Stocks to Watch: LIC, Vedanta, IRCTC, RITES, NALCO, Adani Energy Solutions, Timken, CMS Info Systems

On Monday, Indian stock indices fell slightly after reaching new highs, mainly due to declines in FMCG, metals, and energy stocks. The S&P BSE Sensex hit a peak of 76,009.68 before closing at 75,390.50, down 19.89 points or 0.03%. The broader Nifty finished at 22,932.45, dropping 24.65 points or 0.11%.

Several companies, including IRCTC, Aditya Birla Fashion and Retail, Vedanta, Timken, National Aluminium Company (NALCO), Adani Energy Solutions, and CMS Info Systems, are set to be in focus today due to various updates and quarterly earnings.

IRCTC and Others

A total of 453 companies are expected to report their quarterly results today. Among these are IRCTC, Aditya Birla Fashion, GIC, Amara Raja Energy & Mobility, Aster DM Healthcare, Campus Activewear, Eureka Forbes, and RITES Ltd.

LIC

Life Insurance Corporation of India (LIC) reported a net profit of Rs 13,782 crore for the quarter ending March 31, 2024, up 4.5% from Rs 13,191 crore in the same period last year. The board has announced a final dividend of Rs 6 per share.

Vedanta

Vedanta Ltd. is planning a share sale that could raise up to Rs 85 billion ($1 billion). The company is working with Axis Capital and Citigroup Inc. to gauge interest from potential investors, including funds from the Middle East.

NALCO

State-owned National Aluminium Company Ltd (NALCO) reported a consolidated profit of Rs 996.74 crore for the March quarter, doubling from Rs 495 crore in the same period last year, thanks to lower expenses. However, total income fell to Rs 3,663.09 crore from Rs 3,726.76 crore a year ago.

Adani Energy Solutions

Adani Energy Solutions announced plans to raise up to Rs 12,500 crore through Qualified Institutional Placement (QIP) or other methods, pending approval at their Annual General Meeting on June 25, 2024.

Timken India

Timken India’s foreign promoters are set to sell 6.6% of their stake via block deals on Tuesday. The floor price is set at Rs 3,550 per share, a 10.2% discount to Monday’s closing price of Rs 3,956. This sale could bring in approximately Rs 1,775 crore ($213 million).

CMS Info Systems

CMS Info Systems will be in focus as Tuesday is the ex-date and record date for its declared dividend of Rs 3.25 per share.

Stay tuned for more updates as these developments unfold.