Stocks on Focus: TaMo, Eicher, Brigade, Abbott, Stylam, Mahanagar Gas, ABB India
The Indian stock market may open higher, following a positive trend in the US market. Specifically, the benchmark indices Sensex and Nifty50 are expected to rise. At 7:00 AM, GIFT Nifty futures were trading at a premium of 78 points over Nifty50 futures, at 22,154.50. In the US, the Dow Jones index increased by 0.85 percent, marking its seven-day winning streak. The S&P 500 index also gained 0.51 percent, while the Nasdaq Composite index slightly rose by 0.27 percent.
Tata Motors: The vehicle manufacturing company is scheduled to announce its Q4 results on May 10th. Expectations are high due to volume growth, better performance of its British subsidiary JLR, and favourable commodity prices. The company's consolidated net profit is projected to rise by 33 percent to Rs 7,084 crore, and revenue is expected to increase by 15 percent to Rs 1.22 lakh crore. This growth is attributed to the expansion in JLR and positive development in India's PV and CV divisions. The EBITDA is estimated to increase by over 36 percent to Rs 17,527 crore.
Eicher Motors: The company is anticipated to reveal robust Q4 results, as a result of increased sales volumes, higher average selling prices, new product launches, and favorable commodity costs. The company's net profit is estimated to increase by 36 percent to Rs 1,013 crore, and revenue is expected to grow by 9 percent to Rs 4,166 crore. The EBITDA for the January-March quarter is projected to expand by 20 percent to Rs 1,132 crore.
ABB India: The company is anticipated to announce a growth of 15-18 percent in quarterly revenue compared to the previous year, with the total revenue expected to reach around Rs 2,845.2 crore. Additionally, the net profit is expected to rise by 22-33 percent from the previous year. The company is scheduled to report its Q4FY24 results on Thursday, May 9th.
Vodafone Idea: The shareholders of the company have given approval to a proposal to increase its authorized share capital to Rs 1 lakh crore. Additionally, the company will be issuing equity shares to the promoter group firm Oriana Investments on a preferential basis. The company had recently completed a Rs 18,000 crore FPO and is now seeking shareholders' approval to raise its authorized share capital from Rs 75,000 crore to Rs 1 lakh crore.
Abbott India: The company has reported a significant YoY increase of 24.1 percent in net profit to Rs 287.1 crore for Q4FY24. Additionally, the company's revenue from operations has increased by 7.1 percent to Rs 1,438.6 crore, while EBITDA has risen by 17.6 percent to Rs 329.5 crore. The board of directors has recommended a final dividend of Rs 410 per equity share for the year ended March 31, 2024.
ICICI Lombard General Insurance Company: Bharti Enterprises has sold shares of ICICI Lombard General Insurance Company for Rs 663 crore through open market transactions. The shares were sold at an average price of Rs 1,722.5 apiece, reducing Bharti Enterprises' shareholding to 1.63 percent from 2.43 percent. ICICI Bank purchased a 0.4 percent stake in ICICI Lombard, increasing its stakeholding to 51.7 percent.
Brigade Enterprises: The company has recently signed an agreement to purchase a 4.6-acre piece of land located in Bengaluru. This land has a developmental potential of 0.69 million square feet and a gross developmental value of Rs 660 crore. The land is situated on Old Madras Road, which is known as a rapidly growing residential hub.
Stylam Industries: It has been reported that AICA Kogyo, a Japanese company, is currently in negotiations to purchase a significant portion of Indian laminate manufacturer Stylam Industries. Specifically, AICA Kogyo is considering buying a 14 percent stake from Stylam's promoters, followed by an additional 26 percent stake through an open offer.
One97 Communications: The company that owns the Paytm brand has denied recent media reports that suggested issues with its lending business. It stated that these reports were factually incorrect. The company clarified that it acts only as a distributor of loans and does not provide any kind of loan guarantees, including First Loss Default Guarantee (FLDG), to its lending partners.
Mahanagar Gas: MGL has reported a 16.5 percent quarter-on-quarter decrease in net profit, amounting to Rs 265 crore for the fourth quarter that ended on March 31, 2024. Additionally, the company's revenue from operations decreased by 0.3 percent to Rs 1,567.1 crore in Q4 of FY24. The EBITDA also witnessed a dip of 12.2 percent to Rs 393.8 crore in the same quarter. However, the board has approved a final dividend of Rs 18 per equity share for the financial year 2023-24, in addition to the interim dividend of Rs 12 per equity share paid earlier.
Suryoday Small Finance Bank: The bank has reported a significant YoY increase in net profit of 56.3 percent to Rs 60.8 crore for the fourth quarter of FY24. Furthermore, the bank's Net Interest Income (NII) has risen by 28.9 percent to Rs 270.8 crore. The Gross Non-Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) stood at 2.94 percent and 0.86 percent respectively. The provisions were at Rs 48.2 crore, and the bank's Provision Coverage Ratio (PCR) stood at 71.2 percent. Additionally, the bank's gross advances and disbursements have increased by 41.5 percent and 36.1 percent YoY respectively.
Solara Active Pharma Sciences: The company has approved a rights issue to raise Rs 449.95 crore. The rights shares will be priced at Rs 375 per equity share. Shareholders who hold three equity shares as of May 15, 2024, the record date, will receive one equity share. The issue is scheduled to open on May 28, 2024, and will close on June 11, 2024.
ADF Foods: The company's Q4FY24 revenue increased to Rs 153 crore from Rs 123 crore in the same quarter of the previous year. Additionally, the company's profit after tax rose to Rs 25 crore during Q4FY24.
Gopal Snacks: The company's profit after tax declined 4.15 percent to Rs 26.11 crore in Q1. However, revenue increased by 6.6 percent to Rs 358 crore.
Relaxo Footwear: The company's Q4FY24 consolidated net profit declined by 3 percent to Rs 61.4 crore while the total revenue fell by 2.3 percent to Rs 747.2 crore. The company proposed a final dividend of Rs 3 per share for FY24.
Shyam Metallics: The company reported a 54.46 percent increase in realizations on the sale of stainless steel compared to the previous year. Stainless steel volumes increased by 33.68 percent YoY.
Rushil Décor: The company reported a 33.61 percent YoY decline in profit after tax to Rs 9 crore in Q4FY24. The company's revenue from operations increased by 9.7 percent YoY to Rs 233 crore.
VST Tillers and Tractors: The company reported a 13.4 percent YoY drop in net profit at Rs 34.8 crore in Q4FY24. The company's revenue from operations fell 15.3 percent to Rs 273.4 crore.
Intellect Design Arena: The company's Q4FY24 revenue declined by 1 percent YoY to Rs 612 crore. The board recommended a final dividend of Rs 3.50 per share for FY24 ended March 31.
