Stock to Watch Today - Rupeedesk Reports - 25.04.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Infosys, HDFC Bank, Ipca Labs, Mahindra Logistics and others in news today.
Infosys: The country's second largest IT services exporter has signed a Memorandum of Understanding (MoU) with energy and chemicals company Aramco, to collaborate on accelerating their human resource (HR) technology. Infosys aims to leverage AI to further bolster Aramco’s employee learning and development experiences and reduce skill gaps.
Results on April 25: Bajaj Auto, HDFC Asset Management Company, Nestle India, Tata Consumer Products, Anant Raj, AU Small Finance Bank, Dalmia Bharat, Elecon Engineering, Lloyds Metals and Energy, Mahindra CIE Automotive, Mahindra Lifespace Developers, Meghmani Finechem, Mahindra Holidays & Resorts India, Nippon Life India Asset Management, Rallis India, Tata Steel Long Products, and VST Industries will announce its quarterly earnings on April 25.
HDFC Bank: Monetary Authority of Singapore (MAS) has given its approval for acquisition of shares in Griha Pte. by HDFC Bank due to proposed amalgamation. As a result, HDFC Bank will acquire 20% or more stake in Griha Pte. The proposed amalgamation is subject to receipt of final approvals from Sebi in respect of change in control of certain subsidiaries of HDFC.
IndusInd Bank: The private sector lender said the Board of Directors has decided to seek approval of shareholders for re-appointment of Sumant Kathpalia as a Managing Director and Chief Executive Officer (MD and CEO) of the bank for two years with effect from March 24.
Ipca Laboratories: The pharmaceutical company is going to acquire 33.38% stake in Unichem Laboratories, from one of its promoter shareholder at a price of Rs 440 per equity share, amounting to Rs 1,034.06 crore. This proposed acquisition is subject to approval of the Competition Commission of India.
Mahindra Logistics: The Mahindra Group company has recorded consolidated profit at Rs 0.20 crore for Q4FY23, down 97% compared to Rs 6.28 crore in same period last year despite strong topline and operating performance, partly impacted by higher finance cost and lower other income. Revenue from operations grew by 17% YoY to Rs 1,272.5 crore, while EBITDA jumped 24% to Rs 63.72 crore with margin expansion of 30 bps at 5% for March FY23 quarter. The company announced a dividend Rs 2.50 per share.
Mahindra Lifespace Developers: Mahindra Group-owned real estate and infrastructure development subsidiary has bagged another society redevelopment project in Mumbai. The project will offer Mahindra Lifespaces a revenue potential of around Rs 850 crore.
Crompton Greaves Consumer Electricals: As a part of realignment of executive leadership, the company has appointed and elevated Shantanu Khosla as the Executive Vice Chairman for one year from May 1, 2023 and thereafter he will be Non-Executive Vice Chairman till December 31, 2025. Mathew Job has resigned as CEO and Executive Director of the company to pursue other career interests. The board has appointed Promeet Ghosh as the company's new Managing Director & CEO effective May 1, 2023.
L&T Technology Services: Life Insurance Corporation of India has acquired additional 21,367 equity shares or 0.02% stake in the company via open market transactions. With this, LIC's shareholding in the L&T Technology increased to 5.008%, from 4.988% earlier.
The New India Assurance Company: The Ministry of Finance has appointed Smita Srivastava as General Manager & Director of the company, with effect from April 17. Smita served as the MD & CEO of Health Insurance TPA of India.
Jubilant Ingrevia: The company has issued commercial papers of Rs 50 crore. The tenure of commercial papers is 66 days with maturity on June 29, 2023.
Choice International: The financial services provider has announced its plans to expand operations in North India by launching 10 new locations in first half of FY24.
IIFL Securities: The company has recorded 9.4% year-on-year growth in consolidated profit at Rs 86.3 crore for quarter ended March FY23. Revenue from operations for the quarter at Rs 402 crore grew by 15.9 percent over a year-ago period. The board has announced an interim dividend of Rs 3 per share for FY23, and approved issuances of NCDs worth Rs 500 crore in one or more tranches through private placement.
Century Textiles and Industries: The Aditya Birla Group company has recorded 68.8% year-on-year growth in consolidated profit at Rs 145.27 crore for quarter ended March FY23, led by exceptional income of Rs 134 crore on reassignment of leasehold land in Gujarat. Revenue during the quarter at Rs 1,208.5 crore fell by 0.2%, while EBITDA declined 3.2% to Rs 121.33 crore with margin falling 35 bps to 10% compared to same period last year. The board has announced dividend of Rs 5 per share for FY23.
Welspun India: The textile company said its board will meet on April 27 to consider the buyback of equity shares of the company and dividend for FY23. The company will also announce financial results for the quarter and year ended March 31, 2023 on the same day.
Nelco: The Tata Group company has reported 86.8% year-on-year growth in consolidated profit at Rs 5.66 crore for quarter ended March FY23, backed by strong operating performance. Revenue from operations grew by 14.35% YoY to Rs 81.98 crore for the quarter, while EBITDA increased by 34.1% to Rs 16.82 crore with margin expansion of 302 bps to 20.51% compared to same period last year.
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