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Buzzing Stocks: Tech M, ICICI Bank, Bajaj Finance, L&T Tech, IndusInd Bank, Cyient, Maruti Suzuki, Tata Steel, Indigo and others.
Tech Mahindra: The global IT services company recorded a consolidated net profit of Rs 661 crore for the quarter ended March FY24, rising sharply by 29.5 percent over the previous quarter despite a weak topline, boosted partly by other income. Revenue from operations fell by 1.8 percent sequentially to Rs 12,871.3 crore for the quarter, with dollar revenue increasing 1.6 percent and constant currency revenue reducing 0.8 percent on a sequential basis. The board has recommended a final dividend of Rs 28 per equity share for FY24.
Results on April 26: Maruti Suzuki India, HCL Technologies, Aditya Birla Sun Life AMC, Bajaj Finserv, SBI Life Insurance Company, Shriram Finance, Bajaj Holdings & Investment, CSB Bank, Eveready Industries India, Force Motors, Indiabulls Real Estate, Bank of Maharashtra, Mastek, Motilal Oswal Financial Services, and SBI Cards and Payment Services will release March quarter earnings on April 26.
Tata Steel: After seven months of formal and informal national-level discussions with the UK trade unions, Tata Steel has decided that it will proceed with its 1.25-billion-pound investment to build an electric arc furnace in Port Talbot, in South Wales. It would also commence the closure of the existing heavy-end assets in the following months. The company informed the trade unions that Port Talbot’s two blast furnaces, No 5 and No 4, will close by the end of June and by the end of September. A voluntary redundancy aspiration process will be launched across Tata Steel UK on May 15, 2024.
ICICI Bank: Partha Dey, Head, Services Sector & Financial Institution Group, has opted for early retirement. Therefore, he will cease to be a senior management personnel of the bank with effect from May 21, 2024.
Results on April 27: ICICI Bank, Yes Bank, L&T Finance, RBL Bank, Craftsman Automation, Jaiprakash Power Ventures, Sanghi Industries, SBFC Finance, Seshasayee Paper & Boards, Sportking India, and Trident Lifeline will announce their quarterly earnings on April 27.
Bajaj Finance: The leading non-banking finance company has reported net profit of Rs 3,825 crore for the March FY24 quarter, growing 21 percent over the corresponding period of the last fiscal. Net interest income grew by 28 percent year-on-year to Rs 8,013 crore for the quarter, with the number of new loans booked rising 4 percent to 7.87 million and customer franchises increasing 21 percent to 83.64 million during the same period. Assets under management jumped 34 percent YoY to Rs 3,30,615 crore for the quarter. The board has recommended a dividend of Rs 36 per share for FY24.
IndusInd Bank: The private sector lender has registered a 15 percent on-year growth in standalone net profit at Rs 2,347 crore for the quarter ended March FY24, driven by lower provisions for bad loans and higher pre-provision operating profit. Net interest income increased by 15.1 percent year-on-year to Rs 5,376.44 crore for the quarter. Asset quality remained steady as the gross NPA and net NPA were unchanged at 1.92 percent and 0.57 percent for the quarter compared to the previous quarter.
Cyient: The engineering and technology solutions company has reported consolidated net profit of Rs 196.9 crore for the quarter ended March FY24, growing 28.5 percent over the previous quarter due to a low base. The profit in Q3 FY24 was impacted by an exceptional loss of Rs 50.3 crore. Revenue from operations grew by 2.2 percent QoQ to Rs 1,860.8 crore for the quarter.
L&T Technology Services: The engineering services company recorded net profit of Rs 341.4 crore for the January-March quarter of FY24, rising 1.4 percent over the previous quarter due to pressure in the EBIT margin. Revenue from operations increased by 4.8 percent sequentially to Rs 2,537.5 crore for the quarter, while revenue in constant currency terms increased 5.1 percent QoQ and dollar terms growth at 5 percent. Amit Chadha, CEO and Managing Director, sees FY25 revenue growth at 8–10 percent in constant currency.
InterGlobe Aviation: IndiGo has placed an order for 30 firm Airbus A350-900 aircraft for further expansion of its network. The aircraft will be powered by Rolls-Royce’s Trent XWB engine. Currently, IndiGo operates over 350 aircraft. In addition to the 30 Firm A350-900 order, it has purchase rights for an additional 70 Airbus A350 Family aircraft.
PSP Projects: The company has raised Rs 244 crore as the board approved the allocation of 36,41,791 equity shares to eligible qualified institutional buyers at an issue price of Rs 670 per equity share.
