Stocks to Watch: Dr Reddy’s, Federal Bank, Titan, Adani Wilmar, JSW Steel
- FPI net inflows into Indian equities and debt in 2023-24 have reached a nine-year high. At ₹2.68 trillion, this is just ₹9,625 crore away from 2014-15’s record net inflows of ₹2.77 trillion.
New Delhi: Following are the top ten stocks that are likely to be in focus on Monday:
Dr Reddy's Laboratories: The drug major has recalled approximately 8,280 bottles of Tacrolimus, used to prevent organ rejection post-transplant, from the US market. This action follows the US Food & Drug Administration flagging a packaging error, amid the "presence of foreign tablets/capsules" in the lot.
Reliance Industries: Billionaire Mukesh Ambani said his firm, in partnership with Canada's Brookfield, will open a data centre in Chennai next week, marking entry into the fast-growing market. Reliance had in July last year invested about ₹378 crore to enter an existing joint venture, where Brookfield Infrastructure and US-based realty estate investment trust Digital Realty were already partners. The three own 33% each in the venture.
Federal Bank: The Reserve Bank of India has asked the bank to recommend the names of at least two executives for appointment as the lender's managing director and chief executive after current chief Shyam Srinivasan steps down. RBI said Srinivasan will be allowed an extension of one year as its MD and CEO after his three-year term ends on 22 September.
Titan: The jewellery and watchmaker has registered a revenue growth of 22% in the December quarter. During the October-December period, it added 90 stores across verticals, taking the group's retail presence to 2,949 stores. The jewellery division reported a 21% growth in the domestic market.
Bajaj Auto: The company will consider a share buyback proposal at its meeting scheduled for Monday. The proposal is to buy back fully paid-up equity shares of the company and other necessary matters.
Godrej Consumer Products: The FMCG major said it is expecting a "mid-single digit volume growth" on a consolidated basis in the December quarter. In the domestic business, GCPL's organic business delivered steady underlying volume growth of mid-single digits and its inorganic business as Park Avenue and KamaSutra reported a double-digit volume growth.
Adani Wilmar: The company saw a 15% decrease in standalone sales compared to the previous year. However, in terms of volume, there was a notable resilience, with a 6% increase year-on-year. Despite facing various challenges, the company managed to maintain its growth trajectory, primarily fueled by the expanding market for its packaged oils and food products.
Marico: The FMCP firm said its consolidated revenue in the December quarter declined in low single digits on a year-on-year basis, although operating profit saw a low double-digit growth. The maker of Parachute oil also said it expects a low single-digit jump in domestic volumes for the December quarter
JSW Steel: Subsidiary JSW Utkal Steel Ltd, has received possession of 2677.80 acres of forest land in Rajnagar, Odisha for setting up a greenfield Integrated Steel Plant. Meanwhile, group chairman Sajjan Jindal said his company is planning to double the investments made in Tamil Nadu across sectors over the next few years.
Narayana Hrudayalaya: The company's wholly owned subsidiary has received approval from the Insurance Regulatory and Development Authority of India to launch a health insurance business in India. The company runs one of the largest hospital chains under the brand name of Narayana Hospital.
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