Stock to Watch Today - Rupeedesk Reports - 24.02.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Mahindra Lifespace, Bharat Forge, Sanofi India, and others in news today.
Mahindra Lifespace Developers: Mahindra Lifespace Developers Managing Director and Chief Executive Officer Arvind Subramanian resigns, and Amit Kumar Sinha to be the new CEO and MD. Subramanian resigned as MD and CEO of the real estate developer with effect from May 22 to pursue his personal interests outside the company. The company appointed Amit Kumar Sinha as MD and CEO for five years with effect from May 23. Sinha will be Managing Director (designate) from February 23 to May 22.
Bharat Forge: Bharat Forge transfers stake in Aeron Systems to its arm Kalyani Strategic Systems for better strategic alignment in the defence segment. The investment committee of the company's defence business has approved the transfer of the company's stake in Aeron Systems to wholly-owned subsidiary Kalyani Strategic Systems. The leading forging company has decided to house all its defence-related investments under Kalyani Strategic Systems for a better strategic alignment.
Isgec Heavy Engineering: Isgec Heavy Engineering bags order for supplying seven waste heat recovery boilers from a steel company. The company received an order from a major steel company from eastern India to supply seven waste heat recovery boilers utilising waste gases from DRI sponge iron kiln. These boilers will generate steam at 125 kg/cm2(a) pressure.
Alkem Laboratories: USFDA closes inspection at Alkem Laboratories's Indore facility after the submission of detailed corrective and preventive action. After the inspection at Indore manufacturing facility in July 2022, USFDA issued an Establishment Inspection Report (EIR) with one observation. The company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines for the said observation, and hence accordingly the inspection has now been closed by the USFDA.
KSB: KSB board recommends a dividend of Rs 15 per share for the financial year 2022, profit in Q4 grows 42percent YoY to Rs 56 crore. The pumps and valves manufacturer announced payment of a dividend of Rs 15 per share (face value Rs 10 each up) for the financial year ended December 2022. The company recorded a 42 percent YoY growth in consolidated profit at Rs 56 crore for the December quarter driven by strong topline and operating performance. Revenue from operations for the quarter increased by 18 percent to Rs 524.6 crore over a year-ago period. On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 36.2 percent YoY to Rs 76.8 crore with a margin expansion of 196 bps for the quarter.
Sanofi India: Sanofi India Q4 profit surges 45 percent YoY to Rs 131 crore on strong operating performance, announces dividend Rs 377 per share. The healthcare company has reported a 45 percent YoY growth in profit at Rs 130.9 crore for the quarter ended December backed largely by operating performance. Revenue for the quarter fell by 2.3 percentYoY to Rs 672 crore. At the operating level, EBITDA jumped 31.2 percentto Rs 167 crore with a margin expansion of 635 bps compared to the year-ago period. It announced a final dividend of Rs 194 per share (face value Rs 10 each) and a second special dividend of Rs 183 per share.
Nahar Industrial Enterprises: Nahar Industrial Enterprises gets NCLT approval for amalgamation of Cotton County Retail with itself. The National Company Law Tribunal (NCLT), Chandigarh Bench has sanctioned the scheme of arrangement for the amalgamation of Cotton County Retail with Nahar Industrial Enterprises.
Olectra Greentech: Olectra Greentech develops hydrogen bus in technical partnership with Reliance. The subsidiary of Megha Engineering and Infrastructures (MEIL) has developed a hydrogen-run bus in technical partnership with Reliance. Olectra aims at commercially launching these buses within a year. The hydrogen bus is a fully carbon-free alternative to traditional public transportation.
Patel Integrated Logistics: Patel Integrated Logistics prepays Rs 39 crore loan to banks, NBFCs. During the current financial year 2022-23 till date, the company has made a prepayment of Rs 39 crore loan, which resulted in a reduction in interest cost, and the release of various properties given as mortgages to banks or NBFCs. The company will further evaluate multiple options to monetise the properties to become mortgage free.
West Coast Paper Mills: West Coast Paper Mills resumes production at Dandeli plant after contract workers call off strike. The company said the illegal strike of contract workers was called off and production at the paper and paper board division at Dandeli has been resumed. There has been marginal production loss due to the disruption of operations. However, during the period, the company carried out the required preventive maintenance work in the plant.
Kanoria Chemicals & Industries: Kanoria Chemicals to set up new formaldehyde plant with 300 TPD capacity at Ankleshwar. The company is setting up a new formaldehyde plant with 300 TPD capacity at the existing manufacturing facility at GIDC, Ankleshwar in Gujarat. The upcoming plant will be quipped with the latest metal oxide-based technology.
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