Top 10 stocks for today – 29th April 2024

29 Apr 2024 , 08:04 AM

Here are some of the stocks that may see significant price movement today.

Maruti Suzuki: The country’s largest automaker reported a standalone net profit of ₹3,878 Crore for the quarter ended March FY24, up 47.8% from the previous year, aided by solid operating statistics and greater other income, but total results fell short of analysts’ estimates. Revenue from operations increased by 19.3% year on year to ₹38,235 Crore, while sales volume increased 13.4% to 5.84 lakh units over the same period.

Vodafone Idea: ATC Telecom Infrastructure withdrew the telecom operator by selling its whole stake of 144 Crore equity shares (equal to 2.87% of paid-up equity) in open market transactions for an average price of ₹12.78 per share, totaling ₹1,840.3 Crore. However, Citigroup Global Markets Mauritius has net purchased 48,13,75,145 equity shares in Vodafone at an average price of ₹12.7 per share.

HCL Technologies: The IT services company posted a net profit of ₹3,986 Crore for the March FY24 quarter, down 8.4% from the previous quarter due to weak operating numbers, and overall results were below than experts’ expectations. Revenue from operations increased by 0.2% sequentially to ₹28,499 Crore in the quarter, while dollar revenue growth was 0.4% and revenue in constant currency terms increased by 0.3% QoQ.

SBI Life Insurance Company: The insurance company reported a net profit of ₹810.8 Crore for the January-March FY24 quarter, up 4.4% from the previous year. Net premium income for the quarter increased by 26.2% year on year to ₹25,116.5 Crore, while net commission fell by 2.3% to ₹851.4 Crore during the same period.

ICICI Bank: The private sector lender reported standalone net profit of ₹10,707.5 Crore for the quarter ended March FY24, up 17.4% from the previous year due to lesser provisions for bad loans. Overall, earnings exceeded analysts’ expectations. Net interest income increased by 8.07% year on year to ₹19,093 Crore during the quarter.

RBL Bank: The private sector lender recorded a standalone net profit of ₹353 Crore for the March FY24 quarter, up 30% from the same period in the previous fiscal year due to fewer provisions and a substantial increase in operational profit and other revenue. Net interest income increased by 18% year on year to ₹1,600 Crore in the quarter, but the net interest margin fell 17 basis points YoY (down 7 basis points QoQ) to 5.45%.

Apollo Hospitals Enterprise: Apollo HealthCo (Apollo 24/7, or AHL), a subsidiary of Apollo Hospitals Enterprise, has signed a binding agreement to raise equity capital of ₹2,475 Crore from global private equity investor Advent International. In addition, Apollo 24/7 will gradually integrate Keimed, the wholesale pharmaceutical distributor, within itself over the following 24-30 months. Advent would invest in obligatory convertible securities in two tranches to acquire a 12.1% share in the amalgamated business, valuing it at ₹22,481 Crore.

IDFC First Bank: The lender’s net profit for the March FY24 quarter was ₹724 Crore, a 9.8% decrease from the same time in the previous fiscal year, owing to increased provisions. Net interest income increased 24% year on year to ₹4,469 Crore in the quarter. The bank’s asset quality improved significantly, with the gross NPA dropping 16 basis points quarter on quarter to 1.88% and the net NPA falling 8 basis points sequentially to 0.60% for the quarter.

Ircon International: The business, through its joint venture with Dineshchandra R. Agrawal Infracon (DRA), has obtained a letter of award for the construction of the Kottavalasa-Koraput doubling project of Waltair division, East Coast Railway, on an EPC basis at a cost of ₹1,198.09 Crore.

Patanjali Foods: The FMCG company stated that the board discussed the initial proposal received from Patanjali Ayurved (PAL) for the sale of PAL’s non-food business undertaking to the company and gave in-principle approval to evaluate the most efficient mode of enhancing synergies with PAL’s non-food portfolio on an arm’s length basis.

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