Stocks to Watch: L&T, Tata Motors, Ambuja, ACC, Cyient, SBI Life
L&T: Larsen & Toubro reported a net consolidated profit of ₹2,493 crore which was 46% more than ₹1,702 crore reported during the corresponding quarter in the previous fiscal year. The revenue from operations of the company jumped 34% from ₹35,853 crore in Q1FY23 to ₹47,882 crore during the Q1FY24 period.
The EBITDA of L&T jumped 23% during the quarter ending June 2023 as it reached ₹4,869 crore from ₹3,953 crore during the same quarter last year. Tata Motors: Tata Motors Ltd swung to a consolidated net profit in the June quarter from a year-earlier loss lifted by robust sales of luxury vehicles by its British unit, Jaguar Land Rover, and improved operating performance of its commercial vehicle business in India.
The Mumbai-based automaker also announced that it will consolidate its capital base, converting all of its 508.5 million differential voting rights (DVR) shares to ordinary shares at a rate of seven ordinary shares for every 10 DVR shares held, resulting in a net reduction of 4.2% in its equity base. ACC/Ambuja Cement: More than half of the institutional investors of Adani Group cement companies—ACC Ltd and Ambuja Cement Ltd—voted against adopting the financial statements for the year ended 31 March 2023 after the firms’ statutory auditors raised concerns about certain developments, and at least one proxy advisory firm recommended voting against the resolution.
Sixty-three per cent of large investors voted against ACC’s adoption of financial statements at its annual general meeting, while 54% of institutional investors rejected the adoption of financial statements at Ambuja Cements. Cyient: Cyient reported a 45% rise in consolidated net profit at ₹168.10 crore, compared to ₹116.10 crore in the corresponding
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