2024-05-30 06:50:06
Stocks to watch-
Tata Steel: The steelmaker reported a 64% YoY fall in Q4 profit to ₹611.48 crore, amid lower steel realizations and poor performance in international operations. The company's consolidated revenue fell 6.7% to 58,687.3 crore. The board approved the issue of additional debt securities up to ₹3,000 crore and the infusion of up to $2.11 billion into a wholly-owned subsidiary to repay debt and support restructuring costs at Tata Steel UK.
Alkem Laboratories: The company reported a three-fold increase in its consolidated net profit for Q4FY24 to 293.56 crore, driven by the derecognition of deferred tax. The company posted a modest YoY revenue increase of 1.1% for the quarter, totalling 2,935.8 crore.
Cummins India: The company posted a 50% YoY rise in consolidated profit after tax at ₹530.5 for the March quarter, supported by robust demand in domestic and international markets. Revenue came in at 2,319 crore, up 19.9%.
Jubilant Pharmova: The company reported an over two-fold increase in consolidated profit after tax at ₹61 crore for Q4FY24. Total income from operations stood at 1,773 crore in the fourth quarter as against 1,683 crore in the year-ago period.
SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank: S&P Global Ratings revised its rating outlook on six Indian banks (State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank) to Positive from Stable.
GMR Airports Infrastructure: The company narrowed its net loss to ₹167.6 crore, a significant improvement from a loss of ₹638.9 crore last year. Revenue jumped 29.5% to ₹2,446.8 crore, up from 1,889.7 crore.
GR Infraprojects: The company reported a 42% spike in profit to ₹553.1 crore, up from ₹389.7 crore. Revenue rose slightly by 1% to ₹2,485.1 crore, compared to ₹2,461.1 crore last year. The company also reported an exceptional gain of 306.3 crore.
SJVN: The company reported a 255% jump in profit to ₹61.1 crore, up from 17.2 crore. However, revenue fell by 4.1% to 482.9 crore, down from ₹503.8 crore. The company also reported an exceptional gain of ₹103.84 crore. Separately, SJVN has received board approval for signing a Joint Venture Agreement with Indian Oil Corporation to form a joint venture company for developing green RTC/renewable projects and other new technology-based projects.
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