ONGC, Reliance, Bank of India, Adani Green Energy, and ITC are stocks to keep an eye on

Focus will be on the companies announcing their June quarter profits today: Adani Power, Adani Wilmar, Godrej Consumer Products, Gujarat Gas, Vodafone India, and BASF India.

The Nifty50 dropped 50.25 points to 17,295.20 while the BSE Sensex falls 135.88 points to 58,048.

Here are the top 10 stocks that will be the subject of today’s attention:


ONGC: According to a government notification released on Tuesday, the government has once again altered the recently announced windfall tax imposed on oil, diesel, and jet fuel (ATF). The tax on domestically produced crude oil has increased from ₹17,000 to ₹17,750 ($226.14) per tonne, but the export duty on jet fuel has decreased from ₹4 to 0 cents per litre.

Adani Green Energy: Due to rising expenses, Adani Green Energy Limited (AGEL) on Tuesday reported a decline of more than 2% in consolidated net profit at ₹214 crore for the April-June quarter of FY23. According to a regulatory statement, the company’s combined net profit for the prior fiscal year was ₹219 crore. The company’s overall revenue increased in the first quarter of the current fiscal year to ₹1,701 crore. In the same time frame the previous year, it was at ₹1,079 crore.

Reliance: The government increased the windfall tax on domestic crude oil production to ₹17,750 per tonne and eliminated the export tariffs on jet fuel, which were formerly ₹4 per litre. This is the second amendment to the recently enacted windfall tax, which was imposed on crude oil, diesel fuel, and jet fuel.

Bank of India: Due to greater provisioning for bad loans, Bank of India on Tuesday reported a 22 percent decrease in standalone profit after tax to ₹561 crore for the April-June quarter. In the same quarter of the prior fiscal year, the institution had reported an after-tax profit of ₹720 crore. Due to lower income from other sources, the total income for the period of April through June 2022–23 decreased to ₹11,124.36 crore from ₹11,641.37 crore the previous year.

Shriram Transport Finance: Non-Banking Finance Company (NBFC) Shriram Transport Finance (STFC) said on Tuesday that the Competition Commission of India (CCI) had given its clearance for the company’s merger with Shriram City Union Finance Company. The merger of Shriram Capital Ltd (SCL), Shriram City Union Finance Ltd (SCUF), and Shriram Transport Finance Ltd with Shriram Transport Finance Ltd was announced by the Chennai-based Shriram Group in December of last year.

ITC: A large FMCG company, ITC has given up on the lifestyle retail sector. The choice was made following a strategic evaluation of its clientele. The chairman of ITC made hints about significant changes in the lifestyle retailing industry in June of this year. Sanjiv Puri had stated that ITC has restructured the business during the year in the company’s annual report.

Brigade Enterprises: On the strength of stronger sales, real estate company Brigade Enterprises Ltd. declared a consolidated net profit of ₹87.68 crore on Tuesday. It reported a net loss of ₹40.09 crore rupees in the same time last year. From ₹391.52 crore to ₹920.28 crore in the first quarter of this fiscal year, the total income increased by more than a factor of two.

Kotak Mahindra Bank: A Kotak Mahindra Bank division plans to raise up to Rs. 1,500 crore to invest in venture capital and private equity firms. The Kotak India Alternate Allocation Fund (KIAAF), a “fund of funds,” is being launched, according to Kotak Investment Advisors (KIAL). It aims to raise ₹750 crore with a greenshoe option of a further ₹750 crore.

Danger Dums: At its board meeting conducted today, August 2, 2022, Dangee Dums, a leading cake and ice-cream company with its headquarters in Gujarat, approved a bonus issue. The proposal to divide the company’s shares and raise the authorised share capital of the business has also been approved by the board. The record date for the bonus issue and share split has been set by the firm as September 7.

STL Technologies: To support India’s 5G preparedness, STL launched a full portfolio of optical connectivity technologies. India is anticipated to have 200 million 5G customers by 2025 thanks to recently concluded spectrum auctions. Modern optical products that can hasten, simplify, and reduce the cost of 5G rollout are needed by the sector.