Stocks in the news: L&T, Dr Reddy’s Labs, LTIMindtree, PB Fintech, JSW Energy, Tata Power & Voltas

Bucking the positive global cues, Indian equities saw another session of profit booking on Tuesday amid the election-led uncertainty. BSE Sensex dropped 383.69 points, or 0.52 per cent to settle at 73,511.85. NSE’s Nifty50 index tumbled 140.20 points, or 0.62 per cent, to end the session at 22,302.50. ere are the stocks that may remain under spotlight before the opening bell on Wednesday, May 8, 2024:

Q4 results today: Larsen & Toubro, Tata Power Company, Canara Bank, TVS Motor Company, Hero MotoCorp, Bharat Forge, BSE, SKF India, Piramal Enterprises, Kalpataru Projects International, Capri Global Capital, Gujarat State Petronet, Kirloskar Oil Engines, Westlife Foodworld, Home First Finance Company and HG Infra Engineering are among the companies that will announce their March 2024 quarter results today.

Dr Reddy’s Laboratories: The pharma major reported a net profit at Rs 1,307 crore for quarter ended March 31, 2024, rising 36.3 per cent YoY, with other income rising 133 per cent YoY to Rs 656 crore. Revenue from operations grew by 12.5 per cent YoY to Rs 7,083 crore for the quarter, with global generics business rising 13 per cent YoY.

LTIMindTree:  IT company major has collaborated with American technology company IBM to establish a global, joint Generative AI Center of Excellence (CoE) for India. The centre will focus on building point solutions to accelerate clients’ generative AI adoption journeys.

JSW Energy: The JSW Group company recorded consolidated net profit at Rs 345.3 crore for March 2024 quarter, jumping 22.4 per cent YoY despite muted topline, driven by strong operating numbers with lower fuel cost. Revenue from operations grew by 3.2 per cent YoY to Rs 2,755.9 crore for the quarter.

United Breweries: The Kingfisher brewer’s reported a consolidated net profit of Rs 81.55 crore for the March quarter of the financial year 2023-24, increasing eight times from the year-ago period. Its revenue came in at Rs 4,788.68 crore, rising 17.3 per cent. The board proposed a dividend of Rs 10 per share.

PB Fintech: The Policybazaar operator reported a net profit at Rs 60.19 crore for the March 2024 quarter, against loss of Rs 9.34 crore in corresponding period of last fiscal year. Revenue during the quarter rose 25 per cent YoY to Rs 1,090 crore and premium increased by 43 per cent to Rs 5,127 crore during the same period.

Pidilite Industries: The adhesive maker clocked a net profit at Rs 304.3 crore for March quarter 2024, growing 6.4 per cent over YoY impacted by exceptional loss of Rs 71.7 crore, with strong operating numbers on lower input cost. Revenue from operations grew 7.9 per cent YoY to Rs 2,901.9 crore for the quarter.

Voltas: The AC maker Voltas reported 19 per cent YoY fall in consolidated net profit to Rs 116 crore for the quarter ended March 31, 2024. The Tata group firm’s consolidated revenue from operations rose 42 per cent YoY to Rs 4,203 crore in Q4FY24. The board recommended a dividend of Rs 5.5 per share for the year 2023-24.

Dixon Technologies: The consumer electronics maker’s subsidiary, Dixon Electro Appliances has entered into an agreement with Nokia Solutions and Networks OY (Nokia) for development and manufacturing of telecom products.

Indraprastha Gas: The piped gas distributor’s net profit rose 16 per cent YoY to Rs 382.8 crore in the January-March 2024 quarter. The revenue remained flat at Rs 3,596.8 crore for the quarter. IGL Board also recommended a final dividend of ₹5 per share for the year ended March 31, 2024.