BackStocks to Watch: ITC, ACC, Cipla, Indian Bank, LIC, JK Lakshmi Cement
Marico, Bank of India, Indian Oil, Exide Industries, Equitas SFB, Nazara Technologies, PTC India, and SBI Cards are some of the companies that will in focus today as they will declare their earnings
PremiumHere are the top 10 stocks that could be in focus in today's trade:
ITC: Cigarettes-to-hotel major ITC Ltd held its investor conference call on July 27, 2023. The chairman and managing director, Sanjiv Puri, explained the reason why the company chose to retain a 40% stake in the demerged ITC Hotels. Puri said, the demerged entity to have a 'royalty-like' arrangement for use of the other ITC brands and assets. He further said, the new entity (ITC Hotels) will be able to raise capital from strategic investors when required, adding, it will work on an asset-light model requiring a modest amount.
ACC: ACC Ltd, the Adani group cement manufacturing company, on Thursday, reported a net profit of ₹466.14 crore for the quarter ending June 2023. ACC Q1 net profit more than doubled from ₹227.35 crore in the corresponding period of last year. The company’s consolidated revenue in Q1FY24 increased 16.4% to ₹5,201.11 crore from ₹4,468.39 crore, YoY. Volume during the quarter increased by 23.2% at 9.4 MT from 7.60 MT, YoY, supported by an increase in blended cement and an improvement in efficiency parameters.
Cipla: Promoters of Cipla are reportedly in talks to sell a part of their total stake in the company. The pharma major however clarified that it was not aware of any event ‘that requires disclosure’ under listing regulations. “we hereby clarify that the Company is not aware of any event that requires disclosure under Listing Regulations. The Company will make appropriate disclosure in compliance with the Listing Regulations as and when any such requirement arises," the company said in a regulatory filing.
Indian Bank: Indian Bank on Thursday released the results for the first quarter of FY 2024 and said its net profit was up 41% YoY at ₹1,709 crore on June 23 from ₹1,213 crore in the corresponding quarter of last year. On a QoQ basis, the net profit was up 18% to ₹1709 crore in June'23 from ₹1447 crore in March'23. Apart from this, the Indian Bank also said that the net interest income increased by 26% YoY to ₹5,703 crore in Q1FY23 from ₹4,534 crore in Q1FY22.
LIC: State-run insurance behemoth, and the largest investor in India, Life Insurance Corp (LIC) witnessed the highest-ever gains in the first quarter of a fiscal year, worth approximately $3.16 billion, or ₹25,900 crore. According to research by Mint based on regulatory filings of 300 companies, in April-June, LIC sold shares in at least 87 leading Indian companies worth ₹25,900 crore—the highest ever for LIC in the first quarter of a financial year.
JK Lakshmi Cement: JK Lakshmi Cement reported a decline of 30% in consolidated net profit at ₹79.7 crore for Q1FY24, compared to ₹115 crore in the corresponding period last year. The cement manufacturer's revenue from operations in the first quarter of the current fiscal stood at ₹1,730.25, registering a growth of around five per cent, compared to ₹1,654.14 crore in the year-ago period. The company's consolidated net sales in the June quarter stood at ₹1,730.25 crore, compared to ₹1,654.14 crore in the year-ago period.
Birlasoft: Pune-based global IT services provider Birlasoft on Thursday reported a year-on-year increase of 14 per cent in net profit at ₹137.5 crore for the quarter ended June 30, 2023. The company had reported a net profit of ₹120 crore in the corresponding period last year, Birlasoft said in a regulatory filing. Revenue from operations stood at ₹1,263 crore, up 9 per cent from ₹1,154 crore in Q1FY23, the filing said. Sequentially, the company recorded a 23% rise in net profit in the period under review, as compared to ₹112 crore in the March quarter.
Indus Towers: Indus Towers announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 27, reporting a surge of 182 per cent in consolidated net profit at ₹1,348 crore, compared to ₹477 crore in the corresponding period last year. The growth was driven by higher tenancies and record tower additions during the quarter under review. The company's revenue from operations during the first quarter of the current fiscal stood at ₹7,075 crore, up almost three per cent, compared to ₹6,897 crore in the year-ago period.
Westlife Foodworld: Westlife Foodworld announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 27, reporting a consolidated net profit of ₹288.3 crore, compared to ₹235.7 crore in the corresponding period last year. Higher expenses took the shine off increased sales at the operator of McDonald's restaurants in West and South India. The company's revenue from operations in the first quarter of the current fiscal stood at ₹614.5 crore, reporting a growth of 14%, compared to ₹537.9 crore in the year-ago period.
Bharat Electronics: Bharat Electronics Ltd (BEL) on Thursday said its net profit rose 23% year-on-year at ₹530.84 crore for the first quarter ended June 30 of fiscal year 2024. Its profit after tax stood at ₹431.49 crore in the corresponding period last year. In the first quarter, the total revenue stood at ₹3,510.8, up 12.8% as against ₹3,112.8 crore in the corresponding period of the preceding fiscal, said the navratna defence PSU Bharat Electronics.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
