New Delhi: On May 30, 2023, several stocks are worth keeping an eye on as they show potential for significant developments. Here are the key details about each stock:
- Adani Transmission: Adani Transmission reported a substantial increase in its consolidated net profit for the quarter ending March 2023. The company’s net profit rose by 85 per cent to Rs 440 crore compared to the same period last year. Additionally, its consolidated revenue from operations increased by 17 per cent to Rs 3,031 crore.
- ONGC: ONGC, the oil and gas producer, has set ambitious energy transition goals. The company plans to invest up to Rs 1 trillion by 2030 to achieve carbon neutrality by 2038. As part of this plan, ONGC aims to increase its electricity generation from renewable sources to 10 gigawatts by the end of the decade.
- IRCTC: IRCTC, the Indian Railway Catering and Tourism Corporation demonstrated impressive growth in Q4FY23. The company’s net profit rose by 30.4 per cent year-on-year to Rs 278.8 crore. Operating revenue also saw a significant increase of 39.7 per cent year-on-year, reaching Rs 965 crore in the March quarter.
- IPCA Labs: IPCA Laboratories experienced a decline in consolidated net profit for Q4FY23. The company’s net profit fell by 41.3 per cent year-on-year to Rs 76.52 crore. However, its consolidated revenue from operations showed a positive trend, rising by 17.3 per cent to Rs 1,512 crore in the same quarter.
- Torrent Power: Torrent Power, a power utility company, reported impressive financial results for Q4FY23. The company achieved a consolidated net profit of Rs 483.93 crore compared to a net loss of Rs 487.37 crore in the previous year. Additionally, its total income rose to Rs 6,133.70 crore during the quarter.
These stocks are likely to attract investors’ attention due to their recent financial performance and future growth potential. However, it’s essential to conduct thorough research and analysis before making any investment decisions.
In addition to the aforementioned stocks, a few other noteworthy developments include:
- WardWizard Innovations & Mobility: WardWizard Innovations & Mobility, an electric two-wheeler maker, formed a strategic partnership with start-up incubator iCreate. The collaboration aims to mentor and provide funding to promising EV startups in the country.
- NBCC (India): NBCC (India) witnessed a significant rise in consolidated net profit for Q4FY23, with a YoY increase of 205 percent to Rs 108 crore. The company’s board of directors also recommended a final dividend of Rs 0.5 per share on the face value of paid-up equity shares.
- MOIL: MOIL, a manganese iron ore company, achieved a record production of 402,000 tonnes of manganese ore in the fourth quarter of FY23, representing a 7 percent increase compared to the previous year.
- HeidelbergCement India: HeidelbergCement India reported a decline in net profit for Q4FY23 due to rising input prices and lower sales volume. The company’s net profit fell by 62.64 per cent to Rs 34.97 crore. Additionally, its total revenue from operations slipped by 2.9 per cent to Rs 602.04 crore in the same quarter.
- PG Electroplast: PG Electroplast announced plans to establish a joint venture for original design manufacturer (ODM) manufacturing of Google-certified LED televisions. The joint venture may expand in the future to include products such as refrigerators, IT hardware, wearables, and hearables.
Investors should closely monitor these stocks and developments to make informed decisions based on their investment strategies and risk tolerance.