BackStocks to watch: BEL, SAIL, Oil India, RVNL, Whirlpool, NHPC
Here are a few stocks likely to be in focus on Tuesday, May 21:
PremiumOil India: In Q4FY24, Oil India reported a 10% sequential decline in consolidated net profit to ₹2332.94 crore, but a 17% YoY increase. The company’s revenue from operations rose by around 16% YoY to ₹10,166 crore. OIL’s board recommended a 1:2 bonus share issue and a final dividend of ₹2.50 per equity share (post-bonus) for FY24, in addition to the interim dividends already paid. The company’s EBITDA for Q4 rose to ₹3838 crore, with an 18% YoY increase in crude oil EBIT to ₹1,744.75 crore. OIL achieved its highest ever EBIDTA of ₹11,643.30 crore for FY24, driven by record oil and gas production of 6.54 MMTOE. Crude oil production increased by 5.76% to 3.359 MMT in FY24, and natural gas production also grew. The company drilled a record 61 wells during the year.
Bharat Electronics: BEL reported a jump of 30% in its Q4 consolidated net profit at ₹1,797 crore. Revenue from operations increased 32% to ₹8,564 crore, from ₹6,479 crore in the same quarter last fiscal.
Steel Authority of India: SAIL reported a nearly 3% fall in Q4 net profit due to softer steel prices and higher costs. The consolidated net profit declined to ₹1,126 crore from ₹1,159 crore a year earlier.
Rail Vikas Nigam: RVNL reported a 33.2% YoY jump in Q4 net profit at ₹478.6 crore. The company’s revenue from operations increased 17.4% to ₹6,714 crore, compared to ₹5,719.8 crore in the corresponding period of the preceding fiscal. Separately, the state-run railway company received a Letter of Acceptance for a ₹148.3 crore project from SER HQELECTRICAL/South Eastern Railway. The project involves the upgradation of the electric traction system in the Kharagpur division of South Eastern Railway.
Whirlpool: The company has reported a 24.7% jump in Q4 met profit to ₹79.4 crore and a 3.7% growth in revenue to ₹1,734 crore.
Lupin: The US FDA concluded a pre-approval inspection at Lupin’s Somerset, New Jersey facility from May 7 to May 17, 2024, resulting in a Form-483 with six observations.
Oil and Natural Gas Corporation: ONGC posted a 78% increase in consolidated net profit at ₹11,526.53 crore in Q4 FY24. The company’s board of directors recommended a final dividend of ₹2.50 per equity share for FY24.
Deepak Nitrite: The company reported an 8.5% YoY rise in Q4 net profit at ₹253.85 crore. The Board recommended a dividend of ₹7.5 per equity share for FY24.
India Cements: The company’s net loss has narrowed to ₹29.3 crore, a significant improvement from the previous year’s loss of ₹217.8 crore. However, revenue has dropped by 14.7% to ₹1,245.4 crore.
Shipping Corporation of India: The company reported a 19% YoY decline in its Q4 net profit at ₹307.3 crore. The company’s revenue from operations fell 0.4% YoY to ₹1,412 crore as against ₹1,418 crore in the corresponding period of the preceding fiscal.
NHPC: The company reported a 16.3% YoY decline in Q4 net profit at ₹549.8 crore. The company’s revenue from operations dipped 6.9% to ₹1,888.1 crore, compared to ₹2,028.8 crore in the corresponding period of the preceding fiscal.
RITES: The company signed a contract with Bangladesh Railways on Monday to supply 200 broad-gauge passenger carriages to the neighbouring country. The contract has a supply with a commissioning period of 36 months, followed by a warranty period of 24 months.
Astral: The company reported an 11.7% YoY slide in its Q4 net profit at ₹181.6 crore. The company’s revenue from operations increased 8% YoY to ₹1,625 crore, compared to ₹1,506.2 crore in the corresponding period of the preceding fiscal.
