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STOCK TO WATCH Bayer acquires remaining 25% stake in Bayer Zydus Pharma Pharma majors Bayer Pharmaceuticals Private Limited and Zydus Lifesciences Limited (formerly Cadila Healthcare) on May 2 announced the conclusion of their joint venture (JV) - Bayer Zydus Pharma Private Limited (BZPPL). The announcement came after Bayer acquired the remaining 25 percent stake in Bayer Zydus Pharma to secure full ownership. The 50:50 joint venture was established on January 28, 2011, for the sales and marketing of pharmaceutical products in India. Bayer is now securing full ownership of the entity, as per pre-agreed JV terms. The JV successfully leveraged the strengths of both companies to better serve the fast-growing Indian market, said the company in a release. Adani Enterprises received 2 show cause notices from Sebi Adani Enterprises Ltd on Thursday said that the company received two show cause notices from markets regulator Securities and Exchange Board of India (Sebi) as part of its ongoing investigation in Hindenburg's report against the conglomerate. In its Q4 earnings release, Adani Enterprises said that during the quarter ended March 31, 2024, the company received notices from Sebi alleging non-compliance with provisions of the Listing Agreement and LODR (Listing Obligations and Disclosure Requirements) Regulations pertaining to related-party transactions with respect of certain transactions with third parties as well as the validity of peer review certificates of statutory auditors with respect to earlier years. Coal India Q4 net profit rises 26% to Rs 8,640.5 crore Coal India Ltd (CIL) on May 2 reported a 26-percent rise in consolidated net profit at Rs 8,640.5 crore for the quarter ended March 31, 2024. The government-owned company had reported a net profit of Rs 6,869.5 crore in the year-ago period. There was rise in CIL's bottom line despite its revenue from operations falling nearly 2 percent to Rs 37,410.4 crore in the quarter under review, from Rs 38,152.3 crore in the same quarter last year. Moreover, CIL's consolidated sales also fell to Rs 39,654.4 crore in the January-March period from Rs 40,371.5 in the corresponding period of the previous fiscal year, a decrease of 1.8 percent. The state-owned company also said that the board has declared its third interim dividend for the financial year 2023-24 at Rs 5 per share. Coforge to buy 54% in Cigniti Technologies at Rs 1,415 per share Coforge is set to acquire a 54-percent stake in Cigniti Technologies at Rs 1,415 per share, the company informed the exchanges on May 2. The share price of Rs 1,415 represents a premium of 3 percent over Cigniti's May 2 closing price of Rs 1,372.65 on the BSE. The firm, which has signed a definite agreement with the IT services management company, believes the acquisition will improve company's operating margins by 150-200 bps by FY27 and help it grow to a $2-billion company.

