Stocks To Watch: Adani Total Gas, M&M Finance, IOB, Piramal Pharma, SIS & More

On Wednesday, 31st January hot stocks like Adani Total Gas, M&M Finance, Glenmark Pharmaceuticals, Coromandel International and Voltas are among the top 8 stocks likely to be in focus of the market watchers.

Mahindra & Mahindra Financial Services Limited (Mahindra Finance)

On January 30, Mahindra & Mahindra Financial Services reported a 12% decrease in net profit, from Rs 629 crore to Rs 553 crore, for the October-December quarter of FY24. The net interest margin (NIM) of the lender dropped to 6.7 percent from 7.6 per cent.

Net interest income (NII) for the firm increased by 21% year on year to Rs 1,815 crore from Rs 1,650 crore in the year-ago quarter. The quarter saw widespread expansion, with Rs. 15,436 crores in reported disbursements. Disbursements until December 2023 were Rs. 40,916 crores year-to-date (YTD), a 14% increase from Q3FY23.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals Ltd declared the opening of Ichnos Glenmark Innovation, a collaboration aimed at accelerating the development of new medicines for the treatment of cancer. This collaboration brings together the research and development skills of Ichnos in innovative biologics and those of Glenmark in small molecules to further advance the development of cutting edge therapeutic options for the treatment of solid tumours and haematological malignancies.

The recently established IGI boasts a strong pipeline of three novel oncology molecules that target multiple myeloma, acute myeloid leukemia, and solid tumors that are presently undergoing clinical trials. The FDA has designated two of these molecules as orphan drugs, and IGI also has two autoimmune disease assets that have been licensed to top companies. Using the combined expertise of more than 150 scientists, IGI will make use of the resources of its three international centers of innovation. These include the clinical development-focused Ichnos headquarters in New York City, NY, USA; the biologics research center located in Lausanne, Switzerland; and Glenmark's small molecule research center located in Mahape, Mumbai, India.

Coromandel International

The firm announced overall income for the third quarter of this year on Tuesday, showing a 34% decline from the previous year's Rs. 8,350 Cr to Rs. 5,510 Cr. EBITDA decreased by 54% in Q3 to Rs. 358 Cr from Rs. 781 Cr in the same quarter last year. PAT decreased by 55% in Q3 to Rs. 243 Cr from Rs. 539 Cr in Q3 of the prior year.

Voltas

For the third quarter that concluded on December 31, 2023, Voltas Ltd. announced a net loss of Rs. 27.6 crore on Tuesday, January 30. According to a regulatory statement by the firm, Voltas reported a net loss of Rs 110 crore for the same period last year.

From Rs 2,005 crore in the same time of the previous fiscal year to Rs 2,625.7 crore in Q3FY24, the company's revenue from operations climbed by 30.9%. In comparison to Rs 76.4 crore during the same time in the previous fiscal year, EBITDA decreased 63% to Rs 28.3 crore in the third quarter of the current fiscal year. In the reporting quarter, the EBITDA margin was 1.1%, down from 3.8% during the same time in the previous fiscal year.

SIS

SIS Ltd said on Tuesday that its profit after tax increased by 16.5% to Rs 79 crore for the third quarter that ended in December 2023, up from Rs 68 crore in the same period the previous fiscal year. Compared to Rs 2,904 crore a year earlier, the company's sales increased by 6% to Rs 3,073 crore in Q3FY24. With a 19.8% YoY increase, it posted the highest quarterly EBITDA of Rs. 151 cr.

Piramal Pharma

Piramal Pharma recorded a profit after tax of Rs 19.36 crore in Q3 FY24, as opposed to a loss of Rs 73.64 crore in Q3 FY23. Additionally, the company said that its consolidated revenue from operations increased by 14.14% year on year (Y-o-Y) during the quarter to Rs 1,958.5 crore from Rs 1,715.9 crore in the same period the previous year. From Rs 170 Cr in Q3FY23 to Rs 330 Cr in Q3FY24, EBITDA increased by 94% YoY. Due to strong EBITDA growth and debt repayment from the proceeds of the recently completed rights issue, the net debt to EBITDA ratio has improved over the previous three quarters.

Indian Overseas Bank

With effect from his taking over control, the bank has appointed Shri Joydeep Dutta Roy, Executive Director, Bank of Baroda, as Executive Director of Indian Overseas Bank. This appointment will last till 20.10.2024, or until further instructions, whichever comes first. In addition, IOB has designated Shri Sanjay Vinayak Mudaliar, Executive Director of Indian Overseas Bank, as Executive Director of Bank of Baroda, effective from the date of his assumption of office and serving in that position until December 31, 2025, or until further directives, whichever comes first.

Adani Total Gas

On January 30, Adani Total Gas said that, compared to the same quarter in the previous year, its consolidated net profit for the quarter that ended in December 2023 jumped by 17.61 per cent to Rs 176.64 crore, from Rs 150.19 crore. According to an exchange report, the organization's revenue from operations increased by 4.93 per cent to Rs 1,244 crore from Rs 1,185.50 crore in the same quarter of the previous fiscal year. The company's EBITDA increased by 26% year on year to Rs 301 crore.