Stocks To Watch- Raymond, Lupin, Mankind Pharma, Birla Corporation, Nazara Technologies

Stocks To Watch: Raymond, Lupin, Mankind Pharma, Birla Corporation, Nazara Technologies

The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open on a positive note, as Nifty futures traded 36 points higher at 18,347 on the Singaporean exchange. Nifty and Sensex pared early gains and ended Tuesday’s session flat. Nifty 50 closed at 18,265.95 and the 30-share Sensex settled at 61,761.33.

“The domestic market relinquished its gains as weak global sentiments took hold. The upcoming US inflation figures have become the focal point in determining the global market trend. The US inflation rate, which is expected to remain unchanged at its March level of 5.0%, is causing worries that the Fed will remain stricter for long. However, the sustained support from FIIs is guarding the domestic market from a steep correction,” said Vinod Nair, Head of Research, Geojit Financial Services.

Birla Corporation

Birla Corporation reported a 23.52% decline in consolidated net profit to Rs 84.95 crore in the fourth quarter ended March 2023. It had posted a net profit of Rs 111.08 crore in the year-ago period.

Raymond

Raymond’s net profit for Q4FY23 dropped by 26.2% at Rs 194.35 crore from Rs 263 crore on-year. The firm’s revenue from operations clocked in at Rs 2,150.18 crore, up 9.8% from Rs 1,958.10 crore in the fourth quarter of FY22. The firm is to raise Rs 2,200 crore by issuing NCDs.

Apollo Tyres

Apollo Tyres reported 276.73% rise in consolidated net profit to Rs 427.4 crore. Revenue from operations increased 12% on-year to Rs 6,247 crore. The company’s board of directors recommended a final dividend of Rs 4 per share, along with a special dividend of Rs 0.50 per share.

Lupin

Lupin’s revenue for the quarter ended March 2023 was Rs 4,430.08 on-year, a gain of 14.09%. The company reported a net profit of Rs 235.96 crore compared to a net loss of Rs 517.98 crore in the corresponding quarter last year. The board of directors recommended a dividend of Rs 4 for all equity shares with the face value Rs 2 each.

Nazara Technologies

Nazara Technologies acquired 19.50% of Next Wave Multimedia, an existing subsidiary. Nextwave is a Chennai based mobile gaming company predominantly focusing on developing mobile games in the sports genre. The total consideration for the deal with Rs 15 crore. The gaming firm reported a revenue of Rs 1,091.0 crore for FY23, up 75% from Rs 621.7 crore on-year.