Stocks in news: Tata Power, IRCTC, Pidilite, Suzlon Energy, LIC and more

The domestic equity market was trading lower on Wednesday. Sensex fell 203 points to 65,792 and Nifty lost 54 pts to 19,577.

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

Suzlon Energy  

Suzlon Energy has announced qualified institutional placement (QIP) of equity shares to raise up to Rs 2,000 crore and has set floor price of Rs 18.44 per equity share. The QIP base size is up to Rs 1,500 crore with an oversubscription option of up to Rs 500 crore. 

Also read: IRCON shares rise 92% in six months, hit record high; can the rally continue?

BSE  

BSE's consolidated net profit jumped over 1000% to Rs 440 crore for the quarter ended June. Revenue from operations were up 15% to Rs 216 crore. 

Zee Entertainment  

Zee Entertainment reported a consolidated net loss of Rs 53.4 crore for the quarter ended June against Rs 130.1 crore profit  in Q1 FY23. Revenue for the quarter increased 8% to Rs 1,984 crore. 

ALSO READ: Suzlon Energy shares hit 5% upper circuit; rise for fourth session; what's next?     

Axis Bank 

Private lender Axis Bank said it will raise its stake in insurer Max Life to 16.2% from 9.99% by infusing Rs 1,612 crore through a preferential allotment of shares. Mumbai-based Axis Bank along with its entities acquired a 12.99% stake in Max Life in 2021, and through this new investment they will own 19.02% in the insurer. 

 Tata Power  

Tata Power reported a 22.4% year-on-year (YoY) rise in consolidated net profit to Rs 972.49 crore in Q1. Consolidated revenue from operations rose nearly 5% YoY to Rs 15,213.29 crore. Operating profit surged 75% YoY to Rs 2,943.60 crore. Operating profit margin expanded a whopping 774 basis points to 19.35%. 

Earnings today  

Shares of LIC, Pidilite, Grasim, Hero MotoCorp, and SAIL will be tracked today as the companies will announce their June quarter results.   

ALSO READ: Rs 982 to Rs 3,795: This defence stock turned into a multibagger in three years; can hit Rs 4,500 post Q1 earnings  

Sula Vineyards 

Sula Vineyards reported a net profit of Rs 13.7 crore for the quarter ended June. Revenue from operations stood at Rs 108 crore. 

IRCTC  

IRCTC reported a 5.42 percent fall in its Q1 profit to Rs 232.21 crore against Rs 245.52 crore in the same quarter of the previous financial year. Profit fell 17 percent from Rs 279 crore in the March quarter. Revenue of the company rose 17.4% to Rs 1001.78 crore from Rs 852.59 crore in the year-ago quarter. Revenues climbed 4 percent quarter-on-quarter (QoQ) from Rs 965 crore. Revenue from the catering segment rose 35 percent YoY to Rs 471 crore in the first quarter.  

Also read: Rs 302 to Rs 3,660: This power stock turned into a multibagger in three years; likely to hit Rs 7,000 in a year

Bata India   

Bata India reported a 10.3% fall in consolidated net profit to Rs 106.8 crore in the June quarter from Rs 119.3 crore a year ago. Revenue stood at Rs 958.1 crore, rising 1.6 percent from Rs 943 crore in the year-ago quarter. Earnings before interest, tax, depreciation and amortization (EBIDTA) fell 2.2% to Rs 239.3 crore.