Stock to Watch Today - Rupeedesk Reports - 24.04.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: RIL, ICICI Bank, Yes Bank, Maruti Suzuki, others in the news today.
Results on April 24: IndusInd Bank will be in focus as the lender will declare its financials for the quarter ended March FY23 quarter. Century Textiles & Industries, Bank of Maharashtra, Persistent Systems, Mahindra Logistics, IIFL Securities, NELCO, Tamilnad Mercantile Bank, Trident Texofab, and Tata Teleservices (Maharashtra) will also release their quarterly earnings scorecards today.
Reliance Industries: The country's largest company by market capitalisation, recorded a 19.1% year-on-year growth in consolidated profit at Rs 19,299 crore for Q4FY23, with EBITDA growing 21.8% on-year to Rs 41,389 crore and gross revenue rising 2.8% YoY to Rs 2.39 lakh crore with continuing growth momentum in consumer businesses. Subsidiary Reliance Jio's standalone profit grew by 13% year-on-year to Rs 4,716 crore on healthy topline as well as operating income. Jio revenue increased by 11.92% YoY to Rs 23,394 crore, while EBITDA in Q4 jumped 16.2% to Rs 12,210 crore with margin expansion of 191 bps at 52.19% compared to year-ago period.
ICICI Bank: The country's second largest private sector lender clocked a massive 30% on-year growth in standalone profit at Rs 9,122 crore for January-March quarter FY23, despite 51.5% increase in provisions and contingencies, driven by net interest income and operating profit. Net interest income for the quarter at Rs 17,667 crore surged by 40.2% year-on-year, with net interest margin expansion of 90 bps YoY and 25 bps QoQ at 4.90%. Asset quality improved further with gross non-performing assets falling 26 bps sequentially to 2.81% and net NPAs declining 7 bps QoQ to 0.48% for Q4FY23.
Yes Bank: The private sector lender said its standalone profit in January-March 2023 fell by 45% YoY to Rs 202 crore dented by 128% increase in provisions and contingencies. However, net interest income grew by 15.7% to Rs 2,105 crore with net interest margin expansion of 30 bps at 2.8% for the quarter. Advances at Rs 2.03 lakh crore increased by 12.3% and deposits at Rs 2.17 lakh crore rose by 10.3% over a year-ago period. On the asset quality front, gross NPAs grew 20 bps sequentially to 2.2%, but net NPA dropped 20 bps to 0.8% in Q4FY23.
Tejas Networks: The telecom and networking products maker has narrowed its consolidated loss for March FY23 quarter to Rs 11.5 crore, from loss of Rs 49.6 crore in same period last year as consolidated revenue surged by 13.6% YoY to Rs 299.3 crore and EBITDA loss dropped to Rs 8.19 crore from Rs 88.11 crore in the same period.
Maruti Suzuki India: The company has announced to recall 7,213 Baleno RS vehicles manufactured between October 27, 2016 and November 1, 2019. It is suspected that there is a possible defect in vacuum pump, which assists the brake function.
HDFC Asset Management Company: HDFC AMC has received final approval from the SEBI for change in control of the company due to change in co-sponsor of HDFC Mutual Fund from HDFC to HDFC Bank, after the merger of HDFC and HDFC Bank. The respective approvals from SEBI in terms of the AIF regulations and the PMS regulations are awaited.
Welspun Enterprises: The company said the board of directors has given its approval for amalgamation of 4 subsidiaries with the company. Four subsidiaries are Welspun Infraconstruct, Welspun-Kaveri Infraprojects JV, Corbello Trading, and RGY Roads.
Gujarat Industries Power: The company said the board has approved the procurement of imported coal for 500 MW Surat Lignite Power Plant (SLPP). The approval by board has also given for deliberation of EPC contract for pooling sub-station -2 (PSS-2) of solar / wind / hybrid RE Park of 2375 MW capacity at Khavda, Great Rann of Kutch, Gujarat.
Union Bank of India: The public sector lender said the board of directors on April 26 will consider the capital raising plan. The fund raising will be either through qualified institutions placement and/or preferential allotment or issue of Basel III compliant additional Tier 1 bonds & Tier 2 bonds, subject to approval of the Government of India and other regulatory authorities.
IIFL Finance: Fairfax-backed non-banking finance company has fully repaid its $400 million maiden dollar bonds issue on maturity, i.e. April 2023. The company had raised $400 million through a medium-term note (MTN) program in February 2020.
Shree Cement: The cement major has completed the capacity up-gradation of its plant at Saraikela in Jharkhand and started the commercial operation on April 21. With this, the cement capacity of the said unit stands increased from 2.50 MTPA to 3.00 MTPA. The said capacity upgradation was achieved by process optimization, de-bottlenecking and productivity enhancement initiatives. The cement capacity of the company now stands increased to 46.90 million ton per annum (MTPA).
Ami Organics: The pharmaceutical intermediates and speciality chemicals manufacturer has entered into the semiconductor industry via acquisition of 55% partnership interest in Baba Fine Chemicals, a fine speciality chemicals company focused on custom synthesis and manufacturing of intermediates. The acquisition cost for 55% stake is Rs 68.2 crore.
Gujarat Natural Resources: Subsidiary GNRL Oil & Gas has completed the drilling campaign for its three wells (K11, K14 and K15) at Kanwara oil fields. At present, one of the well is tied back to the existing production set up and producing approximately 180 barrels per day of oil and 7,000 scmd gas. The other two wells are on initial production testing stage and efforts are being made to put them on production by end of April, 2023 after upgrading production facilities.
Kotak Mahindra Bank: Shareholders have approved an appointment of Uday Kotak as a Non-executive, Non-independent Director of the private sector lender, reports CNBC-TV18. 99% of shareholders voted in favour of resolution to appoint Kotak as a Non-Executive Director. Uday Kotak’s current term as MD and CEO of Kotak Mahindra Bank is set to end in December 2023.
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