The domestic equity market ended lower on Thursday. Sensex fell 307 points to 65,688 and Nifty lost 89 pts to 19,543.
Here’s a look at stocks that are likely to remain in news today.
Life Insurance Corporation of India Ltd (LIC) clocked a nearly fourteen-fold surge in June quarter profit, as it moved money to a shareholders' fund to shore up its bottom-line. LIC reported a profit of Rs 9,544 crore for the first quarter compared with Rs 683 crore in the same quarter last year.
Two-wheeler major Hero MotoCorp Ltd reported a 32% rise in first-quarter profit, as higher selling prices more than offset a fall in sales volume. The company's standalone profit after tax came in at Rs 825 crore as compared to Rs 625 crore a year ago. The company's revenue rose 4.5% to Rs 8,767 crore in Q1FY24 as against Rs 8,393 crore in the year-ago period.
Biocon reported a 30% fall in net profit at Rs 101 crore in the June quarter against Rs 144 crore in Q1 of previous fiscal. Revenue from operations during the same period stood at Rs 3,422 crore. The company said depreciation, amortisation and interest increase of Rs 353 crore over last year primarily related to the biosimilar business acquisition led to a fall in net profit.
Steel Authority of India Ltd (SAIL) logged a 73.6% year-on-year fall in its consolidated net profit in Q1 to Rs 212.48 crore against a profit of Rs 804.50 crore in the year-ago period. Sequentially, consolidated net profit fell 81.7% from Rs 1,159.21 crore in Q4FY23.
Shares of ONGC, HAL, Power Finance Corp, and Nykaa are in focus as the companies will announce their June quarter results today.
Mazagon Dock Shipbuilders
State-run Mazagon Dock Shipbuilders Ltd (MDL) reported a 39.8 percent year-on-year (YoY) increase in net profit at Rs 314.3 crore in Q1 against a net profit of Rs 224.8 crore. Total revenue fell 2.6% to Rs 2,172.8 crore in Q1 against Rs 2,230 crore in the corresponding period of the preceding fiscal.
Torrent Power reported net profit of Rs 532 crore for April-June period against a net profit of Rs 502 crore in Q1 of previous fiscal. Revenue from operations rose 12.5% to Rs 7,377 crore.
Campus Activewear reported a net profit of Rs 31 crore in the first quarter. Revenue from operations came in at Rs 354 crore.
Adani Group, on Thursday, denied and issued a clarification on reports of the conglomerate selling its 44 per cent stake in its JV with Wilmar Group in Adani Wilmar. The FMCG company, Adani Wilmar, is valued at $6.17 billion. The conglomerate, led by Chairman Gautam Adani, said in a filing that there is “no such event concerning the media report”. It was earlier reported that the company is focusing on its core businesses and is aiming to shore up investments.
Pidilite Industries, maker of adhesive brand Fevicol, reported over 32% rise in first-quarter profit, aided by strong demand and reduced input costs. The company's consolidated net profit rose to Rs 46.8 crore($56.53 million) for the three months ended June 30. Consolidated revenue from operations rose nearly 6% to Rs 327.5 crore.
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