Stocks to Monitor: Bajaj Finance, Yes Bank, Wipro, Coforge, Titan, Adani Green Energy

The Indian equity markets are expected to open with a significant increase on Friday, May 3, 2024. This upswing may be attributed to the positive global cues, as well as the strong performance of Bajaj Finance. Additionally, YES Bank, Mazagon Dock, and MOIL are likely to experience significant movement due to various news developments.

Bajaj Finance: On May 2, Bajaj Finance announced that the Reserve Bank of India has lifted the previous restrictions it had imposed on two of its products, eCOM and the online digital 'Insta EMI Card'. This decision is effective immediately. As a result, Bajaj Finance will now be able to resume sanctioning and disbursing loans, including the issuance of EMI cards, in these two business segments.

Yes Bank: Reports suggest that Carlyle Group is planning to sell a 2 percent stake in Yes Bank, valued at Rs 1,500 crore, through a block deal. The deal is expected to be launched tomorrow and Goldman Sachs will act as the broker. Currently, Carlyle holds an 8.74 percent stake in Yes Bank (post warrant conversion) via an entity named CA Basque Investments. Earlier this year, in February, Carlyle Group sold an equity stake worth Rs 1,056 crore in Yes Bank through an open market transaction.

Wipro: Independent Health, which is Western New York's Medicare Advantage Plan, has chosen Wipro to implement its Medicare Prescription Payment Plan platform for the upcoming open enrollment period. This platform will aid Independent Health in streamlining the payment process by seamlessly integrating these new provisions, which in turn will simplify prescription cost management for Medicare recipients in Western New York.

Coforge, Cigniti Technologies: The company's fourth-quarter revenue was slightly lower than expected due to clients' overall tepid tech spending. Consolidated revenue rose by 8.7 percent YoY to Rs 2,359 crore in the three months ended March 31, which is below the analysts' estimate of Rs 2,395 crore. However, net profit increased by 95 percent to Rs 224 crore for the three-month period. During the January-March period, Coforge's fresh order intake more than doubled to $774 million from $301 million a year earlier. The company also announced plans to acquire up to 54 percent stake in Cigniti Technologies. The company aims to grow its revenue to $2 billion by fiscal 2027 with the help of the acquisition of Cigniti Technologies.

Adani Green Energy: AGEL has announced that a consortium of five leading international banks is providing $400 million in financing for its 750-MW solar projects in Rajasthan and Gujarat, which are currently under construction. One of the projects is a 500-MW capacity solar plant located in Rajasthan, which has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). The second project, with a capacity of 250-MW, is a standalone merchant power plant being constructed at the world's largest Renewable Energy cluster at Khavda in Gujarat.

Adani Enterprises: The company's net profit for Q4FY24 has decreased by 38 percent to Rs 451 crore, as compared to Rs 723 crore in the same period last year. However, the revenue from operations increased slightly by 0.8 percent to Rs 29,180 crore in Q4FY24, as compared to Rs 28,944 crore in the same period last year. The board of the company has recommended a dividend of Rs 1.30 per equity share or 130 percent for FY24.

Ajanta Pharma: The company has announced its financial results for the January-March quarter of FY24, reporting a 66 percent increase in consolidated net profit to Rs 202.72 crore from last year's Rs 122.25 crore. The company's revenue also saw a 20 percent growth, coming in at Rs 1,054.08 crore compared to last year's Rs 881.84 crore. The company's EBITDA increased by 26.4 percent to Rs 278.4 crore, up from Rs 16.9 crore in the year-ago period. Additionally, the Board has approved a buyback plan of up to 10,28,881 fully paid-up equity shares of face value of Rs 2 each, representing 0.82 percent of the total number of equity shares of the company, at a price of Rs 2,770 per share payable in cash. The total consideration for the buyback plan will not exceed Rs 285 crores.

ICICI Bank: The bank has recently named Gaurav Singhvi and Sarun Agarwal as the co-heads of its Equity Capital Markets (ECM) division, which is a part of the investment banking unit. They will be taking over from Pratik Loonker, who has moved to Axis Capital Ltd. Singhvi has worked with ICICI Securities Ltd. for over six years, whereas Agarwal has been associated with the same firm for more than two years.

CIE Automotive India: The automotive component manufacturer has announced its consolidated net profit for the March 2024 quarter, which stands at Rs 230.2 crore. This represents a 4.5 percent increase compared to the same period in the previous fiscal year. Despite weak topline and operating numbers, the company was able to achieve this growth thanks to higher other income. However, revenue from operations declined by 0.5 percent YoY to Rs 2,426.8 crore for the quarter.

