Stocks to watch today include L&T Technology Services, Tata Elxsi, Hero MotoCorp, Delhivery and Kirloskar Brothers after Q1 earnings, investment announcements, regulatory approvals, project wins and other corporate developments. These company-specific updates are likely to keep the stocks in focus during today's trading session.
Stocks will have individual movements in Indian equity markets since there were a number of announcements by various firms regarding their quarterly results, investments, approvals, corporate news and partnerships. These could affect investor psychology on Wednesday’s trading.
L&T Technology Services posts strong Q1 earnings
L&T Technology Services (LTTS) will continue to be in the limelight on the back of another positive quarter for its June quarter. The company posted an 11.5% rise in revenue at ₹2,940.1 crore, along with a 13% growth in consolidated net profit at ₹356.6 crore from ₹315.7 crore.
Moreover, EBIT surged 28.1% to ₹461.3 crore. It has also seen a surge of 200 bps in its EBIT margin at 15.7%. Dollar revenue was up slightly at $309.9 million.
Tata Elxsi delivers double-digit growth
Tata Elxsi has registered robust operating results for its June quarter. Profit after tax has surged by 18.2% to ₹170.6 crore, while revenues have risen by 14.5% to ₹1,021.1 crore. The impressive earnings growth should ensure that the stock remains in focus.
Anand Rathi reports mixed quarterly performance
Anand Rathi Share & Stock Brokers reported a rise in its net profit by 2.3% at ₹23.4 crore. There was a 47.6% rise in net interest income to ₹68.4 crore, showing healthy advances. However, there was an exceptional loss of ₹20.9 crore for the firm during the period.
Hero MotoCorp increases investment in Ather Energy
The board of Hero MotoCorp has sanctioned an investment of up to ₹1,000 crore in the EV maker company called Ather Energy. It should be noted that prior to making such an investment, Hero MotoCorp was having a 29.48% shareholding in the said company.
Belrise Industries launches QIP
The QIP issue by Belrise Industries has commenced at a base price of Rs. 230.79 per equity share. Belrise Industries has the option to give an institutional discount of 5% on the floor price. This is an event of significance to the stock.
PDS, Kirloskar Brothers announce key business developments
PDS made an announcement regarding strategic collaboration of its manufacturing arm with Indonesia-based Busana Apparel Group to improve its worldwide manufacturing ecosystem and increase manufacturing capacities.
On the other hand, Kirloskar Brothers secured a major order from Saipem Offshore Construction SPA via its UK-based subsidiary SPP Pumps Ltd., which amounts to GBP 11.7 million (₹149.59 crore) for providing vertical pumps and spares.
Delhivery, Easy Trip Planners and IOL Chemicals in focus
Delhivery obtained RBI's nod for its wholly owned subsidiary company, Delhivery Financial Services, to conduct business as an NBFC-ND Type II. This nod may assist the company in offering more financial services in future.
Easy Trip Planners has signed a Memorandum of Understanding (MoU) with the tourism department of Jharkhand to develop the state through tourism and make it more visible to tourists via digital means.
IOL Chemicals & Pharmaceuticals has received the nod from NMPA of China for Clopidogrel Bisulfate API of the company. This adds to the regulatory credentials of the company and provides it more market access in the pharmaceutical industry of China.
Jain Resource Recycling and Jammu & Kashmir Bank also on radar
Jain Resource Recycling has made exchange(s) aware of an explosion in its manufacturing unit in Tamil Nadu, where one person was killed while others got injured. This development may put a pressure on the company's shares.
Jammu & Kashmir Bank had planned to sell out a 0.50% shareholding in PNB MetLife India Insurance Company to MetLife International Holdings for ₹120.1 crore in order to monetise its investments.
