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

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Stocks to watch today: The Indian equity markets are likely to open in a narrow range on Tuesday due to volatile global sentiments ahead of the US Federal Reserve’s interest rate decision. At 7:20 AM, the SGX Nifty Futures quoted 16,592 levels, indicating a downside of 39-odd points on the Nifty50.

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

Asia-Pacific markets, however, were mixed on Tuesday morning as Japan’s Nikkei 225 dropped 0.2 per cent, whereas, Hong Kong’s Hang Seng index advanced 0.6 per cent.

Meanwhile, back home, here are few stocks that will likely see some 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 will report their June quarter results (Q1FY23) on Tuesday, July 26.

Axis Bank: The private sector lender saw 91 per cent year-on-year (YoY) rise in standalone net profit to Rs 4,125.26 crore in Q1FY23 led by firm growth in net interest income (NII) and improved margins. Meanwhile, the bank reported 21 per cent YoY growth in NII to Rs 9,384 crore. The bank expects credit growth to outstrip broader industry, which is around 13 per cent. READ MORE

Tech Mahindra: The IT major reported 16.4 per cent YoY slump in consolidated net profit to Rs 1,132 crore in Q1FY23 from 1,353 crore. Revenues, meanwhile, grew 24.6 per cent YoY to Rs 2,708 crore as against Rs 10,198 crore in the year-ago period. However, operating profit slid 9.2 per cent to Rs 1,403.4 crore and operating profit margin narrowed to 11 per cent from 15.2 per cent in Q1FY22. READ MORE

Tata Steel: The steelmaker posted 21 per cent drop in consolidated net profit to Rs 7,714 crore in Q1FY23 due to higher expenses. On the other hand, total income rose to Rs 63,698.15 crore in Q1FY23 from Rs 53,627.66 crore in Q1FY22. Higher expenses weighed on the company as it jumped to Rs 51,912.17 crore from Rs 41,490.85 crore in the year-ago quarter. READ MORE

Jindal Stainless: The company saw 8 per cent YoY increase in consolidated net profit to Rs 329.37 crore in Q1FY23 from Rs 305.84 crore, a year ago, on the back of higher income. Total income rose 36 per cent YoY to Rs 5,490.91 crore in Q1 from Rs 4,042.32 crore. READ MORE

Macrotech Developers: The realty firm’s consolidated net profit jumped 68 per cent YoY to Rs 270.80 crore due to upbeat sales. Total income, too, rose to Rs 2,675.78 crore in Q1FY23 from Rs 1,749.97 crore in Q1FY22. With a strong start to FY23, the management said that Q1FY23 was the best-ever first quarter with Rs 2,814 crore of pre-sales from India business. READ MORE

Lupin: The drug firm received approval from the US health regulator to market generic medication for treatment of high blood pressure – called Azilsartan Medoxomil tablets. As per IQVIA MAT data, Azilsartan Medoxomil tablets had estimated annual sales of $101 million in the US and are equivalent of Azurity Pharmaceuticals Inc’s Edarbi tablets. READ MORE

Century Textiles: The textile firm saw 78 per cent YoY jump in net income to Rs 63 crore driven by robust sales in Q1FY23. Sales grew 41 per cent YoY to Rs 1,170 crore in Q1FY23 as paper and pulp business saw sales surge 49 per cent YoY to Rs 857 crore on the back of better capacity utilization.

Indian Energy Exchange (IEX): They posted over 11 per cent YoY rise in consolidated net profit to Rs 69.12 crore in Q1FY23 due to higher revenues. Total income of the company increased to Rs 113.39 crore in Q1FY23 from Rs 102.87 crore in Q1FY22. The board also recommended final dividend of Re 1 per share and fixed August 12, 2022 as the record date for final dividend of 2021-2022.

Karur Vysya Bank: The bank registered 110 per cent YoY jump in net profit to Rs 229 crore in Q1FY23 from Rs 109 crore. Operating profit, meanwhile, rose 15 per cent YoY to Rs 475 crore and NIIs climbed 17 per cent YoY to Rs 746 crore. However, gross NPAs declined to 5.2 per cent from 7.9 per cent, a year ago.

Sterlite Technologies: The broadband technology company posted 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, total order book of the company stood at Rs 11,200 crore at the end of reported quarter.

Stocks in F&O ban: Indiabulls Housing Finance is the only stock banned in the F&O ban period on Tuesday, July 26.

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