BackStocks to Watch: IRCTC, Axis Bank, SpiceJet, Zee Entertainment, SJVN
Hero MotoCorp, LIC, Apollo Tyres, Biocon, Bajaj Electricals, Grasim Industries, Pidilite, Page Industries, SAIL, and Torrent Power are some of the companies that will be in focus today as they will declare their quarterly earnings.
PremiumHere are the top 10 stocks that could be in focus in today's trade:
IRCTC: IRCTC's first-quarter profit stood at ₹232.22 crore with a decline of 5% on a year-on-year(YoY) basis. The company's profit in the fourth quarter of the last financial year was at was ₹279 crore. On segment-wise performance, IRCTC's revenue from the internet ticketing business declined 4 per cent to ₹290 crore in the April-June quarter, from ₹302 crore during the same period the previous year. The revenue from the tourism business rose 58 per cent to ₹130 crore in the June quarter, up from ₹82 crore in the corresponding period last year.
SpiceJet: The Delhi high court has issued SpiceJet a notice directing it to submit its accounts statement and asset-liability affidavit within a week. The court has also summoned the airline’s chairman and managing director Ajay Singh, to appear in person on 24 August for the hearing. The court’s action comes on a plea filed by Kalanithi Maran, the chairman of Sun Group and former promoter of SpiceJet, seeking the attachment of 50% of SpiceJet’s weekly cash revenue to settle the airline’s ₹393 crore debt owed to him.
Zee Entertainment: Zee Entertainment Enterprises Ltd posted a net loss of ₹53 crore in the first quarter of FY24 compared to a profit of ₹107 crore a year ago. Consolidated revenue increased 7.6% year-on-year from ₹1,843 crore to ₹1,983 crore. Domestic ad revenues came in at ₹901.8 crore, declining 6.4% sequentially, and by 2.6% from a year ago. The company attributed the soft start of Q1 to a subdued advertising spending environment, influenced by the Indian Premier League in the initial two months of the quarter.
Axis Bank: On August 9th, the board of Axis Bank granted approval for a capital injection of ₹1,612 crore into Max Life Insurance Company Limited, which is a significant subsidiary of Max Financial Services Limited. The bank revealed in this exchange filing that the proposal for this infusion through preferential allotment has been endorsed by the Acquisitions, Divestments, and Merger Committee. Following this decision, Axis Bank is set to invest Rs. 1,612 crores into Max Life via preferential allotment, leading to a rise in Axis Bank's direct ownership in Max Life to 16.22%.
SJVN: State-owned power producer SJVN Ltd on Wednesday reported an over 55 per cent dip in its consolidated net profit to ₹271.75 crore in the June quarter, mainly due to lower revenues. The company had reported a consolidated net profit of ₹609.23 crore in the year-ago quarter, the company said in a BSE filing. The total income of the company declined to ₹744.39 crore in the first quarter of the current fiscal from ₹1,072.23 crore in the year-ago period.
Bata India: Bata India Ltd reported a decline of 10.3 per cent in consolidated net profit at ₹106.8 crore, compared to ₹119.3 crore in the corresponding period last year. The company's revenue from operations stood at ₹958.1 crore, reporting a marginal rise of 1.6 per cent, compared to ₹943 crore in the year-ago period. On the operating front, the company's EBITDA for the June quarter stood at ₹239.3 crore, dropping 2.2 per cent compared to ₹244 crore in the year-ago period.
Tata Power: Tata Power Co. Ltd, the electric utility company, on Wednesday reported a 29% jump in first quarter profits to ₹1,141 crore as compared to ₹884 crore during the same period last year. The company attributed its performance to sustained business growth across all clusters, but profits from its coal companies have reduced. The company reported a 2% y-o-y increase in revenue at ₹15,003 crore this fiscal, which was due to higher sales across distribution companies and capacity addition in renewables.
Berger Paints: Berger Paints India on Wednesday reported a 40% rise in consolidated net profit at ₹354.91 crore for the June quarter. Consolidated revenue from operations during the first quarter of the current fiscal was ₹3,029.51 crore as against ₹2,759.7 crore in the year-ago period, Berger Paints India said in a regulatory filing. Total expenses were higher at ₹2,570.68 crore as compared to ₹2,433.92 crore in the year-ago quarter.
Safari Industries/VIP: A surge in domestic and international travel is helping boost sales for India’s luggage makers, a sector that is set to report a 15% jump in revenues in fiscal 2024, ratings agency Crisil said in a note released Wednesday. Organized luggage makers are set to double capacity and ramp up retail presence by 35-40%, a feat that would see them draw up a total capital expenditure of ₹700 crore this fiscal, Rushabh Borkar, associate director at Crisil Ratings said. The jump in revenues will be despite a high-base effect of 40% growth last fiscal.
Sula Vineyards: India's biggest winemaker Sula Vineyards reported a 24.4% rise in first-quarter profit on Wednesday, helped by strong demand for its premium wines and increased footfall at its vineyards. The Mumbai-based company said its consolidated net profit stood at ₹13.68 crore ($1.65 million) compared with ₹11 crore a year earlier. The owner of the Dindori and Rasa wine brands, reported a 21% rise in revenue from operations to ₹117 crore, with its Own Brands segment, comprising premium wine brands, accounting for about 89% of the top line.
Dreamfolks: The airport service aggregator platform Dreamfolks Services Ltd on Wednesday reported 66% growth year-on-year in revenue at ₹266.32 crore for the first quarter ended June 30 of the fiscal year 2024. Its profit after tax (PAT) stood at ₹12.96 crore in the June quarter of the current fiscal year. PAT margin was reported at 4.87%. The company attributed the growth in revenue to a rise in air passengers’ growth and several initiatives driving penetration in the lounge and other services.
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