Stocks to Monitor: M&M, Vedanta, HAL, Vi, Biocon, PB Fintech, Crompton Greaves
On May 17, Indian stocks may open lower due to global market trends. Retail sales data in Asia showed a modest 2.3 percent increase in April compared to the previous year, falling short of expectations. However, Chinese industrial production exceeded forecasts, climbing 6.7 percent in April. At 7:48 AM, Korea’s Kospi and Japan's Nikkei were both down by 0.68 percent and 0.47 percent, respectively, while Hong Kong’s Hang Seng advanced over 1 percent.
Mahindra & Mahindra: M&M reported a 31.6 percent year-on-year increase in net profit to Rs 2,038.21 crore in Q4FY24. Revenue from operations rose by 11.24 percent to Rs 25,108.97 crore. The company’s EBITDA increased by 12 percent to Rs 3,119 crore, while the EBITDA margin remained at 12.4 percent. The board recommended a dividend of Rs 21.10 per share and approved an investment of Rs 12,000 crore in its EV unit, Mahindra Electric Automobile Ltd (MEAL).
Vedanta: The company plans to raise Rs 8,500 crore through equity or debt. It has also declared an interim dividend that will cost Rs 4,089 crore, which amounts to a dividend of Rs 11 per share. Additionally, the company announced an investment in its Saudi Arabian unit, Vedanta Copper International Ltd (VCI), for setting up a continuous cast copper rod plant.
HAL: The company’s profit increased by 52.2 percent year-on-year to Rs 4,308.7 crore. It achieved an EBITDA margin of 40 percent for the March quarter. Hindustan Aeronautics reported revenue of Rs 30,380 crore for the financial year 2024.
Vodafone Idea: The company's losses increased to Rs 7,666 crore in Q4FY24, from Rs 6,424 crore the previous year. Revenues slightly improved to Rs 10,639 crore, attributed to a better subscriber mix, 4G subscriber additions, and changes in the entry-level plan. The company, which recently raised Rs 18,000 crore through India's largest FPO, is currently in discussions with lenders to secure debt funding of Rs 35,000 crore for network expansion.
Indian Energy Exchange: The company has reported a 14.7 percent increase in its consolidated net profit for 2023-24, driven by higher trade volumes and positive regulatory changes. The company's profit improved to Rs 350.8 crore in FY24 from Rs 305.9 crore in the previous year, with total revenue jumping 16.2 percent to Rs 550.8 crore.
Biocon: The company's consolidated net profit in Q4FY24 declined by 57 percent to Rs 135.5 crore, compared to Rs 313.2 crore in the same period last year. Revenue from operations in the fourth quarter of FY24 stood at Rs 3,917 crore, showing a 4 percent increase compared to Rs 3,774 crore in the year-ago period.
Wipro: The company's former CEO, Thierry Delaporte, has sold shares worth Rs 34.5 crore over the past month. This brings his total earnings since he resigned from the company on 6 April to Rs 70.63 crore, approximately $8.5 million.
PB Fintech: Yashish Dahiya, chairman and CEO of PB Fintech, and Alok Bansal, vice-chairman, are planning to sell a combined 1.86 percent stake in the company, with an estimated total deal value of Rs 1,053 crore (approximately $126 million).
Crompton Greaves: The company’s net profit increased by 1.4 percent to Rs 133.43 crore year over year, and revenue rose by 9.5 percent to Rs 1,961 crore. The board has recommended a dividend of Rs 3 per share.
eClerx Services: The company’s net profit decreased by 1.5 percent to Rs 130.5 crore year over year, while revenue increased by 10.6 percent to Rs 766.5 crore.
Kaynes Technology: The company’s net profit increased by 97 percent to Rs 81.3 crore year over year, and revenue rose by 75 percent to Rs 637.3 crore.
Endurance Technologies: The company's net profit increased by 54 percent to Rs 210 crore year over year, and revenue grew by 20.1 percent to Rs 2,685 crore.
Berger Paints: The company's performance in the fourth quarter of FY24 did not meet expectations, leading brokerages to lower their target prices. Concerns include delayed demand recovery, increased competition, and weak management guidance. Despite a better-than-expected volume growth of 14 percent, a 5 percent price cut was higher than its peers. The company's net profit increased by 19.7 percent year over year to Rs 222 crore in Q4FY24, while revenue rose marginally to Rs 2,520 crore.
