Eicher Motors, Waaree Energies and Bajaj Housing Finance will remain in focus after reporting strong Q1 results, while mid-cap companies like MTAR Technologies, Redington and TBO Tek also delivered robust earnings. Investors will also track corporate developments, including PNB's fundraising plan, NBCC's Seychelles housing contract and Hirect's first U.S. order.
There are several firms which would continue to stay in focus post good June quarter results. Eicher Motors witnessed an impressive performance with consolidated net profit up 21.3% YoY at ₹1,462.5 crore on back of a 31.5% rise in income to ₹6,632.4 crore. The firm is witnessing strong demand and a good execution which makes it one of the earnings counters to be followed.
Waaree Energies continued with its impressive performance. Revenue grew by 79.2% to ₹7,931.8 crore and profit up 14.1% to ₹850.2 crore. The strong performance is a result of continued momentum in renewable energy sector and strong execution.
In the financial stocks segment, Bajaj Housing Finance has continued with its strong performance with profit up 22.6% to ₹715.3 crore and income growing by 17.2% to ₹3,063 crore.
Mid-cap Companies Deliver Strong Growth
Earnings results from mid cap stocks were equally good. Profit of MTAR Technologies rose by almost 5 times to ₹50.2 crore, and its revenues grew by 130.4% to ₹360.7 crore.
Redington had a great quarter as profit increased by 76.5% to ₹486 crore, and its revenues increased by 34.6% to ₹34,922.5 crore. Profits of TBO Tek also continued on a growth trajectory and grew by 32.4%, while revenues grew by 81.1%.
Other mid cap companies reporting profits for the quarter include ACME Solar Holdings, MOIL, Quess Corp, and TeamLease Services.
Mixed Quarterly Performance Across Sectors
However, not all earnings were on the brighter side. Hexaware Technologies had registered a 13% fall in profits even as revenues grew significantly by 17.9%.
Prestige Estates Projects also registered a drop in profits despite an increase in revenues, and Chalet Hotels recorded significant drops in both revenues and profits.
In the Vedanta Group, the performance was mixed. The Oil & Gas division became profitable registering a profit of ₹945 crore, compared to a loss for the previous year, and the Iron & Steel division also turned out to be profitable. However, the Power division registered a loss of ₹423 crore against growing revenues.
Also, Piramal Pharma had reduced its quarterly loss while sustaining its revenue growth.
Corporate Developments Add Further Triggers
Apart from earnings, there are several other business happenings that would keep these stocks busy today.
Punjab National Bank has given the nod to its $1.5 billion Medium-Term Note issuance program via its IFSC Banking Unit in GIFT City, which would give it the option to raise funds internationally.
NBCC (India) has entered into a $75 million contract with the Government of Seychelles for developing 1,008 affordable houses, adding another feather to its cap for international projects.
Hirect has received its first international order from the U.S. for traction motor assemblies, a step towards expanding its international presence.
On the other hand, Vikran Engineering has commissioned a 132 kV Miao-Namsai transmission line in Arunachal Pradesh, which adds to its credentials in the power transmission business.
In all, strong quarterly earnings, order inflows, overseas expansion and fundraising efforts are likely to keep these stocks busy today.
