Stocks to watch: Vedanta, Tata Power, Gland Pharma, PFC, Cummins India

Vedanta: The company reported a 36.5% increase in consolidated net profit to ₹3,606 crore for the quarter ended June 30, 2024, compared to ₹2,640 crore in the same period last year. Revenue from operations rose 5.6% to ₹35,239 crore. EBITDA increased by 47% YoY to ₹10,275 crore, with an EBITDA margin of 34%, up from 24% last year. Executive Director Arun Misra highlighted a 47% improvement in EBITDA and a 54% increase in PAT due to improved margins and cost reduction.

Tata Power: The company reported a consolidated net profit of ₹1,188.63 crore for Q1FY25, up 4% YoY from ₹1,140.97 crore, and a 13% sequential increase from ₹1,045.59 crore in Q4FY24. Revenue rose 13.6% to ₹17,293.62 crore from ₹15,213.29 crore last year. EBITDA jumped 11% to ₹3,350 crore from ₹3,005 crore. CEO Praveer Sinha highlighted all-time high PAT growth for the 19th consecutive quarter, with a clean and green installed capacity of 6.1 GW and another 5.3 GW under execution.

Raymond: The company reported a 26.7% increase in consolidated net profit from continuing operations to ₹57.04 crore for Q1FY25 from ₹45.02 crore last year. Revenue from continuing operations rose to ₹937.65 crore from ₹473.37 crore. The company completed the demerger of its lifestyle business into Raymond Lifestyle Ltd, with its listing expected in Q2. Chairman Gautam Hari Singhania highlighted expansion in real estate and promising aerospace business performance following the acquisition of MPPL.

PB Fintech: The parent company of PolicyBazaar, Paisabazaar and PB Partners, reported a net profit of ₹60 crore for Q1FY25, turning from a loss of ₹12 crore in the same period last year. Revenue rose to ₹1,010 crore, up 52% from ₹666 crore last year, driven by a 62% growth in online business premiums, particularly a 78% spike in health and life insurance segments. Total insurance premium for the quarter was ₹4,871 crore, with renewals and trial ARR at ₹559 crore, up from ₹418 crore last year.

Infosys: The Indian government is firm on its substantial tax demand to Infosys, the country’s second-largest IT services firm, with no relaxation considered. Infosys sought a ten-day extension to respond to the ₹32,000 crore tax demand related to services from overseas branches between July 2017 and FY22, equivalent to 85% of its revenue for the quarter ended June 30. Infosys stated that the demand for FY18, amounting to ₹38.98 billion, has been closed.

Gland Pharma: The company reported a 25.9% YoY decline in net profit to ₹143.8 crore for Q1FY25, with revenue up 16% to ₹1,401.7 crore. EBITDA was down 10% to ₹264.4 crore. The company plans to grow through acquisitions and new product launches despite challenges from the European holiday season and maintenance shutdowns.

Bosch: The company reported a 13.8% YoY increase in net profit to ₹465.4 crore for Q1 FY25, with revenue up 3.8% to ₹4,316.8 crore. EBITDA was up 11.1% to ₹519.7 crore, and EBITDA margin stood at 12%. Automotive segment's sales grew 4.1%, power solutions by 2.3%, mobility aftermarket by 8.1%, and beyond mobility by 5.8%, driven by consumer demand and market growth.

Lupin: The company reported a 77.2% YoY jump in net profit to ₹801.3 crore for Q1FY25, with revenue up 16.3% to ₹5,600.3 crore. EBITDA was up 22.9% to ₹1,240.9 crore. Lupin plans to grow consistently with significant investments in R&D and capital expenditure, despite a slight decline in share price post-results.

Reliance Industries: Reliance Jio announced the discontinuation of its ₹395 and ₹1,559 prepaid plans, popular for unlimited 5G data and extended validity, following a substantial tariff increase effective July 3, 2024. The ₹395 plan offered 84 days of validity, while the ₹1,559 plan provided 336 days, both with unlimited 5G data, the base plan will see a 22% increase from ₹155 to ₹189, with similar hikes across various plan categories, including the 1 GB per day plan rising from ₹209 to ₹249, and the 2 GB per day plan from ₹299 to ₹349.

Power Finance Corporation: The company posted a 20% rise in consolidated net profit to ₹7,182.06 crore for Q1FY25 from ₹5,982.14 crore last year. Total income rose to ₹24,736.68 crore from ₹21,017.81 crore. The board approved an interim dividend of ₹3.25 per equity share, with August 30, 2024, as the record date for eligibility, and payment by September 5, 2024.

IIFL Finance: The company reported a ₹23-crore loss for Q1FY25, down from a ₹151-crore profit last year. Revenue was flat at ₹1,012 crore, impacted by RBI’s ban on gold loans, leading to a 35% reduction in its gold loan book to ₹6,265 crore. The company raised ₹1,271.83 crore through an equity rights issue to ensure financial stability.

Gujarat Gas: The company reported a 53% increase in consolidated net profit to ₹330 crore for Q1FY25 from ₹215 crore last year. Revenue rose 18% to ₹4,615 crore from ₹3,924 crore, driven by robust volume growth. The company added over 37,400 new domestic customers and 2,00,000 scmd volume from new industrial customers.

