Cipla, Bajaj Auto, Adani Ports, Maruti Suzuki, AU SFB, and Others

Spread the love

Stocks to Watch Today: The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,824, down 33.5 points or 0.19% from the previous close.

Results Today

Bajaj Finance, Maruti Suzuki, HDFC Life, SBI Life, and L&T Tech will be in focus today as the companies will announce their fourth quarter results.

Cipla: Cipla said its US arm Madison Pharmaceuticals will be dissolved with effect from 28 April 2023.

Bajaj Auto: Bajaj Auto’s standalone net profit fell 2% to Rs 1,433 crore for the fourth quarter ended March. It was Rs 1,469 crore in the same period last year.

Kotak Bank: The Reserve Bank of India may be examining the proposal to re-appoint billionaire banker Uday Kotak as a non-executive director on the board of Kotak Mahindra Bank after his term ends in December, a person familiar with the matter said. On 21 April, 99% of the shareholders of Kotak Mahindra Bank voted in favour of naming Uday Kotak as the non-executive non-independent director of the bank after he steps down as the managing director and chief executive officer. The appointment of non-executive directors on a bank’s boards does not require RBI’s approval but the regulator could intervene if it feels the appointment fails to meet its fit-and-proper criteria.

Adani Ports: Adani Ports and Special Economic Zone (APSEZ) decision to buy back as much as USD 130 million of its July 2024 bonds is an opportunistic exchange, reflecting the company’s proactive management of upcoming debt maturities in advance, S&P Global Ratings said on Tuesday. Adani Ports and Special Economic Zone (APSEZ) on Monday started the first debt buyback programme since billionaire Gautam Adani’s conglomerate was targeted by a US short-seller in January. “…the transaction, if accepted by investors, will facilitate Adani Ports’ strategy to reduce refinancing risks,” the rating agency said.

Tata Consumer Products: Tata Consumer Products reported a 21.12% rise in its consolidated net profit at Rs 289.56 crore in the fourth quarter ended on March 31, 2023, led by a mixed growth from volume and price in India business. The company had posted a net profit of Rs 239.05 crore in the January-March quarter a year ago, said TCPL, in a BSE filing. Its revenue from operations was up 13.96% to Rs 3,618.73 crore during the quarter under review as against Rs 3,175.41 crore in the corresponding period of the preceding fiscal.

Maruti Suzuki: India’s leading automaker Maruti Suzuki India on Tuesday said it has upgraded its entire range of vehicles to meet the BSVI emission norms. The automaker said that its all hatchbacks, sedans, MPVs (multi-purpose vehicles), SUVs (sports utility vehicles) and commercial vehicles are now compliant with the new BSVI phase-II real driving emissions (RDE) norms. It also said that its vehicles are compatible with E20 fuel as well.

L&T: Larsen and Toubro Ltd (L&T) on Tuesday said that its Power Transmission & Distribution (PT&D) business of L&T Construction has secured ‘significant’ engineering, procurement, and construction (EPC) orders in India and overseas. The company classifies an order ranging between Rs 1,000 crore to Rs 2,500 crore in size as a significant order. The stock was trading at 0.60% of Rs 2,243.30 on BSE. Larsen and Toubro Ltd (L&T) has also bagged a power supply system order for the second phase of Chennai Metro.

HDFC Asset Management Co: HDFC Asset Management Company on Tuesday reported a 9% growth in profit after tax (PAT) to Rs 376.1 crore for the three months ended March 2023. In comparison, the company posted a PAT of Rs 343.5 crore in the year-ago period, the fund house said in a regulatory filing. The firm’s total income grew by 10 per cent to Rs 637.8 crore in the quarter under review from Rs 580.9 crore in the January-March quarter of 2021-22 (FY22).

Anupam Rasayan: Speciality chemical firm Anupam Rasayan on Tuesday said it has bagged a Rs 380-crore order from an American firm to supply new-age specialty chemical advance intermediate for the next 5 years. The company has signed a Letter of Intent worth a revenue of USD 46 million ( Rs 380 crore) with an American multinational company to supply new-age specialty chemical advanced intermediate for the next 5 years. This product will be manufactured in its upcoming multipurpose manufacturing facilities.

Glenmark: Glenmark Pharmaceuticals on Tuesday said it will pay USD 87.5 million to three plaintiff groups to settle multiple antitrust and consumer protection lawsuits in the US related to a generic drug. There were multiple antitrust and consumer protection lawsuits, including a class action, consolidated in the Eastern District of Virginia against the company and its subsidiary Glenmark Pharmaceuticals Inc. in connection with generic Zetia, a drug for the treatment of cholesterol, the Mumbai-based drug maker said in a regulatory filing.

AU Small Finance Bank: AU Small Finance Bank surpassed the street’s expectations in terms of bottom-line performance for the quarter ending March 31, 2022 (Q4FY23) period. The SFB garnered 22.7% growth in net profit to Rs 424.6 crore in Q4FY23 compared to Rs 346.07 crore in the same quarter last year. The bank posted healthy growth in interest income, while provisions dipped sharply year-on-year and asset quality improved further. However, Q4 PAT witnessed a single-digit growth of 8.09% from a profit of Rs 392.82 crore in the December 2022 quarter.

Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Read all the Latest Business News, Tax News and Stock Market Updates here

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.