Stocks in the news: RIL, Wipro, M&M Finance, Tata Elxsi, Inox Wind, Tejas Networks and more

Stocks in the news: RIL, Wipro, M&M Finance, Tata Elxsi, Inox Wind, Tejas Networks and more

Domestic stock equity indices kicked-off the week on a strong note amid easing geopolitical concerns. The BSE Sensex jumped 560.29 points, or 0.77 per cent to settle at 73,648.62 on Monday. The NSE Nifty50 gained 189.40 points, or 0.86 per cent, to end the session at 22,336.40. Here are the stocks that may remain under spotlight before the opening bell on Tuesday, April 23, 2024:

Q4 results today: Tata Consumer Products, ICICI Prudential Life Insurance, Tata Elxsi, 360 One WAM, Multi-commodity Exchange of India, Cyient DLM, Huhtamaki India, Nelco, Axita Cotton and Artson Engineering are among the companies which will announce their earnings for the March 2024 quarter later today.

Reliance Industries: The Mukesh Ambani-led oil-to-telecom conglomerate reported 1.80 per cent YoY fall in consolidated net profit at Rs 18,951 crore for the March 2024 quarter compared with Rs 19,299 crore in the same quarter last year. Revenue for the quarter at Rs 2,64,834 crore, rising 10.8 per cent YoY. Ebitda for the quarter rose 14.3 per cent YoY to Rs 47,150 crore.

Wipro: A step-down subsidiary of the IT services company, Synchrony Global SDN BHD, has been voluntarily dissolved with effect from April 22.

IndusInd Bank: The lender announced the execution of the RBI’s programmable CBDC pilot. This pilot project is executed in collaboration with Circularity Innovation Hub India (CIH) as an alternate form of CBDC in which the bank can programme the end-use of funds being disbursed to farmers in lieu of the generation of carbon credits.

Mahindra & Mahindra Financial Services: The shadow lender hasdeferred its March quarter earnings that were otherwise scheduled for later in the day. The decision came as a fraud was detected at one of M&M Finance’s branches in the North East, which fraud involved forgery around Rs 150 crore of KYC documents, leading to embezzlement of company funds.

Tamilnad Mercantile Bank: The private lender has reported net profit of Rs 253.06 crore for the quarter ended March 2024 quarter. Net interest income grew by 7.5 per cent YoY to Rs 567 crore for the quarter. Asset quality improved with the gross NPA falling 25 bps sequentially to 1.44 per cent and net NPAs declined 13 bps QoQ to 0.85 per cent for the quarter.

Mahindra Logistics: The logistics services firm reported a net loss of Rs 11.9 crore for the quarter ended March 31, 2024, against a profit of Rs 0.20 crore in the year-ago period, impacted by weak operating numbers. Consolidated revenue from operations for the quarter, at Rs 1,450.8 crore, up 14 per cent over the same period last fiscal.

Hatsun Agro Product: The dairy products firm has reported a 109 per cent YoY growth in net profit at Rs 52.2 crore for the March FY24 quarter, mostly led by strong operating performance. Revenue from operations for the quarter grew by 14.4 per cent to Rs 2,047 crore.

KP Energy: The power generation firm has received an order for the development of a 9 MW wind power project, which is part of the wind-solar hybrid power project to be developed in Gujarat. This project was awarded by Bhathwari Technologies to the company under the captive power project segment.

Kesoram Industries: The cement player’s net loss widened to Rs 244.4 crore in the March 2024 quarter, up from a loss of Rs 26.1 crore in the corresponding period last fiscal year, dented by weak operating numbers and a muted topline. Revenue from operations for the quarter was Rs 1,073.6 crore, up 1.7 per cent YoY.

Epigral: The speciality chemical company reported a flat performance on year-on-year comparison. However, on a sequential (QoQ) basis, its net profit rose 57.44 per cent to Rs 77.27 crore, while revenue from operations increased 11.26 per cent to Rs 524.63 crore in Q4FY24 over. Ebitda cam in at Rs 155 crore, up 27 per cent QoQ.

Inox Wind: The renewable energy player said the meeting of the board of directors is scheduled for April 25 to consider the issuance of bonus equity shares.

PSP Projects: The company opened its qualified institution placement (QIP) issue on April 22. The floor price has been fixed at Rs. 682.59 per share.

Tejas Networks: The Tata Group’s wireline and wireless networking products maker clocked consolidated net profit of Rs 146.8 crore for the March 2024 quarter. It reported a loss of Rs 11.5 crore in the year-ago period. Revenue from operations increased sharply by 343.3 per cent on-year to Rs 1,326.88 crore in Q4FY24.

Patel Engineering: The construction engineering company launched its qualified institutions placement (QIP) issue on April 22, with a floor price of Rs 59.50 apiece, a 5.3 per cent discount to the closing price of the last trading session. The company is looking to raise Rs 400 crore via QIP as per media sources.

BGR Energy Systems: The Union Bank of India has classified BGR’s account as a non-performing asset with effect from March 29, 2024. As of March 2024, the overall credit exposure of the company to the bank was Rs 188 crore.

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