Canara Bank: The government has nominated Rohit Das as RBI nominee director on Canara Bank’s board, replacing R Kesavan, effective immediately. Das, with 26 years of experience, has worked in various central office departments in Mumbai, including Risk, External Investments and Operations, and Supervision. He was the senior supervisory manager for Kotak Group and IDFC Group.

PI Industries: The company reported a 17.2% YoY increase in net profit to ₹448.8 crore for Q1FY25, with revenue up 8.3% to ₹2,068.9 crore. EBITDA surged 24.7% to ₹583.2 crore, and EBITDA margin stood at 28.2%.

Cummins India: The company reported a 33% YoY jump in standalone net profit to ₹419.8 crore for Q1FY25, with revenue up 4.3% to ₹2,304.2 crore. EBITDA jumped 37.2% to ₹467.4 crore, and EBITDA margin stood at 20.3%. The board approved Shveta Arya as an additional director and managing director designate, effective August 8, 2024, and whole-time managing director from September 1, 2024.

Hindalco: The CBI is probing allegations of green clearance violations for coal mining in Odisha from 2000 to 2013, naming Hindalco Industries and then-MoEF Director T Chandini among the accused. Hindalco allegedly mined 3.045 million tonnes of excess coal, and Chandini allegedly misused her position to aid the company, with further environmental clearance granted in violation of prohibitions in critically polluted areas.

State Bank of India: The government has approved the appointment of Challa Sreenivasulu Setty as Chairman of SBI for a three-year term, effective August 28. Rana Ashutosh Kumar Singh has been appointed as Managing Director. Currently, Setty is a Managing Director, and Singh is a Deputy Managing Director at SBI.

Tata Consumer Products: Kotak Mahindra Mutual Fund’s Equity Arbitrage Fund purchased 1,83,768 equity shares of the company, representing 0.02% of the paid-up equity, at an average price of ₹373.54 per share.

Suzlon Energy: The company will acquire a 76% stake in Renom Energy Services from the Sanjay Ghodawat Group in two or more tranches. The first tranche involves a 51% stake for ₹400 crore, and the second tranche will acquire an additional 25% stake within 18 months for ₹260 crore.

EIH: The company's consolidated Q1 net profit declined 8.8% YoY to ₹96.8 crore, compared to ₹106 crore in the year ago period. Revenue grew 5.7% to ₹526.5 crore, compared to ₹498.1 crore in the year ago period.

Fortis Healthcare: The company's consolidated Q1 net profit spiked 40.4% YoY to ₹173.98 crore, compared to ₹123.95 crore in the year ago period. Revenue increased 12.1% to ₹1,858.9 crore, compared to ₹1,657.4 crore in the year ago period.

Linde India: The company's consolidated Q1 net profit jumped 13.8% YoY to ₹113.7 crore, compared to ₹99.88 crore in the year ago period. Revenue fell 9.4% to ₹653.2 crore, compared to ₹721 crore in the year ago period.

Chambal Fertilisers and Chemicals: The company's consolidated Q1 net profit zoomed 32.4% YoY to ₹448.3 crore, compared to ₹338.6 crore in the year ago period. Revenue declined 11.7% to ₹4,933.2 crore, compared to ₹5,589.3 crore in the year ago period.

Krsnaa Diagnostics: The company's Q1FY25 consolidated net profit increased 22.4% YoY to ₹17.9 crore, compared to ₹14.6 crore in the year ago period. Revenue grew 22% to ₹170.2 crore, compared to ₹139.6 crore in the year ago. The company's CEO Prashant Pandurangrao Deshmukh also resigned from his role.

Rain Industries: The company's consolidated loss stood at ₹44.9 crore, compared to a profit of ₹206.5 crore in the year ago period. Revenue fell 11.5% to ₹4,094.1 crore, compared to ₹4,627 crore in the year ago period.

Bata India: The company's Q1 consolidated net profit surged 62.8% YoY to ₹174 crore, compared to ₹106.9 crore in the year ago period. Revenue fell 1.4% to ₹944.6 crore, compared to ₹958.1 crore in the same period last year. The company also reported exceptional gains of ₹133.95 crore in the quarter.

Gulf Oil Lubricants India: The company's consolidated Q1 net profit jumped 24% YoY to ₹84.3 crore, compared to ₹68 crore in the year ago period. Revenue increased 10.1% to ₹894 crore, compared to ₹811.7 crore.

VIP Industries: The company's consolidated Q1 net profit dropped 93% YoY to ₹4.04 crore, compared to a net profit of ₹57.8 crore in the year ago period. Revenue rose 0.4% to ₹638.9 crore, compared to ₹636.1 crore in the year ago period.

Akums Drugs and Pharmaceuticals: Smallcap World Fund Inc bought a 1.64% stake in the company at an average price of ₹753.84 per share.

Zydus Wellness: Quant Mutual Fund bought a 1.68% stake in the company at an average price of ₹2,201.4 per share, while Threpsi Care LLP sold a 2.67% stake at the same average price.

G R Infraprojects: The company has emerged as the L1 bidder for establishing a transmission scheme for the integration of Tumkur-II REZ in Karnataka.