Dr Reddy's, Voltas, LTIMindtree, Pidilite, other stocks to track on Wednesday
Stock Market News (May 8): Domestic equity benchmarks finished yet another volatile session in the red on Tuesday, amid a broad-based sell-off led by financial and energy shares though FMCG stocks bucked the trend. Here's a list of stocks that will be in focus during the May 8 session.
Share Market News (May 8): At 8:14 am, Gift Nifty futures traded with gains of a minor 0.07 per cent or 14.7 points at 22,396.5, suggesting positive to subdued opening for the markets today. Domestic equity benchmarks Nifty50 and Sensex finished a volatile session about half a per cent lower on Tuesday, as selling pressure in financial and energy stocks outweighed some buying interest in FMCG counters. Globally, hopes for an earlier end to higher interest rates supported investor sentiment, leading to mild gains across key indices.
Here are a few stocks that investors will keenly track on Dalal Street in the May 8 session, including Pidilite Industries, Hero MotoCorp and Dr Reddy's:
Dr Reddy's Q4 results miss expectations
Hyderabad-based drug maker Dr Reddy's Laboratories (DRREDDY) registered a 36.3 per cent year-on-year jump in consolidated net profit to Rs 1,307 crore for the March quarter over revenue growth of 12.5 per cent to Rs 7,083 crore.
Zee Business analysts had pegged Dr Reddy's Labs' fourth-quarter net profit at Rs 1,378 crore and revenue at Rs 7,359 crore.
Around 50 companies to report quarterly numbers on Wednesday
Around 50 firms are scheduled to report their financial results for the January-March period on May 8, including Hero MotoCorp, Bharat Forge, Piramal Enterprises, Canara Bank, Home First Finance Company, IGL, Godrej Agrovet, and Bajaj Consumer Care.
LTIMindtree collaborates with IBM
LTIMindtree has collaborated with US-based tech giant IBM to establish a global, joint Generative AI Center of Excellence (CoE) in India. The centre will focus on building point solutions to accelerate clients' generative AI adoption journeys, the Mumbai-based IT firm said.
JSW Energy March-quarter profit rises 29%
JSW Energy reported a 29 per cent year-on-year increase in consolidated net profit to Rs 351 crore for the January-March period driven by higher revenue. Its revenue increased to Rs 2,879 crore from Rs 2,806 crore a year ago, according to a regulatory filing.
IRB Infra Q4 profit up 45%
IRB Infrastructure Developers reported a 45 per cent increase in consolidated net profit to Rs 188.9 crore for the March quarter driven by higher income.
Tata Motors receives GST penalty order
Tata Motors said it had received an order from the additional commissioner of GST and central excise of Bhubaneswar levying a penalty of Rs 28.7 lakh on account of excess availment of credit under Section 73 of the CGST/SGST Act, 2017.
The Tata group auto major said it is reviewing the order and will exercise the right to appeal. It also said there is "no material impact on financial and operational activities of the Company on account of this Order".
Infosys bags AI management system standard certification
Infosys said it had won the ISO 42001:2023 certification by TUV India (part of the TUV Nord Group), an independent provider of technical quality and safety services.
The ISO 42001:2023 certification provides a clear roadmap and systematic approach to AI management,
through effective risk mitigation and streamlined processes, the Bengaluru-based IT giant said.
Voltas posts operationally weak Q4 results
Tata group AC maker Voltas logged a 22 per cent fall in consolidated net profit to Rs 111 crore for the March quarter. Its fourth-quarter revenue increased 42 per cent to Rs 4,203 crore, and margin contracted by 290 basis points to 4.5 per cent, according to a regulatory filing.
Zee Business analysts had pegged the AC company's quarterly net profit at Rs 179 crore, revenue at Rs 3,789 crore and margin at 6.8 per cent.
Pidilite Q4 results a mixed bag
Fevicol adhesive maker Pidilite reported a mixed set of results for the January-March period.
The manufacturer of the popular Fevicol line of products, Pidilite registered a 19 per cent year-on-year increase in consolidated net profit to Rs 364 crore and growth of 7.9 per cent in revenue to Rs 2,902 crore for the final quarter of FY24. Zee Business analysts had pegged Mumbai-headquartered Pidilite's fourth-quarter net profit at Rs 425 crore and revenue at Rs 2,821 crore.