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Stocks in Focus: Vedanta, JSW Steel, BPCL and more

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Earnings Watch: Among the companies to release their Q4 earnings report today, a few of the prominent ones are Amara Raja Batteries, Ashok Leyland, Bajaj Electricals, Bikaji Foods International, Biocon, CMS Info Systems, Dixon Technologies, Dreamfolks Services, Fortis Healthcare, JSW Energy, Metro Brands, Schneider Electric Infrastructure, and Unichem Labs.

The following are the top stocks to watch today.

Coal India: The mining PSU has signed an agreement with its nearly 2.8 lakh strong non-executive workforce regarding the revision of wages. Under the new agreement, a 25% increase in allowances and a 19% minimum guaranteed benefits on emoluments (basic, VDA, SDA & attendance bonus) will be implemented. 

Bharat Petroleum Corporation Ltd (BPCL): BPCL recorded a 159% YoY surge in its standalone net profit for the quarter ended March 31 of FY23 at ₹6,478 crore. Consolidated Revenue from operations for the oil PSU rose 8% year-on-year to ₹1,34,000 crore. The state-owned company also declared a dividend of ₹4 per equity share of face value of ₹10 each for FY23. 

Shree Cement: In the latest quarterly earnings report, the Kolkata-based cement company reported a consolidated net profit of ₹525.77 crore in the March quarter, a 20% year-on-year decline. However, the standalone revenue saw a 16.7% surge from ₹4,099 crore in the year-ago period to ₹4,785.1 crore during the period under review.

JSW Steel: The steelmaker announced that the NCLT-Mumbai has accepted the resolution plan presented by its subsidiary JSW Steel Coated Products Ltd (JSWSCPL) intending to acquire a 100% equity stake in the debt-ridden National Steel and Agro Industries Ltd (NSAIL). In addition, the business has agreed in principle to form a 50:50 joint venture (JV) with Japan’s JFE Steel to manufacture cold rolled grain-oriented electrical steel (CRGO) in India.

Vedanta: Billionaire Anil Agarwal-led mining company announced its first interim dividend worth ₹18.50 per share for FY24, amounting to ₹6,877 crore. The company has fixed May 30 as the record date.

PB Fintech: The firm recorded a net loss of 8.9 crore for the January-March quarter of 2023, a significant decrease from the previous year’s net loss of 220 crore. Revenue increased to 869.1 crore during the quarter, up 61% from 540.29 crore in the previous fiscal’s similar period.

Dhanlaxmi Bank: The Kerala-based private sector lender reported a 63% YoY jump in net profit to ₹38.2 crore for the quarter ended March 2023 as against ₹23.42 crore during the same quarter of FY22. Total income rose by 5.5 per cent YoY to ₹1,145.75 crore.

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