Stocks to Monitor: Sun Pharma, Apollo Hospitals, Muthoot Finance, Jio Financial, Tube Investments
Stocks to watch on Friday, May 31, 2024: Indian markets are expected to open positively, following the trend in Asian markets. The GIFT Nifty futures are indicating an upward start, with a 62-point increase compared to Nifty50 futures at 22,689 levels. This morning, Asian markets showed mostly positive movements, with Japan's Nikkei 225 up by 0.37 percent and the broader Topix index also rising by 0.84 percent. South Korea's Kospi index saw a 0.68 percent increase, while the smaller-cap Kosdaq declined by 0.23 percent.
Sun Pharmaceutical Industries: The pharmaceutical company has agreed to a preferential offer to acquire a 14.28 percent stake in the Indian Foundation for Quality Management for Rs 12.5 crore. Meanwhile, the US FDA announced that a US-based unit of Sun Pharma is recalling 35,069 bottles of medication used to treat high pressure inside the eye due to glaucoma or other eye diseases.
Apollo Hospitals Enterprises: The company reported a consolidated net profit of Rs 253.8 crore for the quarter ended in March, which is a 76 percent increase from the same period last year. This growth was driven by reduced losses in its pharmacy, health, and lifestyle segments. Additionally, it posted revenues of Rs 4,944 crore, marking a 15 percent year-on-year rise from Rs 4,302.2 crore.
Muthoot Finance: The company's consolidated net profit for the March quarter increased by 17 percent to Rs 1,182 crore. Total income also rose to Rs 4,179 crore from Rs 3,298 crore in the previous year. Expenditure during the quarter increased to Rs 2,594 crore from Rs 1,943 crore.
Jio Financial Services: The Reliance group company has launched the JioFinance app in beta mode. It integrates digital banking features such as UPI transactions, bill payments, and insurance advisory services, allowing users to manage their accounts and savings on a single platform.
Tube Investments: A subsidiary of the company, Tl Clean Mobility, acquired 5,024 equity shares (23.69 percent of the share capital) of IPLTech Electric from the founders for Rs 185 crore. This acquisition increased Tl Clean Mobility’s shareholding in IPLTech from 65.77 percent to 89.46 percent.
Sunteck Realty: The real estate company reported a net profit of Rs 101.3 crore for the fourth quarter ended in March, reversing a net loss of Rs 27.9 crore in the same quarter the previous year. Revenue from operations surged by 773.01 percent to Rs 426.9 crore. EBITDA reached Rs 153.4 crore, compared to a loss of Rs 9.1 crore in the previous year.
Suven Pharma: The company's financial performance declined significantly for the year. Net profit dropped by 56.9 percent to Rs 53.4 crore from Rs 124 crore year-over-year. Revenue decreased by 31.5 percent to Rs 252.9 crore. EBITDA fell by 57.4 percent to Rs 73.3 crore, and the operating margin contracted to 29 percent.
Aarti Industries: The specialty chemicals company has named Suyog Kotecha as its chief executive officer (CEO) and executive director, effective June 17th. He replaces Rajendra V. Gogri, who will step down but continue to serve as CMD.
Welspun Corp: The company's net profit increased by 19.7 percent to Rs 287.3 crore, while revenue rose by 9.6 percent to Rs 4,461.2 crore. However, EBITDA declined by 21.9 percent to Rs 330.2 crore, leading to a contraction in the EBITDA margin to 7.4 percent from 10.3 percent year-over-year.
Praj Industries: The company's net profit for the fourth quarter increased by 4.3 percent year-on-year to Rs 91.9 crore, up from Rs 88.1 crore in the same quarter of the previous fiscal year. Revenue also grew by 1.5 percent to Rs 1,018.6 crore compared to Rs 1,003.9 crore in the corresponding period of the previous fiscal year.
