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Buzzing Stocks: HUL, SBI, Delhivery, Kotak Mahindra Bank, Bajaj Finance, Axis Bank, Macrotech Developers and others.
Hindustan Unilever: The FMCG major has recorded standalone net profit at Rs 2,406 crore for the quarter ended March FY24, falling 5.7 percent over the year-ago period, impacted by weak topline as well as operating numbers. Revenue from operations fell 0.2 percent on-year to Rs 14,857 crore for the quarter, with volume growth of 2 percent. EBITDA fell 1 percent year-on-year to Rs 3,435 crore, with the margin declining 20 basis points at 23.1 percent in Q4 FY24, hit by higher advertising and promotion expenses, though there was a lower raw material cost on a year-on-year basis. The board has recommended a final dividend of Rs 24 for FY24.
Kotak Mahindra Bank: The Reserve Bank of India barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards, citing supervisory concerns over its technology platforms. The actions followed an RBI examination of the bank's IT systems over the last two years and the bank’s continued failure to address concerns. The ban will not impact existing customers, and Kotak can continue to provide services to them, including its credit card customers.
ITC: The FMCG company said the meeting of ordinary shareholders will take place on June 6 through electronic mode to consider the proposed scheme of arrangement amongst ITC and ITC Hotels.
The State Bank of India: Financial Services Institutions Bureau (FSIB) has recommended Rana Ashutosh Kumar Singh for the position of Managing Director at SBI. Currently, Rana Ashutosh Kumar Singh is Deputy Managing Director, Retail Banking at SBI.
Axis Bank: The private sector lender has reported standalone net profit of Rs 7,130 crore for the March FY24 quarter, against a loss of Rs 5,728.4 crore in the corresponding period of the last fiscal, despite elevated provisions for bad loans. Net interest income grew by 11.5 percent year-on-year to Rs 13,089 crore for the quarter, with a net interest margin of 4.06 percent. Asset quality improved with the gross NPA declining 15 bps sequentially to 1.43 percent and the net NPA falling 5 bps QoQ to 0.31 percent in Q4 FY24.
LTIMindtree: The IT services company recorded consolidated net profit of Rs 1,100.7 crore for the March FY24 quarter, declining 5.9 percent compared to the previous quarter, with weak topline and operating numbers. Revenue from operations during the quarter at Rs 8,893 crore fell by 1.4 percent on a sequential basis, while revenue in dollar terms as well as in constant currency terms fell 1.3 percent each QoQ. The company has seen a 30 bps sequential decline in EBITDA margin at 17.3 percent and a 70 bps fall in EBIT margin at 14.7 percent for the quarter.
Results on April 25: Bajaj Finance, IndusInd Bank, Nestle India, Tech Mahindra, Vedanta, ACC, L&T Technology Services, AAVAS Financiers, Coromandel International, Cyient, Glenmark Life Sciences, Himadri Speciality Chemical, Laurus Labs, Mphasis, Olectra Greentech, Schaeffler India, Tanla Platforms, Tata Teleservices (Maharashtra), UTI Asset Management Company, and Zensar Technologies will release quarterly earnings on April 25.
AU Small Finance Bank: The bank recorded net profit of Rs 370.7 crore for the March FY24 quarter, falling 12.7 percent compared to the same period in the in the previous fiscal year due to a one-time exceptional impact of Rs 77 crore towards Fincare merger-related expenses and higher provisions for bad loans. Net interest income grew by 10 percent year-on-year to Rs 1,337 crore for the quarter. Asset quality saw improvement, with the gross NPA declining 31 bps QoQ to 1.67 percent and the net NPA falling 13 bps to 0.55 percent for the quarter.
Dalmia Bharat: The company recorded consolidated net profit of Rs 320 crore for the quarter ended March FY24, falling sharply by 47.4 percent compared to the same period in the in the previous fiscal year, partly impacted by weak operating numbers. Also, the base in Q4 FY23 was high due to the share of profit in associate and joint ventures. Revenue from operations grew by 10 percent YoY to Rs 4,307 crore for the quarter, with volume growth at 18.5 percent.
Rail Vikas Nigam: The state-owned entity has emerged as the lowest bidder for a project worth Rs 239 crore from Southern Railway. The company will provide an automatic block signaling system in Jolarpettai junction to erode the junction of Salem division in Southern Railway.
