Stocks to watch out for today: IDBI Bank, Adani Green Energy, Adani Enterprises, Tata Motors, Tata Steel, CEAT among others

After Reserve Bank of India (RBI) governor Shaktikanta Das announced a slew of measures on Wednesday, the banking indices gained. So, today as well the banking indices are expected to be active. Other than banks, there are few stocks that one should watch out for.

Given below are the list of stocks:

IDBI Bank: Among banking stocks, one should have a close watch on this bank stocks. Yesterday, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, gave its in-principle approval for strategic disinvestment along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the government and LIC shall be decided at the time of structuring of transaction in consultation with RBI. The government of India (holds 45.48 per cent) and LIC (holds 49.24 per cent) together own more than 94 per cent of the equity of IDBI Bank.

Tata Steel: On Wednesday, the company posted a consolidated net profit of Rs 7,161.91 crore for the quarter ended March 2021, mainly on account of higher income. The company had reported a net loss of Rs 1,615.35 crore in the year ago quarter, Tata Steel said in a BSE filing. For FY 2021, the net profit of the company was at Rs 8,189.79 crore. The consolidated total expense of the company stood at Rs 1,42, 630.27 crore. The company stated, the Board of directors "recommended a dividend of Rs 25 per fully paid-up ordinary share of Rs 10 each (250 per cent) to the shareholders of the Company for the Financial Year ended March 31, 2021." Thus, expect some activity in this stock as well.

Adani Enterprises: The company reported 282.2 per cent rise in consolidated net profit at Rs 233.95 crore for the quarter ended March 31, 2021. The company had posted a consolidated net profit attributable to the owners of the company of Rs 61.21 crore in the year-ago period, Adani Enterprises Ltd (AEL) said in a filing to BSE. The consolidated income of the company during the January-March quarter was at Rs 13,688.95 crore as compared with Rs 13,698.09 crore in the year-ago period, the filing said.

Adani Green Energy: The company on Wednesday posted a nearly 86 per cent rise in consolidated net profit to Rs 104 crore for the quarter ended March 2021, mainly due to higher revenues. The consolidated net profit of the company stood at Rs 56 crore in the corresponding period of the previous fiscal, the company said in a BSE filing. Total income of the company rose to Rs 1,082 crore in the quarter from Rs 719 crore in the year-ago period.

Tata Motors: The Competition Commission has ordered a detailed probe against Tata Motors for alleged abuse of dominant position with respect to dealership agreements. The order has come on two complaints filed against Tata Motors, Tata Capital Financial Services Ltd and Tata Motors Finance Ltd (opposite parties). The Competition Commission of India (CCI) observed that the complainants are primarily aggrieved that Tata Motors has imposed unfair terms and conditions in the dealership agreement for commercial vehicles in abuse of its dominant position in contravention of the provisions of Section 4 of the Competition Act.

JM Financial: The financial services reported a consolidated income of Rs 841.13 crore in the fourth quarter ending March 31, 2021, a marginal rise. For FY 2021, the company reported a consolidated income of Rs 3,226.63 crore, a decline of 6.57 per cent, from Rs 3,453.55 crore in FY 2020. The company’s net profit was at Rs 233.34 crore for Q4 2021, a jump of 42.23 per cent compared to Q4 2020. Meanwhile, the consolidated net profit (excluding share in profit of associate) of JM Financial’s was at Rs 806.06 crore in FY 2021, an increase of over 3.60 per cent.

Ceat: Tyre maker Ceat on Wednesday reported a nearly three-fold increase in standalone net profit to Rs 141.84 crore in the March quarter of the previous fiscal. The company had posted a standalone net profit of Rs 50.12 crore in Q4 FY20. Revenue from operations rose by 46 per cent to Rs 2,279.03 crore during the quarter compared to Rs 1,564.53 crore in the March quarter of FY 2019-20, Ceat said in a statement.

Blue Dart: Transportation and Distribution company reported a consolidated total income of Rs 968.28 crore in Q4 FY 2021, a rise of 33.31 per cent, from Rs 726.3 crore in Q4 FY 2020. In FY 2021, the total income from operations was at Rs 3,288.13 crore.The company reported a consolidated profit after tax of Rs 90 crore in Q4 FY 2021, after a loss of Rs 30 crore. In the case of FY 2021, the consolidated profit after tax was at Rs 101.81 crore. The improvement was on the back of better realisation and cost efficiencies during the year.

(With input from agencies)

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