Stocks to Watch: IndusInd Bank, ICICI Lombard, ICICI Prudential Life, IREDA and more

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IndusInd Bank | The bank reports that an external audit has found a ₹1,979 crore reduction in the bank's net worth due to derivative discrepancies. This equals 2.27% of the bank's net worth as of 2024. The bank will include these findings in its financial year 2025 statements. This follows the bank's appointment of an independent firm last month to examine issues in its derivatives portfolio.

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ICICI Lombard | The company posted a 1.9% year-on-year decline in net profit for the March quarter at ₹509.6 crore, compared with ₹520 crore in the same quarter last year. However, for the full year FY25, the company’s profit after tax (PAT) rose sharply by 30.7% to ₹2,508 crore, up from ₹1,919 crore in FY24. Gross premium income for the March quarter grew 10.2% YoY to ₹6,903.9 crore, while operating profit dropped 25.9% to ₹415.9 crore.

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ICICI Prudential Life | The company reported Annualised Premium Equivalent (APE) of ₹3,502 crore, falling short of the CNBC-TV18 poll estimate of ₹3,776 crore. Value of New Business (VNB) for the quarter stood at ₹795 crore, slightly below the poll estimate of ₹823 crore, while VNB Margin improved to 22.7%, higher than the anticipated 21.8%. The APE (Retail and Direct) grew 3.1% YoY compared to ₹3,615 crore in Q4 FY24, while the VNB showed a 2.5% YoY rise from ₹776 crore last year.

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Gensol Engineering | The Securities and Exchange Board of India (SEBI) has issued an interim order against Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, following allegations of fund misappropriation and misleading disclosures. SEBI has restrained the promoters from holding any directorial or key managerial positions in the company and has barred them from buying, selling, or dealing in securities.

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IREDA | The company reported a 48.7% jump in fourth-quarter net profit to ₹501.6 crore, compared with ₹337 crore a year earlier, driven by robust growth in interest income. Net interest income rose 47.3% to ₹801.3 crore for the quarter ended March 31, from ₹544.1 crore in the same period last year, the state-run lender said in an exchange filing.

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PB Fintech | The parent firm of Policybazaar announced that its wholly owned subsidiary, PB Pay Private Limited, has received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator. This development follows earlier disclosures made by the company on March 20 and April 9, 2024, regarding the formation of PB Pay with the objective of seeking registration as a Non-Banking Financial Company - Payment Aggregator (NBFC-PA).

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Vedanta | Mumbai-listed mining conglomerate said its oil and gas subsidiary, Cairn Oil & Gas, has secured seven new exploration blocks under the Open Acreage Licensing Policy (OALP) Round IX auction. The awarded new blocks comprise 4 onshore and 3 shallow water blocks located in the hydrocarbon basins of Cambay, Saurashtra, and Mumbai. With this addition, Cairn’s portfolio now expands to 69 blocks covering over 73,000 square kilometer across the country.

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Mahanagar Gas | City gas distributor disclosed an 18% reduction in its allocation of domestically produced Administrative Price Mechanism (APM) natural gas, effective April 16, 2025. The disclosure aligns with the policy guidelines issued by the Ministry of Petroleum and Natural Gas on August 10, 2022. As per the policy, APM gas is allocated to city gas distribution (CGD) companies specifically for priority sectors such as domestic piped natural gas (PNG) and compressed natural gas (CNG) used in transport.

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TCS | In a push to promote Visakhapatnam as a tech hub, the Andhra Pradesh Cabinet has approved the allotment of 21.16 acres in the city to an IT major for 99 paise. TCS is expected to invest ₹1,370 crore to set up a large development centre on this parcel of land. The facility is expected to create 12,000 jobs.