Banking and Finance:
* Axis Bank reported a significant increase in its net profit, rising from a loss of 5,728.4 crore in Q4FY23 to a profit of 7,130 crore in Q4FY24.
* LTIMindtree’s revenue reached $4.29 billion for the full fiscal year, a 4.4% increase year-over-year.
* Kotak Mahindra Bank was prohibited by the RBI from adding new customers via online channels and issuing new credit cards due to IT system deficiencies.
* Nestle India is projected to report a 22% YoY increase in net profit to 856 crore for Q1CY24.
* IndusInd Bank is expected to announce an 11% year-on-year growth in net profit for Q4FY24.
* AU Small Finance Bank is anticipated to report robust growth in both its net profit and topline for the quarter ended in March 2024.
Real Estate and Infrastructure:
* The Lodha Group has increased its pre-sales forecast for 2024-25 by 20% to 17,500 crore.
* Dalmia Bharat’s net profit saw a 27.43% YoY surge to 418 crore in Q4FY24.
* RailTel’s net profit increased by 5.5% YoY to 188.6 crore in Q4FY24.
* Madhav Infra Projects received a Letter of Intent (LoI) from Gujarat Industries Power Company Ltd (GIPCL) for a solar power project worth 329.73 crore.
Technology:
* LTIMindtree’s revenue for the March quarter decreased by 1.3% sequentially to $1.07 billion.
* STL announced that its US-manufactured fiber optic cable products adhere to the ‘Build America, Buy America’ (BABA) stipulations of the Infrastructure Investment and Jobs Act (IIJA).
Manufacturing:
* V-Guard Industries reported a 17.5% YoY decrease in net profit to 131.5 crore for Q4FY24.
* Motherson Sumi’s sales volume of manufactured products rose by 17.6% YoY in Q4 of FY24.
Entertainment:
* The Bombay High Court rejected a review petition filed by Zee Entertainment Enterprises challenging an order related to a loan default case.
* PVR INOX is introducing ad-free movies to counter decreasing cinema attendance.
Asset Management:
* Motilal Oswal Asset Management Company (MOAMC) appointed Prateek Agrawal as the company’s Managing Director and Chief Executive Officer.
Other:
* CPPIB divested approximately 2.77% of its stake in Delhivery for an estimated $110 million.
