Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were likely to open in green on Friday, as suggested by trends on SGX Nifty in early trade. SGX Nifty 50 Index Futures for July were ruling 41 points or 0.25 per cent up at 16658.50 on Singaporean Exchange. In the previous session, the Sensex ended up 284.42 points or 0.51% at 55,681.95, and the Nifty was up 84.50 points or 0.51% at 16,605.30. Technical analysts say that the short term trend of Nifty remains up. The intact of recent opening upside gap and a negation of small negative candle of Wednesday signal a possibility of further upside in the short term. “The next upside resistance to be watched around 16800 levels. Immediate support is placed at 16480 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Stocks to watch on Friday, 22 July 2022

Reliance Industries: Reliance Industries will announce its fiscal first-quarter results on Friday, July 22. RIL) is expected to have continued its robust growth in the April-June quarter, this time helped by stronger refining profitability, better telecom ARPU, and growth in the retail segment.

JSW Energy: Industrialist Sajjan Jindal-led JSW Energy intends to commission about 2.25 GW of renewable capacity in the next 18 months and intends to achieve the 10 GW target much ahead of schedule.

ITC: While ITC has said that an alternative structure for its hotels business is “very much on the table”, analysts said this is the “right time” for the diversified conglomerate to look at unlocking value in this business, as the hospitality industry is expected to witness a strong recovery this fiscal after Covid hiatus.

IDBI Bank: IDBI Bank on Thursday reported a 25% year-on-year (y-o-y) increase in net profit to Rs 750.36 crore for the quarter ended June, driven by a 48% drop in provisions to Rs 959 crore.

Hindustan Zinc: Hindustan Zinc (HZL) will invest around Rs 2,200 crore to set up a 0.5 million tonne per annum (mtpa) fertiliser unit and a 0.16 mtpa roaster plant, the company said on Thursday. It reported a 56% year-on-year (y-o-y) rise in consolidated net profit at Rs 3,092 crore in Q1FY23.

RBL Bank: RBL Bank on Thursday posted a net profit of Rs 201 crore for the quarter ended June 30, against a loss of Rs 459 crore in the year-ago period, as it saw a massive decline in provisions. The bank’s provisions fell 82% year-on-year to Rs 253 crore owing to an improvement in the asset quality.

Embassy Office Parks REIT: Embassy Office Parks REIT on Thursday reported 9 per cent increase in net operating income to Rs 677.3 crore for first quarter of 2022-23 and declared distribution of Rs 505 crore to unitholders.

PVR: Leading multiplex chain operator PVR Ltd on Thursday reported a consolidated net profit of Rs 53.38 crore for the June quarter. The company had posted a net loss of Rs 219.44 crore in the April-June quarter a year ago, PVR said in a regulatory filing.

Ashok Leyland: Hinduja Group flagship Ashok Leyland has inked a strategic partnership with Adani Capital to offer customised financial solutions for its customers in the small and light commercial vehicles segments, the city-based company said on Thursday.

Q1 results: BSE-listed companies such Reliance Industries, UltraTech Cement, JSW Steel, HDFC Asset Management Company, Bandhan Bank, Coforge, Crompton Greaves Consumer Electricals, Finolex Industries, Andhra Cements, Atul, Bharat Gears, Gokaldas Exports, Greenpanel Industries, HFCL, Huhtamaki India, Mahindra CIE Automotive, Meghmani Organics, Sigachi Industries, Supreme Petrochem, Tinplate Company of India, Ugro Capital, and Zenotech Laboratories will be in focus ahead of June 2022 quarter earnings on Friday, 22 July 2022.