Stocks to Watch: Adani Transmission, HCL Tech, SBI, IRCTC, ONGC, Grasim
Adani Ports, Apollo Hospitals, AstraZeneca Pharma, Kalyani Forge, Mankind Pharma, Suzlon Energy, Welspun Corp will be among the stocks in focus as they will be declaring their March quarter earnings today.
PremiumHere are the top 10 stocks that could be in focus in today's trade:
Adani Transmission: Adani Transmission's consolidated net profit stood at ₹389.45 crore in the fourth quarter of FY23, registering a growth of 69.62% from ₹229.59 crore in the same quarter a year ago. However, the performance declined by 17.96% from a PAT of ₹474.72 crore in the preceding quarter. The Adani Group-backed company's cash profit surged by 28% YoY to ₹977 crore. The profitability was supported by a one-time income of ₹148 crore based on a regulatory order in the Transmission business and aided by a mid-term true-up order by the regulator in AEML.
HCL Tech: HCL Technologies Ltd has sued Atos SE in a US court, accusing the French IT services company of copyright infringement on two of the eight products it had bought from International Business Machines Corp. The Noida-based company is seeking $132.4 million in damages from Atos, a copy of its court petition showed. Last month, HCL America, a unit of HCL Technologies, filed the case in a court in Texas demanding a jury trial, as it alleged that Atos continues to sell Portal Enable and Web Content Manager, together called DX and Domino software.
State Bank of India: The largest public sector lender, State Bank of India (SBI) listed $750 million worth of foreign currency bonds on Monday, This is part of SBI's $10 billion 'Global Medium Note' programme under which it will fund its overseas business growth. SBI's share price ended on a positive note today. The $750 million funds were raised at platforms like India INX's Global Securities Market (GSM) and GIFT International Financial Services Centre in Gujarat. These foreign currency bonds were issued by SBI through its London branch and were priced competitively.
IRCTC: Indian Railways catering services provider, IRCTC earned a net profit of ₹278.8 crore in the fourth quarter of FY23, rising by 30.4% from a profit of ₹214 crore witnessed in the same quarter a year ago. IRCTC posted double-digit growth across key parameters on a year-on-year basis and also recommended a dividend of 100% for its shareholders. On segment-wise performance, revenue from the catering business stood at ₹395.77 crore in Q4FY23, as against ₹266.19 crore in Q4FY22 -- registering a growth of 48.67%.
ONGC: Oil and Natural Gas Corp. (ONGC) will spend ₹1 trillion on green initiatives by 2030 to reduce its carbon footprint as part of a broader effort to achieve net-zero emissions by 2038. ONGC’s chairman and managing director Arun Kumar Singh, told reporters on Monday that the oil explorer has set an ambitious net-zero target and aims to cut both Scope 1 and Scope 2 emissions. Scope 1 emissions are from sources that an organization controls directly, such as fuel used in its operations or in running vehicles, while Scope 2 emissions refer to emissions from, for instance, the electricity it purchases.
Reliance/Airtel/Vodafone Idea: Upcoming state elections and general elections next year are set to delay any increase in headline tariffs to beyond June 2024, which will adversely impact all three carriers - Airtel, Jio and Vodafone Idea - but Vodafone Idea will be the worst impacted, according to analysts, noting that without a tariff hike or fundraise FY24 will be tough for the No 3 carrier. Sector watchers said that they did not see a credible revival case which could lead to significant equity dilution down the road and make it unattractive for potential equity investors.
Grasim Industries: The Aditya Birla Group has engaged a team of senior executives to spearhead its digital platform venture for building materials. The business-to-business (B2B) venture will be overseen by the conglomerate’s flagship company, Grasim Industries. The firm aims to launch the B2B e-commerce platform in Maharashtra and Madhya Pradesh in the second quarter of 2024. People in the know revealed that the team was meticulously recruited over the past few quarters, with a significant number of high-level appointments consisting of experienced individuals from e-commerce startups.
NHPC: NHPC announced its Q4FY23 results on May 29, reporting a net profit of ₹643 crore, a growth of 37.7%, compared to ₹467 crore in the corresponding period last year. The state-owned hydropower giant's revenue from operations in the January-March quarter stood at ₹2,028.8 crore, registering a growth of 21.2%, compared to ₹1,674.3 crore in the year-ago period. The company's board recommended a final dividend at 4.50% of the face value of ₹10 per share or Re 0.45 per equity share on the paid up share capital for the financial year 2022-23.
RVNL: Rail Vikas Nigam Limited (RVNL) announced its Q4FY23 results on May 26, reporting a consolidated net profit of ₹359.3 crore, down five per cent, compared to ₹378 crore in the corresponding period last year. The railway PSU's revenue from operations in the January-March quarter came in at ₹5,719.8 crore, registering a decline of 11 per cent, compared to ₹6,437.5 crore in the year-ago period. On the operating front, the company's EBITDA during the fourth quarter stood at ₹374.4 crore, down 8.3%, compared to ₹408.4 crore in the same period last year.
NDTV: New Delhi Television Limited (NDTV) has been shortlisted for short-term Additional Surveillance Measure Framework Stage – 1, with effect from May 30, according to a circular released by the National Stock Exchange (NSE). The circular detailed the surveillance actions under this framework: “Applicable rate of margin shall be 50 percent or existing margin, whichever is higher, subject to maximum rate of margin capped at 100% w.e.f May 31, 2023 on all open positions as on May 30, 2023 and new positions created on May 31, 2023."
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