Patanjali Foods: The company has clarified that it has no connection with the unsafe Patanjali Soan Papdi issue, as the food business was incorporated into Patanjali Foods only in July 2022.
Solara Active Pharma Sciences: The US FDA completed an inspection at Solara’s Visakhapatnam-based API manufacturing facility, declaring it in an “Acceptable State of Compliance" with no Form 483 observations. The inspection took place from May 14 to May 17, 2024.
Apollo Pipes: The company reported a 56.62% decline in Q4 net profit. However, for the full fiscal year, the company saw a significant increase in net profit, rising 77.50% to ₹42.44 crore.
Balrampur Chini Mills: BCML reported a 20% YoY drop in Q4 net profit at ₹203.4 crore. The company’s revenue from operations fell 3.8% to ₹1,434.3 crore, compared to ₹1,491.5 crore in the corresponding period of the preceding fiscal.
Tata Motors, Bajaj Finance: Tata Motors's subsidiaries Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, have partnered with Bajaj Finance to offer a financing programme for authorised passenger and electric vehicle dealers. Tata Motors earlier this month said its total wholesales rose 11.5% YoY to 77,521 units last month as compared with 69,599 units in April 2023. Total passenger vehicle sales rose 2% to 47,983 units last month from 47,107 units in April 2023.
Radico Khaitan: The company reported selling over record 6 million cases of its vodka brand Magic Moments, amounting to sales worth ₹1,000 crore in FY24, the company said in a regulatory filing on 20 May.
Dr Reddy’s Laboratories, Sun Pharma, and Aurobindo: The three companies are recalling their products in the US market due to manufacturing issues. Dr Reddy’s Laboratories is recalling Javygtor (sapropterin dihydrochloride) Powder for Oral Solution (100mg) due to it being a "Sub-potent Drug". Sun Pharma is recalling 11,016 vials of Amphotericin B Liposome for Injection, used to treat fungal infections, in the US market. Aurobindo Pharma is recalling 13,605 bottles of Clorazepate Dipotassium Tablets (3.75 mg and 7.5 mg), used to treat anxiety, in the American market. FDC Ltd is recalling 3,82,104 units of Timolol Maleate Ophthalmic Solution, used to treat glaucoma, in the American market due to "Defective Container".
JSW Steel: The company’s consolidated net profit for the March quarter fell by 64.54% to ₹1,299 crore, mainly due to increased coking coal prices. Its consolidated revenue also decreased by 1.5% year-on-year to ₹46,269 crore.
Delhivery: The logistics company saw a rise in its Q4 revenue, with strong volumes in express parcel, part truckload freight, and truckload services. Its revenue increased to ₹2,076 crore from ₹1,860 crore a year ago, and its loss reduced to ₹69 crore from ₹159 crore a year ago.
Wipro: As Srinivas Pallia takes over as CEO, he is relying on his trusted lieutenants to steer the company. Amit Choudhary, the COO, has resigned to pursue opportunities outside the organisation. This marks the second departure of former CEO Thierry Delaporte’s trusted men in less than two months of Pallia taking over. Sanjeev Jain, who joined Wipro as its global head of business operations in August 2023, has been elevated to the post of COO.
Bandhan Bank: The bank’s net profit fell by 94% to ₹54.6 crore in Q4FY24, compared to ₹808.3 crore in the same period last year. However, its net interest income rose by 16% to ₹2,866 crore.
IDFC First Bank: Shareholders have approved the merger of IDFC Limited with the bank. The National Company Law Tribunal (NCLT) convened a meeting on May 17 to consider and approve the composite scheme of amalgamation for IDFC FIRST Bank. The resolution approving the Scheme was passed by the requisite majority of the equity shareholders. The Reserve Bank of India had approved the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank in December 2023.
Zee Entertainment Enterprises: The company reported a net profit of ₹13.35 crore for the March quarter, compared to a loss of ₹196 crore in the same period last year. Its total income increased by 3% to ₹2,185 crore. The company also plans to lay off an estimated 15% of its staff to implement a leaner management structure and reduce costs.
