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Stocks to Watch, April 24: Axis Bk, HUL, Tata Consumer, MCX, IIFL Finance

Stocks to Watch on Wednesday, April 24, 2024: Axis Bank, Hindustan Unilever, LTIMindtree, The Indian Hotels Co., and AU Small Finance Bank are among the companies which will report Q4FY24 result today


Photo: Bloomberg

Nikita Vashisht New Delhi
Stocks to Watch on Wednesday, April 24: Equity markets are looking to stay on the winning streak on Wednesday amid firm global sentiment.

That apart, Q4FY24 results, foreign flows, and the trajectory of oil prices and bond yields will guide the markets today.

At 7:25 AM, Gift Nifty futures were quoting 78 points higher at 22,450 levels.

Elsewhere in Asia, Nikkei, and Kospi were trading nearly 2 per cent higher each, while Hang Seng was up 0.9 per cent.

Overnight, the Dow Jones Industrial Average climbed 0.69 per cent, the S&P 500 gained 1.2 per cent, and the Nasdaq Composite saw the largest gain of 1.59 per cent.

Meanwhile, here is a list of stocks to watch today:

Q4FY24 results on April 24, 2024: Axis Bank, Hindustan Unilever, LTIMindtree, Dalmia Bharat, Macrotech Developers, The Indian Hotels Co., AU Small Finance Bank, Oracle Financial Services Software, Equitas Small Finance Bank, Syngene International, DCB Bank, Nippon Life India Asset Management, Supreme Petrochem, Chennai Petroleum Corp., and Anant Raj will announce their Q4FY24 results on April 24, 2024.

Tata Consumer Products: TCPL's net profit fell 19.3 per cent to Rs 217 crore in the March quarter of FY24 (Q4FY24) on account of exceptional items. Its revenue was up 8.5 per cent at Rs 3,927 crore during the quarter, with strong performance seen in the India business, which grew 10 per cent in the quarter.

ICICI Prudential Life Insurance: Private life insurer ICICI Prudential Life Insurance recorded a 26 per cent Y-o-Y drop in net profit to Rs 173.76 crore in Q4FY24, on account of increased expenses. Sequentially, the net profit dropped almost 23 per cent.

The Value of New Business (VNB) of the company declined 26.44 per cent Y-o-Y to Rs 776 crore, while, the VNB margin dropped to 21.46 per cent as compared to 31.97 per cent in Q4FY23.

Other result reactions: MCX, Huhtamaki, Axita Cotton, 360 One WAM, Tata Elxsi, and Nelco.

IIFL Finance: The lending unit of the IIFL Group has begun the special audit, as directed by the Reserve Bank of India.

SBI Card: The credit card arm of State Bank of India, SBI Card, has introduced its inaugural travel-centric core credit card, 'SBI Card MILES'.

The card promises comprehensive travel benefits, including the conversion of Travel Credits to Air Miles and Hotel Points, enhanced rewards on all travel bookings, and access to airport lounges.
Dr Reddy's Labs: Dr. Reddy's Laboratories has decided to voluntarily recall six lots of Sapropterin Dihydrochloride Powder for Oral Solution 100 mg in the US due to powder discoloration in some packets, leading to decreased potency.

Mahindra and Mahindra Financial Services: The company has approved raising of borrowing limit to Rs 1.3 trillion from Rs 1.1 trillion.

AU, Utkarsh, Ujjivan Small Finance Banks: The Reserve Bank of India has notified guidelines regarding the dealing in Rupee Interest Rate Derivative products by Small Finance Banks (SFBs). 

Lupin: Lupin has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Aurangabad manufacturing facility. The USFDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).

Puravankara: Real estate developer, Puravankara, has been appointed as developer for Mumbai's Pali Hill redevelopment project. 

The project has a cumulative estimated development potential of 4.10 lakh sq ft carpet area, with over 2.15 lakh sq ft available for sale, and a potential Gross Development Value (GDV) of over Rs 2,000 crore, the company said.

NHPC, NTPC: A joint venture agreement has been signed by JV Partners of National High Power Test laboratory i.e., NTPC, Powergrid, DVC, CPRI, and NHPTL for the sale of a partial stake in NHPTL for a consideration of Rs 1.31 crore.

Hindustan Zinc: The government has persisted with its opposition to Vedanta's move to de-merge Hindustan Zinc (HZL), even after the promoter changed the plan from a three- to two-way split, reports suggest.

Sakuma Exports: Sakuma Exports has entered into a contract, worth nearly Rs 150 crore, for the supply of sugar to the North East, West Bengal, and Bihar regions.

Gokaldas Exports: The garment manufacturer has approved a qualified institutional placement (QIP) offering with an issue price of Rs 775 per equity share.

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First Published: Apr 24 2024 | 7:51 AM IST

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