Stocks to watch
Tata Steel: The steelmaker reported a 64% YoY fall in Q4 profit to ₹611.48 crore, amid lower steel realizations and poor performance in international operations. The company’s consolidated revenue fell 6.7% to ₹58,687.3 crore. The board approved the issue of additional debt securities up to ₹3,000 crore and the infusion of up to $2.11 billion into a wholly-owned subsidiary to repay debt and support restructuring costs at Tata Steel UK.
Alkem Laboratories: The company reported a three-fold increase in its consolidated net profit for Q4FY24 to ₹293.56 crore, driven by the derecognition of deferred tax. The company posted a modest YoY revenue increase of 1.1% for the quarter, totalling ₹2,935.8 crore.
Cummins India: The company posted a 50% YoY rise in consolidated profit after tax at ₹530.5 for the March quarter, supported by robust demand in domestic and international markets. Revenue came in at ₹2,319 crore, up 19.9%.
Jubilant Pharmova: The company reported an over two-fold increase in consolidated profit after tax at ₹61 crore for Q4FY24. Total income from operations stood at ₹1,773 crore in the fourth quarter as against ₹1,683 crore in the year-ago period.
SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank: S&P Global Ratings revised its rating outlook on six Indian banks (State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank) to Positive from Stable.
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GMR Airports Infrastructure: The company narrowed its net loss to ₹167.6 crore, a significant improvement from a loss of ₹638.9 crore last year. Revenue jumped 29.5% to ₹2,446.8 crore, up from ₹1,889.7 crore.
G R Infraprojects: The company reported a 42% spike in profit to ₹553.1 crore, up from ₹389.7 crore. Revenue rose slightly by 1% to ₹2,485.1 crore, compared to ₹2,461.1 crore last year. The company also reported an exceptional gain of ₹306.3 crore.
SJVN: The company reported a 255% jump in profit to ₹61.1 crore, up from ₹17.2 crore. However, revenue fell by 4.1% to ₹482.9 crore, down from ₹503.8 crore. The company also reported an exceptional gain of ₹103.84 crore. Separately, SJVN has received board approval for signing a Joint Venture Agreement with Indian Oil Corporation to form a joint venture company for developing green RTC/renewable projects and other new technology-based projects.
Heritage Foods: The company saw its profit zoom by 126% to ₹40.5 crore, up from ₹17.9 crore. Revenue rose by 16.3% to ₹950.6 crore, up from ₹817.6 crore.
Lemon Tree Hotels: The company posted a PAT of ₹83.9 crore in the March quarter of FY24, up from ₹59 crore during the same period a year ago. The company reported a total income of ₹331 crore in the fourth quarter, up from ₹254.73 crore in the corresponding period in FY23.
HeidelbergCement India: The company reported a 37.72% increase in net profit to ₹48.16 crore for the March quarter, aided by a reduction in operating costs. Its total revenue from operation was down marginally to ₹596.55 crore during the quarter under review.
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Bata India: The company reported a consolidated net profit of ₹63.64 crore for the March quarter, a decline of 2.98% from the same quarter of the previous financial year. The shoemaker’s revenue came in at ₹797.8 crore, rising 2.47%.
Edelweiss Financial Services: The Reserve Bank of India has imposed business restrictions on two Edelweiss group entities, ECL Finance Ltd and Edelweiss Asset Reconstruction Co. Ltd, due to several malpractices discovered during supervisory examinations. The firms have been ordered to cease and desist from undertaking fresh activity with immediate effect.
Capacite Infraprojects: The company reported that its consolidated profit after tax more than doubled to ₹52 crore for the March 2024 quarter, on account of higher income. The company’s total income rose to ₹608.81 crore in the January-March period from ₹448.55 crore in the same period a year ago. The board of Capacite Infraprojects will meet on June 3 to consider raising funds up to ₹100 crore via non-convertible debentures on a private placement basis.
Aditya Birla Capital: The company has invested ₹300 crore on a rights basis in the equity shares of Aditya Birla Housing Finance.
360 One WAM: Asset manager 360 One WAM is in talks with investors to raise a ₹4,000-crore secondaries fund. The firm is also in talks to raise a healthcare-focused private equity fund.
