Stocks to Watch: HDFC Bank, Pricol, Minda, Adani Group, Jindal Stainless
SBI, ITC, InterGlobe Aviation, Tata Elxsi, Gail India, Gland Pharma, and Bata India 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:
HDFC Bank/HDFC: The Reserve Bank of India (RBI) has approved asset management company SBI Funds Management Ltd’s (SBIFML) proposal to acquire up to 9.99% stake in HDFC Bank, the lender said in a regulatory filing on Wednesday. The AMC currently holds a 5.07% equity stake in HDFC Bank and another 3.79% in mortgage financier HDFC. A person aware of the development said the AMC would have taken prior approval to hold a stake up to a certain level, which would be breached after the merger of HDFC into HDFC Bank. The approval to go up to 9.99% will ensure that it complies with RBI norms on shareholding in banks.
Pricol/Minda Corp: Pricol, a Coimbatore-based driver information systems maker, has filed an objection with the competition regulator to block Minda Corp’s move to buy up to 24.5% in the company, Pricol told stock exchanges on Wednesday. Minda Corp filed an application with the Competition Competition of India (CCI) to get clearance to acquire a 24.5% stake in Pricol, which is a leading manufacturer of instrument clusters in India, while Minda has a much smaller share of the market.
Adani Group: The investment division of Goldman Sachs Group Inc. drastically decreased its exposure to the Adani Group in its ESG portfolios in the weeks following allegations of fraud by Hindenburg Research, reported Bloomberg. According to data collated by Bloomberg, Goldman Funds ESG goals sold 11.7 million shares in Adani firms in February. According to the statistics, Goldman Sachs Asset Management's actively managed ESG fund exposure to Adani was only ever a stake in Ambuja Cements Ltd. totalling about 400,000 shares after the retreat.
Jindal Stainless: Jindal Stainless Ltd (JSL) is expected to witness 20% volume growth this fiscal year following an 8% surge in the fourth quarter of FY23, top executives of the company said in an interview. This optimism rides on the resurgence of domestic demand, and the withdrawal of export restrictions by the government in November, Abhyuday Jindal, the company’s managing director, said in an interview.
Devyani International: Devyani International, the largest franchisee of KFC and Pizza Hut in India, on Wednesday reported a net profit of ₹60.7 crore in the quarter ended March 2023, registering a fall of 20.4% from ₹76 crore in the same quarter year. The revenue of the QSR chain during Q4FY23 rose 27.8% to ₹755 crore from ₹590.7 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) increased 10.7% to ₹154.6 crore from ₹139.6 crore, while the EBITDA margin contracted to 20.4% from 23.6%, YoY.
JSW Ispat Special Products: JSW Ispat Special Products Ltd on Wednesday reported an 82.4% year-on-year (YoY) slump in its consolidated net profit for the fiscal's fourth quarter ended March (Q4FY23) to ₹0.58 crore. The steelmaker had reported a profit of ₹3.3 crore in the year-ago period. JSW Ispat Special Products Ltd's share price closed at ₹31.30 apiece, down nearly 1% on BSE ahead of the Q4FY23 earnings result. For Q4FY23, the consolidated total revenue from operations was down 2.3% on year at ₹1,649.01 crore from 1,687.84 crore in Q4FY22. Sequentially, it rose by 49.6%.
PVR Inox: Leading multiplex operator PVR Pictures have been renamed as PVR INOX Pictures following a merger between PVR and Inox Leisure. This comes days after the multiplex chain operator announced that it will shut down some of the cinema screens due to accelerated depreciation on cinemas proposed to be shut down. The operator also said that it has added 168 screens in FY’23 between PVR (97 screens) and INOX (71 screens) and 79 screens added in Q4 FY’23 between PVR (53 screens) and INOX (26 screens).
Vedant Fashions: Promoter of Vedant Fashions, which runs the clothing brand Manyavar, on Wednesday launched an offer for sale (OFS) to offload a 9.88% stake in the company. Ravi Modi Family Trust, a promoter of Vedant Fashions has decided to offload a 9.88 per cent stake at a floor price of ₹1,161 per share. The Ravi Modi Family Trust will offload 1,69,94,600 equity shares representing 7% of the total issued and paid-up equity share capital along with with an option to additionally sell 69,87,824 Equity Shares representing 2.88% of it.
REC: State-owned REC Ltd on Wednesday recorded a robust 33% growth in its consolidated net profit to ₹3,065.37 crore during March FY 2022-23 quarter, primarily driven by higher income. The company had clocked a net profit of ₹2,301.33 crore during the January-March quarter of FY 2021-22, the company said in a statement. The company’s total income during the fourth quarter rose to ₹10,254.63 crore from ₹9,655.99 crore in the year-ago period. Total expenses reduced to ₹6,353.40 crore as against ₹6,798.68 crore, it added.
JK Tyres: JK Tyre and Industries on Wednesday reported a nearly three-fold rise in fourth-quarter profit, as raw material costs fell and domestic demand saw a boost. The company, which supplies to Maruti Suzuki India Ltd and Tata Motors Ltd reported net profit for the quarter ended March 2023 stood at Rs108.4 crore as compared to ₹40 crore in the year ago period. The revenue from operations rose by 9.7 per cent at ₹3,632.5 crore as against ₹3,311.8 crore, said JK Tyre and Industries per a regulatory filing.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
