Stock to Watch Today - Rupeedesk Reports - 09.10.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: TCS, Reliance, Titan, Biocon, TVS Motors and others in news.
Tata Consultancy Services: India's largest IT services exporter, said its Board of Directors would consider a proposal for buyback of equity shares of the company on October 11. On the same date, the company intimated that it would announce earnings for the July–September and April–September periods of FY24.
Reliance Industries: The Abu Dhabi Investment Authority's (ADIA) subsidiary will invest Rs 4,966.80 crore in Reliance Retail Ventures, the subsidiary of Reliance Industries. This investment values Reliance Retail Ventures at a pre-money equity value of Rs 8.381 lakh crore. This investment by ADIA will translate into an equity stake of 0.59 percent in Reliance Retail Ventures on a fully diluted basis.
Titan Company: The jewellery-to-watch-to-eyewear company has recorded a revenue growth of 20 percent YoY for the quarter ended September FY24, with the jewellery division growing 19 percent, watches and wearables 32 percent, and the eyecare segment registering 12 percent YoY growth. Emerging business growth stood at 29 percent YoY, while CaratLane grew by 45 percent YoY for the quarter. Titan has added 81 stores in Q2 FY24, taking its retail presence to 2,859 stores as of September FY24.
Bank of Baroda: The public sector lender said its total business crossed the Rs 22-lakh-crore mark in the quarter ended September FY24, up 15.88 percent over a year-ago period, as per provisional numbers. Total advances at the bank grew by 17.43 percent YoY and 3.51 percent QoQ to Rs 10.25 lakh crore, and deposits increased by 14.63 percent YoY and 4.15 percent QoQ to Rs 12.49 lakh crore as of September FY24.
Biocon: The Bengaluru-based biopharmaceutical company has signed a partnership agreement with Juno Pharmaceuticals, a specialty pharmaceutical company in Canada, for the commercialisation of its formulation, Liraglutide. Liraglutide is a drug-device combination for the treatment and management of type 2 diabetes and obesity. Biocon will be responsible for obtaining regulatory approval for Liraglutide and, thereafter, for the manufacture and supply of the product in the Canadian market.
Metropolis Healthcare: The pathology labs and diagnostic centres chain has recorded 13 percent year-on-year growth in its core business revenue for the quarter ended September FY24, which included Hi-tech but excluded COVID, COVID-allied, and PPP contracts, as per provisional data. Revenue growth was largely driven by volume growth, demonstrating strong customer acquisition. B2C revenue increased 15 percent YoY, largely led by volume and new patient growth, while its gross debt as of September 2023 stood at Rs 44 crore.
Prestige Estates Projects: The real estate developer has recorded a 102 percent year-on-year growth in sales at Rs 7,092.6 crore for the quarter ended September FY24. The quarterly collections at Rs 2,639.8 crore grew by 1 percent YoY. The sales during this period are attributed to 6.84 million square feet (up by 50 percent YoY) in volume, with an average realisation of Rs 10,369 per square foot (up by 29 percent YoY) for apartments and villas and an average realisation of Rs 6,753 per square foot (up by 62 percent YoY) for plot sales. The group sold 3,659 units during the second quarter of FY24.
TVS Motor Company: On the occasion of the completion of a 10-year partnership, TVS Motor and BMW Motorrad have started the production of their first jointly designed, developed, and industrialised electric vehicle, the BMW CE 02, at the Hosur plant. Further, they announced the rollout of 1.5 lakh units of BMW Motorrad’s 310cc series of motorcycles.
Indian Energy Exchange: The leading energy exchange has signed a Share Subscription Agreement and Shareholders’ Agreement with Enviro Enablers India, the recycling and waste management services company. Under this agreement, IEX will acquire a 10 percent stake in Enviro through compulsory convertible preference shares (CCPS). This strategic move aligns with IEX's commitment to sustainability and decarbonisation, in line with India's net zero commitments.
Vakrangee: The technology company has entered into an arrangement with JK Cement to provide lead generation for the sale of grey cement through Vakrangee Kendra networks. With 84 percent of Vakrangee Kendra outlets in Tier-4 to 6 locations, this association will enable Vakrangee to allow its customers to get access to cement products in the most remote parts of the country.
United Spirits: Navin Jain has resigned as Tax Director, Asia & India, of the beverage alcohol company, with effect from December 31, 2023. Navin resigned to pursue an opportunity outside of Diageo.
Kernex Microsystems India: Sunny Sharma has resigned as Chief Financial Officer and key managerial personnel of the company due to personal reasons. Sunny will be relieved as CFO on October 25.
Adani Green Energy: Subsidiary Adani Solar Energy Jaisalmer Two Private Limited has completed the commissioning of the entire 150 MW solar power project at Bikaner, Rajasthan, as an independent power producer for the sale of power to third parties or on power exchanges. With the successful commissioning of this plant, the company's total operational renewable generation capacity has increased to 8,404 MW.
Puravankara: The Income Tax Department has carried out searches at the registered office and other premises of the company. All the concerned employees of the company are extending their full cooperation to the officials.
