Stock Market News🇮🇳

Union Bank
👉🏻Psu bank reversing from support zone
👉🏻Fundamentally + Technically strong
👉🏻Strong institutions holding
👉🏻Low Public holding
👉🏻Support near 130
👉🏻Keep on radar

📈Stocks To Watch:-

🔥Oil India
The oil & gas company has signed a new long-term definitive agreement with its subsidiary Numaligarh Refinery for the transportation of additional petroleum products through its Numaligarh-Siliguri Product Pipeline (NSPL) following the commissioning of Numaligarh refinery expansion project.
🔥Adani Energy Solutions
The company said the meeting of the board of directors will be held on May 27 to consider raising of funds via private placement, qualified institutions placement, preferential issue, or any other method.
🔥Allcargo Logistics
Subsidiary ECU Worldwide N V has acquired the remaining 25% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik for 2.9 million euros. With this acquisition, ECU Worldwide N V now holds 100% stake in Fair Trade, having previously acquired 75% stake in November 2022.
🔥Go Digit General Insurance
The insurance company will list its equity shares on the bourses on May 23. The issue price has been fixed at Rs 272 per share.
🔥Quest Laboratories
The trading in equity shares of the company will commence on the NSE Emerge from May 23. The issue price has been set at Rs 97 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.
🔥Apollo Tyres
Foreign portfolio investor White Iris Investment exited Apollo Tyres by selling its entire shareholding of 2,24,74,903 equity shares (equivalent to 3.54 percent of paid-up equity) at an average price of Rs 477.35 per share via open market transactions, amounting to Rs 1,072.8 crore. However, Morgan Stanley Asia Singapore Pte, and ICICI Prudential Mutual Fund bought 82,03,897 equity shares (1.3 percent of paid-up equity) at same price, valued at Rs 391.6 crore.
🔥Aarti Pharmalabs
Quant Mutual Fund has bought 10.51 lakh equity shares (equivalent to 1.16 percent of paid-up equity) in Aarti Pharmalabs at an average price of Rs 575.83 per share. However, foreign portfolio investor Baron Emerging Markets Fund sold 8,61,792 equity shares at an average price of Rs 573 per share, valued at Rs 49.38 crore.
🔥Granules India
Axis Mutual Fund and Massachusetts Institute of Technology acquired 51.19 lakh equity shares (equivalent to 2.1% of paid-up equity) in Granules at an average price of Rs 405.1 per share. Conversely, promoter Krishna Prasad Chigurupati sold 75 lakh shares (3.09% stake) in Granules at an average price of Rs 405.08 per share

📈Stocks To Watch

🔤Indoco Remedies
The pharma company has received final approval from the US Food and Drug Administration (US FDA) for Abbreviated New Drug Application (ANDA) for Pregabalin capsules. This approval pertains to a generic equivalent of the Reference Listed Drug, Lyrica capsules, of Upjohn US 2 LLC. Pregabalin is used for neuropathic pain associated with diabetic peripheral neuropathy and spinal cord injury, postherpetic neuralgia, and fibromyalgia.
🔤Apollo Tyres
Warburg Pincus's arm is likely to sell a 3.5% stake in Apollo Tyres for Rs 1,040 crore. White Iris Investment, a subsidiary of Warburg Pincus, will conduct the sale on May 22 through a block deal, aiming to raise Rs 1,040 crore. The deal size is 2.24 crore shares, reports CNBC Awaaz quoting sources.
🔤PNC Infratech
The company has been declared as the lowest bidder for two EPC road projects of MSRDC (Maharashtra State Road Development Corporation), with a quoted price of Rs 4,994 crore.
🔤GR Infraprojects
The company has emerged as the L1 bidder for two road projects worth Rs 4,346.14 crore of Maharashtra State Road Development Corporation.
🔤Biocon
Company's subsidiary, Biocon Biologics, has obtained approval from the US Food and Drug Administration (US FDA) for the first-to-file application for Yesafili, an interchangeable biosimilar aflibercept. Yesafili, a vascular endothelial growth factor (VEGF) inhibitor, is utilized in the treatment of various ophthalmology conditions.
🔤United Spirits
The Water Resources Department has issued a notice to United Spirits, demanding payment of water charge arrears totaling Rs 345.45 crore for the period spanning from November 2018 to April 2024 in Nanded, Maharashtra. The notice, issued under section 49(j) of the Maharashtra Irrigation Act, 1976, mandates payment within 7 days of receipt to avoid stoppage of water supply.
🔤Indian Emulsifiers
The trading in company's equity shares will commence on the NSE Emerge with effect from May 22. The issue price has been fixed at Rs 132 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.
🔤Protean eGov Technologies
HDFC Bank has exited Protean eGov Technologies by selling its entire shareholding of 12,94,326 equity shares at an average price of Rs 1,160.15 per share via open market transactions, amounting to Rs 150.16 crore. Nippon India Mutual Fund A/C - Nippon India Small Cap Fund purchased 12,78,312 equity shares (3.16% of paid-up equity) at an average price of Rs 1,160 per share, totaling Rs 148 crore.

