The Indian stock market is a dynamic and ever-changing landscape, with various factors influencing the performance of listed companies. Based on the news and events of 24th July 2023, we have identified several large-cap Indian stocks that investors should consider for their portfolio.
Stocks to Buy
L&T (Larsen & Toubro): L&T has been highlighted as one of the top trading ideas for the day, indicating a positive sentiment among market experts. The company’s strong reputation and consistent performance make it a solid choice for investors looking for steady returns.
Coforge: Coforge reported a consolidated net profit of Rs 165.3 crore for the quarter ended June 30, 2023 (Q1FY24), up 43.9 per cent against Rs 114.8 crore registered in the year-ago period. The company also declared an interim dividend of Rs 19 per share. This strong financial performance and dividend announcement could positively impact the stock price.
Stocks to Sell
Tata Steel: Tata Steel reported a 92% decline in quarterly profit, primarily due to weakness in its European operations. Despite better performance at its Indian operations, this significant drop in profit could negatively impact the stock price. Investors may want to consider this before making investment decisions.
Tata Communications: Tata Communications’ shares fell by 4% after the company announced its plans to acquire communication platform service provider Kaleyra for $100 million. In addition to the acquisition, Tata Communications will also take on Kaleyra’s gross debt of $224.9 million and net debt of $149.9 million. This news could negatively impact the stock price due to the significant debt being taken on.
Neutral Sentiment
ICICI Bank: ICICI Bank’s stock price went up by 0.13% on 24th July 2023. However, there isn’t any specific news on this day that could be directly linked to this change. Investors may want to keep an eye on this stock for any significant news or events that could impact its future performance.
Investors should always conduct their own research and consider their financial goals, risk tolerance, and other individual factors before making investment decisions. The above recommendations are based on news and events of 24th July 2023 and may change as new information becomes available.