Stocks To Watch: Nykaa, Voltas, Wipro, Shoppers Stop, REC, Tata Steel & More

On Monday, 8th April popular stocks like Wipro, Tata Steel, REC, RITES and Dr. Reddy's Laboratories are among the top stocks that are likely to be in focus of the market watchers.

Wipro

Wipro Limited announced the appointment of Srini Pallia as the chief executive officer and managing director of the company, effective immediately. Srini will be based in New Jersey and report to chairman Rishad Premji.

REC

The entire shareholding of MI s Meerut Shamli Power Transmission Limited, consisting of 50,000 equity shares, is currently held by REC Power Development & Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited (REC). On April 6, 2024, RECPDCL transferred the entire shareholding, along with all of its assets and liabilities, to M I s. Megha Engineering & Infrastructures Limited, the successful bidder, was chosen through a tariff-based competitive bidding process.

Voltas

In FY2023-2024, Voltas set a record with the highest-ever sales of air conditioners. With a volume rise of 35%, the firm sold nearly 2 million AC units in this fiscal year 2023-24, the highest number ever sold by any brand in an Indian financial year. The company saw a significant rise in sales of its air cooler and commercial refrigeration products, among other cooling products. In Q4 of FY24, Voltas Beko, a brand of home appliances, reported a 52 per cent rise in volume. The brand also reached a significant milestone in FY24, selling over 2 million home appliances (washing machines and refrigerators). Voltas sold 5 million consumer products to satisfied consumers nationwide in FY24.

Shoppers Stop

Shoppers Stop declared the grand reopening of its Chennai Chetpet store. Renowned actor Aishwarya Rajesh attended the event, lending a glamorous touch. Shoppers Stop aims to reinvent the shopping experience for Chennai's fashionable citizens with this relaunch.

RITES

An MOU has been signed by RITES Ltd and the Indian Institute of Technology, Madras (IIT-Madras) to work together on green energy mobility and transportation projects. The collaboration seeks to develop cutting-edge infrastructure for transporting and storing green ammonia and green hydrogen. RITES will collaborate closely with The Energy Consortium, an IIT-M effort aimed at achieving decarbonisation, as part of this partnership. The two organisations will examine the paths of comprehensive green mobility strategies for states and cities, providing net-zero advice to PSUs and companies, and utilising green technology in infrastructure projects.

Tata Steel

By debottlenecking at many sites and increasing steel output at Neelachal Ispat Nigam Limited, Tata Steel India has achieved the highest-ever yearly production of crude steel-roughly 20.8 million tons-with a 4% YoY growth. Crude steel output was roughly constant in 4QFY24, at 5.38 million tonnes. The yearly growth in Tata Steel India deliveries was 6%, surpassing the previous record set in FY2023. Because of the expansion in steel demand in India and its flexible business strategy, domestic deliveries climbed at a faster pace of 9% YoY. The fourth quarter of FY24 saw the biggest quarterly deliveries ever, totalling 5.41 million tonnes, up 5% YoY and 11% QoQ.

Gland Pharma

Eribulin Mesylate Injection, 0.5 mg/mL Single Dose Vial (Product) has been approved by the United States Food and Drug Administration (USFDA) for use by Gland Pharma Limited. The company plans to introduce the product through its marketing partner in the near future. It is anticipated that this will be the first generic approval on the market. The Product has US sales of approximately USD 92 million for twelve months ending in February 2024, according to IQVIA, as per a regulatory filing.

NYKAA

Nykaa experienced rapid growth in Q4 FY24, with high YoY GMV growth in the early thirties at a consolidated level. YoY, NSV and revenue growth are expected to be in the high twenties for the quarter. As a result, revenue growth for the entire fiscal year 2024 is predicted to be in the mid-20s YoY.

"Nykaa continues to drive the long-term beauty consumption growth in India. During the quarter, we witnessed strong momentum across key drivers of customer acquisition, platform conversion and userlevel growth. This has resulted in a healthy order volume growth, reflecting robust customer demand. Strong offtake from key categories such as makeup and skin, as well as a highly successful 'Pink Love Sale' in the quarter has led to overall BPC growth. Our BPC vertical GMV for the quarter is expected to grow around thirty percent, and NSV growth is expected to be in mid-twenties on a YoY basis, which we believe is well ahead of industry growth," said Nykaa (FSN E-Commerce Ventures Limited) in a regulatory filing.

"In Fashion, while the industry growth remains muted, Nykaa Fashion continues its resilient growth momentum from the previous two quarters. Fashion vertical GMV for the quarter is expected to grow in the high twenties, and NSV growth is expected to be in the mid-twenties on a YoY basis. Nykaa Fashion continues to find success by prioritizing sustainable growth, focusing on a premium and differentiated offering and high-quality customer acquisitions. This is reflected in outperformance of focus categories as well as core customer segments in the quarter compared to overall growth.

In Fashion, while the industry growth remains muted, Nykaa Fashion continues its resilient growth momentum from the previous two quarters. Fashion vertical GMV for the quarter is expected to grow in the high twenties, and NSV growth is expected to be in the mid-twenties on a YoY basis. Nykaa Fashion continues to find success by prioritizing sustainable growth, focusing on a premium and differentiated offering and high-quality customer acquisitions. This is reflected in outperformance of focus categories as well as core customer segments in the quarter compared to overall growth," the company further added.

Dr. Reddy's Laboratories

In order to promote and distribute a second brand of Vericiguat in India, Dr. Reddy's Laboratories Ltd. and Bayer announced the collaboration. Dr. Reddy's has been granted non-exclusive rights by Bayer under the terms of this agreement to use the Gantra® brand in India.