🔤 Aptus Value Housing Finance India
East Bridge Capital Master Fund I and SBI Mutual Fund bought 2,25,50,721 equity shares in the housing finance company (equivalent to 4.8% of paid-up equity) at an average price of Rs 294 per share, valuing at Rs 662.99 crore. Promoter Westbridge Crossover Fund LLC sold 2,47,73,019 equity shares in Aptus at an average price of Rs 294.15 per share. Additionally, another promoter, JIH II LLC, exited the company by selling its entire shareholding of 1,01,53,093 equity shares at an average price of Rs 294.73 per share.

📈 STOCK TO WATCH

🕯Ujjivan Small Finance Bank Q4 (YoY)
Profit up 6.5% at Rs 329.6 crore
Net interest Income grows 26.4% to Rs 933.5 crore
Gross NPA rises to 2.23% Vs 2.18% (QoQ)
Net NPA increases to 0.28% Vs 0.17% (QoQ)
🔼Trident Q4 (Consolidated YoY)
Profit tanks 55% at Rs 59 crore Vs Rs 130.7 crore
Revenue grows 7% to Rs 1,682.3 crore Vs Rs 1,573.3 crore
📈Anupam Rasayan Q4 (Consolidated YoY)
Profit declines 45.5% to Rs 30.9 crore Vs Rs 56.7 crore
Revenue falls 16.4% to Rs 401 crore Vs Rs 480 crore
📊Steel Authority of India Q4 (Consolidated YoY)
Profit drops 2.9% to Rs 1,126 crore Vs Rs 1,159.2 crore
Revenue declines 4% to Rs 27,958.5 crore Vs Rs 29,130.66 crore
Exceptional loss at Rs 502.34 crore Vs loss at Rs 40.42 crore
👀India Cements Q4 (Standalone YoY)
Net loss narrows to Rs 29.3 crore Vs loss of Rs 217.8 crore
Revenue drops 14.7% to Rs 1,245.4 crore Vs Rs 1,460.5 crore
🔼ONGC Q4 (Consolidated QoQ)
Profit grows 3.8% to Rs 11,526.5 crore Vs Rs 11,104.5 crore
Revenue up 0.7% at Rs 1,66,770.6 crore Vs Rs 1,65,569 crore
Final dividend at Rs 2.50 per share
🔥Oil India Q4 (Consolidated QoQ)
Profit falls 10.5% to Rs 2,333 crore Vs Rs 2,607.7 crore
Revenue slips 4.9% to Rs 9,147 crore Vs Rs 9,614.3 crore
Bonus issue at 1:2
☄️Bharat Electronics Q4 (Consolidated YoY)
Profit grows 30% to Rs 1,796.7 crore Vs Rs 1,382 crore
Revenue increases 32.2% to Rs 8,564 crore Vs Rs 6,479.1 crore
Other income surges 241% to Rs 225.4 crore Vs Rs 66.2 crore
📊Indian Railway Finance Corporation Q4 (YoY)
Profit jumps 33.6% to Rs 1,717.3 crore Vs Rs 1,285.2 crore
Revenue up 4.5% at Rs 6,473.1 crore Vs Rs 6,193.6 crore
🕯Shankara Building Products Q4 (YoY)
Profit rises 27% to Rs 24 crore Vs Rs 19 crore
Revenue increases 14% to Rs 1,377 crore Vs Rs 1,210 crore
EBITDA jumps 24% to Rs 45 crore Vs Rs 37 crore
🔼Rail Vikas Nigam
The state-run railway company has received a Letter of Acceptance for a project worth Rs 148.3 crore from SER HQELECTRICAL/South Eastern Railway. It will undertake the design, supply, erection, testing, and commissioning for the upgradation of the electric traction system in the Kharagpur division of South Eastern Railway to meet the 3000 MT loading target

