Stock to Watch Today - Rupeedesk Reports - 06.07.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: JSW Steel, DCB Bank, Ujjivan Small Finance, RPP Infra & others in news today.
DCB Bank: The Reserve Bank of India has granted its approval to Tata Asset Management to acquire shareholding up to 7.5% in DCB Bank through the schemes of Tata Mutual Fund. The approval is valid for one year from the date of RBI letter. Tata Asset Management is also advised by the RBI to ensure that its aggregate shareholding in DCB Bank shall not exceed 7.5% at all times.
Marico: The FMCG major said its domestic volumes in Q1FY24 grew in low-single digits and expects a visible pickup from the coming quarter given the sustained healthy trends in offtakes, market share and penetration across key franchises. The International business maintained its healthy growth momentum as it delivered high single-digit constant currency growth during the quarter, while consolidated revenue declined in low-single digits YoY. The gross margin is expected to expand materially YoY as well as QoQ, and expansion in operating margin is expected to drive double-digit growth in the bottomline.
Prestige Estates Projects: The south-based real estate developer and its subsidiary Prestige Exora Business Parks has entered into joint venture agreement with W S Industries (India) for development of IT/IT enabled services/parks in 6.53 acres of immovable property in Chennai. W S Industries (India) proposes to implement the project through its subsidiary company WS Insulators.
Biocon: Subsidiary Biocon Biologics has completed the integration of the acquired biosimilars business in over 70 countries in emerging markets effective July 1, increasing the scale and scope of its business. The existing commercialized portfolio of biosimilars managed by Viatris in these markets, is now a part of Biocon Biologics’ commercial organization. Subsidiary will work with existing and new partners to expand its footprint and strengthen business presence in these countries.
JSW Steel: JSW Steel will be replacing HDFC in the BSE Sensex with effect from July 13. JBM Auto Components, Zomato, and APL Apollo Tubes will replace HDFC in S&P BSE500, S&P BSE 100 and S&P BSE 200 indices respectively.
KEC International: The infrastructure EPC major has secured new orders of Rs 1,042 crore across its various businesses including maiden international order for a signaling & telecommunication project in SAARC, and also orders for T&D projects in India, Middle East, Europe and Americas.
Tata Power Company: The Tata Group company has received Letter of Award to implement smart metering project in Chhattisgarh State Power Distribution Company. The value of project is Rs 1,744 crore and the project will be spanned over a period of 10 years.
Zomato: The food delivery giant has initiated liquidation of its subsidiary PT Zomato Media Indonesia, in Indonesia. PT Zomato Media Indonesia is not a material subsidiary of the company and the liquidation of same will not affect the revenue of the company.
Solara Active Pharma Sciences: The pharma company has received board approval for issuance of equity shares up to Rs 450 crore via rights issue. Further, the board has appointed Kartheek Chintalapati Raju as non-executive (non-independent) director of the company, and Poorvank Purohit as Managing Director & Chief Executive Officer of the company after resignation of Jitesh Devendra as Managing Director.
Thomas Cook India: The company said the board has approved re-designation and appointment of Mahesh Iyer as Managing Director and Chief Executive Officer of the company. His five-year term as MD & CEO will be effective from July 5, 2023 till July 4, 2028. The board also approved re-designation and appointment of Madhavan Menon as Executive Chairman, from his earlier designation as Chairman and Managing Director of the company for five years with effect from July 5.
RPP Infra Projects: The infrastructure company has received a letter of acceptance for a flyover project worth Rs 125.85 crore in Tamilnadu on EPC mode; beautification work worth Rs 41.15 crore of Vandiyur tank in Madurai City Municipal Corporation; and project work worth Rs 122.3 crore from various town panchayat for improvements to existing water supply distribution system and providing house service connection. The order book as on June 30 is Rs 3,240 crore.
Ujjivan Small Finance Bank: The small finance bank has reported a 44% year-on-year growth in total deposits at Rs 26,655 crore for quarter ended June FY24 and the sequential growth was 4%. CASA dropped 3% QoQ but increased 27% YoY to Rs 6,550 crore. Disbursements fell 12% QoQ, but grew 22% YoY to Rs 5,280 crore driven by robust growth in microbanking, housing and FIG, while advances grew by 31% YoY and 5% QoQ to Rs 25,346 crore.
Asian Paints: Joint venture company Asian White Cement Holding has been incorporated by Asian Paints, in the name of Asian White Inc FZE in Fujairah Free Zone, UAE for manufacturing, trading and exporting white cement. Asian White Cement Holding received Trade License and Certificate of Incorporation for Asian White Inc FZE from Government of Fujairah.
Adani Wilmar: The Adani Group company has delivered another strong quarter of double-digit volume growth of 25% YoY, capturing the robust consumer demand. The sale of branded products in both edible oils and foods has been much stronger compared to overall sales of respective segments. The Food & FMCG segment recorded a revenue growth of 30%+ YoY to cross Rs 1,000 crore of revenue for the quarter on a standalone basis. The oil and foods recorded around 50% YoY volume growth for the quarter.
Force Motors: The company has announced production of 2,394 vehicles in June month. Domestic sales stood at 2,431 vehicles and exports at 440 vehicles. It manufactures commercial vehicles, utility vehicles and tractors.
LTIMindtree: The technology consulting and digital solutions company launched a comprehensive cyber recovery and data protection platform V-Protect, powered by Rubrik, the Zero Trust Data Security company. The platform provides data protection and seamless recovery for M365 workloads.
Global Surfaces: Foreign portfolio investor Leading Light Fund VCC The Triumph Fund has sold further 2.77 lakh equity shares or 0.65% stake in the engineered quartz stone supplier via open market transactions at an average price of Rs 202.43 per share. Light Fund VCC The Triumph Fund had sold 6.25 lakh shares in June, while as of March 2023, its shareholding in the company was 4.57% or 19.36 lakh shares.
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