Century Textiles and Industries: Birla Estates Pvt Ltd, which is a subsidiary of Century Textiles and Industries and the real estate arm of the Aditya Birla Group, has reported a record sale of its tower Silas at Birla Niyaara. The tower managed to generate sales worth Rs 2,500 crore at launch, which has contributed to the cumulative sales of Birla Niyaara reaching over Rs 5,400 crore. In the second half of FY24, the company had announced a project pipeline worth Rs 45,000 crore in gross development value (GDV). 

KEI Industries: The manufacturer of electrical wires and cables recorded a 22 percent year-on-year increase in its consolidated net profit, amounting to Rs 168.6 crore for the quarter ended March FY24. This growth can be attributed to the healthy performance of its topline and operating numbers. The company's revenue from operations also witnessed a significant increase of 18.8 percent year-on-year, reaching Rs 2,319.3 crore during the same quarter.

Jaiprakash Associates: The main lender of the company, ICICI Bank, has requested approval from the regulator to proceed with the sale of the account to the National Asset Reconstruction Company Ltd (NARCL). The lead banks of Jaiprakash Associates have submitted an official request to the RBI for its approval of the NARCL deal. Once the RBI grants approval, banks will begin the process by inviting counter bids under the Swiss Challenge mechanism using NARCL's bid as the base offer.

Coal India: Coal India has reported a 26 percent increase in its net profit for the January-March quarter of fiscal 2023-24. The net profit has risen to Rs 8,640.5 crore compared to Rs 6,869.5 crore in the same period last year. Furthermore, the company's revenue from operations in Q4FY24 has increased by 2 percent to Rs 37,410.4 crore as compared to Rs 38,152.3 crore in the year-ago period. The company's Board of Directors has recommended a final dividend of Rs 5 per share for fiscal 2023-24.

Adani Ports and Special Economic Zone: APSEZ has reported a significant increase in consolidated net profit of Rs 2,040 crore for Q4FY24, which is 76.2 percent higher than the previous year. The company's revenue from operations also increased by 19 percent, reaching Rs 6,896.5 crore in Q4FY24. Adani Ports has provided the following guidance for FY2025: Cargo volumes are expected to fall between 460 and 480 MMT. Revenue is projected to be between Rs 29,000 crore and Rs 31,000 crore, and EBITDA is anticipated to be between Rs 17,000 crore and Rs 18,000 crore. The Net Debt to EBITDA ratio is expected to be between 2.2x and 2.5x, and Capex is projected to be in the range of Rs 10,500 crore to Rs 11,500 crore. Furthermore, the board of directors of Adani Ports has declared a dividend of Rs 6 per equity share of Rs 2 face value for the financial year 2023-24.

Dabur India: The company has reported a consolidated net profit of Rs 341.22 crore for the March quarter, indicating a growth of 16.5 percent from Rs 292.76 crore in the same quarter of the previous financial year. In Q4FY24, the total revenue of the company was Rs 2,814.64 crore, which is a 5.11 percent increase from Rs 2,677.80 crore in the year-ago quarter. Additionally, the Board of Directors of the Company has recommended a final dividend of 2.75 per equity share for the financial year 2023-2024.

Ugro Capital: A non-banking finance company has reported a net profit of Rs 32.7 crore for the quarter ending in March FY24. This is a significant increase of 132.8 percent compared to the same period in the previous year. The company's total income for the quarter has also seen a notable increase, rising by 52.1 percent to Rs 330.4 crore compared to the same quarter in the previous fiscal year. Ugro Capital has obtained board approval to acquire MyShubhLife, a fintech platform that specializes in embedded finance, for a sum of Rs 45 crore.

Indian Energy Exchange: The Indian Energy Exchange recorded an overall volume of 9,044 million units (MU) in April 2024, indicating a growth of 14.1 percent over the same month in the previous year. The market clearing price in the day-ahead market stood at Rs 5.1 per unit during the month, which marked a decrease of approximately 6 percent YoY. In April, the real-time electricity market (RTM) continued its upward trend, registering an increase of 22.1 percent YoY, with a total volume of 2,629 MU.

South Indian Bank: The bank has reported a 14 percent year-on-year decrease in its net profit, which stands at Rs 287.5 crores for the fourth quarter ending March 31, 2024. In contrast, during the same quarter in the previous year, the bank had recorded a net profit of Rs 333.9 crores. The net interest income (NII) for this quarter has increased by 2.1 percent, amounting to Rs 875 crores as compared to Rs 857 crores in the corresponding quarter of FY23.