Stocks To Watch On May 2: Equity markets witnessed selling pressure on Tuesday amid mixed global cues ahead of the US Fed outcome. In today’s trade, shares of Adani Wilmar, Adani Enterprises, Jindal Stainless, Adani Ports, Kotak Bank, and Wipro among others will be in focus due to various developments and quarterly earnings.
Results on May 2: Coal India, Adani Enterprises, Adani Ports and Special Economic Zone, Ajanta Pharma, Blue Dart Express, Blue Star, Ceat, CIE Automotive India, Coforge, Dabur India, Federal Bank, JBM Auto, RailTel Corporation of India, Ramkrishna Forgings, South Indian Bank, Ugro Capital, and Voltamp Transformers will release March FY24 quarter earnings on May 2.
Adani Total Gas: The city gas distribution company has reported net profit of Rs 168 crore for the March FY24 quarter, growing 71.5 percent over the corresponding period of the previous fiscal year, backed by strong operating numbers due to the lower cost of natural gas. Revenue from operations (excluding excise duty) grew by 4.7 percent on-year to Rs 1,167 crore for the quarter, with sales volume increasing 20 percent YoY.
Mahindra & Mahindra Financial Services: Raul Rebello assumed charge as Managing Director and CEO of the company with effect from April 30. Ramesh Iyer was superannuated from the position of Vice-Chairman and Managing Director of the company with effect from April 29.
Rail Vikas Nigam: The state-owned railway company has emerged as the lowest bidder for a project worth Rs 390.97 crore from Eastern Railway. The company will construct the Sitarampur bye pass line under the Asansol division of Eastern Railway.
Godrej Group stocks: The Godrej family has reached an agreement to split the conglomerate into two branches, with Adi and brother Nadir keeping the listed entities while cousin Jamshyd gets the control of unlisted companies and the land bank, as per the pact shared with the stock exchanges on April 30. The agreement submitted to the exchanges addresses issues of Royalty, Brand Usage and Land Bank development.
Wipro: The technology services and consulting company has received a contract from Nokia to overhaul its employee service desk and provide seamless, real-time IT support to a global network of employees. The Wipro team will build a bespoke AI-powered, cloud-based solution for Nokia’s workforce, which comprises around 86,700 users globally in 130 countries of operation.
JSW Energy: Aditya Agarwal has resigned as Executive Vice President, Renewables, of the company due to personal reasons, with effect from May 1.
Adani Wilmar: The Adani Group company has recorded net profit at Rs 156.75 crore for the March FY24 quarter, growing 67.5 percent over a year-ago period despite weak topline and other income, driven by strong operating numbers. Revenue from operations fell 4.6 percent year over year to Rs 13,238 crore for the quarter.
Coal India: The country’s largest coal mining company has registered coal production at 61.8 million metric tons for April 2024, increasing 7.3 percent from 57.6 million metric tons in the same month of the of the previous fiscal. The offtake during the same period rose by 3.2 percent to 64.3 million metric tons from 62.3 million metric tons.
Adani Energy Solutions: The Adani Group company has reported consolidated net profit of Rs 381.3 crore for the March FY24 quarter, falling 13.3 percent compared to the year-ago period, partly impacted by a weak operating margin. Revenue from operations grew by 40.2 percent year-on-year to Rs 4,706.9 crore for the quarter.
TVS Motor Company: The two-and-three-wheeler maker has reported total sales of 3.83 lakh units for April 2024, growing 25 percent over the corresponding period of the of the previous fiscal year, with total 2-wheeler sales rising 27 percent to 3.74 lakh units and electric vehicle sales increasing 179.5 percent to 17,403 units during the same period. Exports grew by 12 percent to 80,508 units. However, total 3-wheeler sales dropped 21.1 percent YoY to 9,023 units for the month.
Maruti Suzuki India: The country’s largest car maker has reported 4.7 percent on-year growth in total sales at 1,68,089 units in April month, with domestic sales growing 1.65 percent to 1,45,929 units and exports climbing 30.6 percent to 22,160 units during the same period. Total production for the month increased by 17 percent year-on-year to 1,69,751 units.
Eicher Motors: Royal Enfield sales increased by 12 percent on-year to 81,870 units during April, with international business recording 60.6 percent on-year growth at 6,832 units. Meanwhile, total VECV sales fell 18.1 percent to 5,377 units during the same period.
Tata Motors: The Tata Group company recorded total sales of 77,521 units for April, increasing 11.4 percent over the year-ago period, with domestic sales rising 12 percent to 76,399 units during the same period. Total commercial vehicle sales jumped 31 percent year-on-year to 29,538 units, and passenger vehicle sales rose 2 percent YoY to 47,983 units for the month.
Ambuja Cements: The cement company recorded net profit of Rs 532.3 crore for the quarter ended March FY24, growing 5.9 percent over a year-ago period, partly impacted by weak operating numbers. Revenue from operations grew by 12.3 percent year over year to Rs 4,780.3 crore for the quarter, with sales volume increasing from 8.1 million metric tons to 9.5 million metric tons during the same period.
Jindal Stainless: The leading stainless steel manufacturer is going to buy a 100 percent stake in Sulawesi Nickel Processing Industries Holdings Pte Ltd (SNPIHPL), Singapore, for Rs 715 crore. SNPIHPL will form a joint venture by acquiring a 49 percent equity stake in an Indonesian-based operating company with an annual production capacity of 1.2 million metric tons. Further, the company will invest up to Rs 3,350 crore towards downstream capacity expansion at the Jajpur plant and upgrading infrastructural facilities. It will acquire a 54 percent equity stake in Chromeni Steels (CSPL) through the acquisition of a 100 percent equity stake in Evergreat International Investment Pte Ltd., Singapore (EIPL). Post-acquisition, CSPL will become a step-down subsidiary of the company.
Nirlon: ICICI Prudential Mutual Fund bought 33,78,744 equity shares (equivalent to 3.7 percent of total paid-up) in the company at an average price of Rs 430 per share, amounting to Rs 145.3 crore, via open market transactions. However, foreign portfolio investor Albula Investment Fund sold 30 lakh shares (equivalent to 3.3 percent of paid-up equity) at the same price. As of March 2024, Albula held a 6.14 percent stake in Nirlon.
Havells India: The home appliance company recorded net profit of Rs 449 crore for the quarter ended March FY24, rising 24.1 percent over the corresponding period of the previous fiscal year, with strong topline and operating numbers. Revenue from operations grew by 12 percent year over year to Rs 5,434.3 crore for the quarter. The board has recommended a final dividend of Rs. 6 per share.
Federal Bank: KVS Manian, who resigned as Joint Managing Director of Kotak Mahindra Bank, is likely to be headed to Federal Bank, reports CNBC-TV18, quoting sources. The term of Shyam Srinivsasan as CEO of Federal Bank is scheduled to end in September 2024.
Kotak Mahindra Bank: Krishnan Venkat Subramanian (KVS Manian) has resigned as Joint Managing Director of the bank to pursue other opportunities in financial services. Manian ceased to be a director and key managerial personnel of the bank.
Indus Towers: The tower infrastructure services provider has recorded 32.4 percent on-year growth in consolidated net profit at Rs 1,853.1 crore for the quarter ended March FY24, backed by strong operating margin performance. Revenue from operations grew by 6.5 percent year-on-year to Rs 7,193.2 crore for the quarter, with towers increasing by 14 percent to 2.19 lakh units. EBITDA in Q4 FY24 increased by 19 percent to Rs 4,103 crore, with a margin expansion of 600 bps at 57 percent compared to the year-ago period.
