Stock to Watch Today - Rupeedesk Reports - 03.05.2024
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Kotak Mahindra Bank, Coal India, Coforge, Jubilant Pharmova, and others in news.
Results on May 3: Titan Company, Britannia Industries, Tata Technologies, Aarti Drugs, Adani Green Energy, Aptus Value Housing Finance India, Godrej Properties, Inox Green Energy Services, Inox Wind, JSW Infrastructure, MRF, Raymond, and Waaree Technologies will release their March FY24 quarter earnings on May 3.
Coforge: The IT services company recorded a consolidated net profit of Rs 229.2 crore for the March FY24 quarter, falling 5.6 percent compared to the previous quarter, impacted by weak operating numbers. Revenue from operations grew by 1.5 percent sequentially to Rs 2,358.5 crore for the quarter. Meanwhile, the board has declared an interim dividend of Rs 19 per share. Coforge has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti Technologies to acquire up to 54 percent of its shareholding.
Results on May 4: Kotak Mahindra Bank, Mahindra & Mahindra Financial Services, Avenue Supermarts, IDBI Bank, Birla Corporation, Jammu & Kashmir Bank, Kansai Nerolac Paints, Nagarjuna Fertilizers and Chemicals, Zen Technologies, and High Energy Batteries (India) will announce their January-March quarter earnings on May 4.
Coal India: The country's largest coal mining firm has recorded consolidated net profit at Rs 8,640.5 crore for the quarter ended March FY24, rising sharply by 25.8 percent over a year-ago period despite weak topline, aided by strong operating numbers with a fall in input costs and employee expenses. Revenue from operations fell 1.9 percent year over year to Rs 37,410.4 crore for the quarter. The board has recommended a final dividend of Rs. 5 per share.
MOIL: The manganese ore production in April 2024 increased by 22 percent year-on-year to 1.60 lakh metric tonnes, while sales grew by 17 percent year-on-year to 1.15 lakh metric tonnes during the month.
Jubilant Pharmova: The company has approved the appointment of Harsher Singh as CEO of the radiopharma business. Earlier, Harsher was working with Amneal Pharmaceuticals. Meanwhile, the company also announced the superannuation of Pramod Yadav, the CEO of Jubilant Radiopharma. Pramod will continue as an adviser until June 30 of this year.
Indian Energy Exchange: The electricity exchange achieved an overall volume of 9,044 million units (MU) in April 2024, growing 14.1 percent over a year-ago month. The market clearing price in the day ahead market during the month at Rs 5.1 per unit decreased approximately 6 percent year-on-year. The real-time electricity market (RTM) continued its growth trajectory in April, increasing 22.1 percent YoY to 2,629 MU.
Wipro: Independent Health, Western New York’s Medicare Advantage Plan, has selected Wipro to implement their Medicare Prescription Payment Plan platform for the upcoming open enrollment period. The platform will help Independent Health streamline the payment process to seamlessly integrate these new provisions, simplifying prescription cost management for Medicare recipients in Western New York.
Cyient: HDFC Mutual Fund has bought additional 11,33,893 equity shares (equivalent to 1 percent of paid-up equity) in the IT company at an average price of Rs 1,800 per share, valuing it at Rs 204.1 crore.
CarTrade Tech: Foreign investor CMDB II sold further 3.75 lakh equity shares in the multi-channel platform at an average price of Rs 710.08 per share via open market transactions, in addition to 3.75 lakh shares offloaded in the previous session.
Zaggle Prepaid Ocean Services: ICICI Prudential Mutual Fund has bought 11,58,940 equity shares (equivalent to 0.94 percent of paid-up equity) in the spending management platform provider at an average price of Rs 302 per share. However, foreign investor Ventureast Proactive Fund LLC sold 22,27,438 equity shares (or 1.8 percent of paid-up equity) at the same price. As of March 2024, Ventureast held a 3.64 percent stake in the company.
Droneacharya Aerial Innovations: Ace investor Shankar Sharma sold 2 lakh shares in the drone manufacturer and drone training provider at an average price of Rs 153.46 per share.
Ajanta Pharma: The specialty pharmaceutical formulation company has reported consolidated net profit of Rs 203 crore for the quarter ended March FY24, rising sharply by 66 percent over the same period in the in the previous fiscal. Revenue from operations grew by 20 percent to Rs 1,054 crore during the same period, with India businesses increasing 14 percent, US generic businesses up 32 percent, Asia segments up 18 percent, and Africa businesses up 13 percent. EBITDA increased 86 percent year over year to Rs 278 crore during the quarter. Meanwhile, the board has given its approval for the share buyback of up to Rs 285 crore at Rs 2,770 per share.
Goodyear India: Manish Mundra has resigned as the Chief Financial Officer and Whole-Time Director of the company to explore professional growth opportunities outside the organisation. He will cease to be the key managerial personnel of the company with effect from June 30, 2024.
Gujarat Industries Power Company: The company has entered into a Rs 2,832-crore loan agreement with the National Bank for Financing Infrastructure and Development (NaBFID).
KEI Industries: The electrical wires and cables manufacturer has registered a 22 percent on-year growth in consolidated net profit at Rs 168.6 crore for the quarter ended March FY24, with healthy growth in topline and operating numbers. Revenue from operations grew 18.8 percent year-on-year to Rs 2,319.3 crore during the quarter.
CIE Automotive India: The automotive component manufacturer has reported consolidated net profit of Rs 230.2 crore for the March FY24 quarter, rising 4.5 percent over the same period in the previous fiscal year despite weak topline and operating numbers, supported by higher other income. Revenue from operations declined 0.5 percent year over year to Rs 2,426.8 crore for the quarter.
Ugro Capital: The non-banking finance company recorded net profit of Rs 32.7 crore for the quarter ended March FY24, growing 132.8 percent over the year-ago period. Total income for the quarter, at Rs 330.4 crore, increased 52.1 percent over the same period in the in the previous fiscal. Meanwhile, the company has received approval from the board for the acquisition of MyShubhLife, the embedded finance fintech platform, for Rs 45 crore.
Voltamp Transformers: The oil-filled power and distribution transformer maker has recorded net profit of Rs 93.5 crore for the March FY24 quarter, rising 22.1 percent over the corresponding period of the previous fiscal year despite a weak operating margin and higher other income and topline. Revenue from operations soared 14.6 percent year over year to Rs 504.2 crore for the quarter.
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