Stock to Watch: ITC, Tata Motors, HUL, Zomato, NTPC, Jindal Stainless
- JSW Steel, Hindustan Zinc, JSW Energy, Central Bank of India, J&K Bank, Glenmark Life Science, Paytm and KFin Technologies will be among the stocks to watch on Friday as they will be declaring their quarterly earnings report
Here are the top stocks that could be in focus in today's trade:
ITC: The fast-moving consumer goods (FMCG) giant standalone net profit rose 10.3% to ₹4,927 crore, compared to ₹4,466 crore in the year's corresponding period. Revenue from operations also ticked 2.6% higher to ₹16,550 crore. The cigarette-to-hotel conglomerate's EBITDA came in at ₹6,041.5 crore, reporting a 3% growth. This is the first quarterly earnings results after the board approved the demerger of ITC Hotels in August.
Tata Motors: Tata Motors Ltd announced its plan to acquire a 26.79% stake in Freight Tiger, a digital platform which is engaged in offering logistics solutions for cargo movement. Freight Tiger, a startup backed by Lightspeed Ventures, Shriram Transport Finance, and Moonstone Capital Partners, claims that its logistics solutions can reduce average logistics cost by 12%, lead to a 32% increase in average productivity and increase the client’s margins by 2-3%.
Hindustan Unilever: Fast-moving consumer goods (FMCG) major, Hindustan Unilever Ltd (HUL), on Thursday reported a 4% year-on-year rise in its standalone net profit for the fiscal's second quarter ended September (Q2FY24) to ₹2,717 crore. The company had reported a profit of ₹2,616 crore in the year-ago period. Sequentially, the net profit was up 10%. The total revenue from operations increased 3.6% to ₹15,276 crore from ₹14,751 crore YoY.
Zomato: Masayoshi Son-led SoftBank’s fund-SVF Growth (Singapore) Pte. Ltd will sell at least a 1.1% stake in food-delivery and restaurant-discovery firm Zomato Ltd for around ₹1,020 crore on 20 October, as the Japanese fund plans a full exit from the food delivery business. SoftBank’s stake sale decision in Zomato follows the latter’s dramatic rise in market price over the past year.
NTPC: State-owned power giant NTPC on Thursday informed the exchanges about the board meeting which is going to be held on 28 Oct 2023 to consider financial statements for the period ended September 2023 and also about interim dividends if any. NTPC Ltd is India's largest integrated power utility, contributing 25% of the power requirement of the country. State-run power giant NTPC on Tuesday reported an 83 per cent rise in coal production in the April-September period of this financial year, compared to a year ago.
Tech Mahindra: IT firm, Tech Mahindra is planning to consider a proposal for its interim dividend for the financial year FY23-24 on October 25, the company said in its stock filing. The board of directors will meet to announce the financial results for the September quarter. Earlier, the company had declared a final dividend of Rs.32.0000 per share on 27 April,
Jindal Stainless: Jindal Stainless Limited (JSL) on Thursday reported a 120% year-on-year jump in its consolidated net profit at ₹764 crore for the quarter ended September. The Abhyuday Jindal-led firm posted a 12% increase in its consolidated revenue at ₹9,797 crore in the second quarter of the current fiscal year, it said in an exchange filing.
Havells India: Home appliances maker Havells India reported a 33% rise in second-quarter profit on Thursday, as cables remained in demand due to sustained infrastructure spending and the dry weather boosted air-conditioner sales. The company's profit for the September quarter rose to 2.49 billion rupees ($29.92 million) from 1.87 billion rupees a year earlier, but missed analysts' average estimate of 2.87 billion rupees, as per LSEG data.
South India Bank: South Indian Bank posted a 23.3% increase in net profit to ₹275 crore. In comparison, the bank reported a net profit of ₹223 crore during the corresponding period last year and ₹202 crore in Q1FY24. NII increased by 14% YoY to ₹830 crore, compared to ₹726 crore in Q2FY23, while the net interest margin improved to 3.33% in Q2FY24 from 2.98% in Q2FY23.
Yatharth Hospital: The income tax department on Thursday raided several premises of Yatharth Hospital group in Uttar Pradesh and Delhi on charges of tax evasion, said a report by PTI citing official sources. The tax department has seized some documents and is questioning some of the key managerial persons of the group, said the report citing the sources. According to the report, Yatharth Hospital Group's offices and premises in Noida, Greater Noida, Jhansi and Delhi have been covered since morning.
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