Stocks To Track Today: Reliance Industries, Mahindra Logistics, Hero MotoCrop And Hatsun Agro Product Shares To Be In Focus | Check Global Cues, GIFT Nifty And Other Details (image source: iStock)
Stocks To Watch: Reliance Industries, Mahindra Logistics, Hero MotoCrop And Hatsun Agro Product shares to be In focus for recent developments in the industry.
Stock Market Today
GIFT Nifty on Tuesday at 8:20 am was up by 0.04 per cent or 8 points at 22,392. The index hinted at a flat start for the D-Street.
Global Cues
U.S. stock indexes closed higher on Monday, marking a positive start to the final full week of trade in April. The 10-year Treasury note’s yields remained stable at around 4.62 per cent, after a notable increase from the year’s lowest levels. The Dow Jones Industrial Average climbed 253.58 points, or 0.7 per cent, ending at 38,239.98, extending its gains for a third consecutive session. Meanwhile, the S&P 500 index surged 43.37 points, or 0.9 per cent, closing at 5,010.60, snapping a six-session decline. The Nasdaq Composite Index also posted significant gains, rising 169.30 points, or 1.1 per cent, to finish at 15,451.31. This marked the Dow and S&P 500’s best daily percentage gains since April 5, according to Dow Jones Market Data.
Ahead of the Tuesday market opening, look at the stocks to track that are in the news for recent developments.
Stocks To Watch: Stocks To Track Today
Reliance Industries
Reliance Industries, the conglomerate reported a net profit of Rs 21,243 crore for the March quarter of FY24, marking a slight 0.1 per cent increase year-on-year. Despite encountering higher tax costs, the company witnessed a significant surge in gross revenue, reaching Rs 2,64,834 crore, indicating a 10.8 per cent growth compared to the previous year. This growth was propelled by robust performances in both the oil-to-chemical (O2C) and consumer business segments. Furthermore, the EBITDA (earnings before interest, taxes, depreciation, and amortization) escalated by 14.3 per cent year-on-year to Rs 47,150 crore. With a margin expansion of 50 basis points, the EBITDA margin stood at 17.8 per cent. Notably, Reliance achieved a milestone by becoming the first Indian company to surpass the Rs 1 lakh crore mark in pre-tax profit on an annual basis.
Mahindra Logistics
Mahindra Logistics, a key player in the logistics services sector, faced challenging times as it reported a net loss of Rs 11.9 crore for the quarter ending March FY24. This is in contrast to the profit of Rs 0.20 crore registered in the corresponding period of the previous year. The disappointing financial performance can be attributed to weakened operational metrics. Despite this setback, the company experienced a 14 per cent growth in consolidated revenue from operations, which amounted to Rs 1,450.8 crore for the quarter. The board of directors has approved the reappointment of Rampraveen Swaminathan as the managing director and chief executive officer for a five-year term, effective from February 4, 2025.
Hero MotoCorp
A significant personnel change occurred at Hero MotoCorp, the world’s largest two-wheeler manufacturer, with the resignation of Arun Jaura from his role as Chief Technology Officer, effective April 30. In the wake of Jaura’s departure, Vikram Kasbekar, currently serving as the Head of Global Product Planning, will assume additional responsibilities by leading the Research and Development (R&D) function of the company.
Hatsun Agro Product
Hatsun Agro Product, a prominent dairy company, showcased exceptional financial performance in the March quarter of FY24, recording a staggering 109 per cent year-on-year growth in net profit, which amounted to Rs 52.2 crore. This growth was primarily driven by robust operating performance. Additionally, revenue from operations witnessed a notable uptick, surging by 14.4 per cent to reach Rs 2,047 crore compared to the corresponding period in the previous fiscal year.
KP Energy
KP Energy, a player in the renewable energy sector, announced its receipt of an order for the development of a 9 MW wind power project in Gujarat. This project is part of a larger wind-solar hybrid power project and was awarded by Bhathwari Technologies under the captive power project segment. The project will be integrated into the state transmission utility’s (STU) network, further contributing to India’s renewable energy goals.
