Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Tata Motors, Eicher Motors, HUDCO, Union Bank of India, ICICI Bank, and others in news.
Tata Motors: The passenger and commercial vehicle maker has recorded consolidated net profit of Rs 17,407 crore for the quarter ended March FY24, growing 222 percent over the corresponding period of the previous fiscally driven tax credit of Rs 8,159 crore and strong operating numbers. Revenue from operations grew by 13.3 percent year-on-year to Rs 1,19,986 crore for the quarter. Jaguar Land Rover reported a 10.7 percent on-year growth in revenue at 7,860 million pounds and a 150-bps expansion in EBITDA margin for the quarter.
Eicher Motors: The automobile company has reported standalone net profit of Rs 983.3 crore for the March FY24 quarter, growing 32 percent over the same period of the previous fiscal year, backed by strong operating numbers. Revenue from operations grew by 9.4 percent YoY to Rs 4,192 crore for the quarter.
ICICI Bank: Bijith Bhaskar has resigned as Head of Cards, Payment Solutions, E-Commerce Ecosystem, Merchant Ecosystem, and Consumer Finance of the bank. He was a part of the senior management personnel group. He will cease to be a senior management personnel of the bank with effect from May 18.
Union Bank of India: The public sector lender has registered a 19 percent on-year growth in net profit at Rs 3,311 crore for the fourth quarter of fiscal year 2024, with 20 percent on-year decline provisions. Net interest income grew by 14.4 percent year-on-year to Rs 9,437 crore for the quarter. Asset quality improved with the gross NPA falling 7 bps QoQ to 4.76 percent and the net NPA down 5 bps to 1.03 percent for the quarter.
Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to market Dexamethasone tablets in the US. Dexamethasone is used to treat conditions such as arthritis, blood/hormone disorders, allergic reactions, skin diseases, eye problems, breathing problems, bowel disorders, cancer, and immune system disorders.
Results on May 13: UPL, DLF, Zomato, Jindal Steel & Power, Varun Beverages, Aditya Birla Capital, BLS E-Services, Chalet Hotels, GIC Housing Finance, Ind-Swift Laboratories, INOX India, C E Info Systems, and Tube Investments of India will release March FY24 quarter earnings on May 13.
Wipro: The technology services and consulting company has appointed Vinay Firake as the Chief Executive Officer, APMEA (Asia Pacific, India, Middle East, and Africa) strategic market unit (SMU), with effect from May 11. Vinay will report to Srini Pallia and will also join the Wipro executive board. Anis Chenchah has resigned as President of APMEA to pursue opportunities outside the organisation.
JSW Steel: The company reported consolidated crude steel production for April 2024 at 21.21 lakh metric tonnes, which was 0.4 percent higher YoY, as iron ore availability constraints from Karnataka mines at Vijayanagar impacted production volumes. Capacity utilisation at Indian operations stood at 88 percent for the month.
Bank of India: The public sector lender has recorded a net profit at Rs 1,438.9 crore for the March FY24 quarter, rising 6.55 percent over the corresponding period of the previous fiscal, aided by lower provisions. Net interest income grew by 7.5 percent on-year to Rs 5,936 crore for the quarter, while operating profit fell 15 percent on-year and non-interest income (other income) plunged 43.5 percent during the same period. Asset quality has seen improvement, with the gross NPA in Q4 FY24 falling 37 bps QoQ to 4.98 percent and the net NPA down 19 bps at 1.22 percent compared to the previous quarter.
Housing & Urban Development Corporation: The company has signed a Memorandum of Understanding (MoU) with Surat Integrated Transportation Development Corporation (SITCO) for the construction and development of the Surat Multi Modal Transportation Hub (SMMTH). SITCO is a joint venture organisation of the Ministry of Railways through the Rail Land Development Authority, the Government of Gujarat through the GSRTC, and the Surat Municipal Corporation.
Piramal Pharma: The pharmaceuticals company has reported net profit of Rs 101 crore for the quarter ended March FY24, growing 102 percent over the same period of the previous fiscal year, with robust operating numbers. Revenue grew by 18 percent year-on-year to Rs 2,552 crore for the quarter, driven by healthy growth in CDMO and ICH businesses.