RR Kabel: TPG Asia VII SF Pte Ltd is likely to sell its entire 5% stake in wire and cable manufacturer RR Kabel via block deals, aiming to sell 56.33 lakh shares worth ₹1,000 crore in the company.
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RVNL: Rail Vikas Nigam has received a Letter of Acceptance from South East Central Railway for a project worth ₹38.10 crore.
Great Eastern Shipping Company: Foreign portfolio investor Nalanda India Fund sold 20 lakh equity shares in Great Eastern Shipping Company at an average price of ₹1,045.14 per share.
Dredging Corporation of India: The company reported a loss of ₹23.5 crore, compared to a profit of ₹27.2 crore last year. However, revenue increased by 4.7% to ₹277.9 crore, up from ₹265.4 crore.
KFin Technologies: General Atlantic Singapore Fund is likely to sell 4.1% stake in KFin Technologies and could get upsized to 6.8%. Base issue size is likely to be ₹500 crore and could get upsized to ₹833.3 crore. The total deal size, including green size option, is likely to be 1.17 crore shares.
Mishra Dhatu Nigam: The company reported a 30% decline in profit to ₹46.3 crore, down from ₹66.3 crore. However, revenue jumped 17.7% to ₹405.5 crore, up from ₹344.6 crore.
NOCIL: The company reported a 46.7% YoY increase in profit to ₹41.5 crore, up from ₹28.3 crore last year. However, revenue fell by 9.2% to ₹356.5 crore, down from ₹392.7 crore.
MTNL: The company saw its loss widen to ₹783.7 crore, compared to a loss of ₹748.6 crore last year. Revenue fell by 4.6% to ₹209 crore, down from ₹219.2 crore.
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Hindustan Oil Exploration Company: The company saw a 33.8% decline in profit to ₹70.6 crore, down from ₹106.6 crore. However, revenue jumped 71% to ₹330.6 crore, up from ₹193.4 crore.
RHI Magnesita: The company narrowed its loss to ₹257.9 crore, a significant improvement from a loss of ₹678.9 crore last year. Revenue increased by 7.8% to ₹943.3 crore, up from ₹874.8 crore.
MM Forgings: The company reported an 18.2% rise in profit to ₹36.2 crore, up from ₹30.6 crore. Revenue was up by 2.4% at ₹396.8 crore, compared to ₹387.4 crore last year.
AGS Transact Technologies: The company narrowed its loss to ₹4.4 crore, a significant improvement from a loss of ₹15.4 crore last year. However, revenue declined by 17.8% to ₹349.2 crore, down from ₹424.7 crore. The board re-appointed Ravi B Goyal as the Managing Director of the company.
Ion Exchange (India): The company reported a 10.8% fall in profit to ₹72.5 crore, down from ₹81.2 crore. However, revenue rose by 20.7% to ₹781.8 crore, up from ₹647.5 crore.
Banco Products: The company reported a 33.6% jump in profit to ₹68.2 crore, up from ₹51 crore. Revenue rose by 19.3% to ₹730.3 crore, up from ₹612.3 crore.
ISGEC Heavy Engineering: The company reported a 22.6% fall in profit to ₹72.1 crore, down from ₹93.2 crore. Revenue declined by 8.6% to ₹1,868 crore, down from ₹2,042.7 crore.
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SpiceJet: Engine Lease Finance BV, an engine lessor of troubled airline SpiceJet, has filed a fresh insolvency plea against the carrier, claiming unpaid rental dues totalling more than $16.72 million for eight leased engines.
PNB Housing Finance: Societe Generale bought 13,08,680 shares in PNB Housing Finance at an average price of ₹724.55 per share. General Atlantic Singapore Fund FII Pte and Asia Opportunities V (Mauritius) sold 58 lakh shares each at ₹727.47 and ₹727.26 per share, respectively.
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Stocks to watch: Tata Steel, Cummins, Lemon Tree Hotels, Heritage Foods, SJVN, RR Kabel. Stocks to watch: Tata Steel, Cummins, Lemon Tree Hotels, Heritage Foods, SJVN, RR Kabel. Stocks to watch: Tata Steel, Cummins, Lemon Tree Hotels, Heritage Foods, SJVN, RR Kabel