Stocks to watch: Shares of firms like Wipro, SBI, BPCL, TVS Motor, RVNL, Asian Paints, NTPC, BoB, and others will be in focus on Thursday’s trade.
Stocks To Watch On May 9: Equity indices remained unstable on Wednesday as Investors remained on the sidelines due to uncertainty around the election outcome as well as high volatility. In today’s trade, shares of SBI, Asian Paints, BPCL, L&T, Bajaj Consumer, and WPIL among others will be focused due to various news developments and quarterly results.
Results on May 9: HPCL, SBI, Rain Industries, Abbott India, Escorts Kubota, BPCL, Asian Paints, Vardhman Textiles, Alkyl Amines Chemicals, Timken India, Relaxo Footwears, Indian Overseas Bank, Punjab National Bank, Mahanagar Gas, Computer Age Management Services, Alembic Pharmaceuticals, Quess Corp Intellect Design Arena, Orient Electric will release January-March quarter earnings on May 9.
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Larsen and Toubro: The infrastructure major has recorded net profit at Rs 4,396 crore for the quarter ended March FY24, growing 10 per cent over the year-ago period with a healthy topline, but the operating margin was weak. Revenue from operations increased by 15 per cent year over year to Rs 67,079 crore for the quarter. The board has recommended a final dividend of Rs 28 per share. The order inflow during the quarter fell by 5 per cent year-on-year to Rs 72,150 crore, with the order book of the group as of March 2024 at Rs 4,75,809 crore, which grew by 20 per cent YoY.
Tata Power Company: The Tata Group company has reported a consolidated net profit of Rs 895.2 crore for the March FY24 quarter, growing 15.1 per cent over the corresponding period of the previous fiscal year despite a lower operating margin impacted by the cost of fuel. Revenue from operations jumped 27.2 per cent year over year to Rs 15,846.6 crore for the quarter.
TVS Motor Company: The two-and-three-wheeler maker has recorded a standalone net profit of Rs 485.4 crore for the March FY24 quarter, rising 18.3 per cent over the same period in the previous fiscal year, with healthy topline and operating numbers. Revenue from operations grew by 23.7 per cent YoY to Rs 8,168.8 crore, with total sales volume up 22.4 per cent at 10.63 lakh units during the quarter.
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HDFC Life Insurance Company: The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the appointment of Keki Mistry as chairman of the board of the company. On April 18, this year, the board appointed Keki M. Mistry as the chairman.
BSE: The exchange has recorded consolidated net profit at Rs 106.9 crore for the January-March quarter of FY24, rising 20.6 percent over the corresponding period of the previous fiscal with healthy topline growth but impacted by the provision of Rs 169.77 crore for the SEBI regulatory fee. Revenue from operations grew by 110.4 percent year over year to Rs 544.8 crore for the quarter. The board has recommended a final dividend of Rs. 15 per share.
Wipro: The technology services and consulting company, has announced a collaboration with Kognitos Inc. to deploy enterprise-ready GenAI-based business automation solutions. In addition, Wipro Ventures, Wipro’s corporate investment arm, invested in Kognitos as part of the firm’s Series A funding round.
Gujarat State Petronet: The natural gas distribution company has recorded a consolidated net profit of Rs 663.1 crore for the January-March quarter of the financial year 2024, growing 22.2 per cent over the year-ago period, partly driven by exceptional gains and healthy operating numbers. Revenue from operations increased by 6 per cent year over year to Rs 4,532.2 crore for the quarter.
Rail Vikas Nigam: The railway company has received a Letter of Acceptance from SER HQ-Electrical/South Eastern Railway for a project worth Rs 167.3 crore. The company will do design, supply, erection, testing, and commissioning for the upgrade of the electric traction system for the Rajkharsawan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway to meet the 3000 MT loading target.
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NTPC: Subsidiary NTPC Green Energy signed a Memorandum of Understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology for the development of renewable energy power parks and projects.
Piramal Enterprises: The company has reported a consolidated net profit of Rs 137.1 crore for the quarter ended March FY24, against a loss of Rs 195.9 crore in the same period of the previous fiscal. Revenue from operations during the quarter increased by 16 per cent year-on-year to Rs 2,473.3 crore. Meanwhile, its subsidiary Piramal Alternatives Trust acquired a 9.85 per cent stake in Annapurna Finance for Rs 300 crore and also completed a subscription to Annapurna Finance’s optionally convertible debentures amounting to Rs 300 crore.
NBCC: The state-owned construction company has secured work orders worth Rs 250 crore and 150 crore in Chhattisgarh and Kerala, respectively.
Bajaj Consumer Care: The company has registered a 12 per cent on-year decline in net profit at Rs 35.6 crore for the quarter ended March FY24, with lower topline and weak operating numbers. Revenue from operations fell 3.8 per cent year-on-year to Rs 240 crore for the quarter. Meanwhile, the board has given its approval for a share buyback of up to Rs 166.49 crore for Rs 290 per share.
Bank of Baroda: The Reserve Bank of India has lifted the restrictions on Bob World with immediate effect. Hence, the bank will now resume onboarding new customers into the Bob World application. In October 2023, the RBI directed the Bank of Baroda to suspend any further onboarding of customers onto its ‘Bob World’ mobile application based on certain supervisory concerns.
Godrej Agrovet: The agri-business company has recorded consolidated net profit at Rs 65.5 crore for the quarter ended March FY24, increasing sharply by 179 per cent over a year-ago period despite muted topline growth, driven by strong operating numbers due to falling input costs. Revenue from operations grew by 1.9 per cent year-on-year to Rs 2,134.3 crore in the fourth quarter of the financial year 2024. The board has recommended a final dividend of Rs 10 per share.
Sula Vineyards: The leading wine producer has registered a net profit of Rs 13.6 crore for the fourth quarter of the financial year 2024, falling 4.2 per cent compared to the same period of the previous fiscal year, impacted by a weak operating margin. Revenue from operations grew by 12.1 per cent year over year to Rs 135.6 crore for the quarter. The board has recommended a final dividend of Rs. 4.50 per share.
Kalpataru Projects International: The infrastructure EPC company has reported a net profit of Rs 169 crore for the quarter ended March FY24, increasing by 21 per cent over the year-ago period, with strong topline and operating numbers. Revenue from operations grew by 22.3 per cent year over year to Rs 5,971 crore for the quarter, driven by healthy project execution. EBITDA for the quarter increased by 36 per cent to Rs 452 crore compared to the same period of the previous fiscal.
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