Finolex Industries: The PVC pipes and fittings manufacturing company has recorded a consolidated net profit at Rs 164.9 crore for the March FY24 quarter, declining 1 percent over a year-ago period, impacted by subdued operating numbers. Revenue from operations grew by 8.3 percent year over year to Rs 1,235.4 crore for the quarter.
JK Cement: The cement company recorded consolidated net profit of Rs 219.7 crore for the March FY24 quarter, growing 105 percent over a year-ago period with strong operating numbers and lower power and fuel costs. Revenue from operations grew 11.8 percent year-on-year to Rs 3,105.8 crore for the fourth quarter of fiscal year 2024.
Aarti Industries: The chemical company has reported consolidated net profit at Rs 132 crore for the January-March quarter of FY24, falling 11.4 percent compared to the year-ago period despite a higher topline and better operating numbers. Revenue from operations increased by 7 percent year over year to Rs 1,773 crore for the quarter.
Punjab & Sind Bank: The public sector lender has reported net profit at Rs 139.4 crore for the quarter ended March FY24, falling 69.5 percent over a year-ago period, with higher provisions, lower operating profit, and other income. Net interest income grew by 0.8 percent year over year to Rs 689.3 crore for the quarter. Asset quality has seen improvement, with the gross NPA declining 27 bps QoQ to 5.43 percent and the net NPA down 17 bps to 1.63 percent in Q4 FY24.
Dilip Buildcon: The infrastructure company has reported consolidated net profit of Rs 5.34 crore for the March FY24 quarter, against a loss of Rs 73.2 crore in the same period of the previous fiscal. The profitability was supported by robust operating numbers, higher other income, and exceptional gains. Revenue from operations increased by 18.5 percent year over year to Rs 3,365.6 crore for the quarter.
Lupin: The pharma company re-launched Mirabegron extended-release (ER) tablets 25 mg in the United States after the US Court lifted the temporary restraining order and denied Astellas’ request for a preliminary injunction on Mirabegron ER tablets. The shipment of the product has now resumed. Mirabegron ER tablets are the generic equivalent of Myrbetriq extended-release tablets from Astellas Pharma Global Development Inc. and were launched by Lupin in April 2024.
Indegene: The company that provides digital-led commercialization services for the life sciences industry will debut on the BSE and NSE on May 13. The issue price has been fixed at Rs. 452 per share.
ABB India: The electrification and automation technology company has posted a record performance for the first quarter of calendar year 2024, with standalone net profit at Rs 460 crore for the first quarter of calendar year 2024, growing 87.8 percent over the same period of previous fiscal, with strong operating numbers as well as topline. Revenue from operations jumped 27.7 percent year over year to Rs 3,080 crore for the quarter.
APL Apollo Tubes: The structural steel tube manufacturer has reported net profit at Rs 170.4 crore for the January–March FY24 quarter, declining 15.6 percent over the year-ago period, with dismal operating numbers. Revenue from operations grew by 7.6 percent year over year to Rs 4,765.7 crore for the quarter.
BEML: The company has reported 62.9 percent on-year growth in consolidated net profit at Rs 256.8 crore for the quarter ended March FY24, with healthy operating numbers. Revenue from operations grew by 9 percent year over year to Rs 1,513.7 crore for the quarter.
Neuland Laboratories: The pharma company has recorded a 20 percent on-year decline in net profit at Rs 67.6 crore for the quarter ended March FY24, with weak operating numbers and topline. Revenue from operations in Q4 FY24 fell 5.4 percent to Rs 385 crore compared to the year-ago period.
Novartis India: The pharmaceutical company has registered net profit at Rs 14.68 crore for the fourth quarter of fiscal year 2024, declining 41.3 percent compared to the year-ago period despite strong operating numbers, impacted by lower other income. It has recorded tax expenses of Rs 6.6 crore against a tax credit of Rs 1.7 crore during the same period. Revenue from operations for the quarter stood at Rs 81.2 crore, rising 6.6 percent over the same period of the previous fiscal. The board has recommended a final dividend of Rs 25 per share.
