MARCH QUARTER
Mid and small IT companies showed sustained improvement in revenue, profit share in March ’24 quarter
Small and medium sized IT companies continued to show year-on-year improvement in the share of aggregate revenue and profit of the sector in the March 2024 quarter though the extent of improvement has tapered down implying resilience from the top tier companies.
CAD in surplus in March quarter after four years
India's current account turned into a surplus in the quarter ended March 2024, marking the first surplus in four years. This change was driven by a moderation in the trade deficit, higher services income, and increased remittances from overseas Indians.
Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
18 long-term investment ideas by SBI Securities post March quarter results
The capital appreciation story in the equity market is currently positive, largely driven by the results of the general election. SBI Securities provides insights into the recently concluded quarterly results season and recommends that investors take a diversified approach, focusing on the best-performing businesses across 12 sectors. The domestic brokerage firm has prioritized stocks with strong management teams, supported by solid corporate governance, a positive industry outlook, strong business growth potential, attractive margins and return ratios, healthy balance sheets, and a strong historical track record. Following is the sectoral classification of the stocks picked by SBI Securities:
Trailer of things to come: PM Modi on GDP figures
India's Prime Minister Narendra Modi praised the country's high GDP growth in 2023-24, highlighting its robust momentum and the potential for further acceleration. The Q4 GDP growth data, which reached 7.8% in January-March, pushed the annual growth rate for FY24 to 8.2%, highlighting India's status as the fastest-growing major economy globally.
Rekha Rakesh Jhunjhunwala earns Rs 224 crore dividend from Rs 38,000 crore portfolio in March quarter
Rekha Jhunjhunwala likely earned Rs 224 crore dividend from her Rs 37,831 crore portfolio in the March quarter, including from companies like Titan Company, Canara Bank, and Valor Estate. She holds stakes in various companies and saw changes in shareholding in Agro Tech Foods and Nazara Technologies.
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Amara Raja Energy Q4 Results: Net profit jumps 62% YoY to Rs 230 cr
Amara Raja Energy & Mobility on Tuesday said its consolidated profit after tax rose 62 per cent to Rs 230 crore for the fourth quarter ended March 2024. The company had reported a profit after tax of Rs 142 crore in the January-March quarter of 2022-23 fiscal.
ABFRL Q4 Results: Net loss widens to Rs 266.35 crore YoY
Aditya Birla Fashion and Retail Ltd has reported a consolidated net loss of Rs 266.35 crore for the fourth quarter ended March 2024. The company had posted a net loss of Rs 194.54 crore during the January-March quarter a year ago, according to a regulatory filing from Aditya Birla Fashion and Retail Ltd (ABFRL).
GIC Re Q4 Results: Net profit rises 3% to Rs 2,642 crore
GIC Re on Tuesday posted a 3 per cent increase in net profit to Rs 2,642 crore for the fourth quarter ended March 2024 compared to Rs 2,564 crore in the same quarter a year earlier.
Indian economy likely grew at weakest pace in a year in Jan-March, says Reuters poll
India's economy likely experienced its slowest growth in a year during the January-March quarter, attributed to weak domestic demand, according to a Reuters poll of economists. This follows a surprising 8.4% GDP growth in the October-December quarter, boosted by a sharp drop in subsidies that artificially increased net indirect taxes, while gross value added (GVA) grew by 6.5%. For the January-March period, GDP growth is expected to have slowed to 6.7%, with GVA growth at 6.2%.
GoFirst loses a suitor as EaseMyTrip's founder Nishant Pitti withdraws bid
EaseMyTrip's CEO, Nishant Pitti, announced the company's decision to withdraw its bid for airline GoFirst, citing a focus on their core strengths. This move comes after the Delhi High Court's recent order allowing lessors to deregister and repossess Go First's planes, which impacted hopes of favorable valuation for the defunct airline's creditors. Previously, Pitti's EaseMyTrip, along with SpiceJet promoter Ajay Singh, had jointly bid for Go First.
Torrent Pharma Q4 Results: Net profit jumps 56% YoY to Rs 449 crore
Torrent Pharmaceuticals Ltd on Friday reported a 56.45 per cent jump in consolidated net profit to Rs 449 crore in the March quarter, riding on higher revenue.
United Spirits Q4 Results: Net profit jumps twofold to Rs 241 crore
Diageo-controlled liquor maker United Spirits Ltd on Friday reported a two-fold increase in consolidated net profit to Rs 241 crore for the March quarter.
