Stocks on Focus: Tata Motors, ICICI Bank, Vedanta, Piramal Enterprises, Zomato
The Nifty and Sensex indices may open lower today, in line with the trend in Asian markets and indications from GIFT Nifty suggesting a weaker start. At 7:09 AM, GIFT Nifty futures were down 50 points at 22,091 levels compared to Nifty50 futures.
Tata Motors: The company had an impressive Q4FY24 with a 222 percent surge in net profit, amounting to Rs 17,407.2 crore. This growth was driven by a strong performance across all auto businesses. The company's total revenue also increased by 14.3 percent to Rs 1.2 lakh crore. The board has recommended a final dividend of Rs 6 per ordinary share and Rs 6.20 per 'A' ordinary share for FY24. In addition, the company is planning to streamline its operations and reduce debt by separating its vehicle financing subsidiaries and merging them with Tata Capital. This will be done through a share-swap arrangement, with Tata Sons offering shares of Tata Capital to Tata Motors.
Eicher Motors: The company's consolidated net profit increased by 18.2 percent to Rs 1,070.45 crore in Q4FY24, while its total revenue rose by 11.87 percent to Rs 4,256.04 crore. The board recommended a final dividend of Rs 51 per equity share for FY24.
Wipro: Anis Chenchah, the head of Wipro Ltd's APMEA business, has resigned. He has been replaced by Vinay Firake, a Wipro veteran of 26 years.
Adani Enterprises: The company led by Gautam Adani has announced plans to invest Rs 80,000 crore in FY25. A significant portion of this investment will be directed towards the development of new energy businesses and airports. Adani Group has also set a goal of producing 10 GW of solar modules and 3 GW of wind turbines. The company has already commenced commercial production of wafer and ingots for solar cells and modules, with the aim of becoming India's first integrated renewable energy player by 2027-28.
JK Cement: In Q4FY24, JK Cement reported a consolidated net profit of Rs 219.75 crore, which is a 101 percent increase from the same period last year when the company earned Rs 109.52 crore. The company's revenue for the quarter was Rs 3,105.77 crore, marking an 11 percent increase from the previous year's Rs 2,777.88 crore. JK Cement also declared a total dividend of Rs 20 per share, which includes a recommended dividend of Rs 15 and a special dividend of Rs 5.
ICICI Bank: Bijith Bhaskar resigned from his position as Head of Cards, Payment Solutions, E-Commerce Ecosystem, Merchant Ecosystem, and Consumer Finance, effective May 18.
Cipla: The pharmaceutical company has reported a consolidated net profit of Rs 939.04 crore for the March quarter, which is up by 78.64 percent YoY due to increased demand in key markets. While the company's consolidated revenue rose 7.4 percent YoY to Rs 6,163.24 crore, it was below expectations. In addition, the company is considering marketing Eli Lilly's weight loss drugs in India. The two companies have already formed a strategic partnership for the insulin range. Eli Lilly plans to launch Mounjaro, a diabetes drug and obesity treatment, in India in 2025. It is expected that Cipla's EBITDA margins will reach 25 percent by FY25.
Dr. Lal PathLabs: The company's net profit for Q4FY24 increased by 49 percent to Rs 84.5 crore while revenue from operations rose by 11 percent to Rs 545.5 crore. The board has proposed a final dividend of Rs 6 per equity share for FY24.
Bank of Baroda: The bank recorded a standalone net profit of Rs 4,886.49 crore for Q4FY24, reflecting a 2.3 percent YoY increase. Its net interest income (NII) also grew 2.3 percent to Rs 11,793 crore. The bank recommended a dividend of Rs 7.60 per equity share for FY24.
Kalyan Jewellers: The company's financial report for the March quarter shows a consolidated net profit of Rs 1,374.93 crore, which is almost double the Rs 697.99 crore profit reported in the same period in the previous year. The company's total revenue for the quarter is Rs 45,349.30 crore, up 34 percent from Rs 33,818.20 crore in the same quarter of the previous year.
Piramal Enterprises: The company's net profit for Q4 improved significantly to Rs 137.09 crore from a loss of Rs 195.87 crore in the same period last year. Additionally, the company's revenue grew by 2.16 percent from the previous quarter.
Sterlite Technologies: The company reported a Q4 topline decrease of 39.2 percent and a loss of Rs 82 crore, which is a significant downturn compared to the Rs 67 crore profit in the same period of the previous fiscal year.
ABB India: The company has reported a significant YoY increase of 82 percent in its net profit, reaching Rs 467 crore in the March quarter, thanks to higher revenue. In the first quarter, the company's total income also rose by 29 percent YoY, reaching Rs 3,080 crore. Furthermore, the total orders of the company have surged to Rs 3,607 crore, marking the highest for the first quarter in the last five years.
JSW Steel: The company's consolidated crude steel production in April 2024 was 21.21 lakh metric tonnes, up 0.4 percent YoY. Production was impacted by iron ore availability constraints from Karnataka mines at Vijayanagar.
Zomato: The food tech platform, Zomato, has announced that the auditor of its subsidiaries Blink Commerce and Zomato Hyperpure has resigned. As a result, Deloitte Haskins & Sells will be appointed as the new auditor to improve the efficiency of the audit process. Zomato is scheduled to report its Q4 results on May 13th.
Novartis India: The pharmaceutical company reported a 41.6 percent YoY decline in net profit at Rs 14.6 crore in Q4FY24. The company's revenue from operations increased by 6.7 percent to Rs 81.2 crore. The board recommended a final dividend of Rs 25 per equity share for FY24.
JSW Cement: The company announced that it will establish a new site in Nagaur, Rajasthan, which will be the company's first unit in the northern part of the country. The company plans to add 2 million tonnes of capacity during this calendar year (2024) with a medium-term plan of achieving 60 million tonnes capacity in the next 5 years.
Finolex Industries: The company's net profit for the Q4 of FY24 declined by 1 percent and stood at Rs 164.9 crore. However, the revenue from operations increased by 8.3 percent and amounted to Rs 1,235.4 crore. The board has recommended a final dividend of Rs 2.50 per fully paid-up equity share for FY24.
Piramal Pharma: The company reported a 102.1 percent YoY increase in net profit at Rs 101.3 crore for Q4FY24. The company's revenue from operations increased by 18 percent to Rs 2,552.4 crore. The board recommended a final dividend of Rs 0.11 per equity share for FY24.
Union Bank of India: The company reported a 19 percent YoY increase in net profit at Rs 3,310.6 crore for Q4 of FY24. The bank's net interest income rose by 14.4 percent to Rs 9,436.6 crore. The board recommended a dividend of Rs 3.60 per equity share for FY24.
Housing & Urban Development Corporation: The Surat Multi-Modal Transportation Hub will be constructed and developed through an MoU signed by the company and SITCO. SITCO is a joint venture of the Ministry of Railways, the Government of Gujarat, and the Surat Municipal Corporation.
Dilip Buildcon: The infrastructure company reported a consolidated net profit of Rs 5.34 crore for Q4FY24, against a loss of Rs 73.2 crore in the same period of the previous fiscal.
Punjab & Sind Bank: The bank's net profit for Q4 FY24 decreased by 69.5 percent YoY to Rs 139.4 crore due to higher provisions and lower operating profit, although net interest income grew by 0.8 percent YoY to Rs 689.3 crore for the quarter.
Tata Power: The company is in talks with group companies and various commercial and industrial clients to provide green energy solutions. Their plan is to offer integrated green energy solutions to customers and provide carbon credits for their green power sales.
