Stocks to Watch: Adani Green, Nykaa, Ashok Leyland, M&M, JSW Energy
3 min read 24 May 2023, 07:27 AM ISTHindalco, National Aluminium, FSN E-Commerce Ventures, Oil India, 63 Moons Technologies, Ashoka Buildcon, Bayer Cropscience, Brigade Enterprises, Cummins India, Fine Organic Industries, Icra, India Cements, LIC, among others, will announce their quarterly earnings today
PremiumNew Delhi: Here are the top 10 stocks that could be in focus on Wednesday:
Adani Green Energy: Is in talks with global fund managers to raise ₹5,000 crore ₹6,000 crore, as India’s largest renewables company revives its capex plans four months after the Hindenburg setback. The fund raising will include sale of new shares, as well as promoter shares worth 3-4% held by Adani family entities including group founder Gautam S. Adani.
Ashok Leyland: India’s second-largest commercial vehicle maker plans to invest as much as ₹1,200 crore in Switch Mobility during this fiscal year to fund the electric vehicle unit’s capital requirements as external fundraising efforts face delays. Switch Mobility has 2,500 orders, primarily for electric buses from India and close to 100 from the UK. The company also reported a 16.6% year-on-year decline in standalone profit to ₹751.4 crore for the quarter ended March. Revenue from operations during the quarter rose 33% on year to ₹11,626 crore.
Mahindra & Mahindra: Auto major and promoter company Mahindra & Mahindra is likely to sell a 3.2% stake, or 1.2 crore shares, in the automotive component supplier Mahindra CIE Automotive Ltd via a block deal soon. The deal is expected to be at a discount of 5-6% to current market price. In March, Mahindra & Mahindra had liquidated a 6.05% equity.
Amara Raja Batteries: Reported a 41% year-on-year jump in its consolidated net profit at ₹139.4 crore for the March ended quarter, falling short of Bloomberg estimate of ₹177 crore. Revenue from operations rose 11.4% on year to ₹2,429.4 crore. The company’s board approved a final dividend of ₹3.20 per share for the financial year ended 31 March 2023.
Zee Entertainment Enterprises: Has moved the National Company Law Appellate Tribunal (NCLAT) to contest an interim ruling by the National Company Law Tribunal (NCLT)’s Mumbai bench related to its proposed merger with Sony Pictures Networks India Pvt. Ltd. NCLT, had directed the NSE and the BSE to reconsider their prior approvals for the merger of the two companies.
JSW Energy: Has reported a 68.5% year-on-year fall in consolidated profit to ₹272 crore for the March FY23 quarter, hurt by higher finance and fuel costs, and lower other income. Revenue from operations grew by 9.4% to ₹2,670 crore.
SJVN Ltd: Hydro power generation company SJVN Ltd reported a 37.3% growth in its consolidated net profit for FY23 at ₹1,359.3 crore. Consolidated revenues soared to a record ₹3,299 crore, a surge of 25.67% from a year ago, it said in a regulatory filing. The board of SJVN has recommended a dividend of ₹1.77 per share on the face value of ₹10 per share.
SpiceJet: Budget carrier SpiceJet on Tuesday announced hiking the salary for its captains to ₹7.5 lakh per month for 75 hours of flying as well as introduced a tenure-linked loyalty reward for them. Salaries of trainers and first officers have also been increased commensurately, according to a release. In recent times, there have been delay in payment of salaries at the airline, which is facing financial headwinds.
Biocon: Has reported 31% year-on-year rise in consolidated net profit to ₹313 crore in the March ended quarter. Revenue from operations climbed 56.7% to ₹3,773.9 crore in the quarter under review. The company's Ebitda (earnings before interest, tax, depreciation, and amortisation) jumped 68.4% to ₹997.3 crore in Q4FY23. Ebitda margin expanded 180 bps to 26.4% during the quarter.
Tata Chemicals: The company's board of directors has reappointed R Mukundan as managing director and CEO for five years, effective 26 November 2023. The reappointment is subject to the approval of the members at the forthcoming annual general meeting of the company.
