Stocks in news: L&T, Dr Reddy’s, Apollo Tyres, Nazara Tech, SpiceJet

A slew of stocks are expected to be in the limelight due to earnings and other news developments.

Here are the following stocks:

Larsen & Toubro: The company will release its March quarter earnings today. Analysts expect a double-digit growth in both the topline and the bottomline on the back of healthy execution and strong order book. The management’s guidance for sales and order inflow growth for FY24 will be closely tracked by Dalal Street investors. Besides, the status of non-core assets like Nabha power, metro ridership and financial assistance will be other key monitorables.

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Dr Reddy’s Labs: The company is seen reporting a sharp YoY increase in consolidated net profit for the March quarter on a favourable base, while revenue is seen rising in double digits, led by strong traction in the US sales.
Investors will closely watch for the outlook for US sales, given that FY23 was primarily driven by Revlimid drug sales. Besides, they will also look for planned product launches over the next 12-15 months.

Godrej Consumer Products: The fast moving consumer goods major is seen reporting a double-digit growth in the consolidated net profit for the March quarter, on the back of a similar growth in the topline. After several quarters of correction, Indonesia is expected to rebound, but Africa growth will be impacted by local issues in Nigeria. A sharp decline in palm oil prices is expected to lead to sequential and YoY improvement in gross margins. Apollo Tyres: The company reported a near 4-fold year-on-year (YoY) rise in consolidated net profit for the March quarter to Rs 427.4 crore. Revenue from operations increased 12% YoY to Rs 6,247 crore. The board has recommended final dividend of Rs 4 per share, and a special dividend of Rs 0.50 on the occasion of the company’s 50th annual general meeting. The board has also approved the re-appointment of Neeraj Kanwar as the managing director of the company for a period of 5 years, effective April 1, 2024. For FY23, the Chennai-based tyre maker reported a 73% growth in net profit to Rs 1,105 crore, and a 17.3% increase in revenue to Rs 24,568 crore.

Nazara Technologies: The company reported an 18% year-on-year (YoY) rise in consolidated net profit for the March quarter to Rs 2.6 crore. Revenue from operations surged 65.2% YoY to Rs 289 crore. Sequentially, the consolidated net profit plunged 84% in the March quarter, and the revenue dropped by 8%. For FY23, the consolidated net profit rose nearly 39% YoY to Rs 39.4 crore, and revenue grew 76% to Rs 1,091 crore.

Bosch: The company’s board is scheduled to meet today to consider and approve the earnings for the quarter and the year-ended March, and recommend dividend payout.

Gujarat Gas: The company’s board is scheduled to meet today to consider and approve the earnings for the quarter and the year-ended March, and recommend dividend payout.

Escorts Kubota: The company’s board is scheduled to meet today to consider and approve the earnings for the quarter and the year-ended March, and recommend dividend payout.

SpiceJet: Lessors have approached aviation regulator DGCA for deregistration of three planes of the airline. Many aircraft of the budget carrier are grounded due to various reasons.

Jaiprakash Associates: The company has defaulted on loans worth Rs 3,956 crore, including principal and interest amount.

Dalmia Cement Bharat: The company has entered into a Memorandum of Understanding (MoU) with the Assam government to invest close to Rs 4,600 crore in the state which will support the creation of 2,500 jobs.

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