🇮🇳 on the #NSE, #Block of 737691 shares at Rs. 640 worth 47.21 crore rupees at  9:39 AM

   🇮🇳 on the #NSE, #Block of 2117734 shares at Rs. 235 worth 49.77 crore rupees at  9:33 AM

   🇮🇳 on the #NSE, #Block of 76469 shares at Rs. 1667 worth 12.75 crore rupees at  9:31 AM

🇮🇳 on the #NSE, #Block of 5175610 shares at Rs. 23.05 worth 11.93 crore rupees at  9:29 AM

🕯📈 Stock In News Today

🔥 LIC Housing Finance (Consolidated, YoY)
NII up 12.4% to Rs 2,237.6 crore
Net profit down 7.6% to Rs 1,090.8 crore
Tax costs up 46% to Rs 385.4 crore
Board recommended dividend of Rs 9 per share
Note: Impairment on financial instruments rose to Rs 427.9 crore
📈Jindal Stainless (Consolidated, YoY)
Revenue down 3.2% to Rs 9,454 crore; Net profit down 34.6% to Rs 500.7 crore; EBITDA down 9.5% to Rs 1,035.2 crore; Board recommended dividend of Rs 2 per share
🔼Mankind Pharma (Consolidated, YoY)
Revenue up 13.3% to Rs 121.3 crore; Net profit up 9.4% to Rs 96.7 crore; Board approved raising Rs 7,500 crore via QIP
👀 Mankind Pharma (Consolidated, YoY)
Revenue up 13.3% to Rs 121.3 crore; Net profit up 9.4% to Rs 96.7 crore; Board approved raising Rs 7,500 crore via QIP
☄️Indian Energy Exchange (Consolidated, YoY)
Revenue up 19% to Rs 2,441 crore; Net profit up 62% to Rs 477 crore; Board approved final dividend of Rs 1.50 per share
🔼CMS Info Systems (Consolidated, YoY)
Revenue up 25% to Rs 627 crore; Net profit up 14.4% to Rs 91.4 crore; Board recommended final dividend of Rs 3.25 per share
☄️MOIL (Consolidated, YoY)
Revenue down 2.8% to Rs 415.9 crore ; Net profit up 12.6% to Rs 91.1 crore
🔄NLC India (Consolidated, YoY)
Revenue up 31% to Rs 3,540.6 crore; Net profit down 86.2% to Rs 114.2 crore; Board recommended final dividend of Rs 1.5 per share
🔥NCC (Consolidated, YoY)
Revenue up 31% to Rs 6,485 crore; Net profit up 25.3% to Rs 239.2 crore
🕯Honeywell Automation (Consolidated, YoY)
Revenue up 12% to Rs 950.7 crore; Net profit up 32.3% to Rs 148.2 crore
🔼Mahindra and Mahindra
NCLT approved the scheme of merger by absorption of Mahindra Heavy Engines, Mahindra Two Wheelers & Trringo with M&M.
👀Quick Heal Technologies
The company partnered with Europe-based EET Group for cybersecurity solutions
⏱Aadhar Housing Finance
Akash Bhanshali and Blue Daimond Properties picked Rs 142.65 crore worth of shares in the company.

📊🕯Looking Good For Short Terms:-

Sun TV Network: Buy | LTP: Rs 656.80 | Stop-Loss: Rs 602 | Target: Rs 785 | Return: 20 percent
Despite overall market downturn, Sun TV Network demonstrates notable resilience, displaying a strong trend. Weekly price analysis indicates a robust structure, breaking out of a flag & pole pattern with increasing volume participation.
On the daily chart, rapid retracement is evident, with a six-day decline swiftly retraced in just two days, accompanied by significant volume surge, reflecting a sturdy price foundation.
MACD (moving average convergence divergence) analysis further supports the bullish sentiment, with a weekly bullish crossover and sustained positivity across all timeframes, signaling a strengthening positive momentum.

