US Stock Reports, Quotes and News
This week, several prominent companies released their June quarter financial results. Firms like ITC, SBI, Adani Ports, Tata Motors, and M&M showcased their reports between July 29th and August 3rd. The updates offered a glimpse into their quarterly performance, engaging the attention of investors and stakeholders.
ITC Q4 Results: Revenue from operations rose 2% year-on-year (YoY) to Rs 19,446 crore in the January-March 2024 period, compared with Rs 19,058 crore in the corresponding period of last year. The Board has also recommended a final dividend of Rs 7.50/share for the financial year ended March.
ITC board declares a final dividend of Rs 7.5 per share alongside Q4 profit of Rs 5,120 crore, missing estimates. Total dividend for FY24 set at Rs 13.75 per share. Revenue up 2% YoY. Stock shows strong technical performance.
The move comes following an order by the National Company Law Tribunal (NCLT) to convene a meeting of the ordinary shareholders of the company.
Gurmeet Chadha discusses stock picks, including ITC, HDFC Bank, and HCL Tech. Favors Ganesha Ecosphere, Tata Consumer, and Sandhar Technology. He id bullish on Bharti Airtel, while remaining cautious on Vodafone FPO\’s equity dilution. Chadha also says that \”In midcaps, we have added some capital market participants on corrections, including CAMS, CDSL, and market infrastructure services players.\”
DOMS rose nearly 5% to Rs 1,800 while Flair added 3% to Rs 301. The brokerage firm values DOMS at 50x FY26 EPS and Flair at 24x FY26 EPS.
GQG had invested around Rs 2,400 crore for acquiring a 5.96% stake in the offer for sale of Patanjali in July 2023. The US-based investment firm has been increasing its exposure to India after investing in the Adani group. It holds positions in companies including ITC and Sun Pharmaceutical Industries.
Mutual funds increased stakes in global cyclicals and healthcare while reducing exposure to BFSI. Equity funds and various other funds drove a 35% YoY growth in the mutual fund industry\’s AUM in FY24.
Fund houses together owned 140.91 crore shares of ITC as of March-end. In value terms, the ITC shares worth Rs 11,120 crore were bought by MFs taking the total value of these shares to Rs 60,360 crore.