Top 10 stocks for today – 6th May 2024

6 May 2024 , 09:12 AM

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

Titan Company: The jeweller and watchmaker reported a standalone net profit of ₹786 Crore for the quarter ended March FY24, up 7.1% from the same time the previous fiscal year, hit by a low operating margin. Revenue from operations for the quarter was ₹11,257 Crore, up 16% over the same time in the previous fiscal year. The company declared a dividend of ₹11 per share for FY24 and reappointed C. K. Venkataraman as Managing Director, effective October 1 this year.

Tata Power Company: Tata Power Renewable Energy has inked a power purchase agreement with SJVN to establish a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project. The facility will create roughly 3,000 million units (MUs) of power and offset 2,200 million kg of CO2 emissions per year, while FDRE allows for 24-hour power delivery, supporting distribution companies in meeting renewable purchasing and energy storage commitments.

Dr Reddy’s Laboratories: The pharmaceutical company introduced Doxycycline capsules, 40 mg, to the US market. The medicine is a therapeutic generic counterpart of Oracea capsules, which has been approved by the US Food and Drug Administration.

Tata Technologies: The worldwide product engineering and digital services company reported a consolidated net profit of ₹157.2 Crore for the March FY24 quarter, a 27.4% decrease from the same period in the previous fiscal year, despite a good operating margin hampered by a weak topline. Revenue from operations dipped 7.2% year-on-year to ₹1,301 Crore in the quarter, while EBITDA fell 1.1% to ₹240 Crore, and margin increased 110 basis points to 18.4%. The business declared a total dividend of ₹10.05 per share, which includes a special dividend of ₹1.65.

IDBI Bank: The lender’s net profit for the quarter ended March FY24 was ₹1,628 Crore, up 44% from the same period last year due to a 58% decrease in provisions. Net interest income increased by 12% year on year to ₹3,688 Crore in the quarter, but the net interest margin fell 10 basis points to 4.91%. Asset quality was consistent during the quarter, with gross NPA declining 16 basis points sequentially to 4.53% and net NPA being unchanged at 0.34% QoQ.

Force Motors: The vehicle firm recorded total sales of 2,624 units in April 2024, up 43.5% from 1,828 units sold in the same month in the previous fiscal year. Domestic sales jumped by 36.46% year on year to 2,268 units, while exports increased by 114.5% to 356 units in April.

Inox Wind Energy: The company posted a consolidated net profit of ₹38.88 Crore for the March FY24 quarter, compared to a loss of ₹109.5 Crore in the same time of the previous fiscal year, with a robust topline. Revenue from operations increased by 184% YoY to ₹528.5 Crore in the quarter.

Yes Bank: Foreign investor Goldman Sachs (Singapore) Pte. Ltd. (ODI) purchased 36,92,43,945 equity shares (equal to 1.22% of paid-up equity) in the bank at an average price of ₹24.26 per share, totaling ₹895.78 Crore. However, foreign investor CA Basque Investments sold 59.4 Crore equity shares (1.97% of paid-up equity) in the bank for an average price of ₹24.27 per share, totaling ₹1,441.63 Crore. As of March 2023, CA Basque Investments owned 9.11% of Yes Bank.

Avenue Supermarts: The D-Mart operator reported a consolidated net profit of ₹563.3 Crore for the March FY24 quarter, up 22.4% from the same time in the previous fiscal year, with strong topline and operating metrics. Revenue from operations increased by 20.1% year on year to ₹12,726.6 Crore in the quarter.

Aurobindo Pharma: The United States Food and Drug Administration (US FDA) examined Unit-II, a formulation manufacturing facility of the company’s subsidiary, Eugia Pharma Specialities, in Bhiwadi, Rajasthan, between April 25 and May 3. The USFDA concluded their inspection with seven observations. The observations are procedural in nature and will be addressed within the allotted time.

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