Overnight Digest: These stocks are likely to be in focus on July 21
Keep an eye on these stocks for Thursday's trading session.
On Wednesday, Indian equity benchmarks jumped clocking gains across sectors taking cues from strength across global markets as robust corporate earnings in the US relaxed investors' minds about slowing growth due to steep hikes in interest rates. Oil & gas, financial, IT, and auto shares turned out to be the biggest thrusts lifting the headline indices.
At the close, Sensex is up 629.91 points or 1.15 per cent at 55,397.53 level whereas Nifty zoomed 180.30 points or 1.10 per cent to close at 16,520.80 level. Among the sectoral indices on BSE, IT, Metals and FMCG indices caught the limelight surging 2.58 per cent, 1.35 per cent, and 1.13 per cent, respectively.
Keep an eye on these stocks for Thursday's trading session-
NHPC - In an otherwise strong market today, the shares of NHPC slipped more than a per cent despite the company’s announcement of signing an MoU with Damoder Valley Corporation to explore the formation of a JV for hydropower. The MoU heralds a new dawn in cooperation between the two power sector organisations in jointly harnessing hydropower projects and pump storage projects as energy storage solutions.
ICICI Lombard General Insurance - Despite reporting healthy earnings for Q1FY23, the shares fell up to 7 per cent during Wednesday's trading session. The insurance company reported 80 per cent YoY growth in net profit at Rs 349 crore in Q1FY23 due to healthy growth in premium income. Meanwhile, the gross direct premium income by the insurer during the period was Rs 5,370 crore, improving 28.2 per cent on a YoY basis.
State Bank of India - The shares of SBI are on a buzz after soaring around 17 per cent in a month. SBI became the most valued bank as its market capitalisation has increased, making it the seventh-largest company in the overall market-cap ranking of listed companies on BSE. LIC, which was previously at the seventh position, slipped to the eighth position.
Century Plyboards - The shares of Century Plyboards climbed more than 4 per cent on an intraday basis on Wednesday. The company reported a consolidated net profit of Rs 92.3 crore against Rs 31.4 crore. Its consolidated revenue jumped 94.3 per cent to Rs 889 crore against Rs 457.5 crore on a YoY basis. EBITDA stood at Rs 143.1 crore against Rs 60.2 crore on a YoY basis whereas the EBITDA margin expanded to 16.1 per cent against 13.2 per cent.