Stocks to Watch
Here are the top stocks that could be in focus in trade:
Canara Bank: Canara Bank reported a growth of 43 percent in net profit to Rs 3,606 crore, compared to Rs 2,525 crore in the corresponding period last year. The public sector lender's net interest income (NIIs) the difference between interest earned and interest expended- in the second quarter of the current fiscal rose 19.8 percent to Rs 8,903 crore, compared to Rs 7,433.8 crore in the year-ago period.
Shriram Finance: The NBFC reported a 19.7% yoy increase in AUM to Rs 2.03 trillion. Among loan segments, farm equipment grew the slowest at 5.6%. The fastest growth was seen in personal loans (73.3%), albeit on a smaller base than most other segments. Shriram Finance slowed down its lending for farm equipment in the September quarter on the back of uncertain rainfall, but the company expects rural demand to strengthen, executive vice-chairman Umesh Revankar said.
Colgate Palmolive: FMCG major Colgate-Palmolive India Ltd reported a 22.31% increase in net profit at Rs 340.05 crore for the second quarter ended on September 30, driven by pricing and efficiencies. The company had posted a net profit of Rs 278.02 crore in the July-September quarter a year ago, Colgate-Palmolive India Ltd (CPIL) said in a regulatory filing. Its sales were up 6.09% during the quarter under review.
Indus Towers: Indus Towers, the world’s largest telecom tower provider, is in discussions with Vodafone Idea to create a ‘time-bound’ plan for the repayment of the telco's dues, even as it has received some pending dues from Vi during the quarter. The executives said they were keeping a close eye on Vi's fundraising plans, which have been in the works for several quarters.
Adani Enterprises: Billionaire Gautam Adani’s Adani Group is seeking to raise as much as $4 billion to help develop manufacturing plants that would produce low-cost green hydrogen, according to people familiar with the matter. Adani New Industries Ltd., a wholly owned subsidiary of flagship company Adani Enterprises Ltd., will take the lead in raising the money from domestic and international banks and is in early-stage talks with several lenders, the people said.
Bajaj Hindusthan Sugar: The National Company Law Tribunal (NCLT) has allowed the withdrawal of the insolvency plea against Bajaj Hindusthan by the State Bank of India, as the sugar manufacturer has paid the outstanding amount. SBI had moved an application before the Allahabad bench of the NCLT, informing that the outstanding amount has been paid by the Corporate Debtor.
Aditya Birla AMC: Aditya Birla Sun Life AMC, part of Aditya Birla Capital, reported a seven percent decline in net profit to Rs 178 crore in the September quarter. The asset management firm had posted a net profit of Rs 191.7 crore in the year-ago period, Aditya Birla Sun Life AMC said in a statement. The company's revenue from operations rose eight percent to Rs 335 crore in the quarter under review from Rs 311 crore a year ago.
Westlife Foodworld: Westlife Foodworld Ltd reported a 29.05 percent decline in consolidated net profit to Rs 22.37 crore for the second quarter ended September 2023 due to challenging market conditions. The company had posted a net profit of Rs 31.53 crore in the July-September quarter a year ago, Westlife Foodworld Ltd said in a BSE filing. Its subsidiary Hardcastle Restaurants, is the master franchisee of McDonald's restaurants in West and South India.
Indian Bank: The board of the public sector Indian Bank has given its consent to raise Rs 4,000 crore through Qualified Institutional Placements during the current financial year, a top official said on Thursday. The Chennai-headquartered bank reported a 62 percent growth in its net profit at Rs 1,988 crore for the July-September 2023 quarter from Rs 1,225 crore registered during the corresponding quarter of last year.
Vodafone Idea: Vodafone Idea’s losses widened to Rs 8,737 crore for the September quarter from Rs 7595 crore in the same quarter last year owing to high interest and finance costs, despite an increase in revenue and a larger number of 4G subscribers. The company reported a revenue of Rs 10,716 crore in the three-month period, marginally higher than Rs 10,615 crore in the same period last year. The EBITDA margin was also up to 40% from 38.6%.
PTC India: Power trading solution provider PTC India on Thursday said the company will divest its 100 percent equity stake in its arm PTC Energy to state-owned upstream firm ONGC for an enterprise value of Rs 2,021 crore. The company had invited bids for selling a 100 percent equity stake in PTC Energy. ONGC emerged as the successful bidder with a cash bid of Rs 925 crore.
