Stocks to Watch: RIL, BoB, ICICI Bank, ICICI Lombard, Britannia, BHEL

Here are the top 10 stocks that could be in focus in today's trade:

Reliance Industries: Reliance Industries Ltd (RIL) has sought the nod of shareholders to appoint Mukesh Ambani as chairman and managing director of the company for another five years till 2029. During this period he has opted to draw nil salary. Ambani, 66, will cross the company law-mandated 70 years of age for the chief executive of the company and requires a special resolution by the shareholders for him to be appointed beyond that age bar, according to a PTI report. Reliance’s board of directors on July 21, 2023, approved “re-appointed Mukesh D. Ambani as Managing Director, for a period of 5 years from the expiry of his present term," RIL said.

Bank of Baroda: State-owned bank, Bank of Baroda has declared its Q1FY24 results today. Sharing its first quarter results for the current financial year, the PSU bank reported an 87.72 per cent YoY jump in net profit during April to June 2023 quarter. This robust growth in profitability was supported by healthy Operating Income growth of 42.9 per cent YoY in Q1FY24. The state-owned lender claimed that strong growth in income coupled with a subdued increase in Opex has resulted in robust Operating profit growth of 73 per cent YoY for Q1FY24.

ICICI Bank/ICICI Lombard: The Reserve Bank of India (RBI) has given approval to the ICICI Bank for raising a stake in one of its subsidiaries ICICI Lombard General Insurance Company Limited. The central bank of India has granted ICICI Bank to raise a stake in ICICI Lombard by up to 4 per cent in various tranches. The private lender informed Indian stock market bourses about receiving the RBI's approval for raising the stake in its subsidiary. However, the approval is subject to certain regulatory approvals.

Britannia: FMCG Britannia on 4 August released the results for Q1FY24 and said that the firm reported a rise of net profit by 35.7 per cent at ₹455.5 crore in the June quarter compared to ₹335.74 crore in the corresponding period of FY23. The net revenue also rose 8.4 per cent to ₹4,010 crore in Q1FY24, compared to 3,700.96 crore in Q1FY23, it said in a stock regulatory filing. Operating profit during the quarter under review rose 37.6 per cent at ₹639 in Q1FY24 from ₹500 core, while the EBITDA margin improved to 17.2% from 13.5%, YoY.

BHEL: BHEL Q1 results: Bharat Heavy Electricals Limited reported a consolidated net loss of ₹343.9 crore in the June quarter against ₹188 crore in the June quarter FY23. The company's revenue rose by 7.1% to ₹5,003.4 crore in Q1FY24 against ₹4,672 crore in Q1FY23. The company's EBITDA rose by 14.9% at ₹1,037.4 crore against ₹902.7 crore a year ago. On the other hand, its EBITDA margin stood at 20.7% against 19.3% in a year ago period. The company revenue rose by 7% to ₹5,003.4 crore in Q1FY24.

TVS Electronics: TVS Electronics released their April to June quarter results on Saturday and posted a 91% decline in the net profits which plunged to ₹32 lakh during the Q1 compared to ₹3.8 crore during the same period last fiscal year. The revenue of the company jumped 3% during the quarter to ₹90.3 crore compared to ₹86.6 crore during the corresponding quarter last fiscal. Sequentially, the net profit of the company declined 78% from ₹1.51 crore during the January to March quarter in fiscal year 2023. The revenue of the company during Q4FY23 stood at ₹85.11 crore.

Punjab and Sind Bank: Punjab & Singh Bank on Saturday announced their Q1 results and posted a 25% year-on-year decline in their net profits. The PAT of the bank dropped to ₹152.6 crore from 204.7 crore during the corresponding quarter previous fiscal. The asset quality of the bank improved as both Gross Non-Performing Assets and Net Non-Performing Assets declined during the April-June quarter. Sequentially, there is a significant decline in the net profit of the bank as it plunged 66% from ₹456.99 crore during the quarter ending March 2023.

Balrampur Chini Mills: Balrampur Chini Mills posted strong Q1 results on Saturday as their profit jumped a whopping 493% to touch ₹73.5 crore during the quarter ending June 2023. During the same quarter last fiscal, the company posted a consolidated net profit of ₹12.38 crore. The revenue of the company rose 28% from ₹1,094.59 crore during Q1FY23 to ₹1,401.81 crore during the quarter ending June 2023. The strong growth of Balrampur Chini Mills came on the back of turn around in the sugar segment which posted a loss of ₹55.71 crore during Q1FY23.

L&T: The outcome of the US government’s trial of two former Cognizant Technology Solutions Corp. executives in a bribery case in India could be a pivotal moment for L&T's CEO S.N. Subrahmanyan, who, in an undertaking to officials of the US Department of Justice (DoJ) and Federal Bureau of Investigation (FBI), denied any involvement of India’s largest construction company in the illicit payments. Subrahmanyan, who became CEO in July 2017, was “formally interviewed" in Singapore on 21 May 2018, by officials from the US Attorney’s Office and FBI, according to a court filing in New Jersey made earlier this month by the defence counsel of Gordon Coburn, the former chief operating officer of Cognizant.

Cholamandalam Investments: Cholamandalam Investment and Finance Co is likely to raise up to ₹4,000 crore through a qualified institutional placement (QIP) in September. The Murugappa-backed company has shortlisted three investment banks as advisors for the same, according to a report by Moneycontrol. The NBFC arm of the conglomerate looks to raise the amount for growth purposes, sources told the news website. Investment banks Kotak Mahindra Capital, IIFL Capital and HSBC Securities have been taken on board and work has begun, according to the report.