Stocks to watch: RIL, Wipro, HDFC Bank, Jio Financial and Aditya Birla Fashion Retail shares take center stage | Markets news

Stocks to watch: RIL, Wipro, HDFC Bank, Jio Financial, and Aditya Birla Fashion Retail belong to the top follow stocks today due to recent developments at the companies mentioned.

Stocks to watch:

Before Monday’s market open, take a look at which stocks are in the news and which you can follow all day due to recent developments.

Reliance Industries (RIL)

Reliance Industries is set to announce its fourth-quarter FY24 results on Monday, April 22, along with deliberations on a dividend for FY24. The conglomerate, known for its diversified businesses from oil to telecom, is expected to show robust performance driven by its telecom and retail sectors. Analysts expect a significant recovery in the O2C segment due to favorable gross refining margins (GRMs). Despite net debt concerns, most brokerage firms and D-Street analysts believe these concerns are overblown.

Wipro

Wipro reported a net profit of Rs 2,835 crore for the last quarter of FY24. The company’s financial results, released on Friday, showed a voluntary employee turnover rate of 14.2 percent over the past 12 months. Despite a 4.2 percent decline in consolidated revenue to Rs 222.08 billion in the January-March quarter, Wipro expects IT services revenue of $2.62 billion to $2.67 billion for the current quarter, which indicates a slight sequential decline or marginal growth. The company also witnessed a workforce reduction by 6,180 employees in the fourth quarter of 24 and by 24,516 employees during the year.

HDFC Bank

HDFC Bank reported a remarkable 37.1 percent growth in net profit for the quarter ended March 31, 2024, amounting to Rs 16,512 crore. Net interest income rose 24.5 percent to Rs 29,080 crore, with core net interest margin at 3.44 percent on total assets and 3.63 percent on interest-bearing assets.

Jio financial services

Jio Financial Services witnessed a quarter-on-quarter growth of 6 percent in net profit, reaching Rs 310.6 crore, compared to Rs 293.8 crore in the previous quarter. Operating revenues also rose 1 percent to Rs 418.1 crore from Rs 413.6 crore in the March quarter. Notably, the company’s net interest income rose sequentially from Rs 269.08 crore to Rs 280.74 crore during the reported quarter.

Tata Group shares

Shares of Tata Group are likely to turn heads following reports that the conglomerate may strike a deal to take control of Pegatron Corp.’s iPhone manufacturing business by May. in India.

Aditya Birla Fashion Retail Limited (ABFRL)

ABFRL has approved the demerger of Madura Fashion and Lifestyle into a newly formed entity called Aditya Birla Lifestyle Brands. Shareholders of ABFRL will receive one share of the demerged entity for each share held. Post-demerger, Aditya Birla Fashion plans to raise up to Rs 2,500 crore within 12 months, indicating expansion and growth ambitions.