Stocks to Watch: Airtel, Adani Ent, Cipla, Sun Pharma, Eicher Motors
- SBI, M&M, Britannia, BHEL, Shipping Corporation, Delhivery, IDFC, and JK Tyre are some of the companies that will be in focus today as they will declare their quarterly earnings
Here are the top 10 stocks that could be in focus in today's trade:
Bharti Airtel: Bharti Airtel Ltd reported a mixed set of first-quarter numbers on Thursday, with revenue beating estimates even as profit came below expectations. The company reported a flat net profit of ₹1,612.5 crore in the first quarter of fiscal 2024 from ₹1,607 crore a year ago. However, the company’s revenue from operations grew 14% to ₹37,440 crore compared to ₹32,804.6 crore in Q1 FY23. Bharti Airtel’s net profit missed Bloomberg analysts' estimate of ₹2,861 crore, but revenue beat the estimate of ₹36,869 crore.
Cipla: Blackstone is expected to submit a non-binding bid next week for acquiring over 33% promoter stake in India's third-largest generics company by revenues ‘Cipla’, according to a report published by Economic Times. With this, the eventual exit process of the Hamied family from the company started in 1935, will be formally started. Moneycontrol earlier reported that Cipla's top shareholders are in talks to sell around 33.47% of their stake in the company to private equity players including Blackstone and Baring Asia.
Adani Enterprises: Adani Group's flagship company Adani Enterprises today announced its Q1 results with net profit growth of 44% year-on-year at ₹674 crore for the quarter ending June 2023. The company's revenue fell 38% YoY. The company's consolidated total income stood at ₹25,810 crore on account of the correction in coal prices. Consolidated EBIDTA (Earnings before interest, taxes, depreciation, and amortization) increased by 47% to Rs. 2,896 crore on account of strong operational growth.
Sun Pharma: Sun Pharmaceutical Industries reported a net profit of ₹2,022.5 crore for the quarter ended 30 June, 1.9% less than the net profit of ₹2,060.9 crore reported in the year-ago quarter. Profit came lower than analysts’ consensus estimate of ₹2,164.5 crore as indicated by Bloomberg. The company said its adjusted net profit for Q1FY24 at ₹2,345.4 crore was up 13.8% over the same quarter last year. The company’s revenues from operations at ₹117,851.5 crore rose 10.7% over last year.
Eicher Motors: Eicher Motors reported a net profit of ₹918 crore in the April-June quarter registering a growth of 50%, compared to ₹610 crore in the corresponding period last year. The commercial vehicle maker's revenue from operations rose to ₹3,986 crore in the first quarter as against ₹3,397 crore in the year-ago period, Eicher Motors said in a regulatory filing. This is the best-ever Q1 performance for the company, and is also the fourth consecutive quarter of highest-ever revenue from operations and profit, it added.
Ambuja Cements/ACC: Adani Group will invest $4 billion-$5 billion to expand its cement capacity to over 100 million tonnes in two years, two people aware of the matter said, on a day the conglomerate made yet another acquisition. On Thursday, Ambuja Cements Ltd, part of Adani Cement, announced the purchase of a 57% promoter stake in cement maker Sanghi Industries Ltd. Adani will add around 30 mtpa cement-making capacity in two years, both via organic and brownfield acquisitions, for which $4-5 billion could be invested, one of the two people cited above said on condition of anonymity.
Zomato: Food delivery platform Zomato on Thursday announced its Q1 earnings for FY24. The company reported a net profit of ₹two crore against a loss of ₹186 crore (YoY). The revenue of the firm was up at ₹ ₹2,416 cr vs 1,414 cr (YoY). The company reported a profit of 20 million rupees ($241,861.37) for the quarter ended June 30. Zomato, which also runs grocery delivery service Blinkit, said consolidated revenue from operations rose 70.9% to 24.16 billion rupees in the first quarter.
One97 Communications: Fintech company Paytm on Thursday said its average monthly users rose by 19 per cent on-year to 9.3 crore. Merchant subscriptions stood at 82 lakhs, with 41 lakh new subscriptions over the year, according to the filing. Sequentially, the company saw merchant subscriptions increase by about 4 lakh in July 2023, Paytm said in a filing. Payment volumes for merchants or Gross Merchandise Values (GMV) rose 39 per cent on-year at ₹1.47 lakh crore. The fintech platform said it doled out 43 lakh loans in the month of July.
Vedanta: S&P Global Ratings downgraded Vedanta Resources Ltd’s credit outlook from stable to negative on Thursday when Twin Star Holdings Ltd., promoter of Vedanta, sold 15.4 crore shares in the company worth ₹3,983.1 crore to raise funds for repaying dues. In a statement put out in Singapore, S&P Global Ratings downgraded Vedanta Resources citing increased funding risks. The rating agency has affirmed 'B-' long-term issuer credit rating for the London-based parent firm. This rating indicates a “relatively higher credit risk", said S&P Global.
Cummins India: Engine maker Cummins India on Thursday reported a 59 per cent increase in standalone profit after tax at ₹315.7 crore in the June quarter. The Pune-based company had a profit after tax of ₹198.80 crore in the year-ago period, according to a regulatory filing. The total income during the reporting quarter stood at ₹2,326.19 crore, a 30 per cent growth compared to ₹1,786.76 crore recorded in the same period a year ago.
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