin · August 29, 2024 · Comments off

Stocks in Focus: GIFT Nifty traded up 48 points or 0.25% at 19,005.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously on Thursday, the NSE Nifty 50 tanked 264.90 points or 1.39% to settle at 18,857.25, while the BSE Sensex shed as much as 900.91 points or 1.41% to 63,148.15.

“Till date, the actual domestic Q2 results are below par in comparison to the excited earnings forecasted. Similar disappointments are visible in developed economies. Downgrade in earnings and valuation is arising due to risk of further slowdown of the economy due to geopolitical and elevated interest rates. Also selling pressure intensified due to expiry-led volatility influencing investors to stay cautious,” said Vinod Nair, Head of Research at Geojit Financial Services.

Stocks to Watch on October 27, 2023

Reliance Industries

India’s largest company by market capitalisation is scheduled to report its earnings for the second quarter of FY24 today.

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Colgate-Palmolive

The company posted profit for the second quarter of FY24 at Rs 340.05 crore, up 22.3% in comparison to Rs 278.02 crore during the same period last year, surpassing estimates. It posted revenue from operations at Rs 1471.09 crore, up 6% as against Rs 1387.48 crore during the second quarter of FY23. The company EBITDA stood at Rs 482.2 crore. EBITDA margins continued to improve, up 120 bps vs. sequential quarter and up 340 bps vs. prior year quarter driven by pricing and efficiencies.

Axis Bank

“The Board of Directors has approved the appointment of Munish Sharda as a Whole-time Director, designated as ‘Executive Director’ of the Bank (including his terms and conditions and remuneration), effective from (i) November 1, 2023; or (ii) the date of approval of his appointment by Reserve Bank of India (RBI), whichever is later,” said the Bank in a regulatory filing.

Lemon Tree Hotels

“The company has signed a License Agreement a 50 rooms property in Visakhapatnam, Andhra Pradesh under the Company’s brand ‘Red Fox Hotels’. The hotel is expected to be operational by FY 2026,” said the company in a regulatory filing.

The Karnataka Bank

The Committee of Directors of the Board of the Bank has approved the allotment of 3,34,00,132equity shares of face value of Rs 10 at a premium of Rs 229.52/- each on preferential basis to HDFC Life Insurance Company, Quant Mutual Fund, Bajaj Allianz General Insurance Company, Bajaj Allianz Life Insurance Company and Bharti AXA Life Insurance Company, said the Bank in a regulatory filing.

Companies scheduled to report their Q2 earnings today-

Bajaj Finserv

Maruti Suzuki

M&M Financial Services,

Cipla

SBI Life Insurance Company

Bharat Petroleum Corporation

Dr Reddy’s Laboratories

Union Bank of India

Oberoi Realty

(With agency inputs.)

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