Stocks to Watch: Bajaj Finance, Yes bank, Wipro, Coforge, Titan, Adani Green Energy

Yes Bank: Carlyle Group is reportedly planning to sell a 2% stake in Yes Bank, valued at ₹1,500 crore, through a block deal. The deal is expected to be launched tomorrow, with Goldman Sachs acting as the broker. Carlyle currently holds an 8.74% stake in Yes Bank (post warrant conversion) through an entity named CA Basque Investments. Earlier this year, in February, Carlyle Group sold an equity stake worth ₹1,056 crore in Yes Bank through an open market transaction.

Wipro: Independent Health, Western New York’s Medicare Advantage Plan, has selected Wipro to implement its Medicare Prescription Payment Plan platform for the upcoming open enrollment period. The platform will help Independent Health streamline the payment process to seamlessly integrate these new provisions, simplifying prescription cost management for Medicare recipients in Western New York.

Titan Company: The company is expected to report a double-digit revenue growth in Q4FY24, despite a likely moderation in demand in the jewellery segment. The company’s Q4 results are set to be released on Friday, May 2.

Coforge, Cigniti Technologies: The company reported a slightly lower-than-expected fourth-quarter revenue amid overall tepid tech spending from clients. Consolidated revenue rose 8.7% YoY to ₹2,359 crore in the three months ended March 31, falling short of analysts’ estimate of ₹2,395 crore. Net profit rose 95% to ₹224 crore for the three-month period. Coforge’s fresh order intake more than doubled to $774 million from $301 million a year earlier during the January-March period. The company also announced plans to acquire up to 54% stake in Cigniti Technologies. Aided by the acquisition of Cigniti Technologies, the company said it aims to grow its revenue to $2 billion by fiscal 2027.

Ceat: Tyre manufacturer Ceat reported a 23% decrease in its consolidated net profit to ₹102 crore for Q4FY24. The company’s revenue from operations increased to ₹2,992 crore in Q4FY24, up from ₹2,875 crore in Q4FY23.

Tata Communications: The company has secured a $250-million loan from ANZ, DBS, and Export Development Canada for five years under the Sustainability-Linked Loan (SLL) framework.

Adani Green Energy: AGEL announced $400-million financing for its under-construction 750-MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks. One of the projects is being developed in Rajasthan with 500-MW capacity and has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI). The second one, with 250-MW capacity, is a standalone merchant power project being implemented at the world’s largest RE cluster at Khavda in Gujarat.

Adani Enterprises: The company reported a 38% decrease in net profit at ₹451 crore for Q4FY24, compared to ₹723 crore in the same period last year. The company’s revenue from operations increased marginally by 0.8% to ₹29,180 crore in Q4FY24, compared to ₹28,944 crore in the same period last year. The company’s board recommended a dividend of ₹1.30 per equity share or 130 per cent for FY24.

Ajanta Pharma: The company reported a 66% increase in consolidated net profit of ₹202.72 crore for the January-March quarter of FY24, up from last year’s ₹122.25 crore. The company’s revenue came in at ₹1,054.08 crore, up 20% from ₹881.84 crore a year back. The company’s EBITDA was at ₹278.4 crore, up 26.4% from ₹16.9 crore in the year-ago period. The Board also made a decision on buyback of up to 10,28,881 fully paid-up equity shares of face value of ₹2 each (representing 0.82% of the total number of equity shares of the company) at a price of ₹2,770, per share payable in cash for a total consideration not exceeding ₹285 crores.

ICICI Bank: The bank has appointed Gaurav Singhvi and Sarun Agarwal as co-heads of the Equity Capital Markets (ECM) division of its investment banking unit. They replace Pratik Loonker, who has moved to Axis Capital Ltd. Singhvi has over six years of experience at ICICI Securities Ltd., while Agarwal has been with the firm for more than two years.

Droneacharya Aerial Innovations: Ace investor Shankar Sharma sold 2 lakh shares in Droneacharya Aerial Innovations, a drone manufacturer and drone training provider, at an average price of ₹153.46 per share.

Gujarat Industries Power Company: The company has entered into a ₹2,832-crore loan agreement with the National Bank for Financing Infrastructure and Development (NaBFID).

CIE Automotive India: The automotive component manufacturer reported consolidated net profit of ₹230.2 crore for the March 2024 quarter, rising 4.5% over the same period in the previous fiscal year despite weak topline and operating numbers, supported by higher other income. Revenue from operations declined 0.5% YoY to ₹2,426.8 crore for the quarter.

Century Textiles and Industries: Birla Estates Pvt Ltd, a wholly-owned subsidiary of Century Textiles and Industries and the real estate venture of the Aditya Birla Group, announced record sales of its tower Silas at Birla Niyaara that clocked ₹2,500 crore at launch. According to the company, this has propelled Birla Niyaara’s cumulative sales thus far to over ₹5,400 crore. The company had in the second half of FY24 announced that it has a project pipeline worth ₹45,000 crore in gross development value (GDV).

