Stock to Watch Today - Rupeedesk Reports - 29.05.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: BHEL, Engineers India, NCC, Central Bank and others in news today.
Results on May 29: Ipca Laboratories, Indian Railway Catering and Tourism Corporation, Adani Transmission, Allcargo Logistics, Ansal Housing, Bajaj Hindusthan Sugar, Campus Activewear, Force Motors, Heidelbergcement India, Hikal, ITI, Jubilant Pharmova, KNR Constructions, Natco Pharma, NBCC (India), NHPC, The New India Assurance Company, Rail Vikas Nigam, Shriram Properties, Sobha, Speciality Restaurants, TCNS Clothing, Torrent Power, Vadilal Industries, Vijaya Diagnostic Centre, and Zee Media Corporation will be in focus ahead of declaring their quarterly earnings on May 29.
Bharat Heavy Electricals (BHEL): The state-owned power generation equipment manufacturer has registered a 33% year-on-year decline in consolidated profit at Rs 611 crore for March FY23 quarter, impacted by tepid topline growth and weak operating numbers. Consolidated revenue grew by 2% on-year to Rs 8,227 crore for fourth quarter of FY23.
Oil and Natural Gas Corporation: The state-owned oil & gas exploration company has posted standalone loss of Rs 247.7 crore for quarter ended March FY23, dented by huge one-time loss of Rs 9,235.11 crore. Weak topline and lower-than-expected operating performance also impacted bottomline. Standalone revenue from operations for fourth quarter at Rs 36,293 crore fell by 5.9% compared to year-ago period.
Central Bank of India: The Reserve Bank of India has imposed a penalty of Rs 84.50 lakh on Central Bank of India for non-compliance with certain provisions of ‘Frauds classification and reporting by commercial banks and select FIs, and ‘customer service in banks’.
Lupin: The pharma major said its Canada subsidiary, Lupin Pharma Canada has received approval from Health Canada to market a generic version of Spiriva (tiotropium bromide inhalation powder) in Canada. Tiotropium Bromide Inhalation Powder is indicated for treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema. It is also used to relieve wheezing, shortness of breath, coughing, and chest tightness in patients with COPD. Tiotropium Bromide inhalation powder had estimated annual sales of $42 million in Canada as per IQVIA MAT Q4 of 2022.
Sun Pharmaceutical Industries: The pharma company has issued a letter to the board of Taro Pharmaceutical Industries, Israel with a proposal of non-binding indication of interest to acquire the remaining shares in Taro through reverse triangular merger. The transaction will take place in cash, at a price of $38 per share, which is at a premium of 31.2% over Taro's closing price on May 25, 2023. With this, the shareholding of the company in Taro will increase to 100%. Consequently, Taro willl become a wholly owned subsidiary of Sun Pharma and be de-listed from NYSE.
Dalmia Cement: Subsidiary Dalmia Cement (North East) has approved capital expenditure to the tune of Rs 3,642 crore for setting up new clinkerisation unit of 3.6 MTPA at Umrangso unit, and new cement grinding unit of 2.4 MTPA at Lanka unit. The said capex will be funded via a mix of debt, equity & internal accruals and the proposed capacity is expected to be added by FY25-26.
Engineers India: The engineering consultancy and EPC company has registered a massive 140.3% on-year growth in consolidated profit at Rs 190.2 crore for fourth quarter of FY23, driven by healthy operating performance. Revenue from operations for the quarter at Rs 880 crore increased by 7.6% over a year-ago period.
NCC: The construction company has recorded consolidated profit at Rs 190.86 crore for quarter ended March FY23, falling 21.2% compared to year-ago period as the base in Q4FY22 was boosted by one-time gain, but topline and operating performance remained strong. Revenue for the quarter grew by 42.3% YoY to Rs 4,949 crore. NCC has appointed Sanjay Pusarla as Chief Financial Officer with effect from June 1 in place of K Krishna Rao who is superannuating.
Ethos: Subsidiary Silvercity Brands AG has acquired 100% stake in Swiss-based Favre Leuba GmbH. Now Favre Leuba GmbH has become the wholly owned subsidiary of the Silvercity Brands AG and thereby, step - down subsidiary of Ethos with immediate effect.
Aurobindo Pharma: The pharma company has recorded a 12.2% year-on-year growth in consolidated profit at Rs 505.9 crore for March FY23 quarter, dented by weak operating margin. Revenue from operations for the quarter grew by 11.4% to Rs 6,473 crore compared to year-ago period, with US formulations revenue increasing 11.6% YoY to Rs 3,045 crore, and Europe formulation topline rising 7.7% to Rs 1,660 crore in same period.
RITES: The transport infrastructure consultancy and engineering firm signed a memorandum of understanding (MoU) with Power Finance Corporation (PFC) to explore avenues of mutual collaboration for consultancy works in sectors such as transport & logistics, energy, water & sanitation, communication, social and commercial infrastructure.
Spandana Sphoorty Financial: Padmaja Gangireddy has resigned as Non-Executive Director of the company with effect from May 27, and has requested the company to declassify herself as a promoter of the company.
Balkrishna Industries: The tyre maker has registered a 30.7% year-on-year decline in consolidated profit at Rs 259.8 crore for quarter ended March FY23, impacted by muted topline and sharp fall in operating numbers. Revenue from operations for the quarter at Rs 2,317 crore declined by 2.4% compared to same period last fiscal.
IRB Infrastructure Developers: Project SPV (special purpose vehicle) IRB Golkonda Expressway Private Limited has signed the Concession Agreement with Hyderabad Metropolitan Development Authority (HMDA) for tolling and operations & maintenance of Jawaharlal Nehru Outer Ring Road in Telangana on toll-operate transfer (TOT) basis. Project involves making upfront payment of Rs 7,380 crore to HMDA for tolling and O&M of 158 Kms stretch of Hyderabad ORR, over a revenue linked concession period of 30 years.
Power Finance Corporation: The state-owned financial institution has reported a 45.87% year-on-year increase in consolidated profit at Rs 4,676.7 crore for quarter ended March FY23. Revenue from operations at Rs 20,061 crore increased by 6.4% compared to Rs 18,853.2 crore in year-ago period.
Godrej Properties: The real estate developer has further increased its stake in Wonder City Buildcon from 74% to 100%, for Rs 45.13 lakh. After the said acquisition, Wonder City Buildcon has become wholly owned subsidiary of the company with effect from May 26.
Greaves Cotton: Ministry of Heavy Industries has alleged that subsidiary Greaves Electric Mobility (GEMPL) purportedly failed to adhere to Phased Manufacturing Programme Guidelines and allegedly has proposed to deregister it from FAME India Scheme Phase II (‘Scheme’). MHI has further directed GEMPL to deposit all the incentive claimed (around Rs 124 crore along with interest) under the said scheme to MHI subject to submission of necessary representation. GEMPL will be working with the government to better understand the alleged violations and for a resolution.
Clean Science and Technology: Asha Ashok Boob, Nilima Krishnakumar Boob and Asha Ashok Sikchi, the members of promoter group of the company will be selling up to 3.5% equity in the open market during May 29-June 30. The company is complying with minimum public shareholding norms. Current promoters hold 78.5% stake in the company.
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