Godfrey Phillips India: Buy | LTP: Rs 3,448.75 | Stop-Loss: Rs 3,183 | Target: Rs 4,082 | Return: 18 percent
Godfrey Phillips price structure displays resilience, with a clear uptrend following a prolonged consolidation phase from the year 2015 to 2022. Consistent formation of higher highs and higher lows indicates a positive trajectory.
On a daily scale, the stock demonstrates notable relative strength compared to the broader market. Mean reversion dynamics are evident, with reliable bounces from key moving averages like the 13-week and 50-week exponential moving averages (EMA), reinforcing the positive trend.
The ADX (average directional index) study further validates the breakout's strength, with ADX rising alongside price movements and exceeding 50. Additionally, the positive directional indicator (+DI) surpasses 25, indicating robust bullish momentum.

Tata Motors: Buy | LTP: Rs 1,030.3 | Stop-Loss: Rs 950 | Target: Rs 1,215 | Return: 18 percent
Despite market volatility, Tata Motors maintained a robust upward trajectory since April 2023, nearing its all-time high. It has successfully held key support levels throughout.
A volatility contraction pattern has emerged on the daily charts, suggesting a potential breakout that could fuel further momentum.
On a weekly basis, the stock comfortably resides above critical averages such as the 13-week and 26-week EMA, signaling a positive trend. Stochastic analysis indicates an uptrend, signaling a pickup in momentum.

👀STOCK IN NEWS

Bharat Petroleum Corporation Limited: The company reported on May 9 a consolidated net profit of Rs 4,789.57 crore in Q4 FY24, a decline of 30 percent YoY. BPCL's revenue from operations declined marginally to Rs 1.32 lakh crore in the same period. The company's board recommended the issue of bonus shares in the ratio of 1:1.

Suryoday Small Finance Bank: The bank reported a 56.3 percent YoY increase in net profit at Rs 60.8 crore in Q4 FY24. The gross non-performing assets (GNPA) stood at 2.94 percent in the March quarter against 3.06 percent in the December quarter. Provisions stood at Rs 48.2 crore against Rs 37.9 crore QoQ and Rs 51.5 crore YoY. The bank's provision coverage ratio during the quarter was 71.2 percent.

Solara Active Pharma Sciences: The company approved a rights issue to raise Rs 449.95 crore. The rights shares are priced at Rs 375 per equity share, which includes a premium of Rs 365 per equity share, the company said in a regulatory filing. The issue is scheduled to open on May 28, 2024, and will close on June 11, 2024.

Abott India: The company reported a 24 percent YoY growth in net profit at Rs 287 crore in Q4 FY24. The company's revenue increased 7 percent to Rs 1,439 crore from Rs 1,343 crore in the year-ago period. Abott India's board recommended the payment of a final dividend of Rs 410 per equity share of Rs 10 each for the year ended March 31, 2024, subject to shareholders' approval.

ADF Foods: ADF Foods' revenue from operations was Rs 153 crore in Q4 FY24 as compared to Rs 123 crore in the same quarter of the previous year. Profit after tax increased to Rs 25 crore in Q4 FY24 as compared to Rs 16 crore in the same quarter the previous year.

STOCK TO WATCH

Titan Company: The jewellery and watch maker recorded a standalone net profit of Rs 786 crore for the quarter ended March FY24, growing 7.1 percent over the corresponding period of the previous fiscal year, impacted by a weak operating margin. Revenue from operations for the quarter, at Rs 11,257 crore, increased by 16 percent over the same period in the in the previous fiscal. The company announced a dividend of Rs 11 per share for FY24 and re-appointed C. K. Venkataraman as Managing Director with effect from October 1 this year.

Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a power purchase agreement with PSU company SJVN to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project. The plant will generate nearly 3,000 million units (MUs) of power and offset 2,200 million kg of CO2 emissions annually, while FDRE enables round-the-clock power supply, assisting distribution companies in fulfilling renewable purchase obligations, and energy storage obligations.

Dr. Reddy's Laboratories: The pharma company launched Doxycycline capsules, 40 mg, in the US market. The drug is a therapeutic generic equivalent of Oracea capsules approved by the US Food and Drug Administration. Doxycycline capsules are used for the treatment of infections caused by bacteria.

HDFC Bank: The Reserve Bank of India has approved the re-appointment of Atanu Chakraborty as the part-time chairman of HDFC Bank for three years, with effect from May 5 this year.

