Stocks to Watch: ITC, IndiGo, Nexus Select, Reliance, Bata India
Here are the top 10 stocks that could be in focus in today's trade:
ITC
ITC Ltd has outperformed analyst expectations with a 21.4% surge in standalone net profit for the March quarter, on the back of stronger cigarette sales and softening commodity prices. The company, known for its Gold Flake cigarettes and Bingo chips, reported a net profit of Rs 5,086.86 crore for the quarter ended 31 March, up from Rs 4,190.96 crore a year ago. The figures topped the Rs 4,868 crore predicted in a survey by Bloomberg analysts. Quarterly operating revenue rose 6.57% from Rs 16,426 crore a year ago to Rs 17,506 crore. Revenue, too, beat Street estimates of Rs 16,721 crore.
InterGlobe Aviation
InterGlobe Aviation Ltd, which operates IndiGo reported a profit of Rs 919.2 crore, a record for the March quarter, as air travel boomed. Total income during the quarter rose 78% from a year earlier to Rs 14,600 crore, the low-fare airline said, citing robust demand and high other income, including interest income on savings, compensation from engine makers and viability-gap funding received from the government. The March quarter of FY22 was impacted by weakened travel sentiment amid the rapid spread of the Omicron variant of Covid-19. As a result, the company reported a loss of Rs 1,681.8 crore and a total income of Rs 8,207.5 crore during the period.
Nexus Select Trust
Nexus Select Trust REIT Ltd will debut at the bourses today. The initial public offer (IPO) has been subscribed 5.45 times on day 3 as per cumulative data from the exchanges. the non-QIB portion (NII, HNIs, retail and corporate) or other investors portion was subscribed 6.22 times, and Qualified Institutional Investors or Institutional investors portion was subscribed 4.82 times on Day 3. The IPO consists of a fresh issue for Rs 1,400 crore and an offer for sale (OFS) for up to Rs 1,800 crore. At the upper price range of 100, the IPO is worth Rs 3,200 crore.
Reliance Industries
Shein is set to re-enter India as soon as this month by partnering with one of the country’s largest retail businesses, Reliance Retail, according to people familiar with the matter, in a bid to tap India’s growing consumer market and diversify its China-centric supply chain. The Indian government has approved a partnership between the online fashion retailer and the retail unit of the conglomerate, the people said. With this agreement, Shein is likely to source fabrics from small businesses in India, the people said, which could help Shein to diversify its supply chain beyond China.
Bata India
Footwear major Bata India Ltd on Thursday reported a 4.5% jump in standalone net profit for the three months ended 31 March 2023. The company reported a profit of Rs 65.55 crore compared to Rs 62.7 crore reported in the corresponding quarter last fiscal. The footwear retailer reported a 17% jump in quarterly revenue from operations to Rs 778.5 crore. In fiscal 2023, Bata India drove aggressive network expansion with over 2,050 stores in close to 700 cities; of this, franchise and shop-in-shops constitute over 37% of its retail network.
Nazara Technologies
Nazara Technologies' subsidiary NODWIN Gaming on Thursday announced that it has signed a definitive to raise $28 million crore from new and existing investors. The majority of these funds will be channelized towards growing the gaming and esports ecosystem of Nodwin by expanding and incubating newer IPs, growing its emerging market footprint and for strategic acquisitions that drive value to the network. All existing investors of Nodwin Gaming, which includes Nazara, KRAFTON, Inc. and JetSynthesys will join new incoming investors in this funding round, said Nazara Technologies in its filing.
United Spirits
United Spirits Ltd reported a 7.3 per cent rise in standalone net profit to Rs 204 crore for the quarter ended March 2023. This is against a net profit of Rs 190 crore in the year-ago period. The revenue from operations declined by 25 per cent to Rs 5,783 crore in the March quarter as against Rs 7,732 crore in the last fiscal. The total income declined to Rs 5,799 crore for the period under review as against Rs 7,749 crore in the year-ago period, said United Spirits in a regulatory filing.
REC
Rural Electrification Corporation (REC) is set to significantly expand its loan book under the renewable energy (RE) portfolio, aiming for Rs 2.4 lakh crore by the financial year 2030. REC, a key player in energy sector project financing, has been actively contributing to India’s renewable energy goals and has taken various initiatives to accelerate the implementation of RE projects in the country. The company’s foray into the non-power infrastructure sector has been instrumental in its growth and development, with Rs 85,735 crore in sanctions coming from the infrastructure and logistics segment.
Gland Pharma
The generic injectable-focused pharmaceutical company, Gland Pharma Ltd’s reported net profits at Rs 78.68 Crore during Q4, saw a sharp decline of 72% over Rs 285.90 Crore reported in the year-ago quarter. The net profit was also impacted by a one-off expense worth Rs 56.46 Crore towards an impairment loss. The company’s revenue from operations at Rs 785 Crore was down 29% year-on-year during Q4. The company attributed this decline to a shutdown in the production line during the quarter at its Pashamylaram (Telangana) Penems manufacturing facility due to line upgradation.
Tata Elxsi
Tata Elxsi Ltd reported a 26% year-on-year rise in its net profit for the fiscal's fourth quarter ended March (Q4FY23) to Rs 201.5 crore. The Tata Group company had reported a profit of Rs 160.01 crore in the year-ago period. The company's revenue from operations for Q4FY23 rose 23% on year to Rs 838 crore from Rs 681.7 crore. Sequentially, it rose 2.5% from Rs 817.7 crore. The IT company's total income for Q4FY23 rose 23.4% on year to Rs 863.6 crore from Rs 699.8 crore in Q4FY22.
