Stocks to watch: M&M, Vedanta, HAL, Vi, Biocon, PB Fintech, Crompton Greaves

Mahindra & Mahindra: M&M reported a 31.6% YoY increase in net profit to ₹2,038.21 crore in Q4FY24. Revenue from operations rose by 11.24% to ₹25,108.97 crore. The company’s EBITDA increased by 12% to ₹3,119 crore, while the EBITDA margin remained at 12.4%. The board recommended a dividend of ₹21.10 per share, and approved an investment of ₹12,000 crore in its EV unit, Mahindra Electric Automobile Ltd (MEAL).

Vedanta: The company plans to raise ₹8,500 crore through equity or debt, and it declared an interim dividend that will cost ₹4,089 crore. The company will issue a dividend of ₹11 per share. The company also announced an investment in its Saudi Arabian unit, Vedanta Copper International Ltd (VCI), for setting up a continuous cast copper rod plant.

HAL: The company’s profit went up by 52.2% year-on-year to ₹4,308.7 crore. It delivered an EBITDA margin of 40% for the March quarter. For financial year 2024, Hindustan Aeronautics reported revenue of ₹30,380 crore.

Vodafone Idea: The company’s losses widened to ₹7,666 crore in Q4FY24, from ₹6,424 crore the previous year. Revenues improved marginally to ₹10,639 crore, due to improving subscriber mix, 4G subscriber additions, and change in entry level plan. The company, which raised ₹18,000 crore last month through India’s largest FPO, is in talks with lenders to secure debt funding of ₹35,000 crore for network expansion.

Indian Energy Exchange: The company reported a 14.7% increase in its consolidated net profit for 2023-24, helped by higher trade volumes and positive regulatory changes. The company’s profit improved to ₹350.8 crore in FY24 from ₹305.9 crore in the previous year, with total revenue jumping 16.2% to ₹550.8 crore.

Biocon: The company reported a decline of 57% in consolidated net profit at ₹135.5 crore in Q4FY24, compared to ₹313.2 crore in the corresponding period last year. The company’s revenue from operations in the fourth quarter of FY24 stood at ₹3,917 crore, registering a rise of four per cent, compared to ₹3,774 crore in the year-ago period.

Wipro: The company’s former CEO, Thierry Delaporte, has sold shares worth ₹34.5 crore over the past month, taking his total earnings since he resigned from the company on 6 April to ₹70.63 crore, or about $8.5 million.

PB Fintech: Yashish Dahiya, chairman and CEO of PB Fintech, and Alok Bansal, vice-chairman are set to sell a combined stake of 1.86% in the company, translating to an estimated total deal value of ₹1,053 crore (approximately $126 million).

Crompton Greaves: The company’s net profit rose by 1.4% to ₹133.43 crore YoY, and revenue increased by 9.5% to ₹1,961 crore. The board recommended a dividend of ₹3 per share.

eClerx Services: The company’s net profit fell by 1.5% to ₹130.5 crore YoY, while revenue rose by 10.6% to ₹766.5 crore.

Kaynes Technology: The company’s net profit rose by 97% to ₹81.3 crore YoY, and revenue increased by 75% to ₹637.3 crore.

Endurance Technologies: The company’s net profit rose by 54% to ₹210 crore YoY, and revenue increased by 20.1% to ₹2,685 crore.

Berger Paints: The company’s Q4FY24 performance fell short of expectations, leading to a downward revision of target prices by brokerages. Concerns include delayed demand recovery, increased competition, and weak management guidance. Despite better-than-expected volume growth of 14%, a 5% price cut was higher than its peers. The company’s net profit rose by 19.7% YoY to ₹222 crore in Q4FY24, while revenue rose marginally to ₹2,520 crore.

JK Paper: The company reported a 1.7% YoY dip in net profit at ₹275.6 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations remained unchanged at ₹1,719 crore. The board of directors has recommended a final dividend of ₹5 per share (50%), on the equity share capital for the financial year ended March 31, 2024.

Akzo Nobel India: The company reported a 14% YoY increase in net profit at ₹108.7 crore for the fourth quarter that ended March 31, 2024. The company’s revenue from operations rose 2.3% to ₹973.4 crore against ₹951.4 crore in the year-ago period. The board has recommended a final dividend of ₹25 per equity share for financial year 2023-24. The total dividend for 2023-24 aggregates to ₹75 per share, including an interim dividend of ₹50 per share.

Restaurant Brands Asia: The company’s consolidated net loss for the March quarter widened to ₹92 crore from ₹80 crore a year ago. However, revenue rose by 16% to ₹597.1 crore. The company opened a net total of 64 new restaurants in FY24, including 16 in the fourth quarter.

Angel One: An authorised person (AP) of Angel One, Abid Ali, has been fined ₹9 lakh for running an illegal advisory named Trade 26 Research and defrauding the public. The Securities and Exchange Board of India (Sebi) found that the entity was providing investment advisory services without a certificate of registration.

Dixon Technologies: The company has entered into a Memorandum of Understanding (MOU) with Acerpure for manufacturing consumer appliance products. The company will undertake the manufacturing of Acerpure products in its facilities starting with TVs, subject to signing of definitive agreements.

Larsen & Toubro: The company’s wholly-owned arm L&T Valves Ltd has set up a new manufacturing unit in Saudi Arabia. The facility is strategically located at Al Jubail, off the Dammam-Abu Hadriyah Highway. The facility will address the growing requirements in the Middle East and Africa.

Container Corporation of India: The company’s March quarter profit jumped 5.5% to ₹315.1 crore from the year-ago period, aided by volume growth and increased market share. Revenue rose 6.4% YoY to ₹2,325.1 crore, due to an 11.24% YoY growth in total volumes in the quarter under review.

HCL Infosystems: The company has won the arbitration case against ITI Ltd, concerning the recovery of dues related to the commissioning of telecom networks for BSNL and MTNL. The final arbitration award brings relief in the form of a monetary award amounting to approximately ₹150 crore. The counterclaims worth ₹111 crore filed by ITI against HCL Infosystems have been disallowed as part of the arbitration award.

Sansera Engineering: The company’s net profit rose by 31.2% to ₹46.5 crore YoY, and revenue increased by 20.6% to ₹745.8 crore.

Triveni Turbine: The company’s net profit rose by 37% to ₹76.2 crore YoY, and revenue increased by 24% to ₹458 crore. The board recommended a dividend of ₹1.3 per share.

Prince Pipes: The company’s net profit fell by 42% to ₹54.65 crore YoY, and revenue decreased by 3.2% to ₹740 crore. The board recommended a dividend of ₹1 per share.

Krishna Institute of Medical Sciences: The company’s net profit fell by 30% to ₹65.5 crore YoY, and revenue increased by 10% to ₹633.8 crore.

Varanium Cloud: Sebi has imposed an immediate ban on technology company Varanium Cloud and its promoter and managing director, Harshawardhan Hanmant Sabale, following investigations into alleged misuse of IPO proceeds. The company is accused of engaging in dubious transactions to present a misleadingly positive financial outlook, leading to an increase in investor interest. The funds raised through the IPO and subsequent rights issue were allegedly diverted from their intended use.

Patanjali Foods: The company, formerly known as Ruchi Soya Industries Ltd, has decided to divest its stake in Ruchi Ethiopia Holdings Ltd. This decision is part of the resolution plan approved by the Mumbai bench of the National Company Law Tribunal (NCLT) under Section 31 of the Insolvency and Bankruptcy Code, 2016. The board of directors approved a sale consideration of $1, with the company receiving the equivalent INR value.