BSE: Girish Joshi has resigned from the post of Chief Listing and Trading Development of the company, with effect from August 2 this year.

Tata Technologies: The global product engineering and digital services company has reported consolidated net profit of Rs 157.2 crore for the March FY24 quarter, declining 27.4 percent over the same period in the in the previous fiscal year despite a healthy operating margin impacted by weak topline. Revenue from operations fell 7.2 percent on-year to Rs 1,301 crore for the quarter, while EBITDA during the same period declined 1.1 percent to Rs 240 crore and margin expanded 110 bps to 18.4 percent. The company announced a total dividend of Rs 10.05 per share, including a special dividend of Rs 1.65 per share.

IDBI Bank: The lender has recorded net profit at Rs 1,628 crore for the quarter ended March FY24, growing 44 percent over the year-ago period on a 58 percent decline in provisions. Net interest income grew by 12 percent year over year to Rs 3,688 crore for the quarter, with net interest margin declining 10 basis points to 4.91 percent. Asset quality was stable during the quarter, with gross NPA falling 16 bps sequentially to 4.53 percent and net NPA unchanged at 0.34 percent QoQ.

Inox Wind Energy: The company has reported consolidated net profit of Rs 38.88 crore for the March FY24 quarter, against a loss of Rs 109.5 crore in the corresponding period of the previous fiscal year, with a strong topline. Revenue from operations surged by 184 percent YoY to Rs 528.5 crore for the quarter.

Yes Bank: Foreign investor Goldman Sachs (Singapore) Pte. Ltd. (ODI bought 36,92,43,945 equity shares (equivalent to 1.22 percent of paid-up equity) in the bank at an average price of Rs 24.26 per share, valued at Rs 895.78 crore. However, foreign investor CA Basque Investments sold 59.4 crore equity shares (1.97 percent of paid-up equity) in the bank at an average price of Rs 24.27 per share, which amounted to Rs 1,441.63 crore. As of March 2023, CA Basque Investments had a 9.11 percent stake in Yes Bank.

STOCK TO WATCH

Bayer acquires remaining 25% stake in Bayer Zydus Pharma

Pharma majors Bayer Pharmaceuticals Private Limited and Zydus Lifesciences Limited (formerly Cadila Healthcare) on May 2 announced the conclusion of their joint venture (JV) - Bayer Zydus Pharma Private Limited (BZPPL). The announcement came after Bayer acquired the remaining 25 percent stake in Bayer Zydus Pharma to secure full ownership.
The 50:50 joint venture was established on January 28, 2011, for the sales and marketing of pharmaceutical products in India. Bayer is now securing full ownership of the entity, as per pre-agreed JV terms.
The JV successfully leveraged the strengths of both companies to better serve the fast-growing Indian market, said the company in a release.

Adani Enterprises received 2 show cause notices from Sebi

Adani Enterprises Ltd on Thursday said that the company received two show cause notices from markets regulator Securities and Exchange Board of India (Sebi) as part of its ongoing investigation in Hindenburg's report against the conglomerate.
In its Q4 earnings release, Adani Enterprises said that during the quarter ended March 31, 2024, the company received notices from Sebi alleging non-compliance with provisions of the Listing Agreement and LODR (Listing Obligations and Disclosure Requirements) Regulations pertaining to related-party transactions with respect of certain transactions with third parties as well as the validity of peer review certificates of statutory auditors with respect to earlier years.

Coal India Q4 net profit rises 26% to Rs 8,640.5 crore

Coal India Ltd (CIL) on May 2 reported a 26-percent rise in consolidated net profit at Rs 8,640.5 crore for the quarter ended March 31, 2024. The government-owned company had reported a net profit of Rs 6,869.5 crore in the year-ago period.
There was rise in CIL's bottom line despite its revenue from operations falling nearly 2 percent to Rs 37,410.4 crore in the quarter under review, from Rs 38,152.3 crore in the same quarter last year.
Moreover, CIL's consolidated sales also fell to Rs 39,654.4 crore in the January-March period from Rs 40,371.5 in the corresponding period of the previous fiscal year, a decrease of 1.8 percent.
The state-owned company also said that the board has declared its third interim dividend for the financial year 2023-24 at Rs 5 per share.

