Stock to Watch Today - Rupeedesk Reports - 20.10.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Tata Motors, ITC, HUL, ICICI Bank, JSW Steel, RVNL, others in news.
Hindustan Unilever: The FMCG major has recorded a 3.9 percent on-year growth in standalone profit at Rs 2,717 crore for the quarter ended September FY24, beating analysts estimates, with better-than-expected operating margin performance and lower input cost. Standalone revenue from operations grew by 3.6 percent year-on-year to Rs 15,276 crore for the quarter, with the home care segment growing by 3.3 percent, food and refreshment by 2.6 percent, and beauty and personal care by 4.5 percent. The board has approved an interim dividend of Rs. 18 per share for the year.
ITC: The cigarette-to-FMCG-to-hotels major has recorded standalone profit at Rs 4,927 crore for the quarter ended September FY24, rising 10.3 percent over a year-ago period driven by higher other income. Revenue from operations, excluding excise duty, increased 2.6 percent year-on-year to Rs 16,550 crore for the quarter, with subdued growth in the agribusiness and paperboards and packaging segments. EBITDA grew by 3 percent year over year to Rs 6,041.6 crore, and margin expanded by 10 basis points to 36.5 percent during the same period.
Tata Motors: The Tata Group company has entered into share purchase agreements and other agreements to acquire a 26.79 percent stake in logistics solutions company Freight Commerce Solutions (Freight Tiger) for Rs 150 crore. The agreement also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years.
Zomato: SoftBank-owned Svf Growth (Singapore) Pte Ltd is likely to sell a stake worth around Rs 1,000 crore in Zomato, the food delivery giant, sources told Moneycontrol. SoftBank plans to sell a 1.1 percent stake via block deals. Svf Growth holds a 2.22 percent stake in Zomato as of September 2023, which is valued at Rs 2,090 crore at a closing price of Rs 111.7 per share on October 19.
Rail Vikas Nigam: The joint venture company, RVNL-MPCC, has received a letter of acceptance (LOA) for all civil engineering works, supply of 50 mm machine crushed stone ballast, and complete track works in connection with gauge conversion work between Nadiad-Petalad and Petlad-Bhadran, of Vadodara Division of Western Railway. The total contract size of two projects stood at Rs 420 crore.
Natco Pharma: The United States Food and Drug Administration (USFDA) has conducted an inspection of the company's pharma division in Kothur, Hyderabad, during October 9–18. At the end of the inspection, the said facility received eight observations. The company is working with USFDA to close them at the earliest.
Jindal Stainless: The stainless steel company has recorded a 74 percent on-year growth in standalone profit at Rs 609 crore for the quarter ended September FY24, with revenue growing 14 percent to Rs 9,720 crore and EBITDA increasing 54 percent to Rs 1,070 crore during the same period. The standalone sales volume for the second quarter of FY24 stood at 5,43,619 metric tonnes (MT), up by nearly 26 percent YoY due to robust domestic demand.
Havells India: The electrical equipment company has registered 33 percent year-on-year growth in profit at Rs 249 crore for the quarter ended September FY24, driven by healthy operating numbers. Revenue from operations for the quarter increased by 6 percent to Rs 3,891 crore during the same period, led by switchgear and cable segments. EBITDA for the quarter rose by 30 percent to Rs 373 crore, with a margin expansion of 180 bps at 9.6 percent compared to the year-ago period. Overall, the numbers were below analysts' estimates.
Elecon Engineering: The company has received an order of Rs 51.41 crore from Arcelormittal Nippon Steel India. The order is awarded to the company for the supply and supervision of a pipe conveyor system at Arcelormittal Nippon Steel's Hazira plant in Gujarat.
United Breweries: The Kingfisher beer maker has reported standalone profit of Rs 107.62 crore for the quarter ended September FY24, falling 19.8 percent compared to the corresponding period last fiscal year, missing analysts' expectations, and impacted by a lower EBITDA margin. However, standalone revenue from operations (excluding excise duty) grew by 12.4 percent YoY to Rs 1,888 crore for the quarter.
Indoco Remedies: The United States Food and Drug Administration (USFDA) has conducted a pre-approval inspection at the company's solid oral formulation facility in Goa during October 12–18. The pre-approval inspection was conducted for two drug product applications (ANDAs) filed from this facility. The USFDA has issued four observations in Form 483 at the end of the pre-approval inspection.
Voltas: The home appliances company has reported consolidated profit of Rs 35.68 crore for the July–September period of FY24, against a loss of Rs 7.41 crore in the same period last fiscal. The profitability in Q2 FY23 was impacted by an exceptional loss of Rs 106.43 crore. The consolidated revenue from operations grew by 29.65 percent year over year to Rs 2,293 crore for the quarter. Meanwhile, the firm has received board approval for fund-raising up to Rs 500 crore via NCDs on a private placement basis.
Grasim Industries: Collector (Stamps), Registration & Stamp (Anti-Evasion), Special Circle Rajasthan, Jaipur, has imposed a penalty and interest of Rs 117.71 crore on the Aditya Birla Group company, alleging non-payment of stamp duty of Rs 23.68 crore on a scheme of arrangement between Indian Rayon & Industries and Grasim implemented in the financial year 1999 in Rajasthan. The company is taking all necessary legal steps, and the matter is subordinate; therefore, the financial impact is yet to be determined.
IL&FS Transportation Networks: The company has entered into a restated share purchase agreement with Sekura Roads to sell and transfer its entire equity shareholding in subsidiary Jorabat Shillong Motorway (JSEL) for Rs 1,343 crore towards the settlement of liabilities of JSEL aggregating Rs 1,621 crore. Further, all the liabilities of JSEL have been adjusted against the EV of Rs 1,343 crore.
Paras Defence and Space Technologies: Subsidiary Paras Aerospace has received a second-type certificate from DGCA (Directorate General of Civil Aviation) for its agri-drone, Paras-Agricopter V2.1. This certification will enable the execution of existing contracts with Paras Aerospace for Paras-Agricopter V2.1 and will further unlock new prospects in the agricultural drone industry.
Cyient: The digital, engineering, and technology solutions company has recorded consolidated profit of Rs 178.3 crore for the July–September period of FY24, rising 6 percent sequentially. Consolidated revenue from operations grew by 5.5 percent quarter-on-quarter to Rs 1,778.5 crore during the quarter.
Hatsun Agro Products: The dairy company has reported profit at Rs 77.6 crore for the quarter ended September FY24, rising 82.6 percent over the corresponding period last fiscal, partly supported by higher other income and EBITDA. Revenue from operations for the quarter at Rs 1,905.4 crore increased by 9 percent over the same period last year.
Sigachi Industries: The microcrystalline cellulose powder manufacturer company said its subsidiary, Sigachi MENA FZCO, incorporated in Dubai, has formed a joint venture with Saudi National Projects Investment (SNP) to enter the rapidly growing Saudi Arabian market. Sigachi MENA FZCO will hold a 75 percent stake and SNP 25 percent in the joint venture.
Tanla Platforms: The CPaaS provider has recorded a 29 percent year-on-year growth in profit at Rs 142.5 crore for the quarter ended September FY24, with the quarterly topline crossing the Rs 1,000 crore mark for the first time. Revenue from operations grew by 19 percent year over year to Rs 1,008.6 crore during the quarter.
Equitas Small Finance Bank: The bank has reported profit at Rs 198 crore for the quarter ended September FY24, growing 70 percent over a year-ago period, with a fall in provisions and an improvement in asset quality performance. Net interest income grew by 25.6 percent year over year to Rs 765.6 crore during the quarter.
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