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Business News/ Markets / Stock Markets/  Stocks to Watch: Canara Bank, UPL, Vedanta, Mahanagar Gas, SpiceJet
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Stocks to Watch: Canara Bank, UPL, Vedanta, Mahanagar Gas, SpiceJet

Lupin, Apollo Tyres, Castrol India, Birla Corporation, Raymond, and Shipping Corporation will be among the stocks in focus as they will be declaring their March quarter earnings today.

Stocks to Watch for Tuesday (iStock)Premium
Stocks to Watch for Tuesday (iStock)

Here are the top 10 stocks that could be in focus in today's trade:

Canara Bank: State-owned Canara Bank on Monday reported a 74 per cent jump in March quarter consolidated net profit to 3,336.51 crore, helped by higher core income and lower provisions. The Bengaluru-based lender had reported a net profit of 1,918.80 crore in the year-ago period. For FY23, its post-tax profit grew to 11,254.75 crore from 6,124.83 crore in FY22. In the latest March quarter, the lender's core net interest income grew 23 per cent to 8,617 crore. This was due to a 17 per cent growth in advances and a 0.14 per cent expansion in the net interest margin to 3.07 per cent.

UPL: Hit by delays in the planting season, UPL Ltd., the country’s largest agricultural products and solutions provider, on Monday, reported a 42.6% decline in its March quarter consolidated net profit at 792 crore as against 1,379 crore in the same period of FY2022. UPL declared a dividend of Rs. 10 per equity share for the quarter, while announcing its financials. The company said in an exchange filing that the March quarter was impacted by a rapid decline in product prices and delays in the planting season, resulting in headwinds for product placements.

Vedanta: Billionaire Anil Agarwal’s Vedanta Group’s promoters get pledged shares worth 70,444 crore released - one of the largest ever pledged releases in the listed space - after repaying loans worth $800 million to Standard Chartered Bank. Vedanta Resources (VRL), the parent company of Vedanta, which has managed to pay off three facilities that were taken from Standard Chartered Bank in London and Hong Kong. Last month Anil Agarwal said his Vedanta group had ample cash flow to service all its debt repayment obligations and that it aims to become a "net zero debt company" in 2-3 years.

Mahanagar Gas: Mahanagar Gas's Q4FY23 net profit jumped 204 per cent to 268 crore compared to the corresponding quarter last year. For the quarter ended March, the leading natural gas distributor posted a total revenue of 1,610.5 crore, down 3.64 per cent from 1,671.39 crore in the corresponding quarter of FY22. For the entire fiscal 2022-23, the state-run company reported a net profit of 790 crore, which is 32 per cent higher than 596 crore recorded in FY22. The company's board has declared a final dividend of 16 per equity share with a face value of 10 each for FY23.

SpiceJet: The National Company Law Tribunal on 8 May issued a notice to SpiceJet on a petition filed by an aircraft lessor Aircastle (Ireland) Ltd that sought initiation of insolvency resolution proceedings against the budget carrier. The next hearing is scheduled for 17 May. Headed by President Ramalingam Sudhakar, a two-member Principal bench of the NCLT issued the notice to SpiceJet and directed it to list the matter on May 17 for the next hearing.

Century Textile and Industries: Birla Estates has acquired a 28.6-acre land in Bengaluru for a housing project and expects a revenue of 3,000 crore from the project, the company said on Monday. The company added that the project will entail residential housing along with convenience retail options. Century Textiles and Industries Ltd has announced that its subsidiary, Birla Estates Pvt Ltd, has acquired a highly desirable 28.6-acre land parcel in the rapidly growing Sarjapur Road area of Bengaluru. The specific terms of the transaction, including the purchase price, were not disclosed by the company.

Exide Industries: Battery maker Exide Industries on Monday posted a consolidated net profit of 181 crore for the fourth quarter ended March 2023. The company had logged a net profit of 3,953 crore in the year-ago period, boosted by income on account of the sale of its subsidiary Exide Life Insurance Company Ltd. Revenue from operations rose to 3,677 crore in January-March 2023 as against 3,523 crore in the year-ago period, Exide said in a regulatory filing.

HFCL: Telecom gear maker HFCL on Monday reported about 15.5 per cent year-on-year rise in consolidated net profit to about 79 crore in the March quarter. Its net profit stood at about 68 crore in the year-ago period. The company's revenue rose 21.13 per cent to about 1,433 crore for the fourth quarter ended March 2023. HFCL Managing Director Mahendra Nahata said the company remains focused on its strategy of increasing revenue from margin accretive products, expansion of capacities coupled with high-level backward integration, huge impetus on R&D, increased customer base and geographical expansion.

Kalpataru Power Transmission: Kalpataru Power Transmission informed stock exchanges today that the Board has approved the proposal for issuance of secured/unsecured redeemable NCDs of up to 300 crores. On a consolidated basis, the company reported a revenue of 4,882 Cr in Q4FY23, up by 18% YoY from 4,135 Cr in Q4FY22. The company said its EBITDA stood at 440 Cr during the quarter ended March 2023 up by 46% YoY from 302 Cr recorded during the quarter ended March 2022. The net profit stood at 140 Cr, up by 22% YoY.

Prevest Denpro: Prevest Denpro has informed exchanges that it has made changes to its Board of Directors with an objective to drive growth amidst strong financial performance. Vaibhav Munjal has joined the board as Executive Director and Chief Marketing Officer. Prior to this, Munjal had worked with multinationals like Godrej, Asian Paints, and Samsung. He has 17 years of rich experience in strategic marketing, distribution growth and sales and has a record of driving multi-million dollar revenues and strong growths for enterprises across industries.

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Published: 09 May 2023, 07:16 AM IST
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