Stocks in news: SBI, Varun Beverages, Adani Power, Zomato, Adani Enterprises and more

Domestic equity market ended lower on Thursday. Sensex lost 542.10 points, or 0.82 per cent, to end the day at 65,240.68, while Nifty50 fell 144.90 points, or 0.74 per cent, to settle at 19,381.65. 

Here’s a look at stocks that are likely to remain in news today.     

Varun Beverages 

Varun Beverages reported a  26.2 per cent rise in its consolidated net profit for the June 2023 quarter. Net profit rose to Rs 9,938.11 crore in Q1 as compared to Rs 7,874.38 crore in the corresponding quarter last year. Profit zoomed 131.61 per cent from Rs 4,290.72 crore in the March 2023 quarter. 

Bharti Airtel 

Telecom major Bharti Airtel reported an over 14% rise in first-quarter revenue, helped by strong addition of 4G users. However, the company reported nearly flat net profit as it intensified its 5G network roll out and took a foreign-exchange hit on its Nigerian business. Consolidated revenue rose 14% to Rs 37,440 crore for the quarter ended June 30.  

Torrent Power 

Torrent Power, via its subsidiary, inked a power transfer agreement with subsidiaries of Shapoorji Pallonji for supply of 132 MW solar power for its desalination plants in Gujarat.

Watch: Hot stocks on August 4, 2023: Suzlon Energy, Zomato, SBI, IRFC, Adani Power, Reliance Power and more

Eicher Motors 

Eicher Motors reported a 50.38 per cent year-on-year rise in consolidated net profit at Rs 918.34 crore for the June quarter compared with Rs 610.66 crore in the same quarter last year. The profit figure was aided by other income, which  stood at Rs 243.21 crore for the quarter compared with Rs 48.66 crore  in the corresponding quarter last year. 

Cummins India 

Diesel and natural gas engine maker Cummins India reported a 59 percent rise in fourth-quarter consolidated profit after tax on August 3, led by robust demand in domestic and international markets. 

Adani Power  

Adani Power’s net profit jumped 83.30 per cent to Rs 8,759 crore in Q1 FY24 as against Rs 4,780 crore in the corresponding period last year. Consolidated total revenue climbed 16.80 per cent to Rs 18,109 crore in Q1 FY24 over Rs 15,509 crore in the year-ago period, mainly due to improved volumes, higher one-time revenue recognition on account of regulatory claims and late payment surcharge. 

Sun Pharmaceuticals  

Pharma major Sun Pharmaceuticals Industries reported a marginal decline in net profit for June quarter at Rs 2,203 crore, hurt by a rise in expenses. The firm reported consolidated net profit of Rs 2,061 crore in the year-ago period. Revenue climbed 11% to Rs 11,941 crore for the quarter ending June 30, 2023 as against Rs 10,762 crore in the year-ago period. In Q1FY24, the firm reported one-time loss of Rs 323 crore. 

Zomato  

The online food delivery platform turned profitable for the first time in the last quarter of this fiscal.  Zomato reported a consolidated net profit of Rs 2 crore for the June quarter against a net loss of Rs 186 crore in the year-ago quarter. Consolidated revenue from operations surged 71 percent year-on-year to Rs 2,416 crore compared to Rs 1,414 crore in the corresponding quarter of last fiscal. 

Adani Enterprises  

Adani Enterprises, the flagship entity of Adani Group, reported a 43.55 per cent rise in its June quarter profit at Rs 673.93 crore for the financial year 2023-24 (Q1 FY24). The firm reported profit of Rs 469.46 crore in the corresponding period last year. Total income fell sharply on a year-on-year (YoY) basis. Total income, which includes revenue from operations and other income, came at Rs 25,809.94 crore in Q1 FY24, down 37.15 per cent from Rs 41,066.43 crore in the year-ago period. Income slipped by 18.62 per cent quarter-on-quarter (QoQ).  

Earnings today 

Aptech, Axiscades Technologies, Binani Industries, Century Plyboards, CESC, Delhivery, M&M, Rain Industries, Tatva Chintan Pharma, SML Isuzu, SBI, Nucleus Software, JK Tyre & Industries among others will announce their June quarter earnings today.  

 

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