Nestle, Bajaj Auto, LIC, Vedanta, Airtel, Crompton Greaves, and Others

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Stocks to Watch Today: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 17,794.50, up 35.5 points or 0.20% from the previous close.

Results Today 

Bajaj Auto, Nestle India, Tata Consumer Products, and HDFC AMC will be in focus today as the companies will announce their fourth-quarter results.


HDFC Bank: HDFC Bank on Monday announced that it to acquire a 20% or more stake in Griha Pte, a wholly-owned subsidiary of HDFC Investments, after it received regulatory clearance from the Monetary Authority of Singapore (MAS). This would result in HDFC Bank acquiring or holding, directly or indirectly, 20% or more of the issued share capital of Griha Pte; or controlling, directly or indirectly, 20% or more of Griha Pte, said HDFC Bank in a regulatory filing.

Reliance Industries/Bharti Airtel: Telecom operators are unlikely to raise tariffs in the current fiscal year due to intensifying competition in the postpaid segment and looming general elections, weighing on average revenue per user (ARPU), according to analysts and industry insiders, who expect price hikes to now happen only in FY25. Analysts at Emkay India Equities Research noted the need for an increase in tariffs since telcos were not earning the required rate of return and would have to recover the investments made towards implementing 5G networks.

LIC: Life Insurance Corporation (LIC) on Monday informed that its premium for the fiscal year 2022-23 rose by 17% to Rs 2.32 lakh crore. During the previous year, the premium amount stood at Rs 1.99 lakh crore. The data from LIC indicated that the private insurers collected a considerable amount of premium in March due to last-minute customer rush. The rush was observed as customers wanted to get the benefits ahead of the 1 April withdrawal of tax exemptions for non-linked policies. In terms of premiums collected, it continues to hold a market share of 62.58% as on March 2023, LIC said in a statement.

Vedanta: Anil Agarwal-promoted Vedanta Resources Ltd, the parent company of Vedanta Ltd, announced on Monday that it has paid off all maturing loans and bonds due in April, reducing its gross debt by an additional $1 billion. “Vedanta has now reduced debt by $3 billion since it announced in February 2022 its intention to accelerate deleveraging and reduce its debt by $4 billion within 3 years. Vedanta has thereby achieved 75% of its committed reduction in just 14 months,” the company said in a statement.

L&T Technology Services: Life Insurance Corporation of India on 24 April announced that its shareholding in L&T Technology Services Ltd from 4.988%to 5.008% of the paid-up capital, it said in a regulatory filing. As per the LIC statement, its shareholding in L&T Tech rose from 52,68,029 to 52,89,396 equity shares. Among other details, the LIC said, “Holding in the company (L&T Tech) crossed 5% and the acquisition of shares were done during the period from 20.10.2021 to 21.04.2023 at an average cost of INR 4140.67.”

ICICI Prudential: ICICI Prudential Life Insurance and Bajaj Allianz have been issued show-cause notices for evading taxes since 2017, as part of an Income Tax Department probe spanning 16 insurers for evading about Rs 5,000 crore in unpaid dues, news agency Reuters reported. The DGGI officials have estimated that the insurance companies under probe owe about Rs 5,000 crore in unpaid taxes, interest and penalties since July 2017, when the government implemented the GST, the report said.

Century Textiles: Century Textiles and Industries Ltd, the flagship company of Aditya Birla Group, reported a 68.8% year-on-year (YoY) rise in the consolidated profit at Rs 145.27 crore for the fourth quarter ended March 31, 2023. Century Textiles posted a consolidated net profit of Rs 86.07 crore in the corresponding quarter of the previous financial year (Q4FY22). The textile and paper manufacturing and export unit has reported revenue from operations of Rs 1,208.54 crore in the fourth quarter as against Rs 1,210.72 crore a year ago period.

IPCA Lab/Unichem Lab: IPCA Laboratories Ltd has signed a definitive agreement with Unichem Laboratories Ltd to acquire a 33.38% stake for Rs 1,034.06 crore on Monday, according to an exchange filing. In a regulatory statement, the company that manufactures Pacimol paracetamol tablets also stated that it would make an open offer to Unichem’s shareholders to buy an additional 26% interest for Rs 805.44 crore. After receiving approval from the Competition Commission of India in accordance with the Competition Act, 2002, the shares would be purchased for Rs 440 per share.

Crompton Greaves Consumer Electricals: Crompton Greaves Consumer Electricals Ltd on 24 April elevated Shantanu Khosla as the Executive Vice-Chairman, while in another announcement said that it is appointed ex-Temasek India Deputy Head Promeet Ghosh as the Managing Director & CEO. Earlier, citing his perusal for other career interests, the firm’s CEO and Executive Director, Mathew Job, has resigned. He will step down as the executive director with effect from the close of business hours on Monday, and as the CEO with effect from the close of business hours on 30 April, 2023.

Mahindra Logistics: Mahindra Logistics Ltd reported a consolidated net loss after tax of Rs 82 lakh for the quarter ending March 2023. The logistics arm of Mahindra Group braced a difficult quarter with higher operating expenses in a weak-demand environment. The Q4 results are in stark difference to the Rs 7.4 crore profit, the company made a year ago. According to analysts, third-party logistics providers like Mahindra Logistics are encountering difficulties due to a decrease in demand caused by reduced activity in e-commerce and consumer durable segments.

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