Stocks To Watch On May 6: Equity markets witnessed profit booking and came under pressure on Friday amid cautious investor sentiments. In today’s trade, shares of YES Bank, Godrej Consumer, Kotak Bank, IDBI Bank, DMart, Titan among others will be in focus due to various news developments and quarterly earnings.
Results on May 6: Lupin, Marico, Arvind, CarTrade Tech, CG Power and Industrial Solutions, DCM Shriram, Godrej Consumer Products, Gujarat Gas, Happiest Minds Technologies, Indian Bank, Muthoot Microfin, Route Mobile, Suven Life Sciences, and Uttam Sugar Mills will release March FY24 quarter earnings on May 6.
BirlaCorp: Cement major Birla Corporation Ltd reported a significant increase in its consolidated net profit to Rs 193 crore for the quarter ending March 2024, marking a remarkable 127 percent surge. Consolidated revenue for the fourth quarter of the 2023-24 fiscal reached Rs 2,682 crore, indicating a growth of 6.8 percent compared to the corresponding period last year.
Kotak Mahindra Bank: The bank’s Profit After Tax (PAT) for FY24 rose to Rs 13,782 crore from Rs 10,939 crore in FY23, marking a 26 per cent year-on-year increase. PAT for Q4FY24 reached Rs 4,133 crore, up 18 per cent year-on-year from Rs 3,496 crore in Q4FY23 (a 38 per cent quarter-on-quarter increase from ₹3,005 crore in Q3FY24).
One 97 Communications: Paytm, the digital payments and financial services company, disclosed the resignation of its COO and president, Bhavesh Gupta, through a regulatory filing on 4 May.
Avenue Supermarts: Avenue Supermarts witnessed a 22 per cent year-on-year increase in their net profits. The company’s Profit After Tax (PAT) surged from Rs 460.1 crore in Q4FY23 to Rs 563.1 crore in the corresponding period. Additionally, revenue from operations grew by 20 per cent to Rs 12,726 crore during Q4FY24, compared to Rs 10,594 crore in the same period last year.
Mahindra Finance: The company announced a total income of ₹3,706 crores for the quarter ending March 31, 2024, reflecting a 21 per cent increase year-over-year (YoY). However, Profit After Tax (PAT) witnessed a slight decline by 10 per cent YoY, reaching Rs 619 crores. This decrease is attributed to a 14 per cent rise in Net Interest Income (NII), which stood at Rs 1,971 crores.
IDBI Bank: The bank disclosed its fiscal 2023-24 fourth-quarter results, indicating a 43.7 per cent increase in net profit to Rs 1,628.5 crore from Rs 1,133.4 crore in the same period last year. Meanwhile, the bank’s net interest income (NII), representing the difference between interest earned and paid, climbed 12.4 per cent to Rs 3,687.9 crore in the March quarter, compared to Rs 3,279.6 crore a year ago.
Titan Company: The jewellery and watch maker recorded a standalone net profit of Rs 786 crore for the quarter ended March FY24, growing 7.1 percent over the corresponding period of the previous fiscal year, impacted by a weak operating margin. Revenue from operations for the quarter, at Rs 11,257 crore, increased by 16 percent over the same period in the in the previous fiscal. The company announced a dividend of Rs 11 per share for FY24 and re-appointed C. K. Venkataraman as Managing Director with effect from October 1 this year.
Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a power purchase agreement with PSU company SJVN to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project. The plant will generate nearly 3,000 million units (MUs) of power and offset 2,200 million kg of CO2 emissions annually, while FDRE enables round-the-clock power supply, assisting distribution companies in fulfilling renewable purchase obligations, and energy storage obligations.
Dr. Reddy’s Laboratories: The pharma company launched Doxycycline capsules, 40 mg, in the US market. The drug is a therapeutic generic equivalent of Oracea capsules approved by the US Food and Drug Administration. Doxycycline capsules are used for the treatment of infections caused by bacteria.
HDFC Bank: The Reserve Bank of India has approved the re-appointment of Atanu Chakraborty as the part-time chairman of HDFC Bank for three years, with effect from May 5 this year.
IDBI Bank: The lender has recorded net profit at Rs 1,628 crore for the quarter ended March FY24, growing 44 percent over the year-ago period on a 58 percent decline in provisions. Net interest income grew by 12 percent year over year to Rs 3,688 crore for the quarter, with net interest margin declining 10 basis points to 4.91 percent. Asset quality was stable during the quarter, with gross NPA falling 16 bps sequentially to 4.53 percent and net NPA unchanged at 0.34 percent QoQ.
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