Neeraj Joshi

Global market today

Stocks to watch- Mahindra & Mahindra: M&M reported a 31.6% YoY increase in net profit to ₹2,038.21 crore in Q4FY24. Revenue from operations rose by 11.24% to ₹25,108.97 crore. The company's EBITDA increased by 12% to ₹3,119 crore, while the EBITDA margin remained at 12.4%. The board recommended a dividend of 21.10 per share, and approved an investment of ₹12,000 crore in its EV unit, Mahindra Electric Automobile Ltd (MEAL). Vedanta: The company plans to raise ₹8,500 crore through equity or debt, and it declared an interim dividend that will cost ₹4,089 crore. The company will issue a dividend of 11 per share. The company also announced an investment in its Saudi Arabian unit, Vedanta Copper International Ltd (VCI), for setting up a continuous cast copper rod plant. HAL: The company's profit went up by 52.2% year- on-year to ₹4,308.7 crore. It delivered an EBITDA margin of 40% for the March quarter. For financial year 2024, Hindustan Aeronautics reported revenue of ₹30,380 crore. Vodafone Idea: The company's losses widened to ₹7,666 crore in Q4FY24, from ₹6,424 crore the previous year. Revenues improved marginally to 10,639 crore, due to improving subscriber mix, 4G subscriber additions, and change in entry level plan. The company, which raised 18,000 crore last month through India's largest FPO, is in talks with lenders to secure debt funding of ₹35,000 crore for network expansion. Indian Energy Exchange: The company reported a 14.7% increase in its consolidated net profit for 2023-24, helped by higher trade volumes and positive regulatory changes. The company's profit improved to ₹350.8 crore in FY24 from ₹305.9 crore in the previous year, with total revenue jumping 16.2% to 550.8 crore. Biocon: The company reported a decline of 57% in consolidated net profit at 135.5 crore in Q4FY24, compared to ₹313.2 crore in the corresponding period last year. The company's revenue from operations in the fourth quarter of FY24 stood at 3,917 crore, registering a rise of four per cent, compared to ₹3,774 crore in the year-ago period. Wipro: The company's former CEO, Thierry Delaporte, has sold shares worth ₹34.5 crore over the past month, taking his total earnings since he resigned from the company on 6 April to ₹70.63 crore, or about $8.5 million. PB Fintech: Yashish Dahiya, chairman and CEO of PB Fintech, and Alok Bansal, vice-chairman are set to sell a combined stake of 1.86% in the company, translating to an estimated total deal value of 1,053 crore (approximately $126 million). Crompton Greaves: The company's net profit rose by 1.4% to 133.43 crore YoY, and revenue increased by 9.5% to 1,961 crore. The board recommended a dividend of ₹3 per share. eClerx Services: The company's net profit fell by 1.5% to 130.5 crore YoY, while revenue rose by 10.6% to ₹766.5 crore.

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Global market today

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Stocks to watch- Siemens: Siemens reported a 70% rise in its net profit for Q4FY24 to ₹803 crore, up from ₹471 crore reported in the same period a year ago. Revenue from operations for the company also rose 18.4% to 5,750 crore from a year ago. The company's board also approved the demerger of its energy business into a separate legal entity, Siemens Energy India Limited. The new entity will later be listed on the BSE and NSE, the company said in a regulatory filing. Bharti Airtel: The telecom major experienced a significant impact due to Nigeria's currency devaluation, leading to a foreign exchange loss of 2,544 crore from its African subsidiary. This resulted in a 31% decrease in its Q4 consolidated profit to ₹2,071.6 crore, despite a 4.4% growth in consolidated revenue to ₹37,599 crore. The company reported derivative and forex losses of $770 million in FY24 due to the Nigerian policy changes. However, excluding its African operations, the company saw improved financials for the March quarter, adding nearly 8 million new subscribers and reducing customer churn. Cipla: Four promoter group entities are planning to sell around 2.53% stake in pharma major Cipla through block deals. The price range of the block is fixed at 1,289-1,357, taking the total deal value to around 2,637 crore, according to reports. Mankind Pharma: The company is reportedly planning to acquire Bharat Serum & Vaccines from Private Equity player Advent. Advent currently owns a 100% stake in Bharat Serum & Vaccines and is seeking a valuation of $2 billion for its complete stake. Patanjali Foods: The FMCG company reported a 22% drop in standalone net profit at 206.32 crore for Q4FY24, compared to ₹263.71 crore in the same period last year. However, the company's revenue from operations rose 4% to 8,221 crore. The company's food & FMCG segment achieved its highest-ever quarterly revenue of ₹2,704.61 crore in the March quarter, recording a sequential growth of 8.24%. PVR Inox: The multiplex chain operator reported a consolidated net loss of ₹130 crore in Q4FY24, down from 333 crore reported in the year-ago period. The company's revenue from operations in Q4FY24 rose 10% YoY to ₹1,256 crore from 1,143 crore. Colgate Palmolive India: The company reported a 20.1% YoY increase in net profit at 379.8 crore for Q4FY24. The company's revenue from operations increased 10.3% to ₹1,490 crore against 1,350.6 crore in the corresponding period of the preceding fiscal. BASF India: The chemicals maker reported a Q4 profit that nearly doubled to 162 crore, helped by strong demand for its materials and agriculture solution businesses. Revenue from operations rose 2.5% to ₹3,360 crore. The company also declared a dividend of 15 per share for FY24. Oberoi Realty: The company reported a 64% YoY increase in net profit at ₹788 crore for Q4FY24. Total income for the period grew 56% to 1,558 crore. For FY24, the company's net profit rose to 1,925 crore, while total income increased to ₹4,818 crore. The company's board has passed enabling resolutions for an issue of non-convertible debentures (NCDs) and Qualified Institutional Placement of equity shares totalling up to 4,000 crore. It has also declared a third interim dividend of 2 per equity share for Q4FY24 and recommended a final dividend of 2 per equity share for FY24.

