Domestic equity indices NSE Nifty 50 and S&P BSE Sensex started the week with new all-time highs again after hitting record highs for three straight weeks. The GIFT Nifty was trading in red ahead of the market opening on Tuesday, July 18, indicating a negative-to-flat start to trading on Dalal Street. 

On Monday, the Nifty 50 hit a record high of 19,731.85 points before closing the trade session 0.75% or 146.95 points higher at 19,711.45. The Sensex, too, closed at a record high after surging 529 points or 0.80% to 66,589.93. 

Top Stock in Focus on July 18:

Sheela Foam: The PU foam manufacturer will complete a purchase of a majority stake of 94.66% in Kurlon Enterprises at a valuation of Rs 2,150 crore by or before November 30, 2023. Sheela Foam will acquire a 35% stake in House of Kieraya’s Furlenco Furniture at a valuation of Rs 857.14 crore.

LTIMindtree: The IT services and consulting company could be a highly traded and volatile stock today as it announced its June quarter results yesterday. LTIMindtree posted a 4.1% year-on-year and 3.4% quarter-on-quarter increase in net profit to Rs 1,152.3 crore. The company’s revenue from operations witnessed a marginal increase from the previous quarter to Rs 8,702.1 crore. 

Patanjali Foods: Rajiv Jain-led investment management firm GQG Partners has invested Rs 2,400 crore to acquire a 5.96% stake in Patanjali Foods through an offer-for-sale on Friday. The deal comprised a sale of 2.15 crore shares in the FMCG company at an average price of Rs 1,103.80 per share. 

Reliance Industries (RIL): Following the demerger of RIL’s financial services unit into Reliance Strategic Investments on July 20, the de-merged entity, Jio Financial Services (JFSL), would be included in a total of 19 NSE indices, including Nifty 50, the National Stock Exchange said. 

Hathway Cable and Datacom: The fiber internet provider and cable TV provider posted a 6.62% growth in its consolidated net profit to Rs 22.36 crore for the first quarter of FY 2023-24 from the same period last year. Its revenue from operations increased by 11.6% YoY to Rs 499.2 crore.
Infosys: The IT giant has inked a framework agreement with a pre-existing client to provide artificial intelligence (AI) and automation-led development, modernisation, and maintenance services. The total consideration for the deal is estimated at $2 billion or Rs 16,400 crore spread over 5 years.