Top Trending Stocks Today: HDFC Bank, IIFL, Nelco, Vedanta & more

Top Trending Stocks Today: HDFC Bank, IIFL, Nelco, Vedanta & more


HDFC Bank gets MAS nod for HDFC Investments merger
HDFC Bank gets MAS nod for HDFC Investments merger

HDFC Bank has received approval from the Monetary Authority of Singapore (MAS) to acquire shares in Griha Pte. The acquisition is a part of a proposed amalgamation, and will result in HDFC Bank owning 20% or more stake in Griha Pte. However, the final approval from Sebi regarding the change in control of certain subsidiaries of HDFC is still pending for the proposed amalgamation to take effect.

IndusInd Bank

IndusInd Bank seeks shareholders' approval to reappoint Sumant Kathpalia as MD & CEO
IndusInd Bank seeks shareholders’ approval to reappoint Sumant Kathpalia as MD & CEO

IndusInd Bank has announced that its Board of Directors has decided to seek shareholder approval for the re-appointment of Sumant Kathpalia as the Managing Director and Chief Executive Officer (MD and CEO) of the bank. The re-appointment will be for a period of two years starting from March 24.

IIFL Securities

IIFL Q4 Results 2023 PAT of Rs 86.3 Cr Consolidated

IIFL Securities has reported a consolidated profit of Rs 86.3 crore for the quarter ended March FY23, reflecting a year-on-year growth of 9.4%. The company’s revenue from operations during the same period was Rs 402 crore, indicating a growth of 15.9% as compared to the year-ago period. Additionally, the board of directors has declared an interim dividend of Rs 3 per share for FY23, and has approved the issuance of Non-Convertible Debentures (NCDs) worth Rs 500 crore in one or more tranches through private placement.


Nelco Q4 Results 2023 PAT of Rs 5.66 Cr Consolidated

Nelco, a company under the Tata Group, has posted a consolidated profit of Rs 5.66 crore for the quarter ended March FY23, showing a year-on-year growth of 86.8%. The strong operating performance contributed to this growth. During the same period, the company’s revenue from operations rose by 14.35% YoY to Rs 81.98 crore, while its EBITDA increased by 34.1% to Rs 16.82 crore. Furthermore, the company achieved a margin expansion of 302 basis points (bps) to 20.51% compared to the same period last year.


Vedanta Resources reduces gross debt by $1 billion

Vedanta Resources Ltd, the parent company of Vedanta Ltd, promoted by Anil Agarwal, has announced that it has paid off all its maturing loans and bonds due in April, resulting in a reduction of its gross debt by an additional $1 billion. The company had announced its intention to accelerate deleveraging and reduce debt by $4 billion within three years in February 2022. As a result of this recent payment, Vedanta has now reduced its debt by $3 billion. The company stated that it has achieved 75% of its committed debt reduction in just 14 months.


LIC increases stake in L&T Technology Services, crosses 5% holding

Life Insurance Corporation of India (LIC) has increased its shareholding in L&T Technology Services Ltd from 4.988% to 5.008% of the paid-up capital, according to a regulatory filing by LIC on April 24. LIC now holds 52,89,396 equity shares in L&T Tech, up from 52,68,029 shares previously held. The statement also mentioned that the acquisition of shares was made during the period between October 20, 2021, and April 21, 2023, at an average cost of INR 4140.67. Additionally, the statement stated that LIC’s holding in L&T Tech has now crossed the 5% threshold.

Mahindra Logistics

Mahindra Logistics reports Q4 loss of ₹82 lakh due to higher operating expenses

Mahindra Logistics Ltd, the logistics arm of Mahindra Group, reported a consolidated net loss after tax of ₹82 lakh for the quarter ending March 2023. This is in stark contrast to the ₹7.4 crore profit made by the company in the same period last year. The Q4 results were impacted by higher operating expenses in a weak-demand environment, which analysts attribute to a decrease in demand caused by reduced activity in e-commerce and consumer durable segments. As per experts, third-party logistics providers like Mahindra Logistics are facing difficulties due to the current market conditions.

Century Textiles and Industries

Century Textiles Q4 Results 2023 PAT of Rs 145.27 Cr Consolidated

Century Textiles and Industries, an Aditya Birla Group company, has reported a 68.8% YoY growth in consolidated profit at Rs 145.27 crore for the quarter ended March FY23, largely due to exceptional income of Rs 134 crore on reassignment of leasehold land in Gujarat. However, revenue for the quarter declined marginally by 0.2% to Rs 1,208.5 crore. EBITDA also decreased by 3.2% to Rs 121.33 crore, with a fall in margin of 35 bps to 10% compared to the same period last year. The board has announced a dividend of Rs 5 per share for FY23.

Jubilant Ingrevia

Jubilant Ingrevia raises Rs. 50 crore through commercial papers

Jubilant Ingrevia has announced the issuance of commercial papers worth Rs 50 crore. The papers have a tenure of 66 days and will mature on June 29, 2023.

Mahindra Lifespace Developers

Mahindra Lifespace wins society redevelopment project in Mumbai, potential revenue of Rs 850 Cr

Mahindra Lifespace Developers, a subsidiary of the Mahindra Group that specializes in real estate and infrastructure development, has secured another society redevelopment project in Mumbai. The project is expected to generate a revenue potential of approximately Rs 850 crore for Mahindra Lifespaces.

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