Stocks to Watch: Zomato, Persistent Systems,Indus Towers and more
Indian equities are eyeing a flat opening on Wednesday, indicated GIFT Nifty, the futures were trading just 9 points higher than Nifty50 futures at 24,547 level. The bourses retreated heavily pressured by continuing selling by foreign institutional investors and a meek earnings season.
The BSE Sensex closed 930 points down or 1.15 per cent at 80,220.72, while the Nifty50 settled at 24,472.10, slipping 309 points or 1.25 per cent.
Adani Green Energy :
Adani Green Energy reported robust earnings for the quarter ended September 2024 (Q2FY25). The company's net profit stood at 515 crore, marking a 39 percent increase year-on-year (YoY) from 371 crore in the same period last year. In addition, the Adani Group-controlled renewable energy firm's total income surged by 30.4 percent, reaching 3,376 crore compared to 2,589 crore in the year-ago period.
Zomato:
Zomato's board approved a proposal to raise 8,500 crore through a qualified institutional placement (QIP) of shares. The capital infusion is aimed at strengthening the company's position in the competitive food and grocery delivery market, where it faces challenges from IPO-bound rivals such as Swiggy and Zepto. Zomato’s net profit witnessed a significant increase, growing nearly fivefold to 176 crore in the September quarter, compared to 36 crore in the same quarter last year. The impressive growth was driven primarily by the rapid expansion of its quick commerce business, Blinkit, and the success of its restaurant supplies business, Hyperpure.
Bajaj Finance recorded a 13 percent year-on-year increase in net profit for Q2 FY25, amounting to 4,013.7 crore, up from 3,550.8 crore in the same quarter of the previous fiscal year. However, this figure came slightly below the CNBC-TV18 poll estimate of 4,043.4 crore. The company's earnings benefited from a one-time gain of 2,544.11 crore from the sale of its stake in Bajaj Housing Finance Ltd (BHFL). Meanwhile, net interest income (NII) jumped 22.8 percent to 8,837.7 crore, compared to 7,196.3 crore in Q2 FY24, and net total income rose by 24 percent to 10,946 crore.
Indus Towers:
Telecom infrastructure firm Indus Towers posted a significant 71.7 percent year-on-year increase in net profit, reaching 2,223.5 crore for the quarter ended September 30, 2024. This compares to 1,294.7 crore in the corresponding quarter of the previous fiscal year. The company's revenue from operations also grew by 4.7 percent, climbing to ?7,465.3 crore against 7,132.5 crore in the year-ago period.
Persistent Systems:
Mid-tier IT services provider Persistent Systems reported a 23.4 percent year-on-year rise in net profit at 325 crore for the second quarter that ended September 30, 2024, up from 263 crore in the same period last year. The company’s revenue from operations also increased by 20.1 percent to 2,897 crore, compared to ?2,412 crore in the year-ago quarter, as stated in a regulatory filing.
RITES:
Engineering firm RITES announced that its previously-awarded project management consultancy (PMC) contract from the Karnataka Mining Environment Restoration Corporation (KMERC) has been converted into a turnkey contract. The project involves constructing two railway private freight terminals (PFTs) at Dharmapura and Susheel Nagar in Ballari District under the Comprehensive Environment Plan for Mining Impact Zone (CEPMIZ) for KMERC.
Dhanlaxmi Bank:
Thrissur-based gold lender Dhanlaxmi Bank has announced plans to raise up to 300 crore through a rights issue, offering equity shares to its existing eligible shareholders. This decision was taken during a board meeting held on October 22, 2024. The rights issue is intended to bolster the bank's capital base and support its growth initiatives, according to an exchange filing by the bank.
