Stocks in news today: IndiGo, Vedanta, L&T, Tech Mahindra, Kotak Mahindra Bank, Bajaj Finance

Stocks in focus today: IndiGo, Vedanta, L&T, Tech Mahindra, Kotak Mahindra Bank, and Bajaj Finance are expected to make some buzz on April 26, 2024. i.e. Friday.

IndiGo

IndiGo, India’s largest airline, confirmed ordering 30 A350-900 aircraft. The airline said that it sha plans to purchase 70 more such aircraft. At present, IndiGo has a fleet of more than 350 narrow-body planes and is expanding its presence overseas. “The mission capability of this aircraft (A350) coupled with the efficiency of the Trent XWB engine will offer IndiGo unprecedented optionality as it embarks on the next stage of its wonderful journey of addressing the rapidly evolving needs of the Indian customer and our nation,” the airline release said.

Vedanta

Vedanta Ltd on April 25, 2024 declared its Q4 results of 2023-24. In its quarterly results, the Anil Agarwal-led company registered a 27.2 per cent decline in consolidated net profit to Rs 1,369 crore as compared to consolidated net profit of Rs 1,881 crore in the year-ago period. onsolidated income of the company in the January-March period dropped to Rs 36,093 crore as against Rs 38,635 crore in the year-ago period.

For 2023-24 annual results, the mining company reported the second highest annual revenue and EBITDA in its history. It reached Rs 1,41,793 crore and Rs 36,455 crore, respectively. Vedanta Chief Financial Officer Ajay Goel informed that his company achieved a remarkable EBITDA margin of 30 per cent in FY24 with 240 basis points annual margin expansion.

L&T

L&T Technology Services has reported its results of the last quarter of 2023-24. It posted a marginal 0.2 per cent growth in net profit and also informed that it is planning to add 500 employees during the April-June period. The net profit for FY24 grew 7.6 per cent to Rs 1,303.7 crore.

Tech Mahindra

IT services company Tech Mahindra declared its March quarter results of 2023-24 and reported a 41 per cent fall in its consolidated net profit to Rs 661 crore. The IT major stated that its consolidated net profit plummeted around 41 per cent to Rs 661 crore, while the revenue dropped by 6.2 per cent year-on-year to Rs 12,871 crore.

Kotak Mahindra Bank

A day after RBI barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect, the lender’s chief executive and managing director Ashok Vaswani said the bank is “actively working” to address the concerns raised by the regulator.

Bajaj Finance

In its Q4 Results of FY24, Bajaj Finance declared a 21 per cent increase in consolidated net profit to Rs 3,825 crore. The NBFC reported that its Net interest income increased 28 per cent during the fourth quarter of the previous fiscal year to Rs 8,013 crore from Rs 6,254 crore a year ago.

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