BackStocks to Watch: Kotak Mahindra Bank, DMart, Mahindra Finance, Britannia, Titan, Inox Wind
Here are a few stocks likely to be in focus on Monday, May 6:
PremiumKotak Mahindra Bank: The bank's PAT for FY24 increased by 26% YoY to ₹13,782 crore. The PAT for Q4FY24 was ₹4,133 crore, an 18% YoY increase. The bank's NII for FY24 increased by 21% YoY to ₹25,993 crore. The NIM for Q4FY24 was 5.28%. The bank's board recommended a ₹2 per share dividend.
Avenue Supermarts: The company, which runs large format retail stores DMart, reported a 22% YoY increase in their net profits for Q4FY24, with the PAT rising to ₹563.1 crore. The company's revenue from operations grew by 20% to ₹12,726 crore.
Mahindra Finance: The company's total income for Q4FY24 was ₹3,706 crores, a 21% YoY increase. However, its PAT decreased by 10% YoY to ₹619 crores, while its NII increased by 14%, to ₹1,971 crores. The company's NIM was stable at 7.1%. Disbursements rose by 11% to ₹15,292 crores, and the Gross Loan Book grew by 24% YoY to ₹1,02,597 crores. The company also improved its asset quality, reducing Stage 3 assets to 3.4% from 4.0% in December 2023. Credit costs were within the targeted range of 1.5% - 1.7%.
Britannia Industries: The company reported a consolidated net profit of ₹536.61 crore for the March quarter, a decline of 3.76% from the same quarter of the previous financial year. The total revenue of the company stood at ₹4,069.36 crore, rising 1.14% from the year-ago quarter.
IDBI Bank: The bank reported a 43.7% YoY increase in net profit for Q4FY24, at ₹1,628.5 crore. The bank's NII rose by 12.4% to ₹3,687.9 crore. The bank's board recommended a dividend of ₹1.50 per equity share for FY24.
Adani Enterprises: The company has expressed interest in developing the port of Bataan in the Philippines. The company plans to construct a 25-meter deep port designed to accommodate Panamax vessels. Separately, the Adani Group's Mundra petrochemical project is set to receive a loan of ₹17,000 crore from a consortium led by the State Bank of India (SBI), covering 60-70% of its capital expenditure requirement. The loan will aid in the financial closure of the project, which had halted last year due to allegations of financial fraud. The project, requiring a total capex of ₹25,000-27,000 crore, resumed operations in July last year.
Titan Company: The firm reported a Q4 standalone net profit of ₹786 crore, up 7% YoY. The company's revenue rose 17% to ₹10,047 crore. EBITDA for the quarter was at ₹1,109 crore, growing by 6.2%. The board recommended a dividend of ₹11 per equity share.
JSW Infrastructure: The company plans to invest over ₹2,500 crore in fiscal year 2025 to expand its cargo handling capacity. The company anticipates a 50% increase in capacity to 258 million tonne with an investment of ₹14,000 crore by 2027.
Inox Wind: The company reported a consolidated net profit of ₹36.7 crore for Q4. The company's revenue from operations zoomed 176.69% to ₹527.7 crore.
Tata Technologies: The company reported a 27.4% YoY decline in Q4 net profit at ₹157.2 crore. The company's revenue dipped 7.2% to ₹1,301 crore. EBITDA declined 1.1% to ₹240 crore. The board recommended a final dividend of ₹8.40 and a special dividend of ₹1.65 per equity share. The company closed 12 large deals in FY24 and re-appointed Warren Kevin Harris as CEO and managing director.
Raymond: The company has approved the consolidation of its engineering business under a single entity and will segregate its aerospace and defence business into a separate entity. The move will enable Raymond's and newly-acquired Maini Precision Products Limited's foray into certain sunrise sectors. The composite scheme entails demerger of engineering business done by JKFEL and its arms RPAL, MPPL and JK Talabot into JKTTL. It also entails merger of RPAL & MPPL into JKTTL, demerger of aerospace and defence business of JKTTL into RGCEL.
Godrej Properties: The company plans to launch residential projects worth ₹30,000 crore this fiscal year across major cities, aiming for a 20% growth in sales bookings. The company's sales bookings jumped 84% to a record ₹22,527 crore in the last fiscal year. The company plans to launch projects across Delhi-NCR, Mumbai-Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad markets.
One 97 Communications: Paytm announced the resignation of its COO and president, Bhavesh Gupta, effective from May 31, 2024. Gupta will continue to support the company in an advisory capacity. Varun Sridhar has been appointed as CEO of Paytm Services, and Rakesh Singh as CEO for Paytm Money.
Tata Power, SJVN: Tata Power Renewable Energy (TPREL) signed a power purchase agreement (PPA) with SJVN to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project. The PPA is for the supply of Firm and Dispatchable Renewable Energy for 25 years at a tariff of ₹ 4.38/kWh. The total renewables capacity of TPREL has reached 9,421 MW, including 4,906 MW projects under various stages of implementation.
Ugro Capital: The company has approved the acquisition of financial services platform MyShubhLife for an enterprise value of ₹45 crore in a cash and equity deal. The board also approved raising equity capital of ₹1,322 crore through Compulsory Convertible Debentures (CCD) and warrants.
HCL Technologies: The company and Cisco have launched 'Pervasive Wireless Mobility as-a-Service', offering secure, seamless connectivity across various sectors. The service merges HCLTech's managed network services with Cisco's URWB technology, providing robust network infrastructure. It ensures operational visibility and mobility in critical environments like factories, mines, healthcare, retail, and terminals.
Muthoot Finance: Belstar Microfinance, Muthoot Finance’s microfinance arm, has filed preliminary papers with SEBI to raise ₹1,300 crore through an initial public offering (IPO). The IPO is a combination of fresh issue of equity shares worth ₹1,000 crore and an offer-for-sale (OFS) of ₹300 crore by investor shareholders.
Coforge, Cigniti Technologies: The midcap IT firm has announced plans to acquire a 100% stake in Cigniti Technologies within a year. The acquisition will help Coforge grow into a $2 billion firm by FY 2026-27, from the current $1.12 billion. The company plans to secure a controlling interest of at least 51% through a Qualified Institutional Placement (QIP) process by August.
HDFC Bank: The bank announced that the RBI has approved the reappointment of Atanu Chakraborty as the part-time chairman for a period of three years.
Dr Reddy's Laboratories: The pharmaceutical company launched doxycycline capsules, 40 mg in the US market, a therapeutic generic equivalent of ORACEA (doxycycline, USP) capsules.
Mangalore Refinery and Petrochemicals: MRPL reported a 40.5% YoY decline in net profit at ₹1,138.5 crore for Q4. The company's revenue from operations declined 0.1% to ₹25,328.7 crore.
Carborundum Universal: The company reported a 4.2% YoY dip in net profit at ₹142.6 crore for Q4. The company's revenue from operations increased 0.1% to ₹1,201.2 crore.
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