Hindustan Copper Q4 Results: Net profit rises 6% YoY to Rs 124 crore
State-owned Hindustan Copper Ltd on Friday reported a 6 per cent drop in consolidated net profit to Rs 124.33 crore for the March quarter. The company had posted a consolidated net profit of Rs 132.31 crore in the year-ago period.
Cochin Shipyard Q4 Results: Net profit soars multi-fold to Rs 259 crore
State-owned Cochin Shipyard Ltd on Friday reported multi-fold growth in its consolidated net profit to Rs 258.88 crore for the March 2024 quarter on account of higher income. It had clocked Rs 39.33 crore profit in the year-ago period, the company said in a regulatory filing.
Kerala tops youth unemployment rate, Delhi registers lowest: PLFS Survey
The survey, which covered 22 states and Union territories, identified Jammu & Kashmir, Telangana, Rajasthan, and Odisha as other states with high unemployment rates in this age category.
Power Grid Corporation Q4 Results: Net profit dips marginally to Rs 4,166 cr
State-owned Power Grid Corporation on Wednesday reported a nearly four per cent dip in its consolidated net profit to Rs 4,166.33 crore in the March 2024 quarter, mainly due to a marginal decline in income. The company reported a consolidated net profit of Rs 4,322.87 crore in the quarter ended on March 31, 2023, a BSE filing showed.
RattanIndia Power Q4 Results: Firm posts Rs 10,665 cr net profit on exceptional gains
RattanIndia Power on Wednesday reported a consolidated profit of Rs 10,665.75 crore in the March 2024 quarter, mainly due to exceptional gain. The company had reported a loss of Rs 483.19 crore in the year-ago quarter, a BSE filing showed.
JK Tyre shares zoom over 10% after March quarter earnings
JK Tyre & Industries stock soared 10.49% on BSE and 10.55% on NSE after reporting a 54% increase in consolidated net profit for Q4 ending March 31, 2024, reaching Rs 172 crore.
Sundaram Home Finance Q4 results: Net profit at Rs 57 cr; disbursements breach Rs 5,000 cr
Sundaram Home Finance, the wholly owned subsidiary of Sundaram Finance has reported a net profit of Rs 57 crore for the January-March 2024 quarter, the company said.
Check out the biggest sells by D-Street mavens in March quarter
Here's a look at stocks that saw the highest selling by Dalal Street's top investors during the March quarter. (Source: Trendlyne)
Concor Q4 Results: Net profit rises 10% YoY to Rs 301.25 crore
Container Corporation of India Ltd (Concor) on Thursday posted a 9.88 per cent increase in consolidated net profit to Rs 301.25 crore for the March 2024 quarter. The company had reported a consolidated net profit of Rs 274.14 crore a year ago, Concor said in a regulatory filing.
Damani & Jhunjhunwala emerge as richer dons of D-Street when most lost crores in Q4
The Jhunjhunwala family's wealth in listed firms crossed the ₹50,000 crore mark for the first time in the March quarter, while about 17 individuals held portfolios worth over ₹1,000 crore as of March 31, 2024.
Brokerages increase target price for Bank of Baroda. Should you buy?
BoB’s net interest income for the full financial year stood at Rs 44,722 crore, an 8.1% uptick over FY23. The operating profit for FY24 was reported at Rs 30,965 crore, a 15.3% year-on-year (YoY) gain.
Union Bank Net Rises 19% on Big IT Refund, Interest Income
The bank received ₹497 crore as income tax refund in the quarter ending March as against ₹8 crore in the comparable period, which helped to push up profits for the fourth quarter.
Promoter pledged holdings decline in March quarter: Lemon Tree Hotels, Tata Communications, among others with highest drop
Bharat Forge, Lemon Tree Hotels, and Tata Communications completely released their pledged holdings from 7.1%, 3.3%, and 3.1%, respectively in the December quarter.
CDSL adds 1.09 crore demat accounts in March quarter
CDSL added 85 lakh new accounts in the December 2023 quarter, 80 lakh in the September quarter, and 52 lakh in the March 2023 quarter, the depository said in an exchange filing.
Kotak Bank 'attractive' despite short-term issues, rises over 5%
Analysts said despite the short-term challenges, the bank's valuations are attractive compared to its peers given its sector-leading metrics on key parameters. Regulatory relief and top management stability will be key catalysts in the near term.
Nestle India announces dividend of Rs 8.50 per share. Check record date
Nestle India announced a dividend of Rs 8.50 per share with March quarter results. The company reported a 27% increase in net profit year-on-year (YoY) for the said quarter.
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