Stocks To Focus: Marico, Bajaj Finance, Vedanta, Bandhan Bank, Brigade Enterprises

Stocks to Watch on Thursday, July 4, 2024: The stock markets in India are expected to open higher for the second consecutive day on Thursday due to strong global cues. At 7:40 AM, GIFT Nifty was up 97 points at 24,462, indicating potential new record highs for the benchmarks. In Asia, markets showed positive trends, with Japan's Topix reaching an all-time high of 2,886.50, surpassing the previous record set in December 1989. The Topix rose by 0.45 percent, while the Nikkei 225 increased by 0.3 percent. Other indices such as ASX200 rose by 1 percent, Kospi by 0.8 percent, and Hang Seng by 0.46 percent.

Marico: FMCG-major Marico has announced a collaboration with Kaya Limited, a dermatological solutions provider. Marico will have exclusive rights to handle sales and marketing of Kaya’s range of 75+ personal care products outside of Kaya’s clinics.

Bajaj Finance: Bajaj Finance recorded a 10% year-on-year growth in new loans booked for the quarter ending on June 30, 2024. The number of new loans booked stood at 10.97 million compared to 9.94 million in the same period last year. As of June 30, 2024, the company's deposit book was at approximately Rs 62,750 crore, reflecting a 26% year-on-year growth from Rs 49,944 crore as of June 30, 2023.

Vedanta: In the June quarter, Vedanta Ltd reported increased production of aluminium, zinc, iron ore, and steel. However, there was a drop in mined metal production overseas and in oil and gas during the same period. The company stated that aluminium output grew by 3% to 596,000 tonnes in the first quarter compared to the year-ago period, according to a filing by Vedanta. Saleable metal output at Zinc India increased to 262,000 tonnes from 260,000 tonnes. In contrast, mined metal output at Zinc International decreased to 38,000 tonnes from 68,000 tonnes in the first quarter of FY24.

Bandhan Bank: Bandhan Bank's total deposits increased by 22.8% year over year to Rs 1.33 lakh crore in the April–June quarter, according to the provisional figures released by the bank. The bank also reported a 21.8% increase in loans and advances, which totaled Rs 1.25 lakh crore in the first quarter, compared to Rs 1.03 lakh crore in the same period a year ago, as per an exchange filing.

Brigade Enterprises: Brigade Group has signed a joint development agreement for a residential project in West Bengaluru with a gross development value (GDV) of about Rs 1,100 crore. The project is located on Tumkur Road and occupies 8 acres, with a development potential of 1.2 million square feet, according to the company. This project will mainly comprise two and three-bedroom apartments.

L&T Finance: According to the provisional quarterly business update, L&T Finance's retail loan book grew by 31% annually to reach Rs 84,440 crore in the first quarter of FY25. The non-banking lender reported a 33% increase in retail disbursements, totaling Rs 14,830 crore in the April-June quarter, compared to Rs 11,192 crore in the same period last year. The portfolio's realization is estimated to be 95%.

Suryoday Small Finance Bank: Suryoday Small Finance Bank reported a 42% year-on-year increase in gross advances, reaching Rs 9,037 crore in the quarter-ended June. Deposits also rose by 42% to Rs 8,137 crore compared to the previous year, as per the bank's exchange filing. The CASA ratio increased to 17.7% from 14.9% in the year-ago period.