August8 , 2022

Stocks to Watch: L&T, Asian Paints, Tata Power, Bajaj Auto, JSW Energy

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Here is the list of top 10 stocks that will be in focus today

L&T: Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said its consolidated net profit increased 44.9% to 1,702.07 crore in June 2022 quarter due to higher revenue from operations. The company had posted a consolidated net profit of 1,174.44 crore in the year-ago period, L&T said in a stock exchange filing. The consolidated revenue from operations of the company during the April-June period increased to 35,853.20 crore from 29,334.73 crore in the year-ago period

Asian Paints: Asian Paints Limited on Tuesday said its consolidated net profit for the first quarter of the current financial year surged by 80.4% year-on-year to 1,036.03 crore. The surge in profit is partly due to a low base. The company’s consolidated net profit stood at 574.30 crore for the first quarter of 2021-22. Consolidated revenue from operations surged by 54% year-on-year to 8,607 crore for the quarter ended June 30, 2022, as compared to 5,585.36 crore recorded in the corresponding period of the last year.

ONGC: Energy major Oil and Natural Gas Corporation Limited (ONGC) on Tuesday signed a memorandum of understanding (MoU) with Greenko ZeroC Private Limited (Greenko), to jointly pursue opportunities in renewables, green hydrogen, green ammonia and other derivatives of green hydrogen. This MoU is in line with the National Hydrogen Mission launched by Prime Minister in making India a global green hydrogen hub.

Tata Power: Tata Power on Tuesday posted a nearly 90% jump in its consolidated net profit to 883.54 crore for the April-June quarter of the current fiscal driven by higher income. The company had posted a net profit of 465.69 crore in the same quarter of 2021-22, Tata Power said in a BSE filing. Its total income increased to 14,638.78 crore in April-June FY23 from 10,310.21 crore in the year-ago period.

Bajaj Auto: Bajaj Auto on Tuesday reported a marginal decline in consolidated net profit at 1,163 crore for the June quarter as chip shortage impacted sales. The Pune-based firm had posted a net profit of 1,170 crore in the year-ago period. Total revenue from operations rose to 8,005 crore in the latest June quarter from 7,386 crore in the same period a year ago.

JSW Energy: JSW Energy on Tuesday said the National Company Law Tribunal has approved its proposal to acquire Ind-Barath Energy (Utkal) Ltd which is developing a 700 MW thermal power project in Odisha. The Ind-Barath owns the 700 MW under-construction thermal power plant.

United Spirits: Diageo-controlled liquor maker United Spirits Ltd on Tuesday reported over a five-fold jump in its consolidated net profit to 261.1 crore for the first quarter ended on June 30, 2022. The company had posted a net profit of 50.3 crore in the April-June quarter a year ago, United Spirits Ltd (USL) said in a regulatory filing. Its revenue from operations was up 15.6% to 7,131.3 crore during the quarter under review as against 6,168.5 crore in the corresponding period of the previous fiscal.

Aditya Birla Sun Life AMC: Aditya Birla Sun Life AMC, part of Aditya Birla Capital, on Tuesday reported a 33.6% fall in profit after tax (PAT) to 102.8 crore in the April-June quarter of this year. In comparison, the asset management firm had posted a profit after tax (PAT) of 154.9 crore in the same quarter preceding fiscal. The company’s revenue from operations rose to 304.5 crore in the first quarter ended June 30, 2022, from 303.2 crore in the same quarter preceding fiscal.

Union Bank of India: Union Bank of India Tuesday reported a 32% rise in its standalone profit after tax (PAT) to 1,558 crore for the June quarter on higher net interest income and improvement in asset quality. It had reported a standalone PAT of 1,181 crore in the corresponding quarter of the preceding fiscal. NII grew 8.11% to 7,582 crore against 7,013 crore in the year-ago period.

Relaxo Footwears: Relaxo Footwears Ltd on Tuesday reported a 24.9% increase in net profit at 38.67 crore in the June quarter. The company had posted a profit of 30.96 crore in the April-June quarter of the last financial year. Its revenue from operations went up by 34.2% at 667.15 crore during the period under review as against 497.13 crore in the same quarter last year.

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