Stocks to watch today: smelly Futures contracts traded on the Singapore Exchange indicated a positive opening for domestic equities. The contract was trading at 17,794.50, up 35.5 points or 0.20% from its previous close.
result today
Bajaj Auto, Nestle India, Tata Consumer Products and HDFC AMC will be in focus today as the companies will announce their fourth quarter results.
HDFC bank: HDFC Bank on Monday announced that it will acquire 20% or more stake in Gruh Pte, a wholly owned subsidiary of HDFC Investments, after receiving regulatory approval from the Monetary Authority of Singapore (MAS). As a result HDFC Bank will acquire or hold, directly or indirectly, 20% or more of the issued share capital of GRUH Pte.; or controlled, directly or indirectly, 20% or more of Gruh Pte., said HDFC Bank in a regulatory filing.
Reliance Industries/Bharti Airtel: According to analysts and industry insiders, telecom operators are unlikely to raise tariffs in the current financial year due to intense competition in the postpaid segment and general elections, which put a burden on the average revenue per user (ARPU), which in turn increases prices. expect an increase. In FY25. Analysts at MK India Equities Research noted the need for an increase in tariffs as telcos were not earning the required rate of return and would have to recover the investments made to implement 5G networks.
LIC: Life Insurance Corporation (LIC) informed on Monday that its premium for the financial year 2022-23 has increased by 17 percent to Rs 2.32 lakh crore. During the last year, the premium amount was Rs 1.99 lakh crore. LIC data indicates that private insurers collected huge premium in March due to last-minute customer rush. The rush was seen as customers wanted to avail benefits ahead of withdrawal of tax exemption for non-linked policies from April 1. In terms of premium collected, it continues to hold a market share of 62.58% by March 2023, LIC said in a statement.
Vedanta: Anil Agarwal-promoted Vedanta Resources Ltd, the parent company of Vedanta Ltd, announced on Monday that it has paid off all maturing loans and bonds due in April, reducing its gross debt by an additional $1 billion. “Vedanta has now reduced debt by $3 billion since February 2022, announcing plans to accelerate debt and reduce its debt by $4 billion within 3 years. “Vedanta has achieved 75% of its committed reduction in just 14 months,” the company said in a statement.
ICICI Prudential: ICICI Prudential Life Insurance and Bajaj Allianz have been issued show-cause notices for tax evasion since 2017, sending 16 insurers under the Income Tax department’s probe to avoid nearly Rs 5,000 crore in dues, news agency Reuters reported. Is. The report said that DGGI officials have estimated that the insurance companies under investigation owe around Rs 5,000 crore in outstanding tax, interest and penalty since July 2017 when the government rolled out GST.
Century Textiles: Century Textiles & Industries Ltd., the flagship company of the Aditya Birla Group, reported a 68.8% year-on-year (YoY) increase in consolidated profit for the fourth quarter ended March 31, 2023, at Rs 145.27 crore. Century Textiles posted a consolidated profit of Rs 86.07 crore in the corresponding quarter of the previous financial year (Q4FY22). The textile and paper manufacturing and exports unit has reported revenue from operations of Rs 1,208.54 crore for the fourth quarter, as against Rs 1,210.72 crore in the year-ago period.
IPCA Lab/Unichem Lab: According to an exchange filing, IPCA Laboratories Ltd on Monday has signed a definitive agreement with Unichem Laboratories Ltd to acquire 33.38% stake for Rs 1,034.06 crore. In a regulatory statement, the Pacimol paracetamol tablet maker also said it will make an open offer to buy an additional 26% interest to the shareholders of Unichem for Rs 805.44 crore. The shares will be bought at Rs 440 per share, after obtaining approval from the Competition Commission of India as per the Competition Act, 2002.
Crompton Greaves Consumer Electricals: Crompton Greaves Consumer Electricals Ltd on April 24 promoted Shantanu Khosla as executive vice-chairman, while in another announcement said it has appointed Promit Ghosh, former deputy head of Temasek India, as managing director and CEO. Earlier, the CEO and Executive Director of the firm, Matthew Job has resigned citing his observation for other career interests. He will step down as Executive Director at the close of business on Monday and as CEO with effect from the close of business on April 30, 2023.
Mahindra Logistics: Mahindra Logistics Ltd reported a consolidated net loss after tax of Rs 82 lakh for the quarter ended March 2023. The logistics arm of the Mahindra Group weathered a tough quarter with higher operating expenses in a weak demand environment. The fourth quarter results are in stark contrast to the company’s profit of Rs 7.4 crore a year ago. According to analysts, third-party logistics providers such as Mahindra Logistics are facing difficulties due to lack of demand due to low activity in e-commerce and consumer durables segments.
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