Stocks to Monitor: Reliance Industries, HUL, REC, Paytm, Tata Steel, Jet Airways

By siliconindia  |  Friday, 19 January 2024, 09:12:20 AM IST

Stocks to Monitor: Reliance Industries, HUL, REC, Paytm, Tata Steel, Jet Airways
Equity markets may seek stability on Friday following two days of profit booking, buoyed by an improved global sentiment. The Gift Nifty showed a 28-point increase at 21,555. In Asia, the Nikkei rose by 1.5 percent, and the Kospi saw a 1 percent gain. Meanwhile, ASX200 and Hang Seng both recorded increases of up to 0.7 percent. On the previous night, Wall Street indices rebounded, with the Dow Jones Industrial Average rising by 0.54 percent, the S&P 500 climbing by 0.88 percent, and the Nasdaq Composite, dominated by tech stocks, surging by 1.35 percent.
Reliance Industries: Reliance Industries' (RIL’s) consumer business is expected to lead earnings growth in the Q3FY24 performance, according to analysts. While the energy business is expected to show sequential weakness, the consumer business, especially retail, is estimated to show strong growth.
IndusInd Bank: The private sector bank has reported a little over 17% year-on-year increase in net profit, amounting to Rs 2,297.9 crore for the December quarter (Q3FY24). Its net interest income (NII) grew 17.8% year-on-year, reaching Rs 5,295.7 crore. The gross non-performing assets (GNPAs) remained almost unchanged at 1.92% compared to 1.93% quarter-on-quarter. NNPA was flat at 0.57%.
Jet Airways: The Jalan Kalrock Consortium (JKC) has been directed by the Supreme Court to deposit Rs 150 crore by January 31st.
Tata Steel: Tata Steel has rejected a trade union proposal to keep the blast furnaces operational at Port Talbot Steelworks in Wales, the UK, potentially jeopardizing nearly 3,000 jobs, according to a report by the Guardian.
Bandhan Bank: The Reserve Bank of India has approved the appointment of Rajinder Kumar Babbar as whole-time director (to be designated as Executive Director) of the bank, for a period of three years.
Power Finance Corporation: The company has established two special-purpose vehicles, KPS III HVDC Transmission Limited and Barmer I Transmission Limited, for developing a transmission system to evacuate power from potential renewable energy areas in Rajasthan and Gujarat.
REC: The Ministry of New and Renewable Energy, Government of India, has designated REC Limited as the overall Programme Implementation Agency for Rooftop Solar (RTS) programme.
Supreme Petrochem: The company recorded a net sales figure of Rs 1,183.32 crore in Q3FY24, which is slightly higher than the Rs 1,177.39 crore it recorded in the same period last year. However, the company's net profit decreased by 25 percent, from Rs 89.85 crore to Rs 67.66 crore. The company attributes this drop in profit to a missile attack by Yemen's Houthi rebels on commercial ships, which began in late November. This attack has affected the company's exports to the USA, Europe, and Turkey.
Magnum Ventures: The Board has approved a Rights Issue worth Rs 48.92 crore. It has fixed the Record Date as Thursday, January 25, 2024.
Finolex Industries: The company's net profit increased by 20% YoY to Rs 95.40 crore, while its total income fell 8.5% YoY to Rs 1,054.81 crore during the December quarter.
Metro Brands: The Board has approved an interim dividend of Rs 2.75 per equity share on the face value of the paid-up equity shares of Rs 5 each for the financial year 2024. The record date for the dividend payment is January 31, 2024. However, the net profit for the company saw a decline of 12.6% YoY, amounting to Rs 97.81 crore.
Mastek: The Board of Directors has declared an interim dividend of Rs 7 for FY24 with January 27 as the Record Date.
Lupin: A major pharmaceutical company has recently received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Febuxostat Tablets in 40 mg and 80 mg dosages. This approval allows the company to market a generic equivalent of Takeda Pharmaceuticals U.S.A., Inc.'s Uloric Tablets, which also come in 40 mg and 80 mg dosages. The product will be manufactured at Lupin's Pithampur facility in India.
Shalby: The company will acquire an 87.26 percent stake in PK Healthcare for Rs 102 crore.

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