Stocks to watch today: Here are some stocks that may be of interest on Wednesday, May 24:
Ashok Leyland: Ashok Leyland, a commercial vehicles maker, reported a significant increase in consolidated net profit for the fourth quarter ending March 31, 2023. The net profit surged over five-fold to Rs 802.71 crore, driven by strong sales. The company’s revenue from operations during the quarter stood at Rs 13,202.55 crore.
Wipro: IT services major Wipro announced an expanded partnership with Google Cloud. This collaboration aims to provide advanced generative artificial intelligence (AI) capabilities to clients globally.
Biocon: Biotechnology company Biocon recorded a 31% rise in consolidated net profit for the fourth quarter of the financial year 2022-2023. The net profit reached Rs 313 crore, compared to Rs 239 crore in the corresponding quarter of the previous year. Revenue from operations also climbed by 56.7% to Rs 3,773.9 crore.
Hindalco: Aditya Birla group metal company Hindalco Industries is set to release its financial results for the quarter ended March 2023. Analysts anticipate a weak performance for the quarter, with the estimated consolidated net profit at Rs 2,008 crore, reflecting a decline of 47.9% compared to the same period last year.
Amara Raja Batteries: Amara Raja Batteries reported a 41% year-on-year increase in net profit for the March 2023 quarter, reaching Rs 139 crore. The company also witnessed an 11% growth in revenue from operations, amounting to Rs 2,429 crore during the period.
Earnings today: Apart from Hindalco, several companies are scheduled to release their fourth-quarter results today. These include Nalco, Cummins India, LIC, Brigade Enterprises, Avanti Feeds, Ashoka Buildcon, and FSN E-commerce, among others.
NMDC: The state-owned company, NMDC, reported a 22% rise in standalone net profit for the quarter ended March 31, 2023. The company’s net profit reached Rs 2,277 crore, compared to Rs 1,862 crore in the same period last year. NMDC is the largest iron ore company in the country.
Sun Pharma: Shares of Sun Pharma may react to the earnings of its subsidiary, Taro Pharma. Taro Pharma’s profit declined 5% quarter-on-quarter to $69 lakh, while its income increased by 5.3% to $14.66 crore. Taro Pharma’s margin improved to 6.3% on a quarter-on-quarter basis.
Mahindra & Mahindra: Reports suggest that Mahindra & Mahindra, an auto major, is planning to sell a 3.2% stake or 1.2 crore shares in automotive component supplier Mahindra CIE Automotive Ltd through a block deal in the near future.
In conclusion, the stocks to watch today include Ashok Leyland, Biocon, Wipro, Hindalco, Amara Raja Batteries, Sun Pharma, NMDC, and Mahindra & Mahindra. Ashok Leyland reported a significant increase in net profit driven by robust sales, while Biocon saw a rise in consolidated net profit and revenue from operations.
Wipro announced an expanded partnership with Google Cloud to offer advanced AI capabilities. Hindalco is expected to report a weak performance for the quarter. Amara Raja Batteries posted a rise in net profit and revenue.
Sun Pharma’s subsidiary, Taro Pharma, reported its earnings. NMDC recorded a rise in standalone net profit. Mahindra & Mahindra may sell a stake in Mahindra CIE Automotive. These developments may impact the market and investor sentiment.