Stock to Watch Today - Rupeedesk Reports - 31.10.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Tata Motors, P&G, TVS Motor, Colgate Palmolive, Bank of India, others in news.
Tata Motors: The Tata Group company has won an arbitral award of Rs 766 crore plus interest to compensate for its investment in the now-scraped Singur plant. The pending arbitration proceedings between Tata Motors and the West Bengal Industrial Development Corporation (WBIDC) before a three-member arbitral tribunal have now been finally disposed of by a unanimous award in favour of Tata Motors. The company has been held to be entitled to recover a sum of Rs 765.78 crore with interest thereon at 11% per annum from September 1, 2016 till actual recovery thereof from WBIDC. With the final arbitral award, the arbitral proceedings with respect to the Singur unit have come to an end.
Procter & Gamble Hygiene & Health Care: The FMCG company has reported a 36 percent on-year growth in net profit at Rs 211 crore for the quarter ended September FY24 (Q1 FY24), led by acceleration of volume growth coupled with product price mix and productivity. Revenue from operations increased by 9 percent YoY to Rs 1,138 crore, driven by superior retail execution and an integrated growth strategy.
TVS Motor Company: The two-and-three-wheeler company has recorded standalone profit at Rs 536.55 crore for the quarter ended September FY24, rising 31.7 percent over a year-ago period. Revenue from operations increased by 12.8 percent YoY to Rs 8,145 crore during the quarter, with sales volume rising 5 percent YoY to 10.74 lakh units. EBITDA increased by 22 percent year over year to Rs 900 crore, with a margin expansion of 80 basis points to 11 percent during the same period.
Colgate-Palmolive: The oral care company has received an income tax liability of Rs 170 crore from the Income Tax Authority. It has received a transfer pricing order for the Assessment Year 2021–22 from the Assessing Authority disallowing certain international transactions.
Bank of India: The public sector lender has revised its marginal cost of fund-based lending rate (MCLR) with effect from November 1 in terms of the pricing policy approved by the Board. The overnight MCLR remained unchanged at 7.95 percent, but over a one- to three-year period, the MCLR has increased by 5 bps.
DLF: The real estate major has recorded a 30.6 percent on-year growth in consolidated profit at Rs 622.8 crore for the quarter ended September FY24, despite muted topline, partly supported by EBITDA margin. Consolidated revenue from operations increased by 3.5 percent year-on-year to Rs 1,347.7 crore for the quarter.
Marico: The FMCG major has registered a 17.3 percent on-year increase in consolidated profit at Rs 360 crore for the July–September period of FY24 despite muted topline, driven by healthy EBITDA performance with lower input costs. Revenue from operations fell by 0.8 percent to Rs 2,476 crore compared to the year-ago period.
APL Apollo Tubes: The structural steel tubing company has recorded a 35 percent year-on-year growth in profit at Rs 202.9 crore for the July–September period of FY24, driven by healthy operating profit. Revenue from operations grew by 16.65 percent to Rs 4,630 crore compared to the corresponding period last fiscal.
Spandana Sphoorty Financial: The microfinance lender has recorded a massive 127 percent on-year growth in net profit at Rs 125.2 crore for the quarter ended September FY24. Revenue from operations grew sharply by 105 percent YoY to Rs 610.3 crore, with AUM rising 69 percent to Rs 9,784 crore and disbursement growing 81 percent to Rs 2,513 crore for the quarter.
Castrol India: The automotive and industrial lubricant manufacturing company has reported a 3.9 percent on-year increase in profit at Rs 194.4 crore for the quarter ended September 2023 (Q3CY23) with a decline in EBITDA margin. Revenue from operations grew by 5.5 percent to Rs 1,183 crore compared to the year-ago period.
Blue Star: The air conditioner manufacturing company has recorded a healthy profit of Rs 70.8 crore for the quarter ended September FY24, growing 66 percent over a year-ago period with healthy operating EBITDA. Revenue grew by 19.5 percent to Rs 1,890.4 crore during the same period. The operating profit increased significantly by 43.3 percent YoY to Rs 122.7 crore, driven by enhanced scale and higher gross margins.
Crompton Greaves Consumer Electricals: The company said the public shareholders of Butterfly Gandhimathi voted overwhelmingly against the merger between the two companies. Hence, the scheme will not be acted upon. This development will not have any significant changes in its growth strategy. The companies will continue to operate as separate entities.
PSP Projects: The company has received work orders worth Rs 200.25 crore in Ahmedabad. With the receipt of these orders, the total order inflow for the financial year 2023–24 till date amounts to Rs 958.63 crore. It has also emerged as the lowest bidder for the project—the construction of the main building—for the Gujarat Biotechnology Research Centre (GBRC) at Gandhinagar, worth Rs 101.67 crore.
Bajaj Hindusthan Sugar: The UP-based sugar company has received Rs 1361 crore in the respective escrow account maintained exclusively for cane price payment for each of its 14 sugar units from Uttar Pradesh Power Corporation. The said amount is paid to the cane growers towards the cane payment arrears for the sugar season 2022–23.
Rajgor Castor Derivatives: The castor oil-based product maker will debut on the NSE Emerge on October 31. The final issue price has been fixed at Rs. 50 per share. Its equity shares will be available for trading in the trade-for-trade segment.
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