Coforge to buy 54% in Cigniti Technologies at Rs 1,415 per share
Coforge is set to acquire a 54-percent stake in Cigniti Technologies at Rs 1,415 per share, the company informed the exchanges on May 2.
The share price of Rs 1,415 represents a premium of 3 percent over Cigniti's May 2 closing price of Rs 1,372.65 on the BSE.
The firm, which has signed a definite agreement with the IT services management company, believes the acquisition will improve company's operating margins by 150-200 bps by FY27 and help it grow to a $2-billion company.

Net interest income jumped 24 percent year-on-year to Rs 4,469 crore for the quarter. There was a nice improvement in the asset quality of the bank as the gross NPA dropped 16 bps QoQ to 1.88 percent and the net NPA fell 8 bps sequentially to 0.60 percent for the quarter.
Ircon International: The company, under its joint venture with Dineshchandra R. Agrawal Infracon (DRA), has received the letter of award for the construction of the Kottavalasa-Koraput doubling project of Waltair division, East Coast Railway, on EPC mode, at a price of Rs 1,198.09 crore.
Patanjali Foods: The FMCG company said the board discussed the initial proposal received from Patanjali Ayurved (PAL) for a sale of PAL's non-food business undertaking to the company and gave in-principle approval for evaluating the most efficient mode of enhancing synergies with PAL's non-food portfolio in any manner on an arm's length basis.
Yes Bank: The bank has reported a massive 123 percent on-year growth in net profit at Rs 452 crore for the quarter ended March FY24, partly supported by higher other income and lower provisions. Net interest income grew by 2.3 percent to Rs 2,153 crore during the same period. The asset quality of the bank has seen significant improvement during the quarter, with the gross NPA falling 30 bps QoQ to 1.7 percent and the net NPA declining 30 bps sequentially to 0.60 percent.
NBCC: The construction company has received in-principle approval for the incorporation of a wholly owned subsidiary in Dubai (UAE). This is subject to the approval of its administrative ministry, i.e., the Ministry of Housing and Urban Affairs (MoHUA).
Indiabulls Real Estate: The real estate firm has posted a net loss of Rs 302 crore for the quarter ended March FY24, narrowing from a loss of Rs 376 crore in the corresponding period of the previous fiscal. Revenue from operations dropped 80.6 percent year over year to Rs 21 crore during the quarter.
SBI Cards and Payment Services: The non-banking finance company registered net profit of Rs 662 crore for the March FY24 quarter, growing 11 percent over the same period in the in the previous fiscal year, driven by strong operating numbers. Revenue from operations for the quarter at Rs 4,348 crore increased by 15.6 percent YoY.

