Stocks to Watch: Bajaj Finance, SBI Life, HDFC Life, L&T Technology, Voltas and more

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Bajaj Finance | Non-banking financial services company (NBFC) on Wednesday reported its January to March quarter (Q4FY23) net profit at Rs 3,158 crore, beating estimates. The profit was up 30 percent from Rs 2,419.51 in the same quarter a year ago. Revenue from operations of the financial services firm grew 24 percent to Rs 11,359.59 crore from Rs 8,626.06 crore in the year-ago quarter.

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SBI Life Insurance Company | Private sector insurer on Wednesday reported a 15 percent year-on-year (YoY) jump in net profit at Rs 780 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 680 crore. The value of the new business (VoNB) recorded a growth of 23 percent at Rs 1,440 crore for the March quarter. It was Rs 1,174 crore a year ago.

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HDFC Life Insurance Company | Mumbai-headquartered company on Wednesday posted a profit after tax of Rs 359 crore for the fourth quarter (Q4FY23) ending March 31, 2023, almost flat as compared to Rs 357 crore in the same quarter last year. The board has also proposed a final dividend of Rs 1.90 per share. On a sequential basis, net profit for the March quarter surged 14 percent from Rs 315 crore reported in the preceding October to December quarter.

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L&T Technology Services | Engineering services company on Wednesday reported an 18 percent year-on-year jump in net profit at Rs 309.6 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 262 crore. CNBC-TV18 Polls had predicted a profit of Rs 309.5 crore for the quarter under review.

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Reliance Capital | The second round of auction for debt-ridden Reliance Capital concluded on Wednesday in which Hinduja Group’s IIHL has emerged as the sole participant. It offered Rs 9,650 crore as an upfront payment. It is also noted that Torrent Investment, Oaktree, and Piramal Cosmea consortium did not participate in the auction round. As a result, Hinduja was declared the highest bidder.

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Voltas | Air conditioner maker on Wednesday reported a 21.7 percent year-on-year (YoY) decline in consolidated net profit at Rs 143.2 crore for the fourth quarter that ended March 31, 2023. Also, Voltas terminated an agreement to set up a joint venture with Highly International (Hong Kong) Ltd to manufacture compressors in India, as it could not obtain necessary approvals from the government.

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Shoppers Stop | Retail chain company on Wednesday reported a consolidated net profit of Rs 14.26 crore for the fourth quarter ended March 31, 2023. The company had posted a net loss of Rs 15 crore for the January-March period a year ago, Shoppers Stop said in a regulatory filing. Revenue from operations was at Rs 923.90 crore during the period under review as against Rs 713.34 crore in the corresponding quarter of the previous fiscal.

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HDFC Bank | The company on Wednesday said both stock exchanges BSE and NSE have approved the transfer of NCDs from the mortgage firm to HDFC Bank as part of the amalgamation process. BSE and NSE vide their letters dated April 26, 2023, granted their in-principle approval for the transfer of additional NCDs (non-convertible debentures) issued by HDFC Limited post receipt of the earlier approval on December 13, 2022, to HDFC Bank, the mortgage firm said in a regulatory filing.

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City Union Bank | Kumbakonam-based bank on Wednesday said the Reserve Bank of India (RBI) has approved the reappointment of N. Kamakodi as managing director and CEO for9 a period of three years with effect from May 1, 2023. The RBI has given its approval vide letter dated April 26, 2023, for the appointment of N. Kamakodi as MD of the bank, City Union Bank said in a regulatory filing.

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HCL Technologies | Global pigment manufacturer Heubach Group has selected HCL Technologies to accelerate its digital transformation agenda, the IT services company said on Wednesday. HCL Tech will deliver an IT system for Heubach Group across 11 countries to include deployment of hybrid cloud, cybersecurity solutions, end-user services and secure networks.

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UTI Asset Management Company | The company on Wednesday reported a 59 percent jump in profit after tax (PAT) at Rs 86 crore for the three months ended March 2023. In comparison, the company posted a PAT of Rs 54 crore for the same quarter a year ago, UTI AMC said in a regulatory filing. Total income grew marginally to Rs 309 crore in the quarter under review from Rs 305 crore in January-March 2021-22.