Bajaj Finance, Maruti Suzuki, Infosys, HDFC Life, Union Bank, Tata Motors, Biocon stocks in focus
Bajaj Finance, Maruti Suzuki, Infosys, HDFC Life, Union Bank, Tata Motors, Biocon stocks in focus The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open in the red, as Nifty futures traded 31 points lower at 17,798 on the Singaporean exchange. Benchmark indices NSE Nifty and BSE Sensex added gains on Wednesday to end the session in green. The Nifty 50 rose 0.25% to 17,813 and Sensex climbed 0.28% to 60,300. “The domestic bourses mirrored the mood on Wall Street as soft economic data and underwhelming earnings dragged US equities to a weak close yesterday. However, the market gradually recovered after an uptick in US futures, with the earnings of tech companies providing support. Adding to investors’ concerns about a possible recession, the US consumer confidence data for April hit a nine-month low ahead of the upcoming Fed policy meeting” said Vinod Nair, Head of Research, Geojit Financial Services. Maruti Suzuki reported its Q4FY23 net profit jumped 42% on-year at Rs 2670.8 crore. The company’s revenue for the quarter ended March 2023 stood at Rs 32059.6 crore, up 19% from Rs 26,740 crore in the same quarter last year. The life insurance major’s revenue was higher by 21% on-year at Rs 21,471 as net profit fell to Rs 362 crore, down 28%. Additionally, the insurer announced a dividend of Rs 1.9 per share. The board of directors approved the issuance of secured, redeemable, non-convertible debentures (NCDs) aggregating up to Rs 500 crore on a private placement basis to ESOF III Investment Fund. Cummins and Tata Motors signed a definitive agreement to manufacture a range of low- to zero-emissions technology products in India over the next few years. TCPL Green Energy Solutions, a wholly owned subsidiary under the existing joint venture has been set up to focus on the development and manufacturing of products like hydrogen powered internal combustion engines, fuel delivery systems, and battery electric powertrains and fuel cell electric systems. IIFL Finance reported a net PAT of Rs 1,608 crore, up 35% on-year in FY23. Loan growth in gold loans and home loans AUM grew by 28% and 23% on-year respectively. Infosys and Walmart Commerce Technologies announced a collaboration to help retailers leverage technology solutions that simplify customer and store employee experiences. State-owned Union Bank of India said its board has approved raising up to Rs 10,100 crore through a combination of equity and debt, as per an exchange filing.
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- tioned itself as a premium retailer of brands.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.
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- tioned itself as a premium retailer of brands.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.
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