Stocks Watch List: Reliance Industries, HDFC Bank, Adani Green, Jio Financial, MCX

Equity markets are set to begin on a positive note on Monday, after a roller-coaster week. At 7:25 AM, Gift Nifty futures were up by 114 points, trading at 22,243 levels. Additionally, all key benchmark indices in the Asian region were ruling in the positive territory.

Reliance Industries: The conglomerate is going to announce its results for the January-March quarter of Q4 FY24 on Monday, April 22. The board of directors will also discuss and approve a dividend for FY24. With its operations spanning from oil to telecom, the conglomerate is expected to demonstrate robust revenues and operational performance in the March quarter, driven by its telecom and retail sectors, along with a significant recovery in its O2C segment due to gross refinery margins (GRMs). According to most brokerage firms and D-Street analysts, concerns about Reliance Industries' net debt are overstated.

HDFC Bank: The private lender has reported a standalone net profit of Rs 16,512 crore in Q4FY24, which is a slight increase from the Rs 16,373 crore in the previous December quarter. The bank merged with its parent company, Housing Development Finance Corporation (HDFC), in July, making it impossible to compare results on a year-over-year basis. The bank's asset quality remained steady, with a gross non-performing assets (NPA) ratio of 1.24 percent at the end of March, which is slightly down from 1.26 percent three months prior. Similarly, net NPA saw a marginal increase to 0.33 percent from 0.31 percent in the preceding quarter. HDFC Bank's core net interest income rose to Rs 29,080 crore for the reported quarter, while other income increased to Rs 18,170 crore. The bank reported a core net interest margin (NIM) of 3.44 percent on total assets. The bank stated that provisions and contingencies for the quarter were Rs 13,500 crore, including floating provisions of Rs 10,900 crore. For FY24, the bank's total profit stood at Rs 64,060 crore. The board of directors recommended a dividend of Rs 19.5 per equity share of Re 1 for the fiscal year ending March 31, 2024.

Adani Green Energy: Adani Green Energy, which is owned by the Adani family and associates, is reportedly close to securing $400-500 million from at least two European funds. The company needs to offload approximately 1.5 percent of its stake to raise the necessary funds. Adani Green Energy intends to use the raised funds to construct new solar, wind, and hybrid power projects in Rajasthan, Gujarat, and other regions. The group's second-largest subsidiary has a market capitalization exceeding Rs 2.8 trillion.

Jio Financial Services: On Friday, 19th April, the company reported a 6 percent surge in its consolidated net profit for Q4FY24, which amounted to Rs 310 crore compared to Rs 294 crore for the preceding quarter. Jio's consolidated PAT for FY24 was Rs 1,605 crore. In the fourth quarter of FY24, Jio's standalone PAT rose to Rs 78 crore, up from Rs 71 crore in the previous quarter. The standalone PAT for the entire fiscal year FY24 was Rs 383 crore. Jio's total ex-dividend income slightly increased to Rs 418.1 crore from Rs 413.6 crore in the previous quarter. In the fourth quarter, Jio's interest income was Rs 280.7 crore, an increase from Rs 269 crore in the third quarter. The company's revenue saw a minor increase to Rs 418 crore from Rs 414 crore in the December quarter.

MCX: The Multi Commodity Exchange of India Ltd (MCX) has proposed three candidates for the position of a new chief executive, but the Securities and Exchange Board of India (Sebi) has rejected them. The current CEO, Padala Subbi Reddy, will conclude his five-year term on May 10, and Sebi has asked MCX to restart the selection process. Meanwhile, MCX has allowed Foreign Portfolio Investors (FPIs), including individuals, family offices, and corporates, to participate in oil and natural gas derivatives, which accounted for 77 percent of MCX's turnover in March. This decision comes at a time of increased global energy derivatives activity and is effective immediately.

IREDA: The company has reported a net profit of Rs 337.37 crore in Q4FY24, which is a 33 percent increase from the previous year. In addition, there has been a YoY growth of 44.83 percent in Profit After Tax (PAT), which is now at a record high of Rs 1252.23 crore. The PSU has also successfully reduced its Non-Performing Asset (NPA) from 1.66 percent in FY23 to 0.99 percent in FY24. IREDA's loan book has expanded from Rs 47,052.52 crores as of 31 March 2023 to Rs 59,698.11 crores as of 31 March 2024, registering a growth of 26.81 percent. Furthermore, the company has achieved record annual Loan Sanctions of Rs 37,353.68 crore and Disbursements of Rs 25,089.04 crore in the Financial Year 2023-24, which marks an increase of 14.63 percent and 15 percent, respectively.

Zomato: Zomato has reportedly raised its platform fee by 25 percent to Rs 5 per order starting from April 20. The Gurugram-based company's app confirms that the platform fee has increased in cities such as the National Capital Region, Bengaluru, Mumbai, Hyderabad, and Lucknow. Previously, on January 1, the company had increased the platform fee from Rs 3 to Rs 4. It's worth noting that Swiggy, another delivery company based in Bengaluru, also charges a platform fee of Rs 5 per order. However, the report couldn't be independently confirmed by Mint.

Wipro: The company released its results for the last quarter of FY24, reporting a net profit of Rs 2,835 crore. The results, which were released on Friday, revealed a voluntary attrition rate of 14.2 percent over the past 12 months. Additionally, the company saw a 4.2 percent decrease in consolidated revenue, bringing it down to Rs 222.08 billion in the January-March quarter. Wipro expects IT services revenue to be between $2.62 billion and $2.67 billion in the current quarter, indicating either a 1.5 percent sequential decline or a growth of 0.5 percent. The IT giant also reduced its workforce by 6,180 employees in Q4FY24 and by 24,516 employees over the year.

Ultratech Cement: On April 20, Ultratech Cement announced that it intends to acquire a grinding unit from India Cements in Maharashtra for Rs 315 crore. The grinding unit will have a capacity of 1.1 million tonnes per annum (mtpa). The company's board of directors approved the purchase of a grinding unit with an installed capacity of 1.1 mtpa, along with a captive railway siding, located at Parli, Maharashtra, according to its regulatory filing. Earlier this month, Ultratech Cement had announced plans to allocate Rs 32,000 crore towards capital expenditure over the next three years. On April 2, the company launched two new greenfield projects in Chhattisgarh and Tamil Nadu, increasing its total capacity to 151.6 mtpa.

Aditya Birla Fashion and Retail: On April 19, the board of directors of Aditya Birla Fashion and Retail approved the vertical demerger of its business into a newly formed company called Aditya Birla Lifestyle Brands Ltd. (ABLBL). After the demerger is complete, ABLBL will be listed separately. The newly demerged ABLBL will include the Lifestyle brands such as Louis Phillippe, Van Heusen, Allen Solly and Peter England; casual wear brands like American Eagle & Forever 21; sportswear brand Reebok; and innerwear business under the Van Heusen brand. Meanwhile, Aditya Birla Fashion and Retail Ltd. (ABFRL) will keep its remaining businesses, which include value retail under Pantaloons & Style Up; an extensive Ethnic Portfolio; luxury brands and platforms like The Collective, Galleries Lafayette, and select luxury brands; and digital brands like TMRW.