Market Commentary     17-May-24
Stock Alert
Stock Alert: Vedanta, Vodafone Idea, Biocon, Sanghvi Movers

Earnings in focus: JSW Steel, Zydus Lifesciences, NHPC, Astral, Rail Vikas Nigam, Phoenix Mills, Balkrishna Industries, Global Health, Glaxosmithline Pharmaceutic, Delhivery, Bandhan Bank, Pfizer, Vinati Organics, Poly Medicure, Sobha, Zee Entertainment enterprises, Amber Enterprises, Varroc Engineering, Kirloskar Ferrous Industries, Balrampur Chini Mills, Dhanuka Agritec, Sudarshan Chemical, Godrej Industries, and Shipping Corp of India.

Stocks under NSE F&O ban: Balrampur Chini Mills, Birlasoft, GMR Airports Infrastructure, Hindustan Copper, Vodafone Idea, Piramal Enterprises, SAIL, Zee Entertainment Enterprises, Bandhan Bank, Biocon, Granules India, India Cements.

On a consolidated basis, Vodafone Idea reported net loss of Rs 7674.60 crore in the quarter ended March 2024 as against net loss of Rs 6418.90 crore during the previous quarter ended March 2023. Net sales rose 0.62% to Rs 10574.30 crore in the quarter ended March 2024 as against Rs 10509.50 crore during the previous quarter ended March 2023.

On a consolidated basis, net profit of Biocon declined 56.74% to Rs 135.50 crore in the quarter ended March 2024 as against Rs 313.20 crore during the previous quarter ended March 2023. Sales rose 3.79% to Rs 3917.10 crore in the quarter ended March 2024 as against Rs 3773.90 crore during the previous quarter ended March 2023.

On a consolidated basis, net profit of Krishna Institute of Medical Sciences declined 29.81% to Rs 65.47 crore in the quarter ended March 2024 as against Rs 93.27 crore during the previous quarter ended March 2023. Sales rose 10.05% to Rs 633.80 crore in the quarter ended March 2024 as against Rs 575.93 crore during the previous quarter ended March 2023.

Vedanta's board approved: Equity fundraising of up to Rs 8,500 crore. Investment in Vedanta Copper International for a copper rod plant in Saudi Arabia. First interim dividend of Rs 11 per share.

Sanghvi Movers' board approved a 2-for-1 stock split.

IDBI Bank: RBI has approved the appointment of Pradeep Natarajan as whole-time director, designated as executive director for 3 years.

Indoco Remedies: USFDA inspection of its API Kilo Lab and Analytical Solutions division found zero observations (Form 483).

GMR Airports Infrastructure reported a 7% YoY increase in passenger traffic (1.04 crore) and a 4% YoY increase in aircraft movements (67,267) for April.

Garden Reach Shipbuilders & Engineers received a Rs 16.5 crore order from Bangladesh for a trailing suction hopper dredger.

GAIL India entered a 14-year (with a 2-year extension option) charter agreement with CoolCo for an LNG carrier starting early 2025.

Infosys signed a pact with Telstra for AI-powered engineering transformation.

TVS Supply Chain Solutions partnered with Manchester Metropolitan University to lead in AI innovation.

GE Power India received a Rs 20 crore purchase order from Torrent Power for steam turbine repair.

Dixon Technologies signed an MoU with Acerpure for manufacturing consumer appliances.

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