Market Commentary     30-May-24
Stock Alert
Stock alert: Tata Steel, Cummins India, Bata India, ICICI Bank, SBI, ONGC
Results in spotlight: Godfrey Phillips India, Hinduja Global Solutions, Apollo Hospitals Enterprises, Bharat Dynamics, Mrs. Bectors Food Specialities, Welspun Corp, Yatra Online, La Opala Rg, Marksans Pharma, Mold-Tek Packaging, BF Utilities, Dynacons Systems & Solutions, etc.

Securities in F&O ban: Aditya Birla Fashion, GMR Airports Infrastructure, Hindustan Copper, Vodafone idea.

On a consolidated basis, net profit of Tata Steel declined 64.13% to Rs 611.48 crore in the quarter ended March 2024 as against Rs 1704.86 crore during the previous quarter ended March 2023. Sales declined 6.09% to Rs 58445.89 crore in the quarter ended March 2024 as against Rs 62238.78 crore during the previous quarter ended March 2023.

On a consolidated basis, net profit of Cummins India rose 54.44% to Rs 538.86 crore in the quarter ended March 2024 as against Rs 348.91 crore during the previous quarter ended March 2023. Sales rose 19.73% to Rs 2271.88 crore in the quarter ended March 2024 as against Rs 1897.45 crore during the previous quarter ended March 2023.

On a consolidated basis, net profit of Bata India declined 3.00% to Rs 63.65 crore in the quarter ended March 2024 as against Rs 65.62 crore during the previous quarter ended March 2023. Sales rose 2.48% to Rs 797.87 crore in the quarter ended March 2024 as against Rs 778.59 crore during the previous quarter ended March 2023.

On a consolidated basis, net profit of SJVN rose 254.91% to Rs 61.08 crore in the quarter ended March 2024 as against Rs 17.21 crore during the previous quarter ended March 2023. Sales declined 4.14% to Rs 482.91 crore in the quarter ended March 2024 as against Rs 503.77 crore during the previous quarter ended March 2023.

ICICI Bank: The S&P Global Ratings has affirmed ICICI Bank's rating and revised its outlook to BBB-/positive/A-3 from BBB-/Stable/A-3. The bank's stand-alone credit profile was revised upwards from BBB to BBB+.

State Bank of India: S&P Global Ratings has revised the outlook of the bank from stable to positive.

ONGC: S&P Global rating changed the outlook from stable to positive. The company has stronger standalone credit profiles.

Ramco Systems: RAMS Solutions announces the expansion of its strategic partnership with the company.

Edelweiss Financial Services: The Reserve Bank of India has stopped Edelweiss Asset Reconstruction Co., the subsidiary of the company, from acquiring any stressed assets, according to a supervisory action notification.

SJVN has signed a pact with Indian Oil for JV in renewable, new tech projects.

Avantel gets a Rs 110 crore order for the supply of SATCOM equipment from the Defence Ministry.

Aditya Birla Capital invests Rs 300 crore in its arm, Aditya Birla Housing Finance, on a rights basis.

RVNL gets an order worth Rs 38 crore for signalling work.

IndiaMART InterMESH has entered into an agreement to acquire 10% of the share capital of Baldor Technologies.

CESC: A fire incident occurred at the company's West Bengal plant owned by Haldia Energy Operations at Unit 1 of the West Bengal plant, which was partially disrupted.

Previous News
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 ( Hot Pursuit - 18-Jul-24   09:30 )
  ONGC commences natural gas production from Bokaro CBM block
 ( Hot Pursuit - 18-Jul-24   09:26 )
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 ( Hot Pursuit - 16-Jul-24   13:00 )
  Fitch Ratings revises outlook on ratings of Tata Steel to 'negative'
 ( Hot Pursuit - 13-Jul-24   14:46 )
  Tata Steel Production rises 5% YoY in Q1 FY24
 ( Hot Pursuit - 08-Jul-24   15:54 )
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 ( Hot Pursuit - 08-Jul-24   13:05 )
  Cummins India schedules board meeting
 ( Corporate News - 03-Jul-24   09:28 )
  Oil & Natural Gas Corpn appoints Director (Finance) and CFO
 ( Corporate News - 02-Jul-24   14:00 )
  Oil & Natural Gas Corpn announces cessation of three EDs
 ( Corporate News - 01-Jul-24   13:58 )
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 ( Market Commentary - The Week That Was 28-Jun-24   16:33 )
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 ( Market Commentary - Mid-Session 28-Jun-24   13:44 )
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