STOCK TO WATCH:-

Maruti Suzuki India: The country's largest car maker has recorded a standalone net profit of Rs 3,878 crore for the quarter ended March FY24, growing 47.8 percent over a year-ago period, partly driven by strong operating numbers and higher other income, but overall numbers are below analysts' expectations. Revenue from operations grew by 19.3 percent on-year to Rs 38,235 crore, with sales volume rising 13.4 percent to 5.84 lakh units during the same period. EBITDA increased by 40 percent year-on-year to Rs 38,235 crore with a margin expansion of 170 bps at 12.2 percent in the quarter. The company has recommended the highest-ever dividend of Rs 125 per share for FY24.
Vodafone Idea: ATC Telecom Infrastructure has exited the telecom operator by selling its entire shareholding of 144 crore equity shares (equivalent to 2.87 percent of paid-up equity) at an average price of Rs 12.78 per share via open market transactions, valued at Rs 1,840.3 crore. However, Citigroup Global Markets Mauritius has net bought 48,13,75,145 equity shares in Vodafone at an average price of Rs 12.7 per share.
HCL Technologies: The global IT services company has reported a net profit of Rs 3,986 crore for the March FY24 quarter, falling 8.4 percent over the previous quarter impacted by weak operating numbers, and overall numbers came in below analysts' estimates. Revenue from operations grew by 0.2 percent sequentially to Rs 28,499 crore for the quarter, while dollar revenue growth stood at 0.4 percent and revenue in constant currency terms grew by 0.3 percent QoQ. The board has declared an interim dividend of Rs 18 per share for FY24. HCL Tech sees revenue growth in constant currency terms in the range of 3-5 percent for FY25 and an EBIT margin of 18–19 percent.
SBI Life Insurance Company: The insurance company has recorded net profit at Rs 810.8 crore for the January–March FY24 quarter, growing 4.4 percent over the year-ago period. Net premium income for the quarter grew by 26.2 percent year-on-year to Rs 25,116.5 crore, and net commission at Rs 851.4 crore declined by 2.3 percent during the same period.
ICICI Bank: The private sector lender has recorded standalone net profit at Rs 10,707.5 crore for the quarter ended March FY24, growing 17.4 percent over a year-ago period on lower provisions for bad loans. Overall, earnings were ahead of analysts' estimates. Net interest income grew by 8.07 percent year over year to Rs 19,093 crore for the quarter. Asset quality improved with the gross NPA declining 14 bps sequentially to 2.16 percent and the net NPA falling 2 bps to 0.42 percent in Q4 FY24.
RBL Bank: The private sector lender has reported standalone net profit of Rs 353 crore for the March FY24 quarter, rising 30 percent over the same period in the in the previous fiscal year with lower provisions and a sharp increase in operating profit and other income. Net interest income grew by 18 percent year-on-year to Rs 1,600 crore for the quarter, with net interest margin declining 17 bps YoY (down 7 bps QoQ) to 5.45 percent. Asset quality improved as the gross NPA was down 47 bps QoQ at 2.65 percent and the net NPA declined 6 bps at 0.74 percent in Q4 FY24.
Apollo Hospitals Enterprise: Apollo HealthCo (Apollo 24/7, or AHL), a subsidiary of Apollo Hospitals Enterprise, has entered into a binding agreement to raise equity capital of Rs 2,475 crore from global private equity investor Advent International. In addition, Apollo 24/7 will merge Keimed, the wholesale pharma distributor, with itself in a phased manner over the next 24–30 months. Advent will invest in compulsory convertible instruments in two tranches to secure a 12.1 percent stake in the merged entity by valuing the combined entity at an enterprise value of Rs 22,481 crore.
IDFC First Bank: The lender has registered net profit at Rs 724 crore for the March FY24 quarter, falling 9.8 percent compared to the corresponding period of the of the previous fiscal year, impacted by higher provisions.

STOCK IN ACTION 15 APRIL

Power Grid Corp: The company will consider raising up to Rs 12,000 crore via NCDs on a private placement basis in a board meeting on April 17.

Patanjali Foods: The company said segmental volume in Q4 experienced mid-single-digit growth (YoY) and revenue from the edible oil segment in Q4 showed modest single-digit growth compared to the previous quarter.

Reliance Power: The company has transferred its 45 MW wind power project located in Maharashtra to JSW Renewable Energy for a consideration of Rs 132.39 crore.
Ami Organics: The company approved the raising of funds up to Rs 500 crore through QIP.

Engineers India: The company signed an MoU with Detect Technologies for Al-based monitoring of construction sites.

ISMT: The company received two orders worth Rs 343.7 crore from ONDC for the supply of casing pipes.

Zuari Industries: NCLT gave the nod to merge Zuari Sugar and Power with the company.

Bharti Hexacom: Sanjeev Kumar and Surajit Mandol resigned from the board effective today.

Granules: U.S. FDA inspected at Andhra Pradesh facility between April 8-12 and ended with zero observations.

Rail Vikas Nigam: The company received a letter of acceptance for works in connection with new line project of Araria - Galgalia of N.F. Railway. The project cost is Rs 95 crore.

Zaggle Prepaid: The company signed an agreement with Eversub India to provide employee expense & benefits management platform Zaggle Save.

Mphasis signs strategic collaboration agreement with AWS to launch Gen AI foundry for financial services


Coforge shareholders approve fundraise via QIP or issuance of shares, other securities

Bharti Hexacom: Sanjeev Kumar & Surajit Mandol resigns from co’s board w.e.f. April 12, 2024. Resigns due to termination of shareholders agreement upon the consummation of the IPO of the company.

AirIndia temporarily suspends flights to Tel Aviv, says official

Aster DM's board declares special dividend of ₹118/share

STOCKS IN ACTION 8 APRIL

Adani Wilmar: The company witnessed double-digit growth in edible oils and foods at the end of the fourth quarter. Food and FMCG volume growth stood at 10% YoY, while edible oil was at 13%.

Bandhan Bank: MD and CEO Chandra Ghosh will step down from the post after the completion of his current tenure.

