Top 10 stocks for today – 3rd May, 2024

3 May 2024 , 08:27 AM

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

1. Coforge: In the fiscal fourth quarter ending in March FY24, the IT services firm registered a consolidated net profit of ₹229.2 Crore, marking a decline of 5.6% from the preceding quarter, primarily due to sluggish operating figures. However, there was a sequential uptick in revenue from operations, which increased by 1.5% to ₹2,358.5 Crore for the quarter.
2. Coal India: Despite a decline in topline figures, the nation’s largest coal mining company has reported a robust consolidated net profit of ₹8,640.5 Crore for the quarter ending in March FY24. This marks a significant increase of 25.8% compared to the same period in the previous fiscal year. The impressive profit growth can be attributed to strong operating performance, supported by reduced input costs and employee expenses.
3. Wipro: Wipro has been chosen by Independent Health, the Medicare Advantage Plan serving Western New York, to implement their Medicare Prescription Payment Plan platform for the forthcoming open enrollment phase. This initiative aims to enhance the efficiency of Independent Health’s payment processes, facilitating the seamless integration of new provisions. By leveraging this platform, Independent Health intends to simplify prescription cost management for Medicare beneficiaries in Western New York, thereby enhancing the overall experience for its members.
4. Cyient: HDFC Mutual Fund has further bolstered its investment portfolio by acquiring an additional 11,33,893 equity shares, equivalent to 1% of the paid-up equity, in the IT company. This acquisition was made at an average price of ₹1,800 per share, amounting to a total valuation of ₹204.1 Crore.
5. Zaggle Prepaid Ocean Services: ICICI Prudential Mutual Fund recently acquired 11,58,940 equity shares, representing 0.94% of the paid-up equity, in the spending management platform provider at an average price of ₹302 per share. Conversely, foreign investor Ventureast Proactive Fund LLC divested 22,27,438 equity shares, equivalent to 1.8% of the paid-up equity, at the same price. Notably, as of March 2024, Ventureast held a 3.64% stake in the company.
6. Ajanta Pharma: The specialty pharmaceutical formulation firm has disclosed a consolidated net profit of ₹203 Crore for the quarter concluding in March FY24, marking a significant 66% surge compared to the corresponding period in the preceding fiscal year. Concurrently, revenue from operations experienced a notable uptick of 20%, reaching ₹1,054 Crore during the same timeframe. This growth was propelled by various segments, with the India businesses witnessing a 14% increase, US generic businesses surging by 32%, Asia segments advancing by 18%, and Africa businesses growing by 13%.
7. KEI Industries: The electrical wires and cables manufacturer posted a robust performance for the quarter ending in March FY24, with a significant 22% year-on-year surge in consolidated net profit, reaching ₹168.6 Crore. This impressive growth was supported by strong top-line and operating figures. Revenue from operations witnessed a healthy expansion, climbing by 18.8% year-on-year to ₹2,319.3 Crore during the quarter.
8. Bajaj Finance: The non-banking financial company has announced that the Reserve Bank of India (RBI) has lifted the restrictions previously imposed on the sanction and disbursal of new loans within the ‘eCOM’ and online/digital Insta EMI card segments. This development follows the company’s implementation of remedial measures to address concerns raised by the regulatory authority.
9. Yes Bank: The Carlyle Group is poised to divest a substantial portion of its stake valued at ₹1,500 Crore in a private lender through a block deal set for May 3. With Carlyle currently holding an 8.74% stake in YES Bank following warrant conversion, the planned stake sale is anticipated to be facilitated by an entity named CA BASQUE INVESTMENTS.
10. Ceat: The tyre manufacturer witnessed a 23% decrease in its consolidated net profit, amounting to ₹102 Crore for the fourth quarter concluding in March 2024. This represents a decline from the net profit of ₹132 Crore reported in the corresponding period of January-March 2022-23. Despite the decrease in net profit, the company experienced growth in revenue from operations, which rose to ₹2,992 Crore in the reviewed period from ₹2,875 Crore in the fourth quarter of FY23.