Top 10 stocks for today – 23rd April 2024

23 Apr 2024 , 09:05 AM

Here are some of the stocks that may see significant price movement today.

Reliance Industries: The oil-to-telecom-to-retail business reported a net profit of ₹21,243 Crore for the March FY24 quarter, up 0.1% year on year, dragged down by increased tax expenditures. Gross revenue for the quarter was ₹2,64,834 Crore, up 10.8% year on year, driven by double-digit growth in the oil-to-chemical (O2C) and consumer businesses. EBITDA increased by 14.3% year on year to ₹47,150 Crore, with significant contributions from all companies and a margin growth of 50 basis points at 17.8%.

Wipro: Synchrony Global SDN BHD, the IT services company's step-down subsidiary, has been voluntarily dissolved, effective April 22.

IndusInd Bank: The lender announced the rollout of the RBI's programmable CBDC pilot. This pilot project is carried out in conjunction with Circularity Innovation Hub India (CIH) as an alternative type of CBDC in which the bank may plan the end-use of cash given to farmers instead of generating carbon credits.

Mahindra Logistics: The logistics services provider reported a net loss of ₹11.9 Crore for the quarter ended March FY24, compared to a profit of ₹0.20 Crore the previous year, owing to disappointing operational results. Consolidated revenue from operations for the quarter was ₹1,450.8 Crore, up 14% from the same time last fiscal year. The board has accepted Rampraveen Swaminathan's reappointment as the company's managing director and CEO for five years, beginning February 4, 2025.

Hero MotoCorp: Arun Jaura has resigned as the Chief Technology Officer (CTO) of the world's largest two-wheeler manufacturer, effective April 30. Meanwhile, Vikram Kasbekar, in addition to his current post as Head of Global Product Planning, will be in charge of overseeing R&D.

Tejas Networks: The manufacturer of wireline and wireless networking products reported a consolidated net profit of ₹146.8 Crore for the March FY24 quarter, fueled by a robust top line. At the same time last year, there was a net loss of ₹11.5 Crore. In Q4 FY24, revenue from operations jumped substantially by 343.3% year over year to ₹1,326.88 Crore.

Patel Engineering: On April 22, the construction engineering company began offering its qualified institutions placement (QIP) at a floor price of ₹59.50 per share, which represents a 5.3% discount from the previous trading session's closing price. Sources claim that the QIP might be worth up to ₹400 Crore.

Hatsun Agro Product: Driven by solid operating performance, the dairy company posted a tremendous 109% on-year gain in net profit of ₹52.2 Crore for the March FY24 quarter. Comparing the quarter's revenue from operations to the same time in the previous fiscal year, it increased by 14.4% to ₹2,047 Crore.

Rallis India: The Tata Group company, which is a subsidiary of Tata Chemicals, reported a net loss of ₹21 Crore for the March FY24 quarter. This is a decrease from the previous fiscal year's comparable loss of ₹69 Crore. Operating revenue for the quarter was ₹436 Crore, a 16.6% year-over-year decrease. A dividend of ₹2.50 per share has also been proposed by the board.

Tamilnad Mercantile Bank: In comparison to a profit of ₹253.05 Crore during the same time in the previous fiscal year, the lender reported a net profit of ₹253.06 Crore for the quarter ending March 2024. For the quarter, net interest income increased to ₹567 Crore, an increase of 7.5% year over year. With the net non-performing assets (NPA) decreasing 13 bps QoQ to 0.85% for the quarter and the gross non-performing assets (NPA) falling 25 bps sequentially to 1.44%, asset quality improved.

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