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Stocks in news: Apollo Hospitals, Jio Fin, Sun Pharma, Bharat Dynamics, Muthoot and Welspun Corp
Domestic equity markets closed lower for another session on Thursday amid monthly expiration of F&O contracts and election-led volatility. BSE Sensex fell 617.39 points, or 0.83 percent, to 73,885.6. NSE’s Nifty50 index plunged 216.05 points, or 0.95 percent, to end the session at 22,488.65. Here are the stocks that could remain in the spotlight before the opening bell on Friday, May 31, 2024:
Apollo Hospitals Company: The leading hospital chain reported a 77 percent year-on-year growth in its consolidated net profit to Rs 258 million for the quarter ending March 2024. Revenue from operations for the January-March 2024 period rose 15 percent over previous year, to 4,944 million rupees. The company’s board has recommended a final dividend of Rs 10 per share for FY24.
Sun Pharmaceutical Industries: The blue-chip pharmaceutical company has accepted the preferential offer to acquire 14.28 per cent stake in Indian Foundation for Quality Management for Rs 12.5 crore.
Bharat Dynamics: The Defense PSU company reported an 89 percent year-on-year jump in net profit at Rs 288.8 million for the quarter ended March 31, 2024. Its revenue from operations rose 7 percent to Rs 854.1 million. The board has recommended a final dividend of ₹0.85 per share (face value of ₹5 each) for the year ending March 31, 2024.
Muthoot Finance: Loan lender Gold reported a 17 percent year-on-year increase in net profit at Rs 1,056.3 crore for the March 2024 quarter. Net interest income (NIIs) rose 15.2 percent year-on-year, to 2,134.8 million rupees.
Jio Financial Services: The non-banking financial company (NBFC) announced the launch of its JioFinance app in Beta version. This app integrates digital banking, UPI transactions, bill settlement, insurance consultancy and offers a consolidated view of accounts and savings.
Sunteck Imóveis: The real estate player returned to the black and reported a net profit of Rs 101.3 million for the fourth quarter ended March 31, 2024. The company’s operating income rose 773.01 percent year-on-year to Rs 426 .9 million. Ebitda was Rs 153.4 million in the fourth quarter of FY24 and Ebitda margins were 35.9 percent.
Krishna Institute of Medical Sciences: A subsidiary of hospital chain KIMS Hospital Bengaluru has entered into a lease agreement for setting up a super-specialty hospital in Bengaluru, at the Peoples Education Society (PES) campus, Electronic City. The subsidiary also entered into a management agreement with PES to exclusively manage the proposed hospital unit under construction.
Praj Industries: The industrial biotechnology company reported a 4.3 percent year-on-year increase in net profit at 91.9 million rupees for the fourth quarter ended March 31, 2024. The company’s operating income rose 1.5 percent to 1,018 .6 million rupees. The board has proposed a final dividend of Rs 6 per share for the financial year ending March 31, 2024.
Welspun Corp: The Welspun Group flagship company reported a 19.7% year-on-year increase in net profit at Rs 287.3 million for the March 2024 quarter. The company’s operating income rose 9.6% year-on-year to 4,461, 2 million rupees, while Ebitda margins decreased to 7.4%. The board recommended a capital dividend of Rs 5 per share.
Hilton metal forging: The board approved subdivision of 1 equity share of the company (face value Rs 10 each) into 10 equity shares.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.