Stocks to Watch: L&T, Dr Reddy’s, Adani Ent, HDFC Bank, Vodafone Idea, and Others
The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,405, up 46.5 points or 0.25% from the previous close.
L&T: Engineering behemoth Larsen & Toubro reported a 10% year-on-year (YoY) growth in consolidated net profit for the March quarter to Rs 3,987 crore. Consolidated revenue from operations rose 10.4% YoY to Rs 58,335.15 crore.
Adani Enterprises/Adani Green: Adani Enterprises announced that the company’s board will hold a meeting on May 13 to approve the proposal of raising funds. This comes months after the company withdrew its ₹20,000-crore follow-on public offer (FPO) in February amid the Hindenburg row which wiped out more than $140 billion of the port-to-power conglomerate’s market value. The group’s renewable-energy arm Adani Green Energy also announced that it will look to raise funds after approval of the proposal in its board meeting to be held on May 13, Saturday.
Dr Reddy’s Laboratories: Pharma giant, Dr Reddy’s Lab posted a consolidated net profit of ₹959 crore for the fourth quarter of FY23, rising by multi-fold on a year-on-year basis. Revenue also picked up traction YoY. However, the Q4FY23 performance was feeble on a quarter-on-quarter basis across key parameters. The company has declared a hefty dividend of 800% for shareholders. The drug maker saw strong growth in Q4FY23 PAT by 10 folds or 996% from a profit of ₹87.5 crore in Q4FY22, while revenue jumped by 16% to ₹6,296.8 crore as compared to ₹5,436.8 crore in the corresponding period of last fiscal.
HDFC Bank: HDFC Bank on Wednesday said markets regulator Securities and Exchange Board of India (Sebi) has granted its final approval for the proposed change in control of HDFC AMC. Market regulator Sebi through its letter dated May 10, 2023, to HDFC Asset Management Company Limited, a subsidiary of HDFC Ltd and the investment manager of HDFC AMC AIF II, has granted its final approval for the proposed change in control of HDFC AMC, the private sector lender said in a stock exchange filing.
Godrej Consumer Products: FMCG major Godrej Consumer Products Ltd (GCPL) on Wednesday said the company has decided to raise Rs 5,000 crore through the issuance of non-convertible debentures (NCDs). The company plans to raise the funds through the issuance of unsecured non-convertible debentures (NCDs) will be on a private placement basis in one or more tranches. Last month, GCPL announced the acquisition of the FMCG business of Singhania-controlled Raymond along with brands Park Avenue, Kamasutra, and Premium for Rs 2,825 crore.
Hindalco: Hindalco-backed Novelis posted a net income attributable to common shareholders of $156 million down by 27% YoY in the fourth quarter of FY23. Also, adjusted EBITDA and net sales declined by 6% and 9% YoY. Overall, the company’s performance is in line with estimates. Following Novelis earnings, Hindalco continues to be a preferred pick in the metal space. In Q4FY23, Novelis’ net income decreased 27% versus the prior year to $156 million in the fourth quarter of fiscal year 2023.
Escorts Kubota: Escorts Kubota Ltd reported a 13.4% on-year rise in its consolidated net profit for the quarter ended March 2023. The Q4FY23 consolidated net profit stood at Rs 216.5 crore as compared to Rs 190.0 crore in Q4FY22. Consolidated revenue from operations of the company for Q4FY23 was Rs 2,214.5 crores, up 17.4% from Rs 1,886.6 crore in the same quarter last year. EBIDTA was Rs 233.2 crore for the quarter that ended in March 2023 as compared to Rs 248.2 crore for the same quarter the year before.
Vodafone Idea: Vodafone Idea Ltd is expected to unveil a revival plan within a month following the government’s acquisition of equity in the struggling telecom company, telecom secretary K. Rajaraman said in an interview. The return of Aditya Birla group chairman Kumar Mangalam Birla to the board of the telco is a positive step, and Vodafone Idea is in talks with financial institutions to raise the capital needed for the company’s 5G rollout plans, Rajaraman said.
Uno Minda: Uno Minda Ltd has initiated arbitration against its joint venture partner, Westport Fuel Systems, alleging violations of their exclusivity agreement over the past three years. At the Singapore International Arbitration Centre, Westport is being sued by the Indian company for damages worth ₹250 crore. Uno Minda has claimed that Westport breached the agreement by supplying CNG components directly to other clients and bypassing the joint venture, which resulted in lost business opportunities, according to a regulatory filing.
Gujarat Gas: Leading city gas distributor (CGD) Gujarat Gas announced its Q4FY23 results on May 10, reporting a fall in net profit by 16 per cent to Rs 369 crore, compared to Rs 444 crore in the corresponding period last year. The company’s board has declared a dividend of Rs 6.65 per equity share of Rs 2 each to the shareholders for fiscal 2022-23. Revenue from operations for the January-March quarter came in at Rs 4,073.82 crore, registering a decline of 14 per cent, compared to Rs 4,773.37 crore in the year-ago period.
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