Global market today

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Stocks to watch- Shriram Finance: US-based Warburg Pincus has acquired a majority stake in Shriram Housing Finance Ltd (SHFL) for ₹4,630 crore, marking its largest deal in India. The acquisition was made through its affiliate Mango Crest Investment Ltd from Shriram Finance Ltd (SFL) and other sellers. The deal is expected to be completed by February 7,2025. Bharti Airtel: The telecom company is projected to report a Q4FY24 consolidated net profit of ₹2,201 crore, a 26.8% YoY decrease, according to analyst estimates. The company's revenue is anticipated to rise by 7.9% YoY to ₹38,736 crore in Q4FY24, with operating profit margins expected to increase by 549 basis points to 31% YoY. Further, operating profit margins are predicted to rise by 57 basis points YoY to 52.4% in the January-to-March quarter. The company's subscriber base is expected to grow by three million to reach 349 million in Q4FY24. Vedanta: The company is considering raising funds through equity shares or other methods such as a further public offer (FPO), rights issue, etc. The decision is expected to be finalized in the upcoming board meeting scheduled for May 16. Sanofi India: The pharmaceutical major reported a standalone net profit of ₹136.6 crore for Q1FY24, a 28% decrease from the same quarter of the previous year. The company's revenue was ₹732.4 crore, a 0.5% decrease from the year-ago quarter. DLF: The realty company reported a 62% increase in its consolidated net profit to ₹920.71 crore in Q4FY24 due to higher income and strong housing sales. The company also announced a dividend of *5 per equity share (250%) of face value of 2 each for FY24. It also announced the appointment of Ashok Kumar Tyagi as the managing director of the company, after the resignation of Vivek Anand effective from 29 February 2024. Zomato: Following its first annual profit, Zomato is expanding its quick-commerce venture, Blinkit, aiming to add 100 dark stores by June and reach a target of 1,000 warehouses by the fiscal year-end. Blinkit, which turned operationally profitable in March, witnessed a twofold increase in both revenue and gross order value in Q4. Zomato added approximately 75 Blinkit stores from January to March, bringing the total warehouse count to 526. In the March quarter, Zomato reported a profit of 175 crore, a significant turnaround from a loss of 188 crore in the same period the previous year, with operational revenue rising to ₹3,582 crore from ₹2,058 crore. For the full financial year 2023-24, Zomato recorded a profit of ₹351 crore, compared to a loss of ₹971 crore in the preceding year. INOX India: The company reported a 44% YoY increase in their net profit to ₹44 crore in Q4FY24. The company's revenue increased 17% YoY from 235 crore to ₹276 crore. Sequentially, the company's net profit declined 9% from ₹48.5 crore, while revenue from operations plunged 4% from *290 crore the December 2023 quarter. ICICI Securities: The National Company Law Tribunal (NCLT) has deferred the ICICI Securities case in which non-institutional minority shareholders challenged its delisting and merger with ICICI Bank. The case is now expected to be taken up in July.