JK Paper: The company reported a 1.7 percent year-on-year dip in net profit to Rs 275.6 crore for the fourth quarter ending March 31, 2024. Revenue from operations remained unchanged at Rs 1,719 crore. The board of directors has recommended a final dividend of Rs 5 per share (50 percent) on the equity share capital for the financial year ending March 31, 2024.
Akzo Nobel India: The company recorded a 14 percent year-over-year increase in net profit, reaching Rs 108.7 crore for the fourth quarter ending on March 31, 2024. Revenue from operations also saw a 2.3 percent rise, reaching Rs 973.4 crore compared to Rs 951.4 crore in the same period last year. The board has proposed a final dividend of Rs 25 per equity share for the financial year 2023-24. The total dividend for 2023-24 amounts to Rs 75 per share, including an interim dividend of Rs 50 per share.
Restaurant Brands Asia: The company's consolidated net loss for the March quarter increased to Rs 92 crore from Rs 80 crore a year ago. However, revenue rose by 16 percent to Rs 597.1 crore. In FY24, the company opened a total of 64 new restaurants, including 16 in the fourth quarter.
Angel One: An authorized person (AP) of Angel One, Abid Ali, has been fined Rs 9 lakhs for running an illegal advisory named Trade 26 Research and defrauding the public. The Securities and Exchange Board of India (SEBI) found that the entity was providing investment advisory services without a certificate of registration.
Dixon Technologies: The company has signed a Memorandum of Understanding (MOU) with Acerpure to manufacture consumer appliance products. The company will produce Acerpure products in its facilities, starting with TVs, pending the signing of definitive agreements.
Larsen & Toubro: The company's wholly-owned subsidiary, L&T Valves Ltd, has established a new manufacturing unit in Saudi Arabia. The facility is strategically located in Al Jubail, off the Dammam-Abu Hadriyah Highway, and will cater to the increasing demand in the Middle East and Africa.
Container Corporation of India: The company's profit for the March quarter increased by 5.5 percent to Rs 315.1 crore compared to the same period last year. This growth was supported by an increase in volume and market share. Revenue also saw a 6.4 percent year-on-year rise to Rs 2,325.1 crore, driven by an 11.24 percent year-on-year growth in total volumes during the quarter under review.
HCL Infosystems: The company has won the arbitration case against ITI Ltd concerning the recovery of dues related to the commissioning of telecom networks for BSNL and MTNL. The final arbitration award brings relief in the form of a monetary award amounting to approximately Rs 150 crore. The counterclaims worth Rs 111 crore filed by ITI against HCL Infosystems have been disallowed as part of the arbitration award.
Sansera Engineering: The company’s net profit increased by 31.2 percent to Rs 46.5 crore year over year, and revenue rose by 20.6 percent to Rs 745.8 crore.
Triveni Turbine: The company’s net profit increased by 37 percent to Rs 76.2 crore year over year, and revenue grew by 24 percent to Rs 458 crore. The board recommended a dividend of Rs 1.3 per share.
Prince Pipes: The company's net profit dropped by 42 percent to Rs 54.65 crore year over year, while revenue decreased by 3.2 percent to Rs 740 crore. The board recommended a dividend of Rs 1 per share.
Krishna Institute of Medical Sciences: The company’s net profit fell by 30 percent to Rs 65.5 crore YoY, and revenue increased by 10 percent to Rs 633.8 crore.
Varanium Cloud: Sebi has placed an immediate ban on technology company Varanium Cloud and its promoter and managing director, Harshawardhan Hanmant Sabale, after investigations into alleged misuse of IPO proceeds. The company is accused of engaging in dubious transactions to portray a falsely positive financial outlook, which resulted in increased investor interest. It is alleged that the funds raised through the IPO and subsequent rights issue were diverted from their intended use.
Patanjali Foods: The company, formerly known as Ruchi Soya Industries Ltd, has decided to sell its stake in Ruchi Ethiopia Holdings Ltd. This decision is part of the resolution plan approved by the Mumbai bench of the National Company Law Tribunal (NCLT) under Section 31 of the Insolvency and Bankruptcy Code, 2016. The board of directors approved a sale consideration of $1, with the company receiving the equivalent value in INR.
