The Indian stock market faced another turbulent session on Thursday, with the BSE Sensex plummeting by 617.39 points to settle at 73,885.6, while the NSE’s Nifty50 index dropped 216.05 points to end the session at 22,488.65. This decline came with the monthly expiry of F&O contracts and ongoing election-related volatility. Despite the bearish trend, several key stocks made headlines and are expected to remain in the spotlight.
Apollo Hospitals Enterprise reported impressive financial results, with a 77% year-on-year growth in consolidated net profit, reaching Rs 258 crore for the quarter ending March 2024. Revenue from operations increased by 15% YoY to Rs 4,944 crore.
The company’s board has recommended a final dividend of Rs 10 per share for FY24, reflecting its robust performance and commitment to shareholders. Apollo’s strong earnings indicate a positive trajectory for the healthcare giant, reinforcing its leadership position in the market.
Sun Pharmaceutical Industries made a strategic move by accepting a preferential offer to acquire 14.28% shares of the Indian Foundation for Quality Management for Rs 12.5 crore. This acquisition underscores Sun Pharma’s focus on enhancing its quality management initiatives, which could lead to improved operational efficiencies and a stronger market position. The pharma giant’s decision to invest in quality management reflects its long-term vision of maintaining high standards and ensuring sustainable growth.
Bharat Dynamics also posted notable financial results, with an 89% YoY jump in net profit to Rs 288.8 crore for the quarter ending March 31, 2024. Revenue from operations increased by 7% to Rs 854.1 crore. The board has recommended a final dividend of ₹0.85 per share, demonstrating the company’s strong financial health and its commitment to rewarding shareholders. Bharat Dynamics’ impressive profit growth highlights its vital role in the defense sector and its ability to capitalize on market opportunities.
Muthoot Finance reported a 17% YoY increase in net profit to Rs 1,056.3 crore for the March 2024 quarter. Net interest income climbed 15.2% YoY to Rs 2,134.8 crore, reflecting the company’s strong operational performance. Muthoot Finance’s continued growth in profit and NII underscores its resilience and dominant market position in the gold loan segment, making it a key player to watch in the financial sector.
Jio Financial Services made an announcement with the launch of its JioFinance app in Beta version. This app integrates digital banking, UPI transactions, bill settlements, insurance advisory, and offers a consolidated view of accounts and savings.
The launch is expected to enhance Jio Financial’s market penetration and user engagement, providing a comprehensive suite of financial services. This move marks a significant step in the company’s expansion into the fintech space, positioning it for future growth.
Welspun Corp reported a 19.7% YoY increase in net profit to Rs 287.3 crore for the March 2024 quarter, with revenue from operations rising by 9.6% to Rs 4,461.2 crore. Despite the profit growth, EBITDA margins contracted to 7.4%, which could be a concern for investors.
Other notable mentions include Sunteck Realty, which returned to profitability with a net profit of Rs 101.3 crore for Q4 FY24 and a significant YoY revenue increase of 773.01%, and Krishna Institute of Medical Sciences, which entered into a lease agreement for a new super specialty hospital in Bengaluru, signaling expansion plans. Praj Industries posted a moderate 4.3% YoY increase in net profit to Rs 91.9 crore, and Hilton Metal Forging announced the sub-division of equity shares, potentially increasing liquidity and attracting more investors.
