Stock to Watch Today - Rupeedesk Reports - 01.11.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: SBI, L&T, Bharti Airtel, Tata Consumer, Lupin and others in news.
State Bank of India: Sureddi Srinivasa Rao, deputy managing director and chief risk officer of the bank, has retired on October 31. Rama Mohan Rao Amara will take over the responsibilities from November 1.
Larsen & Toubro: The infrastructure major has recorded a massive 45 percent year-on-year growth in consolidated profit at Rs 3,223 crore for the quarter ended September FY24, with order inflow growing 72 percent YoY to Rs 89,153 crore. Consolidated revenue from operations grew by 19 percent YoY to Rs 51,024 crore for the quarter, primarily aided by improved execution of the large order book and accelerated progress in the projects and manufacturing portfolio. The consolidated order book is at Rs 4.5 lakh crore as of September 2023, with international orders having a share of 35 percent.
Tata Consumer Products: The FMCG company has registered a 3.1 percent on-year growth in consolidated profit at Rs 338.2 crore for the quarter ended September FY24, partly supported by higher other income. In Q2FY23, the profit was boosted by exceptional income of Rs 111 crore, resulting in a high base in Q2FY24. Revenue from operations grew by 11 percent to Rs 3,734 crore compared to the corresponding period last fiscal year and increased by 10 percent in constant currency, driven by an underlying growth of 11 percent in India business, 8 percent in international business, and 3 percent in non-branded business.
Jindal Steel & Power: The OP Jindal Group company recorded consolidated profit of Rs 1,390.1 crore for the July–September period of FY24, growing more than sixfold over a year-ago period, partly boosted by operating performance. In Q2 FY23, profit was impacted by an exceptional loss of Rs 898.5 crore. Revenue from operations dropped 9.4 percent year over year to Rs 12,250.2 crore in Q2 FY24.
Bharti Airtel: The telecom operator has reported a net profit of Rs 1,340.7 crore for the July-September period of FY24, falling 16.9 percent over the previous quarter, with revenue from operations declining 1 percent QoQ to Rs 37,044 crore for the quarter. EBITDA fell 0.4 percent sequentially to Rs 19,665 crore, but the margin expanded by 40 basis points to 53.1 percent during the quarter. Average revenue per user (ARPU) is at Rs 203 for Q2 FY24, increasing from Rs 190 in Q2 FY23 and Rs 200 in Q1 FY24.
Lupin: The pharma major has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (US FDA) for its Mandideep unit-2 manufacturing facility. The EIR was issued after the last inspection of the facility was conducted on August 7 and 11, 2023. The inspection closed with the facility receiving an inspection classification of 'no action indicated' (NAI).
JSW Energy: Prashant Jain has decided to step down as the joint managing director and CEO of the company. Jain has expressed his intention to take early retirement from active professional life to pursue his personal interests. He will continue to serve in his current position until January 31, 2024, to support an orderly transition.
Blue Jet Healthcare: The pharma company will debut on the BSE and NSE on November 1. The final issue price has been fixed at Rs 346 per share, while the date of allotment of IPO shares was October 30.
DCB Bank: The private sector lender has reported a 13 percent on-year growth in profit at Rs 127 crore for the quarter ended September FY24, with operating profit rising 15.3 percent YoY to Rs 211 crore and other income up 8 percent at Rs 107 crore. Net interest income increased by 15.8 percent to Rs 476 crore compared to the year-ago period, with deposits growing 15.2 percent to Rs 45,496 crore and net advances climbing 13 percent to Rs 37,276 crore during the same period. On the asset quality front, gross NPAs increased by 10 bps QoQ to 3.36 percent, and net NPAs rose 9 bps to 1.28 percent for the quarter.
Mangalore Refinery & Petrochemicals: The state-owned petroleum refineries company has recorded a 3.6% sequential increase in consolidated profit at Rs 1,051.7 crore for quarter ended September FY24 despite fall in topline, supported by lower input cost. Revenue from operations (excluding excise duty) fell 9.2% QoQ to Rs 19,230 crore for the quarter.
Navin Fluorine International: The chemicals company's earnings missed analysts' estimates, with consolidated profit rising 4.8% on-year to Rs 60.6 crore for July-September period, impacted by lower EBITDA margin. Revenue from operations for the quarter increased by 12.5% YoY to Rs 471.8 crore.
CE Info Systems: The digital maps and deep-tech products and platforms company has recorded a 30% on-year growth in profit at Rs 33.1 crore for quarter ended September FY24, with highest-ever quarterly revenue. Revenue from operations grew by 19.4% year-on-year to Rs 91.1 crore during the quarter, while EBITDA grew by 32.5% and margin expanded by 440 bps during the same period.
Motherson Sumi Wiring India: The auto ancillary company has reported a 34% on-year growth in profit at Rs 156 crore for July-September period of FY24, driven by healthy operating performance. Revenue from operations during the same period increased by 15% to Rs 2,105 crore.
KEI Industries: The electrical wires & cables manufacturer has recorded standalone profit at Rs 140.2 crore for quarter ended September FY24, growing 31.2% over a year-ago period. Revenue from operations during the quarter grew by 21% to Rs 1,946.6 crore compared to same period last fiscal.
Birlasoft: The software company has registered a 5.5% sequential increase in profit at Rs 145.07 crore for July-September period of FY24. Revenue from operations in Q2FY24 grew by 3.7% quarter-on-quarter to Rs 1,309.9 crore.
Inox Wind: Promoter Inox Wind Energy has raised around Rs 800 crore through sale of equity shares of Inox Wind. The transaction was executed via block deals on the stock exchanges. The funds raised, will be infused into Inox Wind and subsequently utilised to pare down Inox Wind's external debt, strengthening its balance sheet further. As per bulk deals data, Inox Wind Energy sold 3,83,62,000 equity shares, which is equivalent to 11.77% of paid up equity, in Inox Wind at a price of Rs 210.23 per share, amounting to Rs 806.48 crore. However, Small Cap World Fund Inc has bought 74,51,441 equity shares in Inox Wind at an average price of Rs 211.7 per share, ICICI Prudential Mutual Fund 24,06,589 shares at Rs 209 per share, East Bridge Capital Master Fund I 47,84,689 shares at a price of Rs 209 per share, and BNP Paribas Arbitrage 23,92,000 shares at a price of Rs 209 per share, which total amounting to Rs 358.03 crore.
SBI Cards and Payment Services: SBI Card and Reliance Retail came together to launch the co-branded Reliance SBI Card. The lifestyle-focused credit card will offer a holistic and rewarding shopping experience to customers.
On Door Concepts: The e-commerce platform will debut on the NSE Emerge on November 1. The issue price is Rs 208 per share. Its equity shares will be available for trading in trade-for-trade segment.
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