Coromandel International: The agri-solutions provider said the board has approved the appointment and redesignation of Arun Alagappan as Executive Chairman and also announced the retirement of M. M. Venkatachalam from the position of Non-Executive Director with effect from April 25, 2024. A Vellayan has retired from the position of Chairman and Non-Executive Director with effect from April 25.
NHPC: The Arbitral Tribunal has pronounced an award in the arbitration matter between L&T and NHPC in favor of Larsen & Toubro. L&T will receive the net claim amount of Rs 337.57 crore, and the counter claim amount of Rs 45.18 crore will be received by NHPC. The arbitration matter was related to LOTs SSL 2 and SSL 5 of the Subansiri Lower HE project.
UTI Asset Management Company: The company has recorded strong consolidated net profit at Rs 162.8 crore for the quarter ended March FY24, growing sharply by 90 percent over the same period last fiscal, backed by strong operating numbers. Revenue from operations, too, was strong, growing 38.4 percent year-on-year to Rs 416 crore for the quarter. The board has recommended a final dividend of Rs 24 per equity share and a special dividend of Rs 23 per equity share for FY24.
Aster DM Healthcare: Amitabh Johri has resigned as Joint Chief Financial Officer and key managerial personnel of the company with effect from April 25, due to the segregation of the company’s business in the Gulf Cooperation Council region from its business in India. He will continue as the CFO of the segregated Aster business in the Gulf Cooperation Council region. Sunil Kumar M.R. will take charge as the Chief Financial Officer of the company with immediate effect. Sunil Kumar is currently the joint chief financial officer of the company.
Schaeffler India: The motion technology company has registered consolidated net profit at Rs 219.7 crore for the January–March 2024 quarter, rising 0.16 percent over a year-ago period, impacted by a weak operating margin. Revenue from operations grew by 10.6 percent year-on-year to Rs 1,873.1 crore for the quarter.
CRISIL: Subsidiary CRISIL ESG Ratings has received the license from the Securities and Exchange Board of India (SEBI) to commence the business of ERP (the ERP rating provider) and has executed the business transfer agreement.
Som Distilleries and Breweries: The company has reported consolidated net profit of Rs 20 crore for the quarter ended March FY24, rising nearly 26 percent over the year-ago period. Revenue from operations grew by 51 percent year-on-year to Rs 381.6 crore for the quarter.
Zensar Technologies: The company has registered consolidated net profit at Rs 173.3 crore for the January–March FY24 quarter, growing 45.4 percent over the same period in the in the previous fiscal year despite muted topline, led by other income and operating margin. Revenue from operations grew by 1.4 percent year-on-year to Rs 1,229.7 crore for the quarter.
Harsha Engineers International: Foreign portfolio investor American Funds Insurance Series Global Small Capitalization Fund exited Harsha Engineers by selling its entire shareholding of 9,70,777 equity shares at an average price of Rs 410.06 per share via an open market transaction. However, Plutus Wealth Management bought an additional 7,29,669 equity shares (equivalent to 0.8 percent of paid-up equity) at an average price of Rs 410.01 per share. As of March 2024, Plutus had a 6.10 percent stake in the company.
Aavas Financiers: The retail affordable housing finance company has reported standalone net profit of Rs 142.6 crore for the quarter ended March FY24, growing 12.5 percent over a year-ago period. Net interest income grew by 14 percent year over year to Rs 324.4 crore for the quarter.
KPI Green Energy: The company has recorded a massive 35.4 percent on-year growth in consolidated net profit at Rs 43 crore for the quarter ended March FY24, with a healthy topline as well as operating numbers. Revenue from operations increased sharply by 58.6 percent year over year to Rs 289.4 crore for the quarter.
Tanla Platforms: The leading CPaaS provider has recorded consolidated net profit at Rs 130.2 crore forthe January-March the January-March FY24 quarter, rising 8.2 percent over a year-ago period driven by higher other income and topline,topline, but growth was limited due to weak operating numbers. Revenue from operations grew by 20.6 percent year over year over year to Rs 1,005.5 crore. The board has recommended a final dividend of Rs. 6 per share.
Faalcon Concepts: The trading in equity shares of the company will commence on the BSE SME with effect from April 26. The issue price is Rs. 62 per share. The stock will be in the trade-for-trade segment for 10 trading days.
PG Electroplast: PG Technoplast, a wholly-owned subsidiary of the company, has opened its new air conditioning manufacturing facility for North India in Bhiwadi, Rajasthan.
