Stocks to Watch: Dr Reddy’s, Maruti, Hero Moto, HDFC, Bandhan Bank, InterGlobe
Premium- Chambal Fertilizers, HFCL Ltd, JMC Projects, Venky’s India Ltd, Zydus Wellness Ltd are some of the companies that will announce March quarter earnings today
New Delhi: Here are the top 10 stocks that could be in news today:
Hero MotoCorp: India's largest motorbike maker extended a shutdown at its manufacturing facilities across the country till May 16. Hero MotoCorp had suspended its manufacturing operations in April.
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Maruti Suzuki India: India's largest automaker said on Saturday it was extending a planned maintenance shutdown until May 16 from May 9 citing the pandemic.
Dr Reddy’s Laboratories: The Institute of Nuclear Medicine and Allied Sciences has developed an anti-covid-19 therapeutic application of drug 2-deoxy-D-glucose (2-DG) that helps in faster recovery of hospitalized patients and reduces supplemental oxygen dependence. This drug, approved by the DCGI, has been developed in collaboration with DRL, Hyderabad.
HDFC: The housing finance major is selling 0.62% of its stake in general insurance subsidiary HDFC Ergo to foreign JV partner Ergo International for over ₹236 crore to meet regulatory norms. HDFC is required to reduce its shareholding in HDFC Ergo to 50 per cent or below as per an RBI directive.
Avenue Supremarts: The company, which owns and operates retail chain D-Mart, reported 52% rise in consolidated net profit at Rs413.87 crore in the March quarter. Consolidated revenue of the Mumbai-based company rose 18.47% to ₹7,411.68 crore. It reported a 13.7% year-on-year decline in net profit to ₹1,165 crore for financial year 2020-21, hit by the pandemic.
Bandhan Bank: The bank posted a net profit of ₹103.03 crore in the quarter ended March on higher provisions. Operating profit increased by 13.7% to ₹1,730 crore while net interest income rose by 4.6% to ₹1,757 crore. Provisions jumped by 93%. MD & CEO Chandra Shekhar Ghosh is hopeful that the economy will rebound by the third and fourth quarters of the current fiscal, enabling the lender to meet its targets.
UltraTech Cement: Aditya Birla Group firm on Friday reported a 45% decline in consolidated net profit to ₹1,774.13 crore for the quarter ended March on account of reversal of deferred tax liabilities. Its revenue from operations rose 32.72% to ₹14,405.61 crore.
InterGlobe Aviation: The parent of the country's largest airline IndiGo plans to explore all options to raise funds to increase its liquidity amid the aviation sector grappling with coronavirus pandemic woes. The board of the company, during its meeting held on Friday, deliberated the possibility of raising funds through the qualified institutional placement route.
SBI Life Insurance: Private equity firm Carlyle Group has divested 4% stake in the company for over ₹3,900 crore through an open market transaction. According to bulk deal data available with the BSE, Carlyle Group, through its entity CA Emerald Investment, sold 4.1 crore shares. The shares were offloaded at an average price of ₹960, much lower than Friday's closing price of ₹1,000.50 on the BSE.
DCB Bank: The private lender reported a 13% increase in net profit to ₹78 crore for the January-March quarter compared to that of ₹69 crore in the year-ago quarter. Total income of the bank during the quarter fell to ₹971 crore from ₹1,012 crore a year ago. Income from interest as well as from investment fell during the reported quarter from a year ago.
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