Close Menu
    Trending
    Ensuring Authenticity, Upholding Trust
    Thursday, March 12

    Top Stocks to Monitor: Tata Consumer, Hindustan Unilever, ICICI Prudential Life Insurance, Tata Elxsi, Lupin, Dr. Reddy’s

    Business News 6 Mins Read
    1. Tata Consumer Products reported a 22.5% decrease in net profit, totaling ₹267.7 crore in Q4FY24, down from ₹345.6 crore in Q4FY23. However, operational revenue for the quarter increased by 8.5% to ₹3,927 crore in Q4FY24 from ₹3,619 crore in Q4FY23. From an operational perspective, EBITDA for the March quarter was ₹629.6 crore, marking a 23% growth from the ₹511.7 crore reported in the same period last year. The EBIT margin increased by 160 basis points to 16%, compared to 14% in the year-ago period. The group’s net profit before exceptional items stood at ₹427 crore, a 46% increase driven by robust operational performance and one-time tax credits during the quarter. Additionally, the board proposed a final dividend of 775% for FY24, translating to ₹7.75 per equity share of ₹1 each, subject to shareholders’ approval.
    2. Dr. Reddy’s Laboratories announced the proactive withdrawal of six lots of a medication designed to lower blood phenylalanine (Phe) levels from the US market due to subpotency. This action was taken because of powder discoloration in some packets, resulting in reduced potency and potentially increased Phe levels in patients. Persistently high Phe levels in infants and children can lead to permanent neurocognitive deficits, including irreversible intellectual disability, developmental delay, and seizures.
    3. Hindustan Unilever is expected to report subdued earnings growth for Q4FY24, with revenue projected to increase by 1.16% to ₹15,067 crore in Q4FY24 from ₹14,893 crore in the same period last year. Volume growth for the quarter is expected to be around 3%. Net profit for the quarter ending March 2024 is projected to increase by 2.71% to ₹2,538 crore from ₹2,471 crore year-on-year. On the operational front, EBITDA for Q4FY24 is expected to rise by 0.60% to ₹3,492 crore from ₹3,471 crore year-on-year. The EBITDA margin is estimated to remain steady at 23.2% year-on-year due to increased advertising expenditures and higher other expenses.
    4. Lupin received an Establishment Inspection Report (EIR) from the US FDA for its manufacturing facility in Aurangabad, classifying it as Voluntary Action Indicated (VAI). The company’s Board of Directors meeting is scheduled for May 6, 2024, to review and record the audited financial results for the quarter and year ending March 31, 2024, and discuss potential dividend recommendations.
    5. ICICI Prudential Life Insurance reported a decrease in its new business margin due to a sustained drop in demand for high-value policies, with the Value for New Business (VNB) dropping by 19.5% to ₹22.27 billion ($267 million) for the year ending March 31. The linked segment accounted for 43.2% of the overall product mix by Annualised Premium Equivalent (APE) for the year, with APE sales increasing by 4.7%. The company reported a net premium income growth of 17% to ₹147.88 billion for the three months ending March 31. However, the company’s profit after tax for the fourth quarter decreased by 26% to ₹1.74 billion from the previous year.
    6. The Ministry of Heavy Industries received seven bids for the Production Linked Incentives (PLI) scheme to manufacture 10 GWh Advanced Chemistry Cells (ACC), seven times the manufacturing capacity to be awarded. The tender attracted bids from Amara Raja Advanced Cell Tech, Reliance Industries, JSW Neo Energy, Lucas TVS, Waaree Energies, ACME Cleantech Solutions, and Anvi Power Industries, collectively bidding for a total capacity of 70 GWh.
    7. Tata Elxsi reported a 4.6% decrease in net profit for Q4FY24, falling to ₹197 crore from ₹206.4 crore in Q3FY24. Operational revenue for the quarter also saw a slight decrease of 1% to ₹906 crore from ₹914.2 crore in the December quarter. Revenue from operations rose by 13% YoY to ₹3,552 crore. On an operational basis, EBITDA for the March quarter was ₹233.7 crore, a 4.5% decrease from ₹244.7 crore in the December quarter. However, the EBIT margin increased to 25.8%, up from 26.8% in the preceding quarter. Profit before Tax (PBT) grew by 11.9% to ₹1048.7 crore, crossing the ₹1,000 crore-mark for the first time in a full year, subject to shareholders’ approval.
    8. Larsen & Toubro produced a hydrotreating reactor for the Antonio Dovali Jaime Refinery in Salina Cruz, Mexico, which was manufactured at the Hazira Complex in a record time of 15 months. The reactor employs a hydrotreating process, effective in eliminating impurities like nitrogen and sulphur compounds from hydrocarbon streams.
    9. MCX reported a net profit of ₹87.8 crore for the January-March quarter of FY24, after two consecutive quarters of losses. The commodity derivatives market segment exchange saw a 35% YoY increase in revenue, reaching ₹181.1 crore. However, there was a 5.42% sequential decrease in revenue compared to the December quarter. For FY24, MCX reported a significant 44.2% decrease in net profit to ₹148.97 crore from the previous fiscal year. The company also declared a final dividend of ₹7.64 per equity share for FY24.
    10. IIFL Finance commenced a special audit directed by the banking regulator RBI and put a hold on new gold loans until the audit is completed. This action is part of RBI’s supervisory measures due to concerns about certain loan disbursement practices. IIFL Finance stated it is fully cooperating with the special audit team.
    11. Tata Power signed a contract with Juniper Green Energy to develop an 85 megawatt hybrid power project in Maharashtra, the company’s first venture into wind-solar energy, integrating 51 MW of wind energy and 34 MW of solar power. The project, estimated to produce 215 million units (MUs) of electricity annually, has a power purchase agreement (PPA) with Tata Power.
    12. Cyient DLM reported a significant increase in consolidated net profit for Q4FY24, reaching ₹22.7 crore, up 23.3% QoQ and 80.7% YoY. Revenue rose 12.7% sequentially to ₹362 crores and 30.5% YoY to ₹1,192 crores for FY24. Profit after tax (PAT) for FY24 increased by 92.9% to ₹61.2 crore, and EBITDA was ₹111 crores with a margin of 9.3%.
    13. Gokaldas Exports greenlit a qualified institutional placement (QIP) offering at an issue price of ₹775 per equity share, incorporating a premium of ₹770 per equity share. The QIP attracted substantial interest from eligible qualified institutional buyers.
    14. Nelco Ltd, a Tata Group company, reported a 7% YoY rise in net profit to ₹6.1 crore for the fourth quarter ending March 31, 2024. Operational revenue saw a slight decrease of 0.5%, while EBITDA saw a 12.5% increase. The board proposed a final dividend of ₹2.
    15. Rama Steel Tubes announced a plan to raise ₹500 crore via a subsequent public offer following board approval. The funds will be raised through the issuance of additional equity shares, subject to regulatory approvals.

    Ensuring Authenticity, Upholding Trust

    Keep Reading

    Add A Comment

    Leave A Reply

    Legal Parivar

    News

    Company

    Articles

    Services