Buzzing Stocks: Wipro, Reliance, PSP Projects, Bajaj Electricals, Hero MotoCorp, TCP, Mahindra Logistics, IndusInd Bank and others

Original source (on modern site) | Article images: [1]

Stocks to watch: Check out the companies making headlines before the opening bell today, on April 23, 2024.

April 23, 2024 / 06:15 AM IST

1/25

Reliance Industries: The oil-to-telecom-to-retail major recorded a net profit of Rs 21,243 crore for the March FY24 quarter, growing 0.1 percent YoY, dented by higher tax costs. Gross revenue for the quarter at Rs 2,64,834 crore jumped 10.8 percent on-year, supported by double-digit growth in oil-to-chemical (O2C) and consumer business. EBITDA rose by 14.3 percent on-year to Rs 47,150 crore with a strong contribution from all businesses, with a margin expansion of 50 bps at 17.8 percent. On an annual basis, Reliance became the first Indian company to cross the Rs 1 lakh crore mark in pre-tax profit.

2/25

Results due on April 23: Tata Consumer Products, Tata Elxsi, ICICI Prudential Life Insurance Company, Mahindra & Mahindra Financial Services, Mahindra EPC Irrigation, Multi Commodity Exchange of India, 360 ONE WAM, Cyient DLM, Huhtamaki India, LKP Securities, and NELCO will be in focus ahead of March FY24 quarter earnings on April 23.

3/25

Wipro: Synchrony Global SDN BHD, the step-down subsidiary of the IT services company, has been voluntarily dissolved with effect from April 22.

4/25

IndusInd Bank: The lender announced the execution of the RBI's programmable CBDC pilot. This pilot project is executed in collaboration with Circularity Innovation Hub India (CIH) as an alternate form of CBDC in which the bank can programme the end-use of funds being disbursed to farmers in lieu of the generation of carbon credits.

5/25

Mahindra Logistics: The logistics services provider has posted a net loss of Rs 11.9 crore for the quarter ended March FY24, against a profit of Rs 0.20 crore in the year-ago period, impacted by weak operating numbers. Consolidated revenue from operations for the quarter, at Rs 1,450.8 crore, grew by 14 percent over the same period last fiscal. The board has approved the re-appointment of Rampraveen Swaminathan as the managing director and chief executive officer of the company for five years, with effect from February 4, 2025.

6/25

Hero MotoCorp: Arun Jaura has resigned as Chief Technology Officer (CTO) of the world's largest two-wheeler maker, with effect from April 30. Meanwhile, Vikram Kasbekar, in addition to his existing role as Head of Global Product Planning, will assume the responsibility of leading the R&D function.

7/25

Inox Wind: The company said the meeting of the board of directors is scheduled for April 25 to consider the issuance of bonus equity shares.

8/25

Bajaj Electricals: Ravindra Singh Negi has resigned as Chief Operating Officer of the consumer products business of the company, with effect from May 29, 2024, due to personal and professional reasons.

9/25

PSP Projects: The company opened its qualified institution placement (QIP) issue on April 22. The floor price has been fixed at Rs. 682.59 per share.

10/25

Tejas Networks: The wireline and wireless networking products maker has recorded consolidated net profit of Rs 146.8 crore for the quarter ended March FY24, driven by a healthy topline. The net loss in the year-ago period was Rs 11.5 crore. Revenue from operations increased sharply by 343.3 percent on-year to Rs 1,326.88 crore in Q4 FY24.

11/25

Patel Engineering: The construction engineering company has launched its qualified institutions placement (QIP) issue on April 22, with a floor price of Rs 59.50 per share, which is a 5.3 percent discount to the closing price of the last trading session. As per sources from CNBC-TV18, the QIP size may be around Rs 400 crore.

12/25

Hatsun Agro Product: The dairy company has reported a massive 109 percent on-year growth in net profit at Rs 52.2 crore for the March FY24 quarter, driven by strong operating performance. Revenue from operations for the quarter grew by 14.4 percent to Rs 2,047 crore compared to the same period last fiscal.

13/25

Ramdevbaba Solvent: The company will make its debut on the NSE Emerge on April 23. The issue price is Rs. 85 per share. Its equity shares will be available in the trade-for-trade surveillance segment.

14/25

Rallis India: The Tata Group company and subsidiary of Tata Chemicals posted a net loss of Rs 21 crore for the March FY24 quarter, which narrowed from a loss of Rs 69 crore in the corresponding period of the last fiscal. Revenue from operations declined by 16.6 percent year-on-year to Rs 436 crore during the quarter. The board has recommended a dividend of Rs 2.50 per share.

15/25

Grill Splendour Services: The trading in equity shares of the company will commence on the NSE Emerge with effect from April 23. The issue price is Rs. 120 per share. Its equity shares will be available in the trade-for-trade surveillance segment.

16/25

Tamilnad Mercantile Bank: The lender has reported net profit of Rs 253.06 crore for the quarter ended March FY24, against a profit of Rs 253.05 crore in the corresponding period of the last fiscal. Net interest income grew by 7.5 percent year-on-year to Rs 567 crore for the quarter. Asset quality improved with the gross NPA falling 25 bps sequentially to 1.44 percent and the net NPA declining 13 bps QoQ to 0.85 percent for the quarter.

17/25

Nibe: Hemant Dilip Wani has resigned as Chief Executive Officer (CFO) of the company with effect from April 22. The board has appointed Ravi Kumar Pareek as Chief Financial Officer of the company, with effect from the same date.

18/25

KP Energy: The company has received an order for the development of a 9 MW wind power project, which is part of the wind-solar hybrid power project to be developed in Gujarat. This project was awarded by Bhathwari Technologies to the company under the captive power project segment. The project will be connected to the state transmission utility's (STU) network.

19/25

Saregama India: The company has received a demand order for differential duty on imported goods amounting to Rs 23.3 crore, along with a penalty of Rs 11.50 crore, from the Commissioner of Customs. Further, a fine of Rs 36.50 crore has been levied on the company.

20/25

Arvind SmartSpaces: Ankit Jain has resigned as Chief Financial Officer of the company with effect from April 22.

21/25

Shish Industries: The company has signed a five-year commercial trade agreement with the USA-based entity Best Construction Products Inc. (BCP). The company will supply a variety of agreed-upon products crucial for construction purposes to BCP for 5 years, amounting to a minimum $37.5 million (approximately Rs 312 crore in present value).

22/25

SRM Contractors: Thakur Krishan Singh has resigned as Chief Financial Officer (CFO) of the company, with effect from April 22, due to an offer for a higher position within the company, while CA Aashni Mahajan has been appointed as the Chief Financial Officer of the company with effect from April 23. The company has appointed Rupesh Kumar as Chief Executive Officer of the company, with effect from April 22.

23/25

Indraprastha Medical Corporation: Quant Mutual Fund via Quant Small Cap Fund has bought 5.5 lakh equity shares (equivalent to 0.6 percent of paid-up equity) at an average price of Rs 249.59 per share via open market transactions, amounting to Rs 13.72 crore.

24/25

BGR Energy Systems: The Union Bank of India has classified BGR's account as a non-performing asset with effect from March 29, 2024. As of March 2024, the overall credit exposure of the company to the bank was Rs 188 crore.

25/25

Kesoram Industries: The company's net loss widened significantly to Rs 244.4 crore in the March FY24 quarter, up from a loss of Rs 26.1 crore in the corresponding period last fiscal year, impacted by weak operating numbers and a muted topline. Revenue from operations for the quarter was Rs 1,073.6 crore, rising 1.7 percent YoY.

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

`); } if (res.stay_updated) { $(".stay-updated-ajax").html(res.stay_updated); } } catch (error) { console.log('Error in video', error); } } }) }, 8000); })

< Back to 68k.news IN front page