STOCK TO WATCH:- Maruti Suzuki India: The country's largest c | Stock Market News🇮🇳

STOCK TO WATCH:-

Maruti Suzuki India: The country's largest car maker has recorded a standalone net profit of Rs 3,878 crore for the quarter ended March FY24, growing 47.8 percent over a year-ago period, partly driven by strong operating numbers and higher other income, but overall numbers are below analysts' expectations. Revenue from operations grew by 19.3 percent on-year to Rs 38,235 crore, with sales volume rising 13.4 percent to 5.84 lakh units during the same period. EBITDA increased by 40 percent year-on-year to Rs 38,235 crore with a margin expansion of 170 bps at 12.2 percent in the quarter. The company has recommended the highest-ever dividend of Rs 125 per share for FY24.
Vodafone Idea: ATC Telecom Infrastructure has exited the telecom operator by selling its entire shareholding of 144 crore equity shares (equivalent to 2.87 percent of paid-up equity) at an average price of Rs 12.78 per share via open market transactions, valued at Rs 1,840.3 crore. However, Citigroup Global Markets Mauritius has net bought 48,13,75,145 equity shares in Vodafone at an average price of Rs 12.7 per share.
HCL Technologies: The global IT services company has reported a net profit of Rs 3,986 crore for the March FY24 quarter, falling 8.4 percent over the previous quarter impacted by weak operating numbers, and overall numbers came in below analysts' estimates. Revenue from operations grew by 0.2 percent sequentially to Rs 28,499 crore for the quarter, while dollar revenue growth stood at 0.4 percent and revenue in constant currency terms grew by 0.3 percent QoQ. The board has declared an interim dividend of Rs 18 per share for FY24. HCL Tech sees revenue growth in constant currency terms in the range of 3-5 percent for FY25 and an EBIT margin of 18–19 percent.
SBI Life Insurance Company: The insurance company has recorded net profit at Rs 810.8 crore for the January–March FY24 quarter, growing 4.4 percent over the year-ago period. Net premium income for the quarter grew by 26.2 percent year-on-year to Rs 25,116.5 crore, and net commission at Rs 851.4 crore declined by 2.3 percent during the same period.
ICICI Bank: The private sector lender has recorded standalone net profit at Rs 10,707.5 crore for the quarter ended March FY24, growing 17.4 percent over a year-ago period on lower provisions for bad loans. Overall, earnings were ahead of analysts' estimates. Net interest income grew by 8.07 percent year over year to Rs 19,093 crore for the quarter. Asset quality improved with the gross NPA declining 14 bps sequentially to 2.16 percent and the net NPA falling 2 bps to 0.42 percent in Q4 FY24.
RBL Bank: The private sector lender has reported standalone net profit of Rs 353 crore for the March FY24 quarter, rising 30 percent over the same period in the in the previous fiscal year with lower provisions and a sharp increase in operating profit and other income. Net interest income grew by 18 percent year-on-year to Rs 1,600 crore for the quarter, with net interest margin declining 17 bps YoY (down 7 bps QoQ) to 5.45 percent. Asset quality improved as the gross NPA was down 47 bps QoQ at 2.65 percent and the net NPA declined 6 bps at 0.74 percent in Q4 FY24.
Apollo Hospitals Enterprise: Apollo HealthCo (Apollo 24/7, or AHL), a subsidiary of Apollo Hospitals Enterprise, has entered into a binding agreement to raise equity capital of Rs 2,475 crore from global private equity investor Advent International. In addition, Apollo 24/7 will merge Keimed, the wholesale pharma distributor, with itself in a phased manner over the next 24–30 months. Advent will invest in compulsory convertible instruments in two tranches to secure a 12.1 percent stake in the merged entity by valuing the combined entity at an enterprise value of Rs 22,481 crore.
IDFC First Bank: The lender has registered net profit at Rs 724 crore for the March FY24 quarter, falling 9.8 percent compared to the corresponding period of the of the previous fiscal year, impacted by higher provisions.