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Stocks to watch today: Tepid global cues, muted foreign flow action are likely to snap four-day winning streak for domestic markets. As of 7:15 am, the SGX Nifty quoted at 17,756 levels, down 30-odd points.
Globally, the US markets inched lower overnight, after regional bank - First Republic Bank's earnings report triggered fears about the broader sector. All three indices - Dow Jones, NASDAQ Composite, and the S&P 500 tumbled over 1 per cent each.
Mirroring weak moves in the Wall Street, Asia-Pacific markets, too, plunged in red this morning. Nikkei 225, Topix, and the S&P 200 indices dropped up to 0.6 per cent.
Meanwhile, back home, here are few top stocks to watch in Wednesday's trade:
Earnings today: Bajaj Finance, Maruti Suzuki, HDFC Life, SBI Life, Union Bank of India, Indus Towers, L&T Technology Services, Oracle Financial, Voltas, Biocon will report the January-March quarter (Q4FY23) results.
Bajaj Auto: The two-wheeler major posted a 2 per cent drop in profit after tax (PAT) to Rs 1,433 crore in Q4FY23, despite 12 per cent year-on-year (YoY) growth in revenue to Rs 8,905 crore. The company said the Q4 revenue growth was led by sustained momentum in the domestic business, which delivered more than 50 per cent volume growth YoY. READ MORE
Tata Consumer: The company clocked 23.5 per cent YoY net profit to Rs 268.6 crore, due to strong operational performance in Q4FY23. Revenue, meanwhile, was up 14 per cent at 3,618.7 crore, driven by 15 per cent growth in the Indian business, and 6 per cent in the international business. READ MORE
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AU Small Finance Bank: The lender reported 23 per cent YoY growth in its net profit to Rs 425 crore in Q4FY23, on the back of healthy growth in net interest income. Net interest income (NII), too, saw 30 per cent YoY rise to Rs 1,213 crore in the March quarter. READ MORE
HDFC AMC: The asset management company saw 9.5 per cent YoY jump in net profit to Rs 376 crore in Q4FY23. Revenue from operations, further, increased nearly 5 per cent YoY to Rs 541 crore, amid 4 per cent rise in average assets managed by the AMC.
Glenmark Pharma: The company said that it will pay $87.5 million to three plaintiff groups to settle multiple antitrust and consumer protection lawsuits in the US related to a generic drug - Zetia, used to treat cholesterol. The amount is payable over two financial years.
Mahindra Lifespace: The realty firm saw a 99.6 per cent YoY decline in consolidated net profit to Rs 0.54 crore in Q4FY23, as against Rs 137.66 crore in Q4FY22. Total income, however, rose to Rs 270.26 crore in the March quarter.
IHCL: The company signed its second Taj Hotel in Kochi, Kerala. With this, the hospitality chain will have 17 hotels across Taj, SeleQtions, Vivanta and Ginger brands across Kerala, including five under development.
Rallis India: The company reported loss expanded to Rs 69.13 crore in Q4FY23 from Rs 14.13 crore, in the year-ago period. Revenue from operations, on the contrary, grew 2.9 per cent to Rs 522.62 crore in Q4FY23, as against Rs 507.54 crore Q4FY22.
Mahindra CIE: The auto-component supplier registered nearly 73 per cent YoY surge in Q4FY23 profit, driven by strong domestic and European demand. Consolidated profit, on the other hand, was at Rs 279 crore in Q4FY23, up from Rs 161 crore a year ago.
Zomato: The company signed an agreement with Zypp Electric, an electronic vehicle (EV) start-up for the delivery of 1 lakh e-scooters by 2024. Zypp will also provide partners for last-mile deliveries in cities, assisting Zomato’s plan to go completely electric by 2030.
Zydus Lifesciences: The pharma company received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Metronidazole Topical Cream, 0.75 per cent.
KPI Green Energy: The company commissioned a 26.1 megawatt (MW) wind-solar hybrid power project comprising 16.1 MW wind, and 10 MW solar capacity, at Shungar site in Bhavnagar, Gujarat.
Raymond: The company's wholly-owned subsidiary, Silver Spark Apparel acquired 100 per cent stake in Raymond America Apparel INC incorporated in New Jersey.
