HDFC AMC, Wipro, Bandhan Bank, Zomato IPO, Tatva Chintan IPO, L&T Infotech, ITC stocks in focus

Emergence of strong upside momentum above 15950 is expected to open next higher levels of 16100 in the short term, said an analyst

Nifty futures were trading 36 points or 0.23 per cent up at 15,957 on Singaporean Exchange, suggesting a gap-up opening for BSE Sensex and Nifty 50 on Friday. Investors will continue to track Q1 results, COVID vaccination drive, stock-specific action, oil prices, rupee movement against US dollar and other global developments. As Nifty 50 broke above the resistance of 15,900, analysts expect the index to touch 16,000 levels soon. “The lack of strength in the upside momentum at the hurdle and poor market breadth of Thursday could raise doubt on a decisive upside breakout of larger consolidation band at 15920-15950 levels. Emergence of strong upside momentum above 15950 is expected to open next higher levels of 16100 in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stocks to watch

HDFC AMC, Just Dial: BSE-listed companies such as HDFC Asset Management Company, Den Networks, GNA Axles, Just Dial, L&T Finance Holdings, Maximaa Systems, Starlog Enterprises, and Visagar Polytex will announce April-June quarter earnings on July 16.

Info Edge: Today is the last day to subscribe to Rs 9,375-crore Zomato IPO. Info Edge holds a stake of 18.55 per cent in Zomato.

Tatva Chintan Pharma IPO: Tatva Chintan Pharma Chem will launch its Rs 500-crore IPO at a price price of Rs 1073-1083 per share. The issue will open on July 16 and close on July 20, 2021. The public issue comprises fresh issue of shares worth Rs 225 crore and offer-for-sale (OFS) worth Rs 275 crore by existing promoters and shareholders.

Wipro: IT major Wipro on Thursday reported a 35.6 per cent jump in consolidated net profit to Rs 3,242.6 crore for the June 2021 quarter. Wipro had registered a net profit (attributable to equity holders) of Rs 2,390.4 crore in the year-ago period, as per Indian Accounting Standards (Ind-AS).

Bandhan Bank: Private sector lender Bandhan Bank registered an 8% year-on-year growth in its advances for the first quarter this fiscal. However, on a quarter-on-quarter basis, advances fell 8%. The Kolkata-based lender said for the quarter ended June its loan and advances increased approximately to Rs 80,128 crore from Rs 74,331 crore for the same period a year ago.

L&T Infotech: The company reported a profit at Rs 496.8 crore in Q1FY22 against Rs 545.7 crore in Q4FY21, revenue rose to Rs 3,462.5 crore from Rs 3,269.4 crore sequentially.

ITC: The annual remuneration of ITC Chairman and Managing Director Sanjiv Puri went up by 47.23 per cent to Rs 10.10 crore in 2020-21, according to the company’s latest annual report. This increase is based on the revised salary structure, approved by the company’s shareholders in September 2019, when he took over as its chairman.