Stock to Watch Today - Rupeedesk Reports - 28.07.2023
Buzzing Stocks: IOC, Marico, Indus Towers, BEL, Sona BLW, Trident & others in news today.
Results on July 28: Indian Oil Corporation, Bank of India, M&M Financial Services, Marico, Chalet Hotels, DCB Bank, Equitas Small Finance Bank, Exide Industries, Fino Payments Bank, KFin Technologies, Laxmi Organic Industries, Nazara Technologies, NLC India, Piramal Enterprises, RITES, Route Mobile, Satin Creditcare Network, SBI Cards and Payment Services, Star Health, and United Breweries will be in focus ahead of quarterly earnings on July 28.
Results on July 29: NTPC, IDFC First Bank, MCX India, D-Link (India), Five-Star Business Finance, Inox Wind, Rossari Biotech, Sonata Software, and Stove Kraft will be in focus ahead of June FY24 quarter earnings on July 29.
Indus Towers: The telecom infrastructure provider has recorded a massive a 182% year-on-year growth in profit at Rs 1,348 crore for quarter ended June FY24, driven by healthy operating performance. Revenue from operations for the quarter grew by 3% to Rs 7,076 crore compared to the year-ago period. On the operating front, EBITDA jumped 51% on-year to Rs 3,514 crore during the quarter, with the highest quarterly tower additions in company's history. The steady collections have aided its financial performance. Total tower base stood at 1,98,284 numbers, rising by 11,810 on-year and 5,410 quarter-on-quarter, while sharing revenue per tower per month dropped by 3.2% YoY to Rs 73,286.
Bharat Electronics: The state-owned defence company has reported a 23% year-on-year growth in