Godrej Consumer, Tata Chemicals, HDFC Bank, and Other Stocks To Watch On August 8

Despite a sluggish trend in the global markets, purchasing in Mahindra & Mahindra, Infosys, Tata Consultancy Services, and Reliance Industries helped Indian benchmark stock indexes close with gains on Monday, extending their previous session’s surge. But continuing withdrawals of foreign funds kept the markets from sharply rising.

The 30-share BSE Sensex finished at 65,953.48 up 232.23 points or 0.35 percent. To finish at 19,597.30, the NSE Nifty increased 80.30 points or 0.41 percent.

The pharma and IT industries put up solid showings to help the Indian market start the data-centric week with modest gains. The state of the world’s markets was ambiguous, with US futures showing optimism in reaction to a decrease in bond rates and European markets declining as a result of dismal economic data. Due to impending inflation statistics and the RBI’s monetary policy, caution predominated in the market, according to Vinod Nair, Head of Research at Geojit Financial Services.

The best stocks to watch on August 8 are:

Products by Godrej Consumer

The large FMCG company stated its net profit for the first quarter of FY24 fell by 7.6% year over year (YoY), to Rs. 318.8 crore. The overall revenue for the June quarter was Rs 3,448.91 crore, an increase of 10.36% from Rs 3,124.97 crore the previous quarter. A capital investment of Rs 900 crore has been authorized by the company’s board of directors for the construction of new industrial facilities in Tamil Nadu and Madhya Pradesh.

The Tata Chemicals

In comparison to the same quarter in FY23, when Tata Chemicals posted a net profit of Rs 593 crore, that figure fell by 11.8% to Rs 523 crore. In Q1FY24, revenue increased by 5.6% to Rs 4,218 crore from Rs 3,995 crore. EBITDA increased 2.8% to Rs 1,043 crore in Q1FY24 from Rs 1,015 crore in the same period of FY23.

Bank HDFC

After the HDFC-HDFC Bank merger, HDFC Bank’s investability weight in the FTSE Emerging all cap index increased to 1.52% from 0.814%. The weightage will instead be applied in three tranches by March 2024, according to index aggregator FTSE Russell.