IndiGo: The airline has announced a one-time special bonus for its employees. The bonus, equivalent to around 1.5 months of basic salary, will be disbursed to employees along with their May salary as an ex-gratia sum.

KEI Industries: The electrical wires and cables manufacturer registered a 22% YoY growth in consolidated net profit at ₹168.6 crore for the quarter ended March FY24, with healthy growth in topline and operating numbers. Revenue from operations grew 18.8% YoY to ₹2,319.3 crore during the quarter.

Jaiprakash Associates: The company’s lead lender, ICICI Bank, has approached the regulator for a green flag to go ahead with the sale of the account to the National Asset Reconstruction Company Ltd (NARCL). The lead banks to Jaiprakash Associates have now submitted an official request to the RBI for its sign-off on the NARCL deal. Once the RBI gives the go-ahead, banks will start the process by inviting counter bids under the Swiss Challenge mechanism using NARCL’s bid as the base offer.

Coal India: For the January-March quarter of fiscal 2023-24, Coal India reported a 26% increase in net profit to ₹8,640.5 crore, compared to ₹6,869.5 crore in the same period last year. The company’s revenue from operations in Q4FY24 rose by 2% to ₹37,410.4 crore, compared to ₹38,152.3 crore in the year-ago period. The company’s board recommended a final dividend of ₹5 per share for fiscal 2023-24.

Adani Ports and Special Economic Zone: APSEZ reported a 76.2% increase in consolidated net profit to ₹2,040 crore for Q4FY24. The company’s revenue from operations increased by 19% to ₹6,896.5 crore in Q4FY24. For FY2025, Adani Ports has provided the following guidance. Cargo volumes are expected to be between 460 and 480 MMT. Revenue is projected to be between ₹29,000 crore and ₹31,000 crore. EBITDA is anticipated to be between ₹17,000 crore and ₹18,000 crore. The Net Debt to EBITDA ratio is expected to be between 2.2x and 2.5x. And Capex is projected to be in the range of ₹10,500 crore to ₹11,500 crore. Additionally, the board of directors of Adani Ports has declared a dividend of ₹6 per equity share of ₹2 face value for the financial year 2023-24.

Dabur India: The company reported consolidated net profit of ₹341.22 crore for the March quarter, registering a growth of 16.5% from ₹292.76 crore in the same quarter of the previous financial year. In Q4FY24, the total revenue of the company was ₹2,814.64 crore, rising 5.11% from ₹2,677.80 crore in the year-ago quarter. The Board of Directors of the Company have recommended final dividend of Rs. 2.75 per equity share for the financial year 2023-2024.

Ugro Capital: The non-banking finance company reported a net profit of ₹32.7 crore for the quarter ending in March FY24. This represents a substantial growth of 132.8% compared to the same period in the previous year. The company’s total income for the quarter also saw a significant increase, rising by 52.1% to ₹330.4 crore compared to the same quarter in the previous fiscal year. In other developments, Ugro Capital has obtained board approval to acquire MyShubhLife, a fintech platform specializing in embedded finance, for a sum of ₹45 crore.

Zydus Lifesciences: Bayer Pharmaceuticals and Zydus Lifesciences 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.

Jubilant Pharmova: The company has approved the appointment of Harsher Singh as CEO of its radiopharma business. Earlier, Harsher was working with Amneal Pharmaceuticals. Meanwhile, the company also announced the superannuation of Pramod Yadav, the CEO of Jubilant Radiopharma. Pramod will continue as an adviser until June 30 of this year.

Indian Energy Exchange: The Indian Energy Exchange achieved an overall volume of 9,044 million units (MU) in April 2024, growing 14.1% over a year-ago month. The market clearing price in the day ahead market during the month at ₹5.1 per unit decreased approximately 6% year-on-year. The real-time electricity market (RTM) continued its growth trajectory in April, increasing 22.1% YoY to 2,629 MU.

Voltamp Transformers: The oil-filled power and distribution transformer maker has recorded net profit of ₹93.5 crore for the March FY24 quarter, rising 22.1% over the corresponding period of the previous fiscal year despite a weak operating margin and higher other income and topline. Revenue from operations soared 14.6% YoY to ₹504.2 crore for the quarter.

South Indian Bank: The bank reported a 14% YoY dip in net profit at ₹287.5 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, it had posted a net profit of ₹333.9 crore. Net interest income (NII) rose 2.1%, coming at ₹875 crore against ₹857 crore in the corresponding quarter of FY23.

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Published: 03 May 2024, 08:08 AM IST

Original Source