Stocks To Track: RIL, Wipro, HDFC Bank, Jio Financial, and Aditya Birla Fashion Retail Shares To Be In Focus (image source: iStock)
Stocks To Watch: RIL, Wipro, HDFC Bank, Jio Financial, and Aditya Birla Fashion Retail are among the top stocks to track today due to the recent developments in the mentioned companies.
Stocks To Watch:
Ahead of Monday’s market opening, take a look at the stocks that are in news to track throughout the day due to recent developments.
Reliance Industries (RIL)
Reliance Industries is poised to unveil its Q4 FY24 results on Monday, April 22, along with deliberations on a dividend for FY24. The conglomerate, known for its diversified operations from oil to telecom, is anticipated to demonstrate robust performance driven by its telecom and retail sectors. Analysts expect a significant recovery in its O2C segment due to favourable gross refinery margins (GRMs). Despite concerns over net debt, most brokerage firms and D-Street analysts believe these worries are overstated.
Wipro
Wipro reported a net profit of Rs 2,835 crore for the last quarter of FY24. The company’s financial results, unveiled on Friday, revealed a voluntary attrition rate of 14.2 per cent over the past 12 months. Despite a 4.2 per cent decline in consolidated revenue to Rs 222.08 billion in the January-March quarter, Wipro projects IT services revenue of USD 2.62 billion to USD 2.67 billion for the current quarter, signalling a slight sequential decline or marginal growth. The company also witnessed a reduction in its workforce by 6,180 employees in Q4FY24 and by 24,516 employees over the year.
HDFC Bank
HDFC Bank reported a remarkable 37.1 per cent growth in net profit for the quarter ended March 31, 2024, amounting to Rs 16,512 crore. Net interest income surged by 24.5 per cent to Rs 29,080 crore, with core net interest margin standing at 3.44 per cent on total assets and 3.63 per cent on interest-earning assets.
Jio Financial Services
Jio Financial Services witnessed a 6 per cent quarter-on-quarter growth in net profit, reaching Rs 310.6 crore compared to Rs 293.8 crore in the previous quarter. Revenue from operations also increased by 1 per cent from Rs 413.6 crore to Rs 418.1 crore in the March quarter. Notably, the company’s net interest income rose sequentially from Rs 269.08 crore to Rs 280.74 crore during the reported quarter.
Tata Group Stocks
Tata Group stocks are likely to attract attention following reports that the conglomerate may strike a deal to acquire control of Pegatron Corp.’s iPhone manufacturing operations in India by May.
Aditya Birla Fashion Retail Limited (ABFRL)
ABFRL has approved the demerger of Madura Fashion and Lifestyle into a newly incorporated entity named Aditya Birla Lifestyle Brands. Shareholders of ABFRL will receive one share of the demerged entity for every share held. Post-demerger, Aditya Birla Fashion plans to raise up to Rs 2,500 crore within 12 months, signalling expansion and growth aspirations.
