Stocks To Watch: HDFC Bank, BoB, Federal Bank, TCS, Adani Energy & More

Market observers will be focusing on major stocks on Wednesday, January 17, including TCS, HDFC Bank, Federal Bank, Bank of Maharashtra, and Adani Energy Solutions.

Piramal Pharma

A new 10mg/10mL (1 mg/mL) concentration of zinc sulphate for injection USP has been introduced in the United States, according to Piramal Critical Care (PCC), a subsidiary of Piramal Pharma Limited. With the introduction, PCC will be able to grow both the portfolio of generic injectables as a whole and its current Zinc Sulphate Injection product line. The most recent product introduction from Piramal Critical Care in the generic injectables market is Zinc Sulphate for Injection, USP 10mg/10ml. To further enhance their extensive line of critical care medications, Piramal Critical Care also revealed the launch of Doxycycline for Injection, USP, and Pantoprazole Sodium for Injection, USP, in 2023.

Tata Consultancy Services

The 2024 Global 500 IT Services Ranking published by Brand Finance ranks TCS as the second most valuable IT services brand globally. TCS's brand value grew by 11.5% YoY to $19.2 billion from $17.2 billion in 2023, driven by consistent investments in AI readiness and a dedication to sustainability. The additional $2 billion in growth is the highest absolute growth reported among the world's top 25 IT companies.

Adani Energy Solutions

According to the Adani group firm, the transmission and smart metering business added 302 ckms to the operational network during the quarter, bringing the overall network length to 20,422 ckms. The business also maintained system availability of 99.67 per cent in Q3 FY24. A total of 2 million smart meters with a contract value of Rs. 23 billion were granted in the third quarter. With eight projects totalling a contract value of Rs. 251 billion, there are 21.1 million smart meters under development. Distribution loss in the distribution utility segment steadily dropped ending at 5.46 percent in Q3 FY24 as opposed to 5.60 percent in Q3 FY23.

HDFC Bank

The largest private bank in India, HDFC Bank, has released strong financial figures for the fiscal year 2023-2024's October-December quarter. The net profit of the bank had an impressive rise of 33.5%, coming in at Rs 16,372 crore as opposed to Rs 12,259 crore at the same time last year. The quarter's net interest income (NII) was Rs 28,470 crore, a significant rise of 23.9% over the previous fiscal year's comparable quarter's Rs 22,990 crore. HDFC Bank has kept its asset quality in good shape. Compared to the prior year, the gross non-performing assets (NPA) grew marginally to 1.26% from 1.23%. However, the net non-performing assets (NPA) for the quarter showed improvement, falling to 0.31% from 0.33% in the same quarter of the previous year.

Federal Bank

The financial results for the quarter that ended on December 31, 2023, were released by Federal Bank. At Rs 1007 Cr, the bank's quarterly net profit was the highest it has ever been. For the quarter that ended on December 31, 2023, the bank reported an operating profit of Rs.1437.33 Cr and a net profit of Rs.1006.74 Cr. The operating profit improved admirably by 12.80% year on year. As of December 31, 2023, net interest income increased by 8.53%, from Rs.1956.53 Cr to Rs.2123.36 Cr. The bank's total revenue increased by 32.72% to Rs. 6592.66 Cr. The annualised earnings per share (EPS) is Rs 16.54.

As of December 31, 2023, the bank's total business has grown to Rs. 438776.39 Cr, representing an 18.72% growth. As of December 31, 2023, total deposits have climbed from Rs. 201408.12 Cr to Rs. 239591.16 Cr. Net advances on the asset side grew from Rs. 168173.13 Cr on December 31, 2022, to Rs. 199185.23 Cr on December 31, 2023. Retail Advances surged to Rs. 65041.08 Cr., a growth of 20.39%. At the conclusion of Q3 FY23, the bank's gross non-performing assets (NPA) were Rs. 4628.79 Cr, or 2.29% of its gross advances. As of December 31, 2023, the Net NPA and Net NPA as a percentage of Net Advances were recorded as Rs. 1284.37 Cr and 0.64%, respectively.

Bank of Maharashtra (BoM)

In the third-quarter of the current fiscal the net profit of Bank of Maharashtra climbed by 33.6% to Rs 1,036 crore. For the quarter under review, Net Interest Income (NII) increased to Rs 2,466 crore, a Year on Year (YoY) growth of 24.56%. To reach Rs 3,146 crore, net revenue increased by 20.05%. The bank's total business increased to Rs 434,404 crore, or 18.89% YoY. At Rs 245,734 crore, total deposits were up 17.89% year on year. According to the bank, total advances increased by 20.20% to Rs 188,670 crore. According to the bank, its gross non-performing assets (NPA) decreased from 2.94% to 2.04% as of December 31, 2023. Net NPA dropped from 0.47% to 0.22% YoY.

Rail Vikas Nigam

Rail Vikas Nigam Limited (RVNL) has incorporated a subsidiary company viz., RVNL INFRA SOUTH AFRICA, as per a stock exchange filing filed by the company on Tuesday.

Indian Renewable Energy Development Agency Ltd. (IREDA)

A Memorandum of Understanding (MoU) has been signed by Indian Overseas Bank (IOB) and Indian Renewable Energy Development Agency Ltd. (IREDA) which paves the way for cooperative efforts in loan syndication and co-lending for a wide range of renewable energy projects throughout the country. In line with the Hon'ble Prime Minister's COP26 pledge to reach a 500 GW non-fossil-based power generating capacity by 2030, IREDA is well-positioned to fund large-scale renewable energy projects through the MoU and previous arrangements with other top financial institutions.