Here are the top stocks that could be in focus in today’s trade:
Reliance Industries: Reliance Industries is mulling over raising ₹15,000 crore via the sale of a local-currency bond, reported CNBC-TV 18 citing Bloomberg. The company shares closed 0.35% higher at ₹2296.65 per share on BSE on Wednesday. The giant conglomerate had raised $4 billion in U.S. dollar bonds last year, reported news agency Reuters. The fundraising activity was India’s largest-ever foreign currency bond deal.
Bharti Airtel: Bharti Airtel will be spending much less on the upcoming spectrum auctions and subsequent sales over the next couple of years, as it does not require additional airwaves, but will renew spectrum in a few circles, managing director Gopal Vittal said during the earnings call on Wednesday. The top executive of the Sunil Mittal-promoted carrier said that a strategy for the upcoming auctions will be in place once they’re announced.
Hero MotoCorp: Hero Motocorp posted a net profit of ₹1,054 crore in the second quarter of the fiscal year 2023-24, which is 47% higher as compared to ₹716 crore reported in the year-ago period, as per the financial results declared by the company on November 1. The automobile major clocked an operational revenue of ₹9,445 crore during Q2FY24, higher by 4.1% as compared to ₹9,075 crore recorded in the corresponding period of the previous fiscal.
Tata Steel: Tata Steel Ltd on Monday swung to its highest quarterly loss in two fiscal years after it booked a ₹6,358 crore impairment charge related to a decarbonization project at its Port Talbot plant in the UK. The steelmaker reported a loss of ₹6,511 crore for the three months ended 30 September from a profit of ₹1,297 crore a year earlier. Tata Steel’s consolidated revenue from operations fell 7.5% to ₹55,682 crore during the quarter from ₹59,879 crore in the year earlier.
GAIL/BPCL: State-run GAIL (India) Ltd., has inked a 15-year agreement with Bharat Petroleum Corp. Ltd. (BPCL) to supply propane for its upcoming petrochemical facility in Usar, Maharashtra. The deal, worth over ₹63,000 crore, will see GAIL source 600 KTPA of propane from BPCL’s LPG import unit at Uran. This facility, currently with a 1 million metric tonne per annum (MMTPA) capacity, is expanding to handle 3 MMTPA of propane and butane imports.
SBI: State Bank of India on 1 November announced it has raised ₹10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for the current financial year – FY 2023-34. The SBI informed that the bonds are issued for a tenor of 15 years, with the first call option after 10 years. The bank said that its first Basel III compliant Tier 2 Bond attracted an overwhelming response with bids of ₹15,907 crore and was oversubscribed almost 4 times.
Britannia: Britannia announced its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a rise of 19 per cent in consolidated net profit at ₹587 crore, compared to ₹490.6 crore in the corresponding period last year. The FMCG major’s revenue from operations in the second quarter of the current fiscal came in at ₹4,433 crore, registering a marginal rise of 1.2 per cent, compared to ₹4,379.6 crore in the year-ago period.
REC: REC Ltd. on Wednesday reported a 38.71% year-on-year increase in its consolidated net profit for the quarter ended September to ₹3,789.90 crore. “Owing to the improving asset quality, increase in lending rates and effective management of Finance Cost, REC is able to record its highest ever quarterly profit,” the company said in a statement. During the same period last fiscal, the company had registered a net profit of ₹2,732.12 crore.
Godrej Consumer: The FMCG major reported a 20.59% YoY rise in its net profit to ₹432.77 crore in the September quarter of FY23-24. Its revenue stood at ₹3,602 crore in the quarter under review. Godrej Consumer Products had earned ₹358.86 crore of net consolidated profit in the September quarter of the previous financial year. Its total revenue jumped by 6.19% to ₹3,601.95 crore against ₹3,391.92 crore in the year-ago period.
Indraprastha Gas: Indraprastha Gas Q2 results: The Indian gas distributor reported a 29.5% rise in its consolidated net profit at ₹553 crore in the July-September quarter of FY 23-24. The company’s net consolidated revenue declined by 2.5% to ₹3,822 crore in the September quarter against ₹3,922.02 crore in the year-ago period. EBITDA came in at ₹808.77 crore which was almost 25% higher as compared to ₹648.2 crore recorded in the year-ago quarter.
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Updated: 02 Nov 2023, 07:17 AM IST