Stocks in the news: Kotak Bank, Lupin, Titan, YES Bank, Paytm, Tata Power, Britannia, Tata Tech

06/05/2024

Headline indices were under severe selling pressure on Friday on the back of profit booking and weak global cues. Consistent selling from FIIs is weighing on the market sentiments. BSE Sensex tanked 732.96 points, or 0.98 per cent to settle at 73,878.15. NSE’s Nifty50 index crashed 172.35 points, or 0.76 per cent, to end the week at 22,475.85. Here are the stocks that may remain under spotlight before the opening bell on Monday, May 6, 2024:

Q4 results today: Godrej Consumer Products, CG Power & Industrial Solutions, Lupin, Indian Bank, Marico, Grindwell Norton, Gujarat Fluorochemicals, DCM Shriram, Happiest Minds Technologies, Route Mobila, Arvind, Prudent Corporate Advisory Services, Fusion Micro Finance, GHCL, Muthoot Microfin are among the companies that will announce their March quarter earnings today.

Titan Company: The jewellery and watch maker recorded a standalone net profit of Rs 786 crore for the quarter ended March FY24, up 7.1 per cent YoY dented by a weak operating margin. Revenue from operations for the quarter came in at Rs 11,257, rising 16 per cent YoY. The company announced a dividend of Rs 11 per share for FY24.

Kotak Mahindra Bank: The private lender recorded standalone net profit at Rs 4,133 crore for the quarter ended March 31, 2024, growing 18.2 per cent YoY, with strong growth in non-interest income and operating profit. Net interest income rose 13.2 per cent YoY. Asset quality improved with the gross NPA falling 34 basis points QoQ to 1.39 per cent.

Britannia Industries: The biscuit maker clocked a consolidated net profit at Rs 536.6 crore for the March 2024 quarter, falling 3.8 per cent YoY, impacted by muted growth in topline and weak operating numbers. Revenue from operations rose 1.1 per cent YoY to Rs 4,069.4 crore for the quarter. The board has recommended a final dividend of Rs 73.5 per share.

Dr. Reddy’s Laboratories: The pharma major 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 (USFDA). Doxycycline capsules are used for the treatment of infections caused by bacteria.

Tata Power Company: Tata Group’s utility arm’s 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.

YES Bank: Goldman Sachs (Singapore) PTE-ODI bought 36.92 crore shares, 1.23 per cent stake in the lender at an average price of Rs 24.26 apiece, amounting to Rs 895.78 crore. Carlyle Group, via CA Basque Investments, sold 59.4 crore shares, or about 1.98 per cent stake, in the lender on Friday. The lender has also received Rs 61 crore from redemption conversion of warrants into equity shares to Vervanta Holdings.

One 97 Communications: Bhavesh Gupta has resigned as President and Chief Operating Officer of the company to move to an advisory position with effect from May 31, as a part of the overall organizational restructuring. Bhavesh Gupta will continue to support the company as an advisor in the CEO office after May 31, 2024.

Tata Technologies: The global product engineering and digital services company reported consolidated net profit of Rs 157.2 crore for the March 2024 quarter, falling 27.4 per cent YoY despite a healthy operating margin impacted by weak topline. Revenue from operations fell 7.2 per cent YoY to Rs 1,301 crore, while EBITDA fell 1.1 per cent to Rs Rs 240 crore.

IDBI Bank: The PSU lender recorded net profit at Rs 1,628 crore for the quarter ended March 31, 2024, surging 44 per cent YoY on the back of fall in provisions. Net interest income rose 12 per cent YoY to Rs 3,688 crore, with net interest margin falling 10 basis points to 4.91 per cent.

Inox Wind Energy: The company returned to black in the Mach 2024 quarter as it reported consolidated net profit of Rs 38.88 crore, against a loss of Rs 109.5 crore in the year ago period on the back of strong topline. Revenue from operations surged by 184 per cent YoY to Rs 528.5 crore for the quarter.

Avenue Supermarts: The D-Mart operator clocked a consolidated net profit of Rs 563.3 crore for the March 2024 quarter, growing 22.4 per cent YoY with healthy topline and operating numbers. Revenue from operations increased 20.1 per cent YoY to Rs 12,726.6 crore for the quarter.

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