News
Stocks to watch: Sun Pharma, Apollo Hospitals, Muthoot Finance, Jio Financial, Tube Investments
Here are the top ten stocks likely to be in the news on Friday:
Sun Pharmaceutical Industries: The pharmaceutical company has agreed to a preferential offer to acquire a 14.28% stake in Indian Foundation for Quality Management for ₹12.5 crore. Meanwhile, the US FDA announced that a US-based unit of Sun Pharma is recalling 35,069 bottles of medication used to treat high blood pressure inside the eye due to glaucoma or other eye diseases.
Apollo Hospitals Companies: The company reported a consolidated net profit of Rs 253.8 million for the quarter ended March, a 76% increase over the same period last year, driven by reduced losses in the pharmacy, healthcare and lifestyle segments. It recorded revenues of ₹4,944 million, a 15% increase over the previous year’s ₹4,302.2 million.
Jio Financial Services: The Reliance group company has launched the JioFinance app in beta mode. It integrates digital banking features such as UPI transactions, bill payments and insurance advisory services, allowing users to manage their accounts and savings on a single platform.
Muthoot Finance: The company reported a 17% increase in consolidated net profit to ₹1,182 crore in the March quarter. Total income increased to ₹4,179 crore from ₹3,298 crore a year ago. Expenditure during the quarter increased to Rs 2,594 crore from Rs 1,943 crore.
Pipe investments: A subsidiary of the company, Tl Clean Mobility, acquired 5,024 shares (23.69% of share capital) of IPLTech Electric from the founders for ₹185 crore. This acquisition increased Tl Clean Mobility’s stake in IPLTech from 65.77% to 89.46%.
Sunteck Imóveis: The real estate company reported a net profit of ₹101.3 million in the fourth quarter ended March, reversing a net loss of ₹27.9 million in the same quarter last year. Revenue from operations increased by 773.01% to Rs 426.9 million. EBITDA reached Rs 153.4 million, compared to a loss of Rs 9.1 million in the previous year.
Suven Farma: The company reported a significant decline in financial performance for the year, with net profit falling 56.9% to 53.4 million rupees from 124 million rupees year on year. Revenue decreased by 31.5% to ₹252.9 million. EBITDA fell 57.4% to Rs 73.3 million and operating margin contracted to 29%.
Aarti Industries: The specialty chemicals company has appointed Suyog Kotecha as chief executive officer (CEO) and chief executive officer, effective June 17. He succeeds Rajendra V. Gogri, who will step down but continue to serve as CMD.
Welspun Corp: The company reported a 19.7% increase in net profit to ₹287.3 million. Revenue increased 9.6% to ₹4,461.2 million. However, EBITDA declined 21.9% to Rs 330.2 million, with EBITDA margin contracting to 7.4% from 10.3% year-on-year.
Praj Industries: The company reported a 4.3% year-on-year increase in net profit to Rs 91.9 crore in the fourth quarter, up from Rs 88.1 crore in the same quarter of the previous fiscal. Revenue grew by 1.5% to Rs 1,018.6 crore compared to Rs 1,003.9 crore in the corresponding period of the previous fiscal.
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