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Business News/ Markets / Stock Markets/  Stocks to Watch: Reliance Industries, HDFC Bank, Adani Green, Jio Financial, MCX

Stocks to Watch: Reliance Industries, HDFC Bank, Adani Green, Jio Financial, MCX

Here are a few stocks likely to be in focus on Monday, April 22:

The NSE F&O ban list for 22 April includes Balrampur Chini Mills, Bandhan Bank, Exide Industries, Vodafone Idea, Metropolis Healthcare, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises. (Photo: Mint)Premium
The NSE F&O ban list for 22 April includes Balrampur Chini Mills, Bandhan Bank, Exide Industries, Vodafone Idea, Metropolis Healthcare, Piramal Enterprises, SAIL, and Zee Entertainment Enterprises. (Photo: Mint)

Reliance Industries: The conglomerate is set to release its Q4 FY24 results for the January-March quarter on Monday, April 22. The board of the company will also deliberate and approve a dividend for FY24. The conglomerate, with operations spanning from oil to telecom, is expected to showcase robust revenues and operational performance in the March quarter, propelled by its telecom and retail sectors, along with a significant recovery in its O2C segment due to gross refinery margins (GRMs). Most brokerage firms and D-Street analysts believe that concerns over Reliance Industries' net debt are exaggerated.

HDFC Bank: The private lender has reported a standalone net profit of 16,512 crore in Q4FY24, a slight increase from 16,373 crore in the previous December quarter. The bank merged with its parent company, Housing Development Finance Corporation (HDFC), in July, rendering its results incomparable on a year-over-year basis. The bank's asset quality remained steady, with a gross non-performing assets (NPA) ratio of 1.24% at the end of March, slightly down from 1.26% three months prior. Similarly, net NPA saw a marginal increase to 0.33% from 0.31% in the preceding quarter. HDFC Bank's core net interest income rose to 29,080 crore for the reported quarter, while other income increased to 18,170 crore. The bank reported a core net interest margin (NIM) of 3.44 per cent on total assets. The bank stated that provisions and contingencies for the quarter were 13,500 crore, including floating provisions of 10,900 crore. For FY24, the bank's total profit stood at 64,060 crore. The board of directors recommended a dividend of 19.5 per equity share of Re 1 for the fiscal year ending March 31, 2024.

Adani Green Energy: The Adani Group subsidiary is on the verge of securing $400-500 million from a minimum of two funds based in Europe, according to individuals familiar with the matter. The Adani family and associates, led by billionaire Gautam Adani, own 53.67% of Adani Green Energy, the group's second-largest subsidiary with a market capitalization exceeding 2.8 trillion. To raise the required funds, the company would need to offload approximately 1.5% of its stake, based on its current market value. The funds raised will primarily be used by Adani Green to construct new solar, wind, and hybrid power projects in Rajasthan, Gujarat, and other locations.

Jio Financial Services: The company, on Fridaym 19 April, disclosed a 6% QoQ surge in its consolidated net profit, which amounted to 310 crore for Q4FY24, compared to 294 crore in the previous quarter. The company's consolidated PAT for FY24 was 1,605 crore. In the fourth quarter of FY24, Jio's standalone PAT rose to 78 crore, up from 71 crore in the preceding quarter. The standalone PAT for the entire fiscal year FY24 was 383 crore. Jio's total ex-dividend income escalated to 418.1 crore, a slight increase from 413.6 crore in the previous quarter. In the fourth quarter, Jio's interest income was 280.7 crore, marking an increase from 269 crore in the third quarter. The company's revenue saw a minor increase to 418 crore from 414 crore in the December quarter.

MCX: The Securities and Exchange Board of India has rejected three candidates proposed by Multi Commodity Exchange of India Ltd (MCX) for the position of a new chief executive. This role will be vacant from May 10 when the current leader concludes his five-year term. Instead, Sebi has instructed MCX to recommence the selection process and make temporary arrangements to manage the exchange after Padala Subbi Reddy steps down as the managing director and CEO next month. In other news, MCX has permitted Foreign Portfolio Investors (FPIs) - including individuals, family offices, and corporates - to participate in oil and natural gas derivatives, which constituted 77% of MCX's turnover in March. This decision, effective immediately, coincides with a surge in global energy derivatives activity.

