Market Commentary     27-May-24
Stock Alert
Stock alert: LIC, NTPC, Divis Labs, United Spirits, Indian Oil Corp

Earnings announcements: Life Insurance Corporation, Astrazeneca Pharma India, National Aluminium Company, Automotive Axles, Borosil Renewables, Career Point, DCM, DCM Shriram Industries, Elgi Equipment, Electronics Mart, Flair Writing, HBL Power, Indowind Energy, Jindal Worldwide, Juniper Hotels, Kirloskar Industries, Likhita Infrastructure, Lumax Auto Technologies, MSTC, Natco Pharma, NIBE, NMDC, Nova Agritech, NMDC Steel, Parle Industries, Ruchira Papers, Saksoft, Sigachi Industries, Sumitomo Chemical, TARC, TVS Supply chain Solutions, Usha Martin, Vishnu Prakash R Pungalia, and West Coast Mills, etc.

Securities in F&O ban: Biocon, Bandhan Bank, GNFC, Hindustan Copper, Vodafone idea, India Cements, National Aluminium, Piramal Enterprises, PNB.

NTPC's consolidated net profit jumped 33.22% to Rs 6,490.05 crore on 7.61% rise in revenue from operations to Rs 47,622.06 crore in Q4 FY24 over Q4 FY23. Profit before tax (PBT) grew 38.98% year on year (YoY) to Rs 8,375.12 crore in the quarter ended 31 March 2024.

Divis Laboratories' consolidated net profit jumped 67.6% to Rs 538 crore on 18.04% rise in revenue from operations to Rs 2,303 crore in Q4 FY24 over Q4 FY23. Profit before tax stood at Rs 713 crore in the March quarter, up 53% from Rs 466 crore posted in Q4 FY23.

Cochin Shipyard reported a consolidated net profit of Rs 258.88 crore in Q4 FY24, steeply higher than Rs 39.34 crore recorded in Q4 FY23. Revenue from operations zoomed 114.31% to Rs 1,286.05 crore in the March quarter as against Rs 600.09 crore reported in the same period a year ago.

United Spirits' standalone net profit surged 88.24% to Rs 384 crore in Q4 FY24 as against Rs 204 crore posted in Q4 FY23. Net sales stood at Rs 2,666 crore in Q4 FY24, up 6.9% from Rs 2,494 crore recorded in the same period a year ago. The rise in the net sales was mainly driven by competitive performance of the company’s renovation and innovation offerings and resilient consumer demand.

Torrent Pharmaceuticals consolidated net profit surged 56.45% to Rs 449 crore in Q4 FY24 as compared with Rs 287 crore recorded in Q4 FY23. Revenue from operations rose 10.2% year on year (YoY) to Rs 2,745 crore in the quarter ended 31 March 2024.

Hindustan Copper’s consolidated net profit from continuing operations decreased 5.61% to Rs 124.75 crore in Q4 FY24 as compared with Rs 132.17 crore posted in Q4 FY23. Revenue from operations rose marginally on YoY basis to Rs 565.37 crore in the quarter ended 31 March 2024.

Aurobindo Pharma's Telangana facility gets ‘official action indicated (OAI)’ classification. The US drug regulator conducted its inspection from 22 January 2024 to 2 February 2024.

Dr Reddy’s Lab's Russia-based arm in a pact with Novartis Pharma to sell anti-diabetes products in Russia.

Sparc board approved raising Rs 1,800 crore and accepted the resignation of CFO Chetan Rajpara effective June 5 and appointed Anup Rathi as CFO effective June 6.

Tata Steel: The NCLT of Kolkata Bench approved the scheme of amalgamation with Indian Steel & Wire Products. The approval is pending from the Mumbai NCLT bench.

Indian Oil Corporation acquired a 100% stake in Mercator Petroleum for Rs 154 crore.

TVS Motor Company announced the launch of the TVS HLX 125 with 5-gears in Tanzania.

Godrej Properties clarified on the reports on the Mumbai project that it has not received communication from any concerned authority citing non-compliance.

RVNL emerged as the lowest bidder for the construction project worth Rs 187 crore from MMRCL.

Bosch approved the sale of OE/OES diagnosis business from Mobility Aftermarket to ETAS Automotive for Rs 45.6 crore.

Macrotech Developers acquired the remaining 50% stake of Siddhivinayak Realties arm for Rs 415.6 crore.

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