Aster DM Healthcare: Subsidiary Aster DM Healthcare (Trivandrum) has entered into a lease agreement with an association of persons (consortium of 18 individuals) for the setting up of a new hospital block and expanding Aster Whitefield Hospital in Bengaluru. The subsidiary will add a new block of 159 beds for Aster Whitefield hospital, and as a result, the bed capacity of the hospital will increase from 347 beds to 506 beds.
Punjab National Bank: Sanjeevan Nikhar has been appointed as the Group Chief Compliance Officer of the public sector lender, with immediate effect. Sanjeevan Nikhar was the chief general manager of the bank.
Tamilnad Mercantile Bank: The Reserve Bank of India has advised the private sector lender to initiate the process, identify a regular MD and CEO immediately, and submit an application to the Reserve Bank of India for approval. Meanwhile, S. Krishnan will continue as the MD and CEO of the bank until his successor assumes office. RBI has also directed the bank to furnish a timeline for submission of applications to RBI by October 31.
Adani Energy Solutions: The Adani Group company has acquired 100 percent equity shares of Sangod Transmission Service (STSL) from Rajasthan Rajya Vidyut Prasaran Nigam. The STSL project includes the implementation of a transmission project at Sangod along with a 220/132 kV, 160 MVA transformer, and associated transmission line.
Aurum PropTech: The company has incorporated a subsidiary, Aurum PropTech MENA LLC, in Dubai, United Arab Emirates. The subsidiary will be involved in information technology services and activities such as marketing and advertising Aurum PropTech Group products.
Jindal Stainless: IIT Bombay has signed an agreement with Jindal Stainless to establish a chair professorship at the institute. This chair will support and enhance research in industrial processes and product technologies in the stainless steel sector.
Capri Global Capital: The gold loan AUM (assets under management) of Capri Global Capital has crossed the Rs 2,000 crore milestone. The milestone has been achieved in just 13 months after the commencement of business. The company has set a target to achieve a Rs 3,000 crore gold loan AUM by March 2024.
Shree Renuka Sugars: The sugar company has completed the acquisition of 100 percent equity shares of Anamika Sugar Mills for Rs 235.5 crore. This acquisition will help the company establish a presence in Uttar Pradesh, one of the largest sugar-producing states, and cater to the markets of North and East India.
REC: Subsidiary REC Power Development & Consultancy has incorporated its two wholly-owned subsidiaries, namely Khavda IV C Power Transmission and Khavda IV-E2 Power Transmission.
Rail Vikas Nigam: The state-owned railway company has received a Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation for the design and construction of an elevated metro viaduct. The order worth Rs 395 crore is expected to be completed within 30 months.
PB Fintech: Europe-based financial services group Societe Generale has bought 26.26 lakh equity shares, or a 0.58% stake, in the Policybazaar operator at an average price of Rs 762.8 per share via open market transactions. The stake buy amounted to Rs 200.34 crore. However, Softbank entities SVF Python II (Cayman) and SVF India Holdings (Cayman) offloaded 1.14 crore equity shares or a 2.5% stake in the company at the same average price, amounting to Rs 871.2 crore.
Vedanta: The mining company incorporated its wholly owned subsidiary Vedanta Aluminium Metal on October 6. The new subsidiary will carry out the aluminium business.
Tata Steel: The Tata Group company has announced its provisional volume numbers for the quarter ended September FY24, with India production volume increasing 4% year-on-year to 4.99 million metric tonnes but delivery volume declining 1.8% to 4.82 million metric tonnes during the same period. Europe production volume dropped 17.08% year-on-year to 1.99 million metric tonnes, and delivery volume declined 4.3% to 1.79 million metric tonnes during Q2 FY24.
Arabian Petroleum: The lubricants manufacturing company will list its equity shares on the NSE Emerge on October 9. The issue price is Rs 70 per share. Its equity shares will be available for trading in trade-for-trade segment.
LTI Mindtree: Paresh Vankar has resigned as Chief Marketing Officer of the company, with effect from October 6.
KPI Green Energy: The company has received new orders of 4.20 MW for executing solar power projects under the captive power producer (CPP) segment. With this, its cumulative orders of solar power projects have, till date, crossed 100+ MW under the CPP segment.
E Factor Experiences: The event management company is set to debut on the NSE Emerge on October 9. The issue price has been set at Rs. 75 per share. Its equity shares will be available for trading in the trade-for-trade segment.
GOCL Corporation: IDL Explosives, a wholly-owned subsidiary of the company, has bagged an order worth Rs 766 crore from Coal India for the supply of bulk explosives over a period of two years.
Multi-Commodity Exchange of India: The Sebi Technical Advisory Committee has recommended that MCX and MCXCCL go-live with the commodity derivative platform and to inform SEBI regarding the proposed date for go-live. Accordingly, Sebi has withdrawn its directions to MCX and MCXCCL to keep the proposed go-live of commodity derivative platforms in abeyance. On September 29, the Sebi advised keeping in abeyance the proposal to go live with the new commodity derivative platform.
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