Stocks to watch on April 27: Nifty futures contracts traded on the Singapore exchange indicated a negative start for local equities. The contract was trading at 17,867.50, down 46.5 points or 0.26 percent from the previous close.
HUL, Axis Bank, Bajaj Finserv, Wipro, LTIMindtree, Tech Mahindra and Laurus Labs will be in focus today as companies announce their fourth-quarter results.
Bajaj Finance: Consumer financier Bajaj Finance Ltd on Wednesday reported a 30 per cent year-on-year rise in consolidated net profit for the three months to March at Rs. 3,158 crore was recorded, due to higher interest income. Net interest income (NII) rose 28 per cent in the March quarter of FY23 to Rs. 7,771 crore as against Rs. 6,061 crores. In FY23, the company had a core AUM of Rs. 55,292 crore was added. In Q4, Bajaj Finance said it added 3.09 million new franchise customers.
lapses Air conditioning manufacturer Voltas Ltd on April 26 reported a 21.6 per cent decline in its consolidated net profit for the March 2023 quarter to Rs 143.23 crore. The Tata group-owned company has set a target of Rs. 182.71 crore in consolidated net profit, the company said in a regulatory filing. However, during the financial year under review 2022-23, income from operations increased by 11.5 percent to Rs. 2,936.76 crore which was Rs. 2,633.72 crores.
Rail Development Corporation Limited: The Union Finance Ministry on Wednesday approved the upgrade of Rail Vikas Nigam Limited (RVNL) from Category-I Mini Ratna to Navaratna Central Public Sector Enterprise (CPSE). RVNL, a public sector undertaking under the Ministry of Railways, will be the 13th Navaratna among CPSEs. This means that the company will have more autonomy in terms of investments, setting up joint ventures and other financial decisions.
HDFC Life: Leading life insurance company, HDFC Life in the March 2023 quarter posted Rs. 358.66 crore posted standalone PAT, up from Rs. 315.22 crore had increased by 13.8 percent. The company paid per equity share Rs. A dividend of 1.90 was declared. The insurer closed FY23 on a strong note delivering growth across all key metrics. However, on a year-on-year basis, the growth in PAT in Q4 of FY22 was Rs. 357.52 crore was only 0.31 percent of the profit. HDFC Life saw a double-digit growth in net premium income in Q4FY23 at Rs. 19,426.57 crore, up 35.9 percent YoY and 35.1 percent QoQ.
Infosys: Infosys, the Indian IT giant, on Wednesday said it has collaborated with Walmart Commerce Technologies to help retailers leverage technology solutions that simplify customer and employee experiences. The Bangalore-based IT giant will help retailers implement and use Store Assist, which enables them to provide “seamless omnichannel experiences” like in-store pickup, delivery and shipping for both employees and customers, Infosys said in a statement.
L&T Technology Services: Engineering firm L&T Technology Services in the fourth quarter of fiscal 2023 reported Rs. 309.6 crore in net profit. The company reported a year-on-year growth of nearly 18 percent in net profit. The revenue of also saw an increase of 19 percent and during the quarter it stood at Rs. 2096.2 crores reached. Transportation, which is the largest segment and accounts for 34.5 percent of the overall revenue, grew significantly by 23.9 percent during Q4. For fiscal year 2023, the company had reported around 22 percent growth in both net profit and revenue.
Union Bank of India: Public sector lender Union Bank of India on Wednesday raised its Rs. Announced plans to raise funds up to 10,100 crores. Investors cheered Union Bank after it raised fresh capital, sending the stock up nearly 2 percent on the BSE. The meeting of the Board of Directors of Union Bank was held on April 26. It was decided to raise funds here. As per a regulatory filing, the bank’s capital plan is Rs. 10,100 crore should not exceed the amount.
SBI Life: SBI Life Insurance Company reported double-digit growth in both PAT and net premium income in the fourth quarter of FY23. SBI reported 15.57 percent growth in PAT in Q4FY23 at Rs. 776.85 crore as against Rs. 672.15 crore was the profit. Net premium income in the fourth quarter of the previous fiscal stood at Rs. 17,433.77 crore, up 14.1 percent to Rs. 19,896.92 crores. Sequentially, the December 2022 quarter reported Rs. SBI Life’s PAT increased by 155.43 percent compared to Rs 304.13 crore.
KEC International: Infrastructure engineering, procurement and construction company KEC International said it has invested Rs. 1,017 crore in new orders received. RPG Group Company’s Transmission and Distribution (T&D) business has bagged an order for 765 kV transmission line from a private developer in India. In the civil business segment, it has bagged orders for industrial and residential projects in India. The company’s cable business has also bagged orders for supply of various types of cables in India and abroad.
Coffee Day Enterprises: The National Financial Reporting Authority (NFRA) has barred the Karnataka-based auditor for 10 years citing deficiencies in the FY20 statutory audit of Mysore Amalgamated Coffee Estates Ltd, a group entity of Coffee Day Enterprises Ltd, an official order said. The audit regulator said its investigation showed that the auditor had failed to meet the relevant requirements of auditing standards in a number of significant aspects and had demonstrated a serious lack of competence.
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