Top 10 stocks for today – 26th April 2024

26 Apr 2024 , 08:08 AM

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

Tech Mahindra: The worldwide IT services company reported a consolidated net profit of ₹661 Crore for the quarter ended March FY24, up 29.5% from the previous quarter despite a dismal topline, aided in part by other revenue. Sales from operations declined 1.8% sequentially to ₹12,871.3 Crore in the quarter, with dollar sales growing 1.6% and constant currency revenue decreasing 0.8% sequentially.

Tata Steel: After seven months of formal and informal national-level discussions with UK trade unions, Tata Steel has chosen to proceed with its 1.25-billion-pound investment in an electric arc furnace in Port Talbot, South Wales. It would also begin the shutdown of existing heavy-end assets in the coming months. The firm told the labour unions that Port Talbot's two blast furnaces, Nos. 5 and No. 4, will be closed by the end of June and September.

Bajaj Finance: The top non-banking finance company posted a net profit of ₹3,825 Crore for the March FY24 quarter, up 21% from the same time the previous fiscal. Net interest income increased 28% year on year to ₹8,013 Crore in the quarter, while the number of new loans booked increased 4% to 7.87 million and customer franchises increased 21% to 83.64 million.

IndusInd Bank: The private sector lender's standalone net profit increased by 15% year on year to ₹2,347 Crore in the March quarter of FY24, led by lower bad loan provisions and greater pre-provision operational profit. Net interest income rose 15.1% year on year to ₹5,376.44 Crore in the quarter. Asset quality was stable, with gross and net NPAs unchanged at 1.92% and 0.57%, respectively, compared to the previous quarter.

Cyient: The engineering and technology solutions company posted a total net profit of ₹196.9 Crore for the quarter ended March FY24, up 28.5% from the previous quarter due to a low base. An extraordinary loss of ₹50.3 Crore damaged the profit in the third quarter of FY24. Revenue from operations increased by 2.2% quarter over quarter to ₹1,860.8 Crore.

L&T Technology Services: The engineering services company reported a net profit of ₹341.4 Crore for the January-March quarter of FY24, up 1.4% from the previous quarter due to pressure on the EBIT margin. Revenue from operations increased by 4.8% sequentially to ₹2,537.5 Crore for the quarter, while revenue in constant currency terms increased by 5.1% QoQ and grew by 5% in dollars. Amit Chadha, CEO and Managing Director, expects FY25 sales increase of 8-10% in constant currency.

InterGlobe Aviation: IndiGo has made an order for 30 firm Airbus A350-900 aircraft to further expand its network. The aircraft will be powered by a Rolls-Royce Trent XWB engine. IndiGo now operates over 350 planes. In addition to the 30 firm A350-900 orders, it has purchase rights for another 70 Airbus A350 Family aircraft.

PSP Projects: The company raised ₹244 Crore after the board approved the allocation of 36,41,791 equity shares to suitable qualified institutional buyers at a price of ₹670 per share.

NHPC: In the arbitration between L&T and NHPC, the Arbitral Tribunal ruled in favour of Larsen & Toubro. L&T will receive a net claim of ₹337.57 Crore, while NHPC will receive a counter claim of ₹45.18 Crore. The arbitration case was over LOTs SSL 2 and SSL 5 of the Subansiri Lower HE project.

Aster DM Healthcare: Amitabh Johri has resigned as the company's Joint Chief Financial Officer and key managerial staff, effective April 25, as a result of the separation of the company's operations in the Gulf Cooperation Council region from those in India. He will remain the CFO of the segregated Aster business in the Gulf Cooperation Council region. Sunil Kumar M.R. will take over as Chief Financial Officer of the company with immediate effect. Sunil Kumar now serves as the company's joint chief financial officer.

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