Stock to Watch Today - Rupeedesk Reports - 20.07.2023
Buzzing Stocks: Infosys, HUL, Mastek, Dr Reddy's, Shree Cement, Tata Com & Others in news today.
Results on July 20: Infosys, Hindustan Unilever, Union Bank of India, United Spirits, Coforge, CSB Bank, Dalmia Bharat, Havells India, IndiaMART InterMESH, ICICI Securities, 360 ONE WAM, Mphasis, Nelco, Persistent Systems, Quick Heal Technologies, Reliance Industrial Infrastructure, Shalby, South Indian Bank, Tanla Platforms, and Zensar Technologies will be in focus ahead of quarterly earnings on July 20.
Federal Bank: The private sector lender has launched its qualified institutional placement (QIP) issue on July 19. The floor price has been set at Rs 132.59 per share for the QIP.
Dr Reddy’s Laboratories: The United States Food & Drug Administration (USFDA) completed a pre-approval inspection (PAI) and a routine GMP inspection at company's API manufacturing facility in Srikakulam, Andhra Pradesh. The inspection was conducted during July 10-19. The inspection closed with zero observations and a classification of no action indicated (NAI).x
Olectra Greentech: The company has awarded a contract for construction of the greenfield electric vehicle manufacturing facility on 150 acres of the land at Hyderabad, Telangana, to Megha Engineering & Infrastructures. This is the ultimate holding company and a related party to Olectra Greentech. The construction of the greenfield EV manufacturing facility will be completed within 12 months from the date of approval of the shareholders.
Mastek: The digital engineering & cloud transformation partner signed definitive agreement to acquire US-based BizAnalytica, a premier data cloud and modernization solutions provider. The strategic acquisition will bolster Mastek's global data cloud services & generative AI capabilities and grant access to a talented pool of qualified data architects and scientists.
Life Insurance Corporation of India: Sat Pal Bhanoo is appointed as Managing Director at LIC of India. Bhanoo is currently an additional zonal manager at zonal office of LIC of India in Bhopal.
Krsnaa Diagnostics: National Health Mission, Rajasthan has cancelled the letter of acceptance given to Krsnaa Diagnostics, for providing laboratory services under free diagnostics initiative on HUB and SPOKE Model under NHM in Rajasthan. Company said there were requirements of provision of submitting additional performance security, and there are disagreements over providing of this additional performance security due to certain technicalities. The cancellation of the letter of acceptance does not in any way impact its existing business operations.
Shree Cement: The company major has received a letter from the Ministry of Corporate Affairs for inspection. The inspection will be conducted under Section 206(5) of the Companies Act, 2013.
Finolex Industries: The PVC pipes and fittings manufacturer has recorded a 16.2% year-on-year growth in profit at Rs 115.3 crore for quarter ended June FY24, supported by healthy operating performance. Revenue from operations fell 0.9% to Rs 1,179.2 crore compared to year-ago period. On the operating front, EBITDA jumped 21.1% YoY to Rs 152.5 crore with margin expansion of 230 bps due to sharp fall in input cost.
Tata Communications: The digital ecosystem enabler has reported a 29.8% year-on-year decline in profit at Rs 381.7 crore for quarter ended June FY24, impacted by weak operating margin, lower other income and higher finance cost. Revenue from operations increased by 10.7% YoY to Rs 4,771.4 crore for the quarter. On the operating front, EBITDA dropped 4.9% to Rs 1,024 crore compared to year-ago period, with margin contraction of 350 bps YoY during the quarter.
PNB Gilts: The Reserve Bank of India has authorised the company as an ‘Authorised Dealer – Category III'. Under this authorization, the company may offer all foreign exchange market-making facilities to users, as currently permitted to Category-I authorized dealers.
L&T Finance Holdings: L&T Finance has recorded a 102.56% year-on-year growth in consolidated profit at Rs 530.93 crore for quarter ended June FY24. Revenue from operations grew by nearly 8% to 3,223.3 crore compared to year-ago period. Net interest margin expanded to 8.06% for the quarter, from 7.63% in previous quarter. Asset quality improved with the gross NPA falling 70 bps sequentially to 4.04% and net NPA declining 32 bps QoQ to 1.19% in Q1FY24.
Can Fin Homes: The housing finance company has recorded profit after tax at Rs 183.5 crore for quarter ended June FY24, rising 13% over a year-ago period, and net interest income at Rs 285.09 crore for the quarter, rising 14% YoY. Provision for NPA dropped to Rs 4.66 crore, from Rs 7.97 crore in the same period. Asset quality weakened with the gross NPA rising 8 bps sequentially to 0.63% and net NPA increasing 8 bps QoQ to 0.34% for June FY24 quarter.
Alok Industries: The textiles company has posted net loss of Rs 226.1 crore for quarter ended June FY24, widening from loss of Rs 141.6 crore in corresponding period last fiscal. Revenue from operations dropped 28.5% year-on-year to Rs 1,410.3 crore in Q1FY24.
Hatsun Agro Product: The dairy product company has reported a 54.3% year-on-year increase in profit at Rs 80.2 crore for June FY24 quarter, driven by strong operating performance. Revenue from operations for the quarter stood at Rs 2,150.6 crore, increasing by 6.8% over a year-ago period. The company announced an interim dividend of Rs 6 per share.
Transformers & Rectifiers: The company has received a 'stop deal' notice from Gujarat Energy Transmission Corporation (GETCO). GETCO has decided to stop dealing with the company for 3 years as the company had allegedly submitted forged Material Dispatch Clearance Certificate (MDCC) relating to certain transformers under the contract for supply of total 29 transformers and 1 reactor to GETCO. The company sent clarification to exchanges saying it has successfully concluded additional inspection tests as per the requirements of GETCO, and the transformers/reactor supplied under the said contract are in operation in GETCO.
*Data Source : Govt, Nse ,Bse, Private News Channels and Websites Etc
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