Stock to Watch Today - Rupeedesk Reports - 09.11.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Biocon, Tata Power, BHEL, Mazagon Dock, Pidilite and others in news.
Biocon: Subsidiary Biocon Biologics has entered into a definitive agreement with Eris Lifesciences for the divesture of its dermatology and nephrology branded formulations business units in India on a slump sale basis. The total transaction value of the divestment is Rs 366 crore, and post the closing of said deal, over 120 employees of the two business units are expected to transition to Eris. The divestiture is expected to close by the end of November 2023.
Tata Power Company: The Tata Group company has reported an 8.8 percent on-year increase in consolidated net profit at Rs 1,017.4 crore for the quarter ended September FY24, partly driven by other income and lower tax costs. Revenue from operations stood at Rs 15,738 crore for the quarter, increasing 12.2 percent over a year-ago period, largely driven by higher revenue from the core businesses of generation, transmission, and distribution.
Mazagon Dock Shipbuilders: The state-owned shipbuilding company has registered a massive 55.6 percent on-year growth in consolidated profit at Rs 333 crore for the July–September period of FY24, driven by other income and strong operating numbers. Consolidated revenue from operations increased by 7.4 percent to Rs 1,827.7 crore compared to the year-ago period. The company announced an interim dividend of Rs. 15.34 per share.
Bharat Heavy Electricals (BHEL): The state-owned power equipment maker has posted a consolidated net loss of Rs 238.1 crore for the quarter ended September FY24, against a profit of Rs 12.1 crore in the corresponding period last fiscal, impacted by weak operating performance and a lower topline. Revenue from operations declined 1.5 percent YoY to Rs 5,125.3 crore in Q2 FY24.
Pidilite Industries: The adhesives, sealants, and construction chemicals manufacturing company has reported a 36 percent on-year growth in consolidated profit at Rs 458.5 crore for the quarter ended September FY24, driven by healthy operating numbers following a fall in input costs. Revenue from operations increased by 2.2 percent YoY to Rs 3,076 crore for the quarter, with domestic consumer volume growth at 8 percent. Pidilite intends to set up a lending business. The new business would provide credit to its domain ecosystem to support its business growth. This credit will be provided primarily in the form of small-value retail loans.
United Spirits: The beverage alcohol company has registered a 37 percent on-year decline in standalone profit at Rs 341.3 crore for the July–September period of FY24, as the base was high due to exceptional gains. Standalone revenue from operations fell 1.4 percent YoY to Rs 2,864.7 crore for the quarter.
Bata India: The footwear company recorded a 38 percent on-year decline in consolidated profit at Rs 34 crore for the July–September period of FY24, impacted by expenses towards VRS, but operating numbers were strong. Revenue from operations declined 1.3 percent to Rs 819 crore compared to the corresponding period last fiscal.
Oil India: The state-owned oil and gas exploration company has reported an 81 percent year-on-year decline in standalone profit at Rs 325.3 crore for the quarter ended September FY24, impacted by an exceptional loss. Revenue from operations grew by 15.1 percent year-on-year to Rs 5,342.4 crore.
Welspun Corp: The pipe solutions company has reported a consolidated profit of Rs 384.7 crore for the quarter ended September FY24, against a loss of Rs 56.6 crore in the year-ago period, driven by strong topline and operating numbers. Revenue from operations grew by 107 percent YoY to Rs 4,059.5 crore in Q2 FY24.
Birla Corporation: The MP Birla Group company recorded a consolidated profit of Rs 58.4 crore for the July-September period of FY24, against a loss of Rs 56.5 crore in the corresponding period last fiscal, on Mukutban ramp-up, cost initiatives, premiumisation, and optimisation of power and fuel mix, aided by softening fuel prices. Revenue from operations increased by 14.3 percent YoY to Rs 2,286 crore in Q2 FY24.
Gujarat Alkalies & Chemicals: The company has posted a consolidated net loss of Rs 18.4 crore for the quarter ended September FY24, against a profit of Rs 60.5 crore in the year-ago period, impacted by weak topline and operating numbers. Consolidated revenue from operations plunged 13.8 percent YoY to Rs 971.3 crore in Q2 FY24.
Shree Renuka Sugars: The sugar company recorded a net loss of Rs 205.6 crore for the quarter ended September FY24, widening from the loss of Rs 141.6 crore in the corresponding fiscal period last year, partly due to higher input costs. However, consolidated revenue from operations grew by 16.8 percent YoY to Rs 2,554.7 crore during the quarter.
PI Industries: The agri-sciences company has reported a net profit of Rs 480.5 crore for the July-September period of FY24, growing sharply by 44 percent over a year-ago period, with revenue from operations rising 20 percent YoY to Rs 2,117 crore and EBITDA growing 28 percent to Rs 553.4 crore in Q2 FY24.
Power Finance Corporation: The state-run company has recorded a 22.8 percent on-year jump in consolidated net profit at Rs 4,833 crore for the quarter ended September FY24. Revenue from operations during the same period grew by 15.8 percent to Rs 22,391 crore from Rs 19,336 crore.
SJS Enterprises: Ace investor Ashish Kacholia has sold 1.6 lakh equity shares, or 0.51 percent stake, in the aesthetics products manufacturing company via an open market transaction at an average price of Rs 653.22 per share, amounting to over Rs 10 crore. Kacholia held a 3.23 percent stake in the company as of September 2023.
Gujarat Narmada Valley Fertilisers & Chemicals (GNFC): The company has registered a 23.5 percent on-year decline in consolidated profit at Rs 182 crore for the quarter ended September FY24, impacted by a lower topline. Revenue from operations fell by 19.6 percent YoY to Rs 2,080 crore during the quarter. The company has received approval from the board members for its proposal to buy back 5.46 percent of the shares at Rs 770 per share, amounting to Rs 652 crore.
Endurance Technologies: The auto component manufacturer has registered 17.5 percent on-year growth in consolidated profit at Rs 154.55 crore for the July–September period of FY24, driven by healthy operating performance. Revenue from operations grew by 7.8 percent YoY to Rs 2,545 crore in Q2 FY24.
HEG: The graphite electrode maker has reported a consolidated net profit of Rs 96 crore for the July–September period of FY24, falling sharply by 43.2 percent compared to the year-ago period. Revenue from operations grew by 2.6 percent to Rs 614.2 crore during the same period. HEG has completed its expansion project, taking the capacity from 80,000 tonnes to 1,00,000 tonnes per year. The expansion cost Rs 1,200 crore and took 3 years to complete.
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