IREDA: The company reported a net profit of 337.37 crore in Q4FY24, a 33% rise from Q4FY23. It reported a 44.83% YoY growth in Profit After Tax (PAT), reaching a record high of 1252.23 crore. The PSU also successfully reduced its Non-Performing Asset (NPA) from 1.66% in FY23 to 0.99% in FY24. IREDA's loan book expanded from 47,052.52 crores as of 31 March 2023 to 59,698.11 crores as of 31 March 2024, registering a growth of 26.81%. The company achieved record annual Loan Sanctions of 37,353.68 crore and Disbursements of 25,089.04 crore in the Financial Year 2023-24, marking an increase of 14.63% and 15.

Zomato: Starting from April 20, Zomato has raised its platform fee by 25% to 5 per order, as reported by the Economic Times citing the Gurugram-based company's app. The platform fee has seen a rise in cities such as the National Capital Region, Bengaluru, Mumbai, Hyderabad, and Lucknow. Previously, on January 1, the company had increased the platform fee from 3 to 4. It's worth noting that Swiggy, another delivery company based in Bengaluru, also charges a platform fee of 5 per order. The report could not be independently confirmed by Mint.

Wipro: The company reported a net profit of 2,835 crore for the last quarter of FY24. The company's results, released on Friday, showed a voluntary attrition rate of 14.2% over the past 12 months. The company saw its consolidated revenue fall by 4.2% to 222.08 billion in the January-March quarter. Wipro anticipates IT services revenue of $2.62 billion to $2.67 billion in the current quarter, indicating a sequential decline of 1.5% or a growth of 0.5%. The IT giant also experienced a reduction in its workforce by 6,180 employees in Q4FY24 and by 24,516 employees over the year.

Ultratech Cement: On April 20, Ultratech Cement declared its intention to acquire a grinding unit from India Cements in Maharashtra for 315 crore. The grinding unit will possess a capacity of 1.1 million tonnes per annum (mtpa). The company's board of directors, in a meeting held on Saturday, sanctioned the purchase of a grinding unit with an installed capacity of 1.1 mtpa, along with a captive railway siding, located at Parli, Maharashtra, from The India Cements, as stated in its regulatory filing. Earlier in the month, Ultratech Cement had announced plans to allocate 32,000 crore towards capital expenditure over the coming three years. On April 2, the company unveiled the commissioning of two new greenfield projects in Chhattisgarh and Tamil Nadu, thereby elevating its total capacity to 151.6 mtpa.

Aditya Birla Fashion and Retail: On April 19, the board of directors of Aditya Birla Fashion and Retail gave their approval for the vertical demerger of business from ABFRL into a newly formed company, Aditya Birla Lifestyle Brands Ltd. (ABLBL). Upon completion of the demerger, ABLBL will be listed separately. The newly demerged Aditya Birla Lifestyle Brands Ltd. (ABLBL) will encompass the Lifestyle brands such as Louis Phillippe, Van Heusen, Allen Solly and Peter England; casual wear brands like American Eagle & Forever 21; sportswear brand Reebok; and innerwear business under the Van Heusen brand. Meanwhile, Aditya Birla Fashion and Retail Ltd. (ABFRL) will retain the remaining businesses, including value retail under Pantaloons & Style Up; an extensive Ethnic Portfolio; luxury brands and platforms like The Collective, Galleries Lafayette, and select luxury brands; and Digital brands like TMRW.

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Pranay Prakash
My experience as a Finance Journalist has involved working as a Web Producer and Sub Editor at a wire agency and business magazine, respectively, where I have curated various domain specific news pages, and later edited long-form, in-depth pieces on everything from India's corporates to the state of the economy, and various sectors. At Mint, I am involved in the editing of market copies and the curation of the live markets blog. Apart from the financial markets, my interest encompass topics related to the economy, the political economy of a growing economy, the space of policy design, and how it affects the wider economy and the decisions of corporates and consumers alike.
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Published: 22 Apr 2024, 08:17 AM IST
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