Stock to Watch Today - Rupeedesk Reports - 19.04.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: SBI, Bank of India, Tata Coffee, Zydus Life, ICICI Lombard & others in news today.
State Bank of India: The country's largest lender said its Executive Committee of the Central Board has approved the long-term fund-raising in single / multiple tranches up to $2 billion, through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency during FY24.
Bank of India: The public sector lender said the board of directors has approved the raising of capital up to Rs 6,500 crore for FY24, comprising Rs 4,500 crore via issue of fresh equity capital in the form of FPO/QIP/Rights issue/preferential issue and/or Basel III compliant additional Tier-1 (AT-1) bonds, and Rs 2,000 crore via Basel III compliant Tier-2 bonds.
Results on April 19: ICICI Securities, Mastek, Tata Communications, Alok Industries, Artson Engineering, Citadel Realty and Developers, G G Engineering, Gujarat Hotels, and Stampede Capital will be in focus ahead of quarterly earnings on April 19.
Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Estradiol Transdermal system in the US. Estradiol transdermal system is indicated for prevention of postmenopausal osteoporosis. The drug will be manufactured at the group’s formulation manufacturing facility in Moraiya, Ahmedabad (India).
ICICI Lombard General Insurance Company: The firm has recorded a massive 40% year-on-year growth in profit at Rs 437 crore for quarter ended March FY23. Net premium earned for the quarter grew by 12.3 percent to Rs 3,726 crore and total income increased by 13.3% to Rs 5,256 crore compared to year-ago period. Combined ratio at 104.2% in Q4FY23, against 103.2% in Q4FY22. The insurance company announced final dividend of Rs 5.5 per share.
Tata Coffee: The Tata Group company has reported nearly 20% year-on-year increase in consolidated profit at Rs 48.8 crore for March FY23 quarter supported by higher other income and lower tax cost. Consolidated revenue for the quarter grew by 10.2% to Rs 723 crore compared to same period last year. However, EBITDA fell 4.8% YoY to Rs 105.72 crore with margin falling 230 bps for the quarter.
Piramal Pharma: The US Food and Drug Administration (USFDA) has concluded inspection at the company's manufacturing facility in Sellersville, USA, and issued an Establishment Inspection Report (EIR) for the same facility.
Bajaj Healthcare: The board of directors have approved reappointment of Sajankumar Bajaj as the Chairman & Managing Director of the company, Anil Jain as the Managing Director, and Dhananjay Hatle, Namrata Bajaj, Rupesh Nikam as Whole Time Directors with effect from April 1. Pakshal Jain is also reappointed as Whole Time Director of the company with effect from June 30.
Pidilite Industries: The company has entered into an agreement with US-based Basic Adhesives LLC for purchase of its certain assets comprising of technology, design, trademark, copyright, domain name and trade dress etc. The company will pay the consideration in tranches over a period of time.
Prestige Estates Projects: Subsidiary Prestige Exora Business Parks has acquired 51% shares in Dashanya Tech Parkz. The acquisition cost for 51% stake is Rs 66.07 crore.
RattanIndia Enterprises: The company has launched direct-to-consumer apparel fashion brands business with its 100% wholly owned subsidiary Neobrands. Neobrands will be a house of brands across multiple fashion categories including everyday fashion, denims, athleisure and performance wear categories. The brands are aimed at capturing the fast-growing fashion and apparel market in India.
Jindal Stainless: The board has reappointed Abhyuday Jindal, as Managing Director of the company for five years with effect from May 1. The company also announced a special interim dividend of Re 1 per share for FY23 on the back of successful completion of the merger process and consequent listing of new shares of the merged entity.
South Indian Bank: The bank is going to raise the marginal cost of funds based lending rates by 5-10 bps across tenures with effect from April 20.
Som Distilleries and Breweries: The company has commenced commercial production of the expanded capacity of bear at Hassan, Karnataka. This will lead to better supply of its products across all the distribution points in relevant markets.
Avalon Technologies: Goldman Sachs has bought Rs 32.63 crore worth shares in Avalon Technologies on its listing day. Goldman Sachs Investments (Mauritius) I has purchased 4.45 lakh shares in the company via open market transactions at an average price of Rs 408.13 per share, and Goldman Sachs Funds - Goldman Sachs India Equity Portfolio acquired 3.5 lakh shares at an average price of Rs 412.91 per share.
eClerx Services: eClerx, a wholly-owned subsidiary of eClerx Services, incorporated in the United Kingdom (eClerx UK). The said subsidiary has appointed Kapil Jain, as its Chief Executive Officer with effect from May 1.
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