LIC, Hindalco, Brigade Enterprises, Oil India among stocks to watch out for today

Domestic equity markets snapped three-day winning run and settled lower on Wednesday amid negative global cues. Sensex settled 208.01 points, or 0.34 per cent lower, at 61,773.78, while NSE's Nifty50 dropped 62.60 points, or 0.34 per cent, to end the day at 18,285.40 levels.

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

LIC

State-owned Life Insurance Corporation of India posted over five-fold jump in fourth-quarter profit, as it moved nearly Rs 7,300 crore to a shareholders' fund to shore up its bottom line. India's largest insurer posted a profit after tax of Rs 13,428 crore for the quarter ended March 31 as compared to Rs 2,372 crore a year earlier.

Tata Motors

Foreign brokerage UBS has resumed its coverage on Tata Motors shares with an anti-consensus view. The brokerage has suggested 'Sell' on the stock with a target of Rs 320, saying the JLR-owner's negatives are overlooked and that positives are largely priced in. UBS said the market is underestimating the rapid electrification of premium cars and JLR that accounted for two-third of Tata Motors' sales and EBITDA in FY23 could be vulnerable going ahead.

Hindalco Industries

Hindalco Industries posted a 37 per cent drop in consolidated net profit at Rs 2,411 crore for the quarter compared with Rs 3,851 crore in the same quarter last year. The profit degrowth came in line with the 35-43 per cent degrowth forecasts by a few brokerages.

Nykaa

FSN E-Commerce Ventures Ltd (Nykaa) reported a 71.83 per cent year-on-year (YoY) plunge in net profit (attributable to equity shareholders) at Rs 2.41 crore for the March quarter compared with Rs 8.56 crore in the corresponding quarter last year. Revenue from operation jumped 33.74 per cent YoY to Rs 1,301.72 crore compared with Rs 973.32 crore in the same quarter last year.

Earnings today

Shares of Vodafone Idea, SAIL and ZEE will be tracked today as the companies will announce their fourth quarter and annual earnings.

Brigade Enterprises

Brigade Enterprises has posted net profit of Rs 69 crore in the three months ended March period. Revenue from operations during the quarter came in at Rs 842 crore.

Oil India

Oil India logged a net profit of Rs 1,788 crore in the fourth quarter. Revenue from operations stood at Rs 5,397 crore in the reporting quarter.

Trident

Trident reported a net profit of Rs 130 crore, while revenue from operations came at Rs 1,573 crore.

 

Mahindra Automotive CIE

Promoter Mahindra and Mahindra has offloaded its complete stake in subsidiary Mahindra Automotive CIE through bulk deals on Wednesday.

Also read: Tata Motors shares get 'Sell' call; UBS says negatives overlooked, cites 3 risks for stock

Also read; ZEE shares in focus ahead of Q4 results; profit may shrink up to 90% YoY, sales 12-16%. Here's why