Stocks to watch April 16: IndusInd Bank, ICICI Prudential Life, IREDA & more

Here’s a roundup of key stocks to keep an eye on for tomorrow:

IndusInd Bank

IndusInd Bank announced that an external audit uncovered a ₹1,979 crore discrepancy in its derivatives portfolio, reducing its net worth by 2.27% as of 2024. The bank plans to include these findings in its FY25 financial statements. This follows the recent appointment of an independent firm to investigate issues in its derivatives book.

ICICI Lombard

ICICI Lombard reported a slight 1.9% year-on-year dip in net profit for the March quarter, posting ₹509.6 crore against ₹520 crore a year earlier. Despite this, its full-year FY25 profit after tax surged 30.7% to ₹2,508 crore, up from ₹1,919 crore in FY24. Gross premium income for the quarter grew 10.2% YoY to ₹6,903.9 crore, although operating profit dropped 25.9% to ₹415.9 crore.

ICICI Prudential Life

ICICI Prudential Life recorded an Annualised Premium Equivalent (APE) of ₹3,502 crore for the March quarter. The company’s Value of New Business (VNB) came in at ₹795 crore, slightly below the expected ₹823 crore. However, the VNB margin improved to 22.7%, better than the estimated 21.8%. Year-on-year, the APE grew 3.1%, while VNB rose 2.5%.

Gensol Engineering

SEBI has passed an interim order against Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, over allegations of fund misappropriation and false disclosures. The promoters have been barred from holding any directorial or key managerial positions and are prohibited from dealing in securities.

IREDA

IREDA posted a strong 48.7% jump in net profit for the fourth quarter, reaching ₹501.6 crore compared to ₹337 crore a year ago. The state-run lender attributed this growth to a sharp increase in interest income, which climbed 47.3% to ₹801.3 crore for the quarter ending March 31, up from ₹544.1 crore in the same period last year.