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
  Oil & Natural Gas Corpn hikes stake in ONGC Petro Additions
 ( Corporate News - 15-Oct-24   19:20 )
  Oil & Natural Gas Corpn Ltd Falls 0.82%
 ( Hot Pursuit - 15-Oct-24   09:30 )
  Cummins India tumbles after brokerage downgrade
 ( Hot Pursuit - 11-Oct-24   14:38 )
  Ratan Tata's influence persists as Tata Group stocks rise
 ( Hot Pursuit - 10-Oct-24   10:19 )
  Tata Steel Ltd slips for fifth straight session
 ( Hot Pursuit - 08-Oct-24   13:35 )
  NMDC Ltd Slides 6.8%, BSE Metal index Drops 1.69%
 ( Hot Pursuit - 08-Oct-24   09:30 )
  Nifty holds 25,000 level; IT shares advance
 ( Market Commentary - Mid-Session 07-Oct-24   10:35 )
  Tata Steel records 5% YoY growth in Q2 steel production volumes; deliveries at 5.10 MT
 ( Hot Pursuit - 07-Oct-24   09:32 )
  Oil & Natural Gas Corpn announces change in senior management
 ( Corporate News - 01-Oct-24   14:10 )
  Steel Authority of India Ltd Falls 0.81%
 ( Hot Pursuit - 01-Oct-24   09:30 )
  Cummins India launches Retrofit Aftertreatment System for emission control in gensets
 ( Corporate News - 30-Sep-24   17:41 )
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