Stocks to watch today: The benchmark indices are likely to see a negative start to the trade on Wednesday, May 24. At 08:23 AM, the Nifty futures on the Singapore Exchange (SGX) traded 0.42 per cent lower at 18,284 levels.
Here’s a look at the top stocks that may remain in focus today –
Ashok Leyland: Commercial vehicles maker Ashok Leyland on Tuesday reported an over five-fold jump in consolidated net profit at Rs 802.71 crore for the fourth quarter ended March 31, 2023, riding on robust sales. Revenue from operations during the quarter under review stood at Rs 13,202.55 crore as against Rs 9,926.97 crore in the year-ago period, it added.
Biocon: The biotechnology company on May 23 reported a 31 per cent rise in consolidated net profit at Rs 313 crore for the fourth quarter of the financial year 2022-2023, against Rs 239 crore logged in the March 2022 quarter. Revenue from operations climbed 56.7 per cent to Rs 3,773.9 crore as against Rs 2,409 crore last fiscal.
Hindalco: Aditya Birla group metal company Hindalco Industries is all set to report its financial results for the quarter ended March 2023 on Wednesday, May 24. Analysts expect the company to report a weak performance for the three-month period. According to Zee Business research, Hindalco’s consolidated net profit for the last quarter of the financial year 2022-23 is estimated at Rs 2,008 crore — translating to a fall of 47.9 per cent on a year-on-year basis. READ MORE
Earnings today: Apart from Hindaloco, a host of companies are scheduled to release their Mraxh quarter results later today. The list includes names such as Nalco, Cummins India, LIC, Brigade Enterprises, Avanti Feeds, Ashoka Buildcon, and FSN E-commerce, among others.
Amara Raja Batteries posted a 41 per cent YoY rise in net profit for the March 2023 quarter to Rs 139 crore. During the period under review, the company’s revenue from operations increased 11 per cent to Rs 2,429 crore, from Rs 2,181 crore during Q4 FY22.
Sun Pharma: Shares of Sun Pharma are expected to react to its subsidiary, Taro Pharma’s Q4 earnings. Taro Pharma’s profit slipped 5 per cent QoQ to $69 lakh while its income increased 5.3 per cent QoQ to $14.66 crore. Taro Pharma’s margin rose 1 per cent on a QoQ basis to 6.3 per cent, as per Zee Business Research.
NMDC: The state-owned company on May 23 reported a 22 per cent rise in standalone net profit at Rs 2,277 crore in the quarter ended March 31, 2023. The country’s largest iron ore company had posted a profit of Rs 1,862 crore in the year-ago period.
Mahindra & Mahindra: As per reports, the auto major is likely to sell a 3.2 per cent stake or 1.2 crore shares in the automotive component supplier Mahindra CIE Automotive Ltd via a block deal soon.