HomeMarketsMarket InsightStocks to Watch: HCL Tech, ICICI Securities, UltraTech Cement and others

Stocks to Watch: HCL Tech, ICICI Securities, UltraTech Cement and others

Q4 Results today: HCL Technologies and ICICI Prudential Life Insurance Company will be in the spotlight for their quarterly and full-year results on April 20. On the same day, Cyient, Sterling and Wilson Renewable Energy, Bodhi Tree Multimedia, Orient Green Power Company, Oriental Hotels, Rajnish Wellness, and Reliance Industrial Infrastructure would disclose their quarterly results.

ICICI Securities: The business recorded a 22.8% year-on-year fall in consolidated profit at Rs 262.7 crore for the fiscal quarter ended March FY23, owing to poor topline and operational performance. Consolidated revenue fell 0.77% to Rs 885 crore in the quarter, dragged down by decreased fees and commission income. On the operational front, EBITDA declined 2.7% year on year to Rs 548 crore for the quarter, with margin falling 122 basis points to 61.93%. The board of directors proposed a final dividend of Rs. 9.25 per share.

UltraTech Cement: With the successful completion of its 2.2 mtpa brownfield expansion, UltraTech Cement has increased the capacity of its grinding mill in Patliputra, Bihar, to 4.7 mtpa. This new capacity will assist the firm in meeting the rapidly increasing cement demand in the East area as well as increasing its blended cement ratio. It presently has 129.15 mtpa of total grey cement production capacity in India.

Mastek: The IT services firm’s consolidated profit increased 13.07% sequentially to Rs 72.6 crore in the March FY23 quarter, led by increases in topline and operating income. Revenue increased 7.7% year on year to Rs 709.2 crore, with growth across all businesses. In Q4 FY23, EBIT improved by 12.5% QoQ to Rs 105.92 crore, with margin expanding by 64 basis points to 14.93%. The board has declared a final dividend of Rs 12 per share for FY23, and Priti Rao has resigned as the company’s non-executive independent director.

Tata Communications: The company’s consolidated profit fell 10.7% year on year to Rs 326 crore in Q4 FY23, dragged down by decreased other income and poor operational performance. Revenue for the quarter increased by 7.2% year on year to Rs 4,569 crore, led by the data services segment; however, voice solutions performed poorly. EBITDA declined 1% year on year to Rs 1,034.22 crore, with the margin sliding 188 basis points to 22.64% for the quarter. In FY23, the board proposed a final dividend of Rs 21 per share.

NBCC (India): The state-owned construction business has been awarded a project for Rs 207.92 crore by the Puducherry Public Works Department. The firm will provide full design, engineering, and project management consulting (PMC) services.

Emkay Global Financial Services: The financial services firm has acquired preliminary authorization from Sebi to sponsor a mutual fund.

Shakti Pumps: The water pump and motor company has secured a $1 million loan from EXIM Bank on behalf of the Government of Uganda for the project. On April 12, the firm began operations in Uganda to offer solar-powered water pumping systems.

Equitas Small Finance Bank: Equitas has been given an Authorised Dealer Category-I (AD-I) licence by the Reserve Bank of India to trade in foreign currency.

Bombay Burmah Trading Corporation: Bombay Burmah Trading Corporation said that its board of directors has chosen to sell the plantation land, properties, and assets that comprise all three tea plantations in Tanzania, totaling roughly 3,957 acres. These three plants will be sold for $1.2 million to Udongo Wetu in Dar es Salaam, Tanzania.

Adani Ports and Special Economic Zone: On April 22, the business will contemplate a partial repurchase of certain debt instruments denominated in INR or USD in the current fiscal year, subject to market circumstances.

Bank of Maharashtra: The Bank of Maharashtra’s Board of Directors will meet on April 24 to discuss a proposal to raise capital up to Rs 7,500 crore for FY24 via a follow-on public offer (FPO), rights issue, qualified institutional placement (QIP), preferential issue, or any other vehicle.

Torrent Power: Torrent Power has established a wholly-owned subsidiary, Torrent Urja 12. The new subsidiary will generate, transmit, distribute, buy, procure, sell, trade, import, export, or otherwise deal in all types of electrical power and energy, including non-conventional and renewable sources of energy.

Norges Bank, on behalf of the Government Pension Fund Global, has purchased 20 lakh shares, or 1.73% of the equity holding in Bajaj Electricals, via open market transactions at an average price of Rs 1,045 per share, totaling Rs 209 crore. Small Cap World Fund Inc., a foreign portfolio investor, has sold 22.36 lakh shares, or 1.94% of the firm, at the same average price. As of March 2023, Small Cap World Fund Inc owned 5.3% of Bajaj Electricals.

IndiGrid Investment Managers: IndiGrid Investment Managers, functioning as India Grid Trust’s investment manager, has named Navin Sharma as its Chief Financial Officer, effective April 19.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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