Stocks to watch: Adani Group shares, Grasim Industries, BDL, Jubilant Foodworks, ONGC, Zydus Lifesciences in focus

The GIFT Nifty index, on Monday (August 12) around 8:40 am, was up 22.5 points or 0.09 per cent at 24,406. It hinted a flat to positive start for D-Street.

The India VIX, an indicator of volatility in the market was down 7.63 per cent at 15.34.

Cues from global markets remained positive. On Friday (August 9), Wall Street stocks ended higher on Friday but clocked weekly losses. Asian shares, however, opened higher. The Japanese stock market is closed.

Ahead of the share market opening in India, here’s a look at stocks to watch:

Adani Group: Adani Group shares are expected to be in the spotlight due to fresh allegations from US-based Hindenburg Research against SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, alleging their involvement in offshore entities connected to the purported Adani Group financial irregularities. Both SEBI and Buch have denied these accusations.

Grasim Industries: Grasim Industries’ board has approved acquiring a 26 per cent equity stake in AMPIN Energy C&I Three and AMPIN Energy C&I One, two Special Purpose Vehicles (SPVs) dedicated to generating and transmitting renewable energy for its paint plants in Karnataka and Tamil Nadu. The Aditya Birla Group company also reported a standalone loss of Rs 52 crore for the June quarter, a sharp contrast to the Rs 355 crore profit recorded in the same period last year.

Coffee Day Enterprises: The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Coffee Day Enterprises, the parent company of the Café Coffee Day chain.

Bharat Dynamics: The state-owned defense manufacturer reported a steep 82.8 per cent year-on-year decline in net profit, bringing in Rs 7.2 crore for the quarter ending June 30, 2024.

Jubilant Foodworks: Jubilant Foodworks, which operates popular food chains, saw its net profit fall 31.4 per cent year-on-year to Rs 51.5 crore in the first quarter, compared to Rs 75.1 crore in the same quarter the previous year.

Oil and Natural Gas Corporation (ONGC): ONGC announced that it has received government approval for an infusion of additional equity capital up to Rs 10,501 crore into ONGC Petro additions Limited. This includes converting Compulsorily Convertible Debentures (CCDs) worth Rs 7,778 crore and clearing a Rs 86 crore payment for share warrants, totaling Rs 18,365 crore.

Zydus Lifesciences: Zydus Lifesciences reported a 30.664 per cent year-on-year increase in profit after tax (PAT) to Rs 1,482.5 crore for the first quarter of FY 2024-25. The company’s revenue from operations also rose by 20.794 per cent to Rs 6,207.5 crore.

Bank of Baroda: Bank of Baroda announced a 5 basis point increase in lending rates for 3-month, 6-month, and 1-year tenures starting August 12, 2024. This hike in the marginal cost of funds-based lending rates (MCLR) will lead to higher EMIs for borrowers.