NEW DELHI: Here are the top 10 stocks that could be in the spotlight on Thursday:
Vodafone Idea: The telecommunications company does not expect rising inflation to become a challenge for rate increases in the short or long term, as consumer spending on telecommunications services was only a tiny fraction part of the consumer’s wallet, its chief executive Ravinder Takkar said, signaling the certainty of further rate hikes. in the coming quarters. Vodafone Idea is also considering a model of using more and paying more for rate increases in the future, which will have less of an impact on low-end users.
Hindalco Industries: Novelis Inc., the US unit of Hindalco Industries Ltd. will invest $2.5 billion to build a new recycling and rolling plant in the United States as part of parent company Aditya Birla Group’s largest all-new expansion plan. Novelis reported 21% year-on-year growth in net profit to $217 million in March, while net sales rose 34% to $4.8 billion.
GNP: Public sector lender Punjab National Bank on Wednesday announced a 66% year-on-year drop in its autonomous net profit to ₹202 crores for the quarter ended March due to a higher amount set aside for provisioning, even though bad debts declined. Own-source revenue in the 2021-22 quarter amounted to ₹21,095 crores, down from ₹21,386 crores a year ago.
UltraTech Cement: India’s largest cement maker has submitted a non-binding offer for the Indian assets of Holcim Ltd, Ambuja Cements Ltd and ACC Ltd. Details of UltraTech’s offer could not be immediately determined.
Vedanta: Is in active negotiations with smartphone brands Oppo and Vivo, laptop makers and electronics manufacturers for the semiconductor chips it plans to deploy from its semiconductor factory in India to be announced soon. In January, Vedanta announced a tie-up with Taiwanese electronics maker Foxconn for a multi-billion dollar chip-making plant.
Retail of the future: Amazon Inc. has written to the Reserve Bank of India and Future Group lenders alleging repeated collusion by Future Retail Ltd (FRL) and banks to deny its rights. FRL should not be allowed to initiate bankruptcy proceedings as this would further affect its rights.
Macrotech Developers: The real estate company Macrotech Developers, or the Lodha Group, has partnered with Bain Capital and Ivanhoé Cambridge to build a platform of logistics and light industrial parks, as well as distribution centers in the city. The platform will jointly invest $1 billion to create approximately 30 million square feet of operating assets to serve the nation’s digital economy.
Petronet LNG: Liquefied natural gas importer reported 24% year-on-year growth in consolidated profit at ₹791 crores for the quarter ended March, mainly due to strong revenue. Turnover increased by 47.3% to reach ₹11,160.4 crores during the period.
Pfizer: Life Insurance Corp. of India acquired a 2.03% stake in the company through open market transactions. With this, his stake in the company stands at 6.05%, compared to 4.02% previously.
PFC, REC: The Center ordered the state-owned Power Finance Corp. and REC Ltd. to take the necessary steps to arrange short-term loans for a period of six months with adequate guarantees, for imported coal-fired power plants that are in difficulty or in NCLT, at the earliest. India last week invoked an emergency law to start production at some idle power plants running on imported coal that are not producing electricity due to financial strains or the high cost of imported coal.