Stocks To Watch Today, July 14: HCL Technologies, Bharat Electronics, Grasim Industries, SBI, Welspun Enterprises

Mumbai, July 14: Indian investors on Tuesday will be tracking shares of HCL Technologies after the company reported increase in its profit in Q1. Bharat Electronics shares will be under spotlight after the company secured a fresh order. SBI shares will be tracked as the much awaited SBI Funds Management IPO opens for subscription today. Read on to know more 

HCL Technologies Q1 Net Profit Rises 20% YoY to Rs 4,624 Crore 

IT bellwether HCL Technologies on Monday reported a 20 per cent year-on-year increase in consolidated net profit at Rs 4,624 crore for the quarter ended June. The company’s earnings come at a time when large-cap IT services firms have been experiencing mixed growth due to tepid discretionary technology spending by clients in developed markets like the US and Europe. Readings from HCL Tech will be looked for carefully for any read through on the demand situation ahead of other large-cap IT firms reporting quarterly results later this season. Investors will focus on commentary around new deals won by the company, revenue growth outlook and margin trajectory for the remaining quarters of the fiscal. 

Bharat Electronics secures fresh orders worth Rs 572 crore 

Navratna defence PSU Bharat Electronics Limited (BEL) has reported that it has received fresh orders worth Rs 572 crore since June 22. This adds to BEL’s robust order book that the defence electronics and systems company has been reporting consistently during the year. BEL has benefitted from government’s thrust on indigenisation of defence needs regularly reporting addition to order book through the year. Investors will look out for total orders booked during the quarter and management commentary on order pipeline. 

Grasim Industries arm to buy Sprng Energy from Shell in Rs 17,200-crore deal 

Grasim Industries has announced that its subsidiary Aditya Birla Renewables Ltd (ABRen) has entered into an agreement with Shell Overseas Investment B.V. to acquire Sprng Energy group of companies for an enterprise value of Rs 17,200 crore ($1.8 billion). The deal gives ABRen significant scale in operational as well as under-construction renewable energy assets across India. The acquisition comes at a time when Aditya Birla Group is looking to aggressively diversify its business and gain a larger foothold in renewables business. Investors would watch out for details on how the deal will be financed, when will it be completed and how much scale will it bring to ABRen in terms of capacity. 

IPO of SBI Funds Management opens for subscription 

State Bank of India’s investment management arm SBI Funds Management today opened its Rs 9,813-crore IPO for subscription. The initial public offering has priced shares in the range of Rs 545-574 apiece. Ahead of the IPO opening, the fund house had on July 13 raised Rs 2,663 crore through issue of 4.63 crore shares to 129 anchor investors. The anchor book was led by overseas investors like BlackRock, Abu Dhabi Investment Authority, Morgan Stanley, Goldman Sachs, Citigroup, Capital Group and Government of Singapore among others while insurance companies as well as 23 domestic mutual funds also participated in the booking. Investors in State Bank of India will look at how well the issue is subscribed to and any read through on valuation that can be arrived at for its asset management business to which it holds stake in. 

Rs 7,300-crore Pune-Shirur highway project: Welspun Enterprises arm signs pact 

Welspun Enterprises said its wholly-owned subsidiary Welspun Pune Shirur Projects (WPSPL) has signed a sub- con ceSSION agreement with the Maharashtra State Infrastructure Development Corporation (MSIDC) and the Government of Maharashtra for the Pune to Shirur highway project valued at Rs 7,300 crore. The Pune-Shirur highway concession agreement is yet another large-ticket infrastructure order addition to Welspun Enterprises books. The company has been looking to strengthen its position in roads and highways space in recent times. 

Sources

• bseindia.com
• nseindia.com
• PTI
• Company press releases…