Stocks to watch: Shares of firms like Axis Bank, HUL, Indian Hotels, Hindustan Zinc, IIFL Finance, and others will be in focus on Wednesday’s trade.
Stocks To Watch On April 24: Domestic markets gained for the third straight day on Tuesday even though the rally was rangebound, tracking positive global cues with sustained outperformance of the broader market. In today’s trade, shares of HUL, LTIMindtree, Indian Hotels, Axis Bank, Tata Consumer, Cyient DLM will be in focus due to various developments or quarterly earnings.
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HUL, LTIMindtree, Indian Hotels, Axis Bank
Shares of HUL, LTIMindtree, Indian Hotels and Axis Bank will be in focus as the companies will announce their fourth quarter results.
Tata Consumer Products: TCPL’s net profit fell 19.3 per cent to Rs 217 crore in the March quarter of FY24 (Q4FY24) on account of exceptional items. Its revenue was up 8.5 per cent at Rs 3,927 crore during the quarter, with strong performance seen in the India business, which grew 10 per cent in the quarter.
ICICI Prudential Life Insurance: Private life insurer ICICI Prudential Life Insurance recorded a 26 per cent Y-o-Y drop in net profit to Rs 173.76 crore in Q4FY24, on account of increased expenses. Sequentially, the net profit dropped almost 23 per cent. The Value of New Business (VNB) of the company declined 26.44 per cent Y-o-Y to Rs 776 crore, while, the VNB margin dropped to 21.46 per cent as compared to 31.97 per cent in Q4FY23.
IIFL Finance: The lending unit of the IIFL Group has begun the special audit, as directed by the Reserve Bank of India.
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SBI Card: The credit card arm of State Bank of India, SBI Card, has introduced its inaugural travel-centric core credit card, ‘SBI Card MILES’.
The card promises comprehensive travel benefits, including the conversion of Travel Credits to Air Miles and Hotel Points, enhanced rewards on all travel bookings, and access to airport lounges.
Dr Reddy’s Labs: Dr. Reddy’s Laboratories has decided to voluntarily recall six lots of Sapropterin Dihydrochloride Powder for Oral Solution 100 mg in the US due to powder discoloration in some packets, leading to decreased potency.
Mahindra and Mahindra Financial Services: The company has approved raising of borrowing limit to Rs 1.3 trillion from Rs 1.1 trillion.
AU, Utkarsh, Ujjivan Small Finance Banks: The Reserve Bank of India has notified guidelines regarding the dealing in Rupee Interest Rate Derivative products by Small Finance Banks (SFBs).
Lupin: Lupin has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Aurangabad manufacturing facility. The USFDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).
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The project has a cumulative estimated development potential of 4.10 lakh sq ft carpet area, with over 2.15 lakh sq ft available for sale, and a potential Gross Development Value (GDV) of over Rs 2,000 crore, the company said.
NHPC, NTPC: A joint venture agreement has been signed by JV Partners of National High Power Test laboratory i.e., NTPC, Powergrid, DVC, CPRI, and NHPTL for the sale of a partial stake in NHPTL for a consideration of Rs 1.31 crore.
Hindustan Zinc: The government has persisted with its opposition to Vedanta’s move to de-merge Hindustan Zinc (HZL), even after the promoter changed the plan from a three- to two-way split, reports suggest.
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