Macrotech Developers: The real estate developer has reported consolidated net profit of Rs 665.5 crore for the quarter ended March FY24, declining 10.6 percent compared to the year-ago period despite higher topline and operating numbers, impacted by tax costs. Revenue from operations grew by 23.4 percent YoY to Rs 4,018.5 crore for the quarter.
Vodafone Idea: The equity shares issued in the follow-on public offer (FPO) will be available for trading in a continuous trading session with effect from April 25. The telecom operator issued 1,636.36 crore equity shares in the FPO and raised Rs 18,000 crore at a price of Rs 11 per share.
RITES: The transport infrastructure consultancy has signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate on project management consultancy for rail infrastructure works.
Deepak Nitrite: The company has received Rs 127 crore towards the final settlement of the insurance claim from the insurance companies. It has received an insurance claim for damage caused to certain properties, plants, equipment, and inventory, as well as the loss of profit due to a business interruption post-fire incident at its Nandesari premises in June 2022.
Oracle Financial Services Software: The company has recorded nearly 17 percent YoY growth in consolidated net profit at Rs 560.1 crore for the January-March quarter of FY24. Revenue from operations increased by 11.7 percent to Rs 1,642.4 crore compared to the year-ago period. The board has declared an interim dividend of Rs. 240 per share.
Anant Raj: The real estate company has reported consolidated net profit of Rs 84.01 crore for the quarter ended March FY24, rising sharply by 73.4 percent over a year-ago period despite a lower operating margin, partly driven by a strong topline and lower tax costs. Revenue from operations grew by 58 percent year over year to Rs 442.6 crore for the quarter.
Sterlite Technologies: The optical and digital solutions company, said its fiber optic cable products manufactured in the US are compliant with the Build America, Buy America (BABA) provisions of the Infrastructure Investment and Jobs Act (IIJA). It also unveiled a rapid series of products, which will add to its portfolio of fiber optic cables in the US.
Delhivery: Foreign investor Canada Pension Plan Investment Board sold 2,04,50,000 equity shares (equivalent to 2.77 percent of paid-up equity) in the logistics company at an average price of Rs 444.3 per share, valued at Rs 908.6 crore. As of March 2024, the Canada Pension Plan Investment Board had a 5.96 percent stake in the company. However, Smaller Cap World Fund Inc. (35 SCWF/000035) bought 1,38,19,289 equity shares (equivalent to 1.87 percent of paid-up equity) in the company at the same price, which amounted to Rs 613.99 crore.
5paisa Capital: The discount brokerage subsidiary of IIFL Holdings has registered consolidated net profit of Rs 5.8 crore for the quarter ended March FY24, falling sharply by 60 percent compared to the year-ago period despite a strong topline impacted by weak operating numbers. Revenue from operations grew by 24.6 percent year-on-year to Rs 112.9 crore during the quarter.
Mas Financial Services: The financial services company has reported consolidated net profit of Rs 69.4 crore for the January–March period of FY24, rising 23.3 percent over the same period last fiscal. Revenue from operations grew by 24.1 percent YoY to Rs 345.8 crore during the same period.
Indian Bank: The Financial Services Institutions Bureau (FSIB) has recommended Asheesh Pandey for the position of MD and CEO at Indian Bank.
Syngene International: The pharma research company has reported consolidated profit at Rs 188.6 crore for the March FY24 quarter, rising 5.5 percent over a year-ago period despite a lower topline, supported by an operating margin that increased by 300 bps YoY. Revenue from operations grew by 7.8 percent YoY to Rs 917 crore for the quarter.
National Aluminium Company: Khanij Bidesh India (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research and the National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.
Indian Hotels: The hospitality company has recorded consolidated net profit at Rs 438.3 crore for the March FY24 quarter, growing 29.4 percent over a year-ago period, boosted by healthy topline and operating numbers. Revenue from operations grew by 17.2 percent YoY to Rs 1,905.3 crore. The board has recommended a dividend of Rs. 1.75 per share.
Supreme Petrochem: The company has reported net profit at Rs 131.5 crore for the quarter ended March FY24, falling 17.5 percent compared to the corresponding period of the last fiscal despite a higher topline, impacted by weak operating numbers, which were dented by higher input costs. Revenue from operations rose by 12.7 percent YoY to Rs 1,562.8 crore for the quarter. The board has recommended a final dividend of Rs 7 per share for FY24.
