Stocks to Monitor: L&T, PEL, BoB, Tata Power, TVS Motor, BSE, Hero MotoCorp
The benchmark indices, Sensex and Nifty50, are expected to continue their volatile trend on Thursday, May 9, 2024. This is due to the weak global cues and a muted start signalled by GIFT Nifty futures. Although the GIFT Nifty futures showed slight gains and were trading at 22,388.50, they were still lower compared to Nifty50 futures.
Larsen & Toubro: The company has reported a net profit of Rs 4,396 crore for the March quarter, which is a 10 percent increase from the previous year. This figure has surpassed the estimates. Despite a 5 percent decrease in order inflows for the last quarter, the company has seen a 31 percent growth in order inflows for FY24, surpassing Rs 3 trillion. As of 31 March, the company's consolidated order book stands at Rs 4.8 trillion, which is a 20 percent increase from the previous year.
Piramal Enterprises: The company announced its decision to merge with its unlisted subsidiary Piramal Capital & Housing Finance, thus avoiding a mandatory public share sale by the unlisted arm. The merger is expected to be completed in nine to 12 months.
Bank of Baroda: The Reserve Bank of India (RBI) has lifted restrictions on the Bank of Baroda (BoB), allowing the bank to onboard new customers to its mobile banking app, Bob World.
Tata Power: The net profit of the company in Q4 rose by 15 percent to Rs 895 crore, driven by a strong demand for energy due to heatwaves and increased economic activity in India. The primary revenue source, the transmission and distribution segment, grew by 8.80 percent to Rs 9,025 crore. Overall, revenue from operations increased by 27 percent to Rs 15,847 crore. Tata Power has planned to increase its capital expenditure to Rs 20,000 crore for FY 2024-25.
Hero Motocorp: The company announced a standalone net profit of Rs 1,016 crore, marking an 18 percent YoY increase. A final dividend of Rs 40 per share for FY24 was also declared.
TVS Motor: In Q4, the company's net profit grew by 18 percent YoY, reaching Rs 485 crore. There was an increase of 24 percent in revenue from operations, totaling Rs 8,169 crores. Additionally, the company's operating EBITDA improved by 100 basis points, reaching 11.1 percent compared to the previous year.
BSE: The company's Q4 consolidated net profit rose 20.7 percent YoY to Rs 106.9 crore and consolidated revenue from operations increased by 110.04 percent to Rs 544.8 crore.
HDFC Life: The Insurance Regulatory and Development Authority (IRDAI) has approved the appointment of Keki Mistry as the non-executive chairman of HDFC Life.
Godrej Agrovet: The company reported a threefold YoY jump in net profit at Rs 65.5 crore for Q4. The company's revenue from operations increased 1.9 percent to Rs 2,134.3 crore.
NBCC (India): The company has secured projects worth Rs 400 crore, including the development of Amrapali Vananchal City in Bhilai, Chhattisgarh, and Amrapali Cosmos in Aluva, Ernakulam district of Kerala.
Kirloskar Oil Engines: The company's net sales increased by 21 percent to Rs 1,378 crore, while standalone net profit grew 26 percent to Rs 128 crore in Q4.
Gujarat State Petronet: The company reported a 22.2 percent YoY increase in net profit at Rs 663.1 crore for Q4. The company's revenue from operations increased 5.9 percent to Rs 4,522.2 crore.
Asahi India Glass: Inox Air Products has signed a 20-year agreement with Asahi India Glass (AIS) to supply green hydrogen to the glass maker's new facility in Chittorgarh, Rajasthan.
ABB India: The company is anticipated to announce a growth of 15-18 percent in quarterly revenue compared to the previous year, which amounts to approximately Rs 2,845.2 crore. Additionally, the net profit of the company is expected to rise by 22-33 percent from the previous year. The Q4FY24 results of the company will be released on Thursday, May 9.
Delta Corp: The company is planning to establish a platform for real estate development that will focus on residential redevelopment in the Mumbai Metropolitan Region (MMR) and plotted development in and around MMR, Alibagh, Khopoli, Karjat, and Pune. This platform will be formed in collaboration with Alpha Alternatives Fund Advisors LLP and its affiliates (AA group) as well as Peninsula Land. The total investment in this venture will be Rs 765 crore.
Axis Bank: Axis Bank is targeting mid-sized multinational companies in its corporate banking division and is hiring Asian expatriates to assist in winning business in this area, which is the fastest-growing business for the bank.
Mahindra & Mahindra: The Mahindra and Mahindra merger with Mahindra Heavy Engines (MHEL), Mahindra Two Wheelers (MTWL), and Trringo.com (TCL) has been approved by the National Company Law Tribunal's Mumbai bench.
India Shelter Finance Corporation: The company's net profit in the March quarter rose by 47 percent to Rs 78 crore, driven by a 40 percent expansion in business. The company's assets under management increased to Rs 6084 crore by the end of March.
Navneet Education: The company has agreed to sell a 5.12 percent stake in K12 Techno Services to Venturi Partners for Rs 225.2 crore. Navneet Learning LLP, a subsidiary of Navneet Education, will retain a 14.35 percent stake in the company.
ESAF Small Finance Bank: The bank's Q4 net profit dropped 57.2 percent YoY to Rs 43.4 crore. However, net interest income increased by 18.4 percent, and gross non-performing assets stood at 4.76 percent.