STOCK TO WATCH:- Maruti Suzuki India: The country's largest car maker has recorded a standalone net profit of Rs 3,878 crore for the quarter ended March FY24, growing 47.8 percent over a year-ago period, partly driven by strong operating numbers and higher other income, but overall numbers are below analysts' expectations. Revenue from operations grew by 19.3 percent on-year to Rs 38,235 crore, with sales volume rising 13.4 percent to 5.84 lakh units during the same period. EBITDA increased by 40 percent year-on-year to Rs 38,235 crore with a margin expansion of 170 bps at 12.2 percent in the quarter. The company has recommended the highest-ever dividend of Rs 125 per share for FY24. Vodafone Idea: ATC Telecom Infrastructure has exited the telecom operator by selling its entire shareholding of 144 crore equity shares (equivalent to 2.87 percent of paid-up equity) at an average price of Rs 12.78 per share via open market transactions, valued at Rs 1,840.3 crore. However, Citigroup Global Markets Mauritius has net bought 48,13,75,145 equity shares in Vodafone at an average price of Rs 12.7 per share. HCL Technologies: The global IT services company has reported a net profit of Rs 3,986 crore for the March FY24 quarter, falling 8.4 percent over the previous quarter impacted by weak operating numbers, and overall numbers came in below analysts' estimates. Revenue from operations grew by 0.2 percent sequentially to Rs 28,499 crore for the quarter, while dollar revenue growth stood at 0.4 percent and revenue in constant currency terms grew by 0.3 percent QoQ. The board has declared an interim dividend of Rs 18 per share for FY24. HCL Tech sees revenue growth in constant currency terms in the range of 3-5 percent for FY25 and an EBIT margin of 18–19 percent. SBI Life Insurance Company: The insurance company has recorded net profit at Rs 810.8 crore for the January–March FY24 quarter, growing 4.4 percent over the year-ago period. Net premium income for the quarter grew by 26.2 percent year-on-year to Rs 25,116.5 crore, and net commission at Rs 851.4 crore declined by 2.3 percent during the same period. ICICI Bank: The private sector lender has recorded standalone net profit at Rs 10,707.5 crore for the quarter ended March FY24, growing 17.4 percent over a year-ago period on lower provisions for bad loans. Overall, earnings were ahead of analysts' estimates. Net interest income grew by 8.07 percent year over year to Rs 19,093 crore for the quarter. Asset quality improved with the gross NPA declining 14 bps sequentially to 2.16 percent and the net NPA falling 2 bps to 0.42 percent in Q4 FY24. RBL Bank: The private sector lender has reported standalone net profit of Rs 353 crore for the March FY24 quarter, rising 30 percent over the same period in the in the previous fiscal year with lower provisions and a sharp increase in operating profit and other income. Net interest income grew by 18 percent year-on-year to Rs 1,600 crore for the quarter, with net interest margin declining 17 bps YoY (down 7 bps QoQ) to 5.45 percent. Asset quality improved as the gross NPA was down 47 bps QoQ at 2.65 percent and the net NPA declined 6 bps at 0.74 percent in Q4 FY24. Apollo Hospitals Enterprise: Apollo HealthCo (Apollo 24/7, or AHL), a subsidiary of Apollo Hospitals Enterprise, has entered into a binding agreement to raise equity capital of Rs 2,475 crore from global private equity investor Advent International. In addition, Apollo 24/7 will merge Keimed, the wholesale pharma distributor, with itself in a phased manner over the next 24–30 months. Advent will invest in compulsory convertible instruments in two tranches to secure a 12.1 percent stake in the merged entity by valuing the combined entity at an enterprise value of Rs 22,481 crore. IDFC First Bank: The lender has registered net profit at Rs 724 crore for the March FY24 quarter, falling 9.8 percent compared to the corresponding period of the of the previous fiscal year, impacted by higher provisions.

Net interest income jumped 24 percent year-on-year to Rs 4,469 crore for the quarter. There was a nice improvement in the asset quality of the bank as the gross NPA dropped 16 bps QoQ to 1.88 percent and the net NPA fell 8 bps sequentially to 0.60 percent for the quarter. Ircon International: The company, under its joint venture with Dineshchandra R. Agrawal Infracon (DRA), has received the letter of award for the construction of the Kottavalasa-Koraput doubling project of Waltair division, East Coast Railway, on EPC mode, at a price of Rs 1,198.09 crore. Patanjali Foods: The FMCG company said the board discussed the initial proposal received from Patanjali Ayurved (PAL) for a sale of PAL's non-food business undertaking to the company and gave in-principle approval for evaluating the most efficient mode of enhancing synergies with PAL's non-food portfolio in any manner on an arm's length basis. Yes Bank: The bank has reported a massive 123 percent on-year growth in net profit at Rs 452 crore for the quarter ended March FY24, partly supported by higher other income and lower provisions. Net interest income grew by 2.3 percent to Rs 2,153 crore during the same period. The asset quality of the bank has seen significant improvement during the quarter, with the gross NPA falling 30 bps QoQ to 1.7 percent and the net NPA declining 30 bps sequentially to 0.60 percent. NBCC: The construction company has received in-principle approval for the incorporation of a wholly owned subsidiary in Dubai (UAE). This is subject to the approval of its administrative ministry, i.e., the Ministry of Housing and Urban Affairs (MoHUA). Indiabulls Real Estate: The real estate firm has posted a net loss of Rs 302 crore for the quarter ended March FY24, narrowing from a loss of Rs 376 crore in the corresponding period of the previous fiscal. Revenue from operations dropped 80.6 percent year over year to Rs 21 crore during the quarter. SBI Cards and Payment Services: The non-banking finance company registered net profit of Rs 662 crore for the March FY24 quarter, growing 11 percent over the same period in the in the previous fiscal year, driven by strong operating numbers. Revenue from operations for the quarter at Rs 4,348 crore increased by 15.6 percent YoY.

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