ZEE Entertainment Enterprise: MD and CEO Punit Goenka has proposed the implementation of a lean and streamlined management structure to the board.

Punjab National Bank: The company reported total deposits stood at Rs 13.7 lakh crore, up 7% YoY as of March 31, total advances stood at Rs 9.86 lakh crore, up 11.5%, and total business stood at Rs 23.56 lakh crore, up 8.8%.

Titan: The company revenue rose by 17% YoY in the fourth quarter, with the with the jewellery business up 18%, the watches and wearables business up 6%, the eye care business down 1%, emerging businesses up 24%, and the Carat Lane business up 30%.

Shyam Metalics: The company reported steel sales at 2.38 lakh tonne, up 26.4% YoY for the end of March and long steel sales at 1.36 lakh tonne, up 11.2% YoY and steel sales at 6.87 lakh tonne, up 6.5% QOQ for the end of the fourth quarter and long steel sales at 3.8 lakh tonne, up 12% QOQ.

Union Bank of India: The company reported total deposits at Rs 12.2 lakh crore, up 9.3% YoY, as of March 31 and total business stood at 21.3 lakh crore, up 10.3%.

Indiabulls Real Estate: The company approved raising up to Rs 3,910.9 crore in one or more tranches via preferential issue of shares. Investors include Utpal Seth, Blackstone, Poonawalla Finance, and Quant MF.

Nestle India: The board approved increasing royalty payments to its parent firm by 0.15% annually for the next five years, thereby enhancing them to 5.25% of net sales.

Bank of Baroda: The company reported domestic deposits at 11.3 lakh crore, up 7.75% YoY as of March 31. Domestic advances stood at Rs 8.97 lakh crore, up 12.8% YoY; global deposits stood at Rs 13.3 lakh crore, up 10.2% YoY; and global advances stood at Rs 10.9 lakh crore, up 12.4% YoY.

Bank of India: The bank reported domestic deposits at Rs 6.3 lakh crore, up 11% YoY; as of March 31, domestic advances stood at Rs 4.93 lakh crore, up 14%; global gross advances stood at Rs
5.86 lakh crore, up 13.6%; and global deposits stood at Rs 7.38 lakh crore, up 10.2%.

Utkarsh Small Finance Bank: The lender reported total deposits at Rs 17,473 crore, up 27.4% YoY, as of March 31 and its gross loan portfolio stood at Rs 18,299 crore, up 31%.

Rites: The company signed an MoU with IIT Madras to collaborate on green energy projects in the field of transport and mobility.

UCO Bank: The company appointed Sourav Kumar Dutta as its new chief technology officer on a contractual basis for 3 years.

Aurobindo Pharma: The USFDA inspected the company's unit from March 28 to April 5 and closed with three observations.

Godrej Consumer: The company expects sales growth in the mid-single digits, driven largely by currency volatility and underlying volume growth is expected to be in the double digits.

Dr. Reddy's Laboratories: The company and Bayer signed a marketing and distribution agreement for the second brand of Vericiguat in India.

Mahindra EPC: The company received an order worth Rs 13.2 crore from the Office of the Assistant. Engineer to supply microirrigation systems for 2,700 hectares.

South Indian Bank: The company appointed Vinod Francis as CFO with effect from April 8, 2024.

Indiamart Intermesh: The company reappointed Dinesh Chandra Agarwal as MD and CEO for 5 years, effective Jan. 8, 2025.

Landmark Cars: The company will incorporate a wholly owned subsidiary, Landmark Premium Cars.

Greaves Cotton: The company's unit entered into an into an agreement with Tsuyo Manufacturing to advance its presence in the low-speed electric 3-wheeler vehicle segment and appointed K.
Vijaya Kumar as Executive Director and CEO.

EXPECTED UPSIDE LEVEL POSSIBLE FOR LONGTERM - THESE STOCKS✅

#TATAPOWER - 550-600
#JIOFIN - 400-450
#NHPC - 150
#TRIDENT - 70
#IREDA -300-350
#MAHBANK - 65-70
#NBCC - 200
#IRBINFRA - 150
#IOC - 200
#GAIL - 200
#ZIMLAB - 200-250
#AMIORG - 2000-2500
#ONGC - 300
#CESC -200
#PNCINFRA - 500