Stocks to Watch: Jindal Stainless, Ambuja Cements, Godrej companies, APSEZ, Shriram Finance, KMB
Jindal Stainless: On May 1, the company announced a three-pronged investment strategy worth ₹5,400 crore with the aim of achieving global leadership in stainless steel. As part of its expansion strategy, the company entered into a joint venture to develop and operate a stainless-steel melt shop (SMS) in Indonesia with an annual production capacity of 1.2 million tonnes per annum (MTPA). Jindal Stainless plans to invest ₹700 crore in this partnership.
The company also announced an investment of ₹1,900 crore for the expansion of its downstream lines in Jajpur, Odisha. Additionally, the company has allocated ₹1,450 crore for the associated upgrade of infrastructural facilities, such as railway siding, sustainability-related projects, and renewable energy generation. The company also announced that it would acquire a 54% equity stake in Chromeni Steels Private Limited.
The transactions entail an outlay of around ₹1,340 crore. Ambuja Cements: On Wednesday, Ambuja Cements announced a standalone net profit of ₹532.29 crore for the quarter ending March 2024, marking a 6% increase from ₹502.40 crore in the same quarter of the previous year. The company's Q4FY24 revenue from operations increased by 12.3% YoY to ₹4,780.32 crore.
Operational level EBITDA for the quarter rose by 1.2% to ₹797.8 crore, while the EBITDA margin decreased by 180 basis points to 16.7%. On a consolidated basis, the company reported a 64% increase in net profit at ₹1,055.30 crore. Consolidated revenue from operations in Q4FY24 increased by 12% YoY to ₹8,893.99 crore.
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