BackStocks to watch: TaMo, Eicher, Brigade, Abbott, Stylam, Mahanagar Gas, ABB India
Here are a few stocks likely to be in focus on Friday, May 10:
PremiumTata Motors: The vehicle manufacturer is set to announce its Q4 results on May 10, with expectations of strong results due to volume growth, improved performance of its British unit JLR, and favourable commodity prices. The company's consolidated net profit is projected to rise by 33% to ₹7,084 crore, and revenue is likely to increase by 15% to ₹1.22 lakh crore. The growth is attributed to expansion in JLR and positive growth in India's PV and CV divisions. The EBITDA is expected to rise by over 36% to ₹17,527 crore.
Eicher Motors: The company is expected to report strong Q4 results, driven by increased sales volumes, higher ASPs, new launches, and benign commodity costs. The company's net profit is expected to rise by 36% to ₹1,013 crore, and revenue is expected to increase by 9% to ₹4,166 crore. The EBITDA for the January-March quarter is expected to expand by 20% to ₹1,132 crore.
ABB India: The company is expected to report a 15-18% on-year increase in quarterly revenue to around ₹2,845.2 crore. The company's net profit is expected to rise by 22-33% from a year ago. The company will report its Q4FY24 results on Thursday, May 9.
Vodafone Idea: The company's shareholders have approved a proposal to raise its authorised share capital to ₹1 lakh crore and issue equity shares on a preferential basis to promoter group firm Oriana Investments. The company has sought shareholders' approval to raise the authorised share capital to ₹1 lakh crore from ₹75,000 crore, following its recent ₹18,000 crore FPO.
Abbott India: The company reported a 24.1% YoY increase in net profit to ₹287.1 crore for Q4FY24. The company's revenue from operations increased by 7.1% to ₹1,438.6 crore. EBITDA rose by 17.6% to ₹329.5 crore. The board of directors has recommended a final dividend of ₹410 per equity share for the year ended March 31, 2024.
ICICI Lombard General Insurance Company: Bharti Enterprises has sold shares of ICICI Lombard General Insurance Company for ₹663 crore through open market transactions. The shares were sold at an average price of ₹1,722.5 apiece, reducing Bharti Enterprises' shareholding to 1.63% from 2.43%. ICICI Bank purchased a 0.4% stake in ICICI Lombard, increasing its stakeholding to 51.7%.
Brigade Enterprises: The company has signed an agreement to buy a 4.6-acre land parcel in Bengaluru with a developmental potential of 0.69 million sq ft and a gross developmental value of ₹660 crore. The land parcel is on the Old Madras Road, a fast-growing residential hub.
Stylam Industries: AICA Kogyo, a Japanese company, is reportedly in talks to acquire a substantial stake in Indian laminate manufacturer Stylam Industries. The company is considering acquiring a 14% stake from Stylam's promoters and plans to initiate an open offer to acquire an additional 26% stake.
One97 Communications: The company, owner of the Paytm brand, has denied recent media reports suggesting issues with its lending business, terming them "factually incorrect". The company clarified that it acts as a distributor of loans and does not provide a First Loss Default Guarantee (FLDG) or other loan guarantees to lending partners.
Mahanagar Gas: MGL reported a 16.5% quarter-on-quarter dip in net profit at ₹265 crore for the fourth quarter that ended March 31, 2024. The company's revenue from operations dipped 0.3% to ₹1,567.1 crore in Q4 of FY24. The EBITDA fell 12.2% to ₹393.8 crore in the fourth quarter. The board has approved a final dividend of ₹18 per equity share for the financial year 2023-24. This is in addition to the interim dividend of ₹12 per equity share paid earlier.
Suryoday Small Finance Bank: The bank reported a 56.3% YoY increase in net profit to ₹60.8 crore for Q4 FY24. The bank's NII rose by 28.9% to ₹270.8 crore. The GNPA and NNPA stood at 2.94% and 0.86% respectively. Provisions were at ₹48.2 crore and the bank's Provision Coverage Ratio was 71.2%. The bank's gross advances and disbursements increased by 41.5% and 36.1% YoY respectively.
Solara Active Pharma Sciences: The company approved a rights issue to raise ₹449.95 crore. The rights shares are priced at ₹375 per equity share. Shareholders will receive one equity share for every three equity shares held by them as of the record date, which is May 15, 2024. The issue is scheduled to open on May 28, 2024, and will close on June 11, 2024.
ADF Foods: The company reported a revenue of ₹153 crore in Q4FY24, up from ₹123 crore in the same quarter of the previous year. Profit after tax increased to ₹25 crore in Q4FY24.
Gopal Snacks: The company reported a 4.15% decline in profit after tax to ₹26.11 crore in the January-to-March quarter, while revenue increased by 6.6% to ₹358 crore.
Relaxo Footwear: The company reported a consolidated net profit of ₹61.4 crore in Q4FY24, a decline of 3%. The company's total revenue fell 2.3% to ₹747.2 crore. The company proposed a final dividend of ₹3 per share for FY24.
Shyam Metallics: The company reported a 54.46% increase in realizations on the sale of stainless steel compared to the previous year. Stainless steel volumes increased by 33.68% YoY.
Rushil Décor: The company reported a 33.61% YoY decline in profit after tax to ₹9 crore in Q4FY24. The company's revenue from operations increased by 9.7% YoY to ₹233 crore.
VST Tillers and Tractors: The company reported a 13.4% YoY drop in net profit at ₹34.8 crore in Q4FY24. The company's revenue from operations fell 15.3% to ₹273.4 crore.
Intellect Design Arena: The company reported a 1% decline in revenue to ₹612 crore YoY in Q4FY24. The company’s board has recommended a final dividend of ₹3.50 per share for the financial year ended March 31, 2024.
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