Stock to Watch Today - Rupeedesk Reports - 02.11.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: State Bank of India, Hero MotoCorp, Indigo, Maruti Suzuki, HDFC Bank and others in news.
State Bank of India: The country's largest lender has raised Rs 10,000 crore at a coupon rate of 7.81 percent through its first Basel III-compliant Tier 2 bond for the current financial year. The bonds are issued for a 15-year term, with the first call option after 10 years.
InterGlobe Aviation: Mahesh Kumar Malik has resigned as Chief Commercial Officer, Cargo (Domestic), in the company with effect from November 1.
Maruti Suzuki India: The automobile company has received a Show Cause Notice from the Senior Inspector, Legal Metrology, Agra, Uttar Pradesh, for non-mention of MRP on the listed products for sale on the official website. The non-mention of MRP is a violation of the Legal Metrology Act, 2009, and Rule 6(2) of the Legal Metrology (Packaged Commodities) Rules, 2011.
HDFC Bank: The country's largest private sector lender has received board approval for the appointment of Sachin Suryakant Rane as the bank’s Chief of Internal Vigilance for three years, with effect from November 1, after the end of Prasun Singh's tenure as Chief of Internal Vigilance of the bank on October 31.
LIC Housing Finance: The housing finance company has reported profit at Rs 1,188.1 crore for the quarter ended September FY24, growing nearly four-fold from Rs 305 crore in the same period last year, with strong growth in net interest income. Net interest income also surged 81.5 percent year-on-year to Rs 2,153 crore during the quarter.
Tata Steel: The Tata Group company has posted a consolidated loss of Rs 6,511.2 crore for the July–September period of FY24, against a profit of Rs 1,297 crore in the same period last year. The Q2FY24 numbers included a one-time loss of Rs 6,899 crore related to provisions for impairment and restructuring. Consolidated revenue from operations dropped 7 percent year over year to Rs 55,682 crore, while EBITDA plunged 31.2 percent YoY to Rs 4,315 crore for the quarter.
Britannia Industries: The bakery products company has recorded 19.55 percent on-year growth in consolidated profit at Rs 586.5 crore for the quarter ended September FY24, driven by better-than-expected operating numbers. Revenue from operations grew by 1.2 percent to Rs 4,433 crore compared to the corresponding period last fiscal.
Hero MotoCorp: The world's largest two-wheeler manufacturing company has recorded standalone profit at Rs 1,053.8 crore for the quarter ended September FY24, growing 47.2 percent over a year-ago period, backed by healthy operating performance. Revenue from operations for the quarter increased by 4 percent YoY to Rs 9,445.4 crore, while EBITDA grew by 28 percent on-year to Rs 1,328 crore with a margin expansion of 260 bps at 14.1 percent, aided by commodity costs, leap savings, and product mix. Meanwhile, Pawan Munjal has volunteered to reduce his fixed salary by 20 percent. In October, Hero sold 5.75 lakh units, up by 26.5 percent YoY.
GAIL (India): To secure the availability of feedstock for its petrochemical production, GAIL (India) has signed an agreement with Bharat Petroleum Corporation for a 15-year supply of propane for its upcoming petrochemical plant in Usar, Maharashtra. The 15-year supply contract is estimated to have a value of over Rs 63,000 crore. GAIL will be procuring 600 KTPA of propane from BPCL's LPG import facility at Uran.
Godrej Consumer Products: The FMCG company has registered a 20.6 percent on-year growth in consolidated profit at Rs 432.8 crore for the quarter ended September FY24, driven by healthy operating performance post-decline in input cost. Consolidated revenue from operations grew by 6.2 percent year-on-year to Rs 3,602 crore in Q2 FY24, led by volume growth of 10 percent. Constant currency growth stood at 16 percent year-on-year.
JK Tyre and Industries: The tyre manufacturing company has registered a massive 372 percent on-year growth in consolidated profit at Rs 242.1 crore for the July–September period of FY24, driven by strong operating performance. Input costs dropped 9.1 percent YoY to Rs 2,199.4 crore, and the purchase of stock-in-trade declined 75 percent YoY to Rs 43 crore in Q2 FY24. Consolidated revenue from operations increased by 3.75 percent to Rs 3,897.5 crore compared to the year-ago period.
Eicher Motors: Eicher Motors said Royal Enfield sales in October increased by 3 percent year-on-year to 84,435 motorcycles, but export sales dropped 39 percent YoY to 3,477 motorcycles.
Bajaj Finance: The non-banking finance company said the board members have given approval for the issue of 15.5 lakh warrants to the promoter Bajaj Finserv, at an issue price of Rs 7,670 per warrant, amounting to Rs 1,188.85 crore.
Kansai Nerolac Paints: The paint company has registered a 56 percent on-year growth in consolidated profit at Rs 177.2 crore for the July–September period of FY24, despite tepid growth in topline, driven by strong operating performance with a fall in input costs. Revenue from operations grew by 1.3 percent year over year to Rs 1,957 crore during the quarter.
Pfizer: The pharma company has entered into an agreement for transferring and assigning unexpired leasehold rights in the MIDC land in Turbhe, Thane, and the sale of structures and buildings constructed thereon, to Zoetis Pharmaceutical Research for Rs 264.40 crore.
Nazara Technologies: Chirag Shah has resigned as the Head of Telco of the company that operates gaming and sports media platforms, with effect from October 31, to pursue new challenges and opportunities. Siddharth Kedia has also resigned as the Chief Executive Officer of Nodwin Gaming, a subsidiary of Nazara, with effect from October 31, to pursue new challenges and opportunities. Karandeep Singh, the CFO of Nodwin, will assume responsibilities related to acquisitions and investor relations, which were previously held by Sidharth Kedia, while Gautam Singh Virk, the Co-CEO of Nodwin, will take charge of the operational aspects of the role.
Gujarat Mineral Development Corporation (GMDC): The mining company recorded profit of Rs 76 crore for the July–September period of FY24, falling sharply by 50 percent compared to the corresponding period last fiscal, with weakness in operating performance as well as topline. Revenue from operations declined 29 percent to Rs 383 crore during the same period.
Bondada Engineering: The company has received a work order worth Rs 381 crore from Bharat Sanchar Nigam. The firm will provide infrastructure as a service (IaaSP) for the supply and erection of GBT, the supply and installation of infrastructure items, and subsequent operation and maintenance for 5 years.
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