Indian Railway Finance Corporation: IRFC reported a 33.6% YoY rise in its net profit to ₹1,717 crore for the quarter ended March 31, 2024. Its total revenue from operations for the March quarter also rose 1.73% to ₹6,473 crore from ₹6,193 crore last year. The company’s net profit for FY24 was ₹6,412 crore, compared to ₹6,167 crore in FY23. The company has recommended a final dividend of ₹0.70 per equity share of ₹10 for FY24.
Zydus Lifesciences: The pharmaceutical company’s net profit for the March quarter surged nearly fourfold to ₹11.82 billion, driven by growth in its U.S. business and domestic market. Its total revenue from operations also increased by 10.4% to ₹55.34 billion.
Ujjivan Small Finance Bank: The bank reported a 6.5% rise in net profit to ₹329.6 crore for Q4FY24, compared to ₹309.5 crore in the same period last year. Its net interest income increased 26.4% to ₹933 crore, compared to ₹738 crore in the year-ago period. The bank’s gross NPA in the March quarter was 2.23%, compared to 2.18% in the preceding December quarter. The net NPA was 0.28% compared to 0.17% on a sequential basis.
Atul Auto: The company reported a 46% year-on-year increase in its net profit for the March quarter to ₹4.8 crore. Its total revenue from operations also rose by 6.5% to ₹160.14 crore.
JB Chemicals & Pharmaceuticals: The company reported a 43% increase in net profit to ₹126 crore for the March quarter, driven by robust sales. Its revenue for the fourth quarter rose to ₹862 crore, up from ₹762 crore in the previous year.
Vodafone Idea: The telecom company is in advanced discussions with its vendors to start offering 5G services within the next six months. The company has completed the minimum rollout obligations mandated by the government in four circles.
LT Foods: The FMCG company reported a 14% increase in consolidated net profit to ₹150.24 crore for the fourth quarter of FY24, driven by strong sales. The company’s total income during the quarter was ₹2,091.73 crore, compared to ₹1,834.95 crore in the same period a year ago. Its expenses increased to ₹1,898.46 crore from ₹1,685.92 crore a year earlier.
Electrotherm: The company's net sales stood at ₹1,217.57 crore in March 2024, up 17.85% from ₹1,033.16 crore in March 2023. Quarterly net profit stood at ₹104.98 crore in Q4FY24, up 440.02% from ₹19.44 crore in Q4FY23.
Power Mech Projects: The company reported a 13.1% YoY increase in net profit at ₹84.4 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations rose 10.9% to ₹1,301.5 crore against ₹1,174.1 crore in the corresponding period of the preceding fiscal.
Anupam Rasayan India: The company posted a 44.26% fall in its consolidated net profit to ₹40.46 crore for Q4FY24. Its net profit stood at ₹72.63 crore a year earlier.
Patel Engineering: The company reported an 83% YoY jump in net profit at ₹141 crore for Q4FY24. The company’s revenue from operations increased 11.5% to ₹1,343 crore, compared to ₹1,205 crore in the corresponding period of the preceding fiscal.
Prataap Snacks: The company reported a 43% YoY decline in it Q4 net profit at ₹12.4 crore. The company’s revenue from operations dipped 2.9% to ₹386.5 crore as against ₹397.9 crore in the corresponding period of the preceding fiscal. The board has recommended a dividend of ₹2.00 per share.
City Union Bank: The bank has reported a 17% rise in Q4 net profit to ₹254.8 crore and a 6.3% increase in revenue to ₹546.6 crore. Provisions and contingencies have dropped by 80% to ₹32 crore.
VRL Logistics: The company has reported an 88.8% drop in Q4 net profit to ₹21.5 crore, but a 10% growth in revenue to ₹768.4 crore.
Wheels India: The company has reported a 78.66% spike in Q4 net profit to ₹38.3 crore and a 1.6% growth in revenue to ₹1,271.5 crore.
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