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Business News/ Markets / Stock Markets/  Stocks to Watch: IndusInd Bank, Adani Transmission, Vedanta, L&T Tech Services, ICICI Lombard

Stocks to Watch: IndusInd Bank, Adani Transmission, Vedanta, L&T Tech Services, ICICI Lombard

L&T Finance Holdings, Bank of Maharashtra, Hatsun Agro Products, Finolex Industries, Can Fin Homes, Century Textiles and Industries, Alok Industries, Mastek, Tata Communications, Tata Coffee are some of the companies that will report June quarter earnings on Wednesday.

IndusInd Bank, L&T Technology Services and CIE Automotive India could be in news on Wednesday (iStock)Premium
IndusInd Bank, L&T Technology Services and CIE Automotive India could be in news on Wednesday (iStock)

Here are the top ten stocks that could be in news on Wednesday:

IndusInd Bank: The private lender's net profit rose by 32.5% year-on-year to 21.24 billion rupees. IndusInd Bank witnessed a 22% year-on-year growth in advances, coupled with a 15% increase in deposits. The loan growth was supported by retail deposit growth of 21% YoY and overall deposit growth of 15%.

Vedanta: The metals-to-oil conglomerate has tied up with over 100 global suppliers and ancillary industries technology and equity partners for its semiconductor fabrication project and with Innolux for its display fab unit.

State Bank of India: The lender has announced plans to establish a trustee company, which will be a fully-owned subsidiary responsible for handling the Corporate Debt Market Development Fund (CDMDF). SBI Funds Management Ltd is designated as the investment manager as well as the sponsor for this fund. 

L&T Technology Services: The company saw anincrease of nearly 13% to 3.11 billion in its first-quarter profit primarily driven by order acquisitions. During this quarter, L&T Technology Services secured a significant contract valued at over $50 million and secured five additional contracts each exceeding $10 million. The company also formed a partnership with the state-owned BSNL to implement a private 5G network tailored for enterprise customers.

CIE Automotive India: The automotive components supplier saw a surge of 60% in its June quarter profit to 3.02 billion, primarily driven by the expansion of both the Indian and European markets. The subsidiary of Spain's CIE Automotive reported a 4.7% rise in revenue at 23.20 billion.

Adani Transmission: The company said its distribution loss has seen a consistent reduction, dropping to 4.85% in Q1 FY24 from 6.95% in Q1 FY23. The company attributed this decrease to seasonal factors which resulted in lower than average losses. During the first quarter of FY24, ATL saw a 7.61% increase in sales, selling 2,754 million units in the previous fiscal year. 

ICICI Lombard: The general insurance company announced an 11.8% increase in net income on Tuesday to 390 crore for the quarter ended June. The boost was primarily due to the capital gains from investments and a surge in premium income. The Gross Direct Premium Income (GDPI) or premium income saw a rise of 18.9% to 6,387 crore, outpacing the industry's growth of 17.9% for the June quarter.

Hero MotoCorp: The two-wheeler manufacturer announced the launch of the new Xtreme 200S 4 Valve which has smartphone connectivity featuring turn-by-turn navigation and Bluetooth for call and SMS alerts. Coupled with a rear hugger, the new Xtreme 200S 4V is fully prepared for both long-distance travel and sporty city riding.

BL Kashyap: The construction firm has got a contract worth 369 crore from realty giant DLF for its luxury housing project located in Gurugram, Haryana. The order from DLF Home Developers Ltd, a subsidiary of DLF Ltd, pertains to civil structure and waterproofing works and has a completion timeline of 33 months. 

TV18 Broadcast: The media company announced a 51.94% surge in its consolidated net profit to 91.20 crore in the April-June quarter. This rise was primarily driven by the outstanding performance of its OTT platform, JioCinema, during the IPL cricket league. The company's consolidated revenue from operations more than doubled, increasing to 3,176.03 crore.


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Published: 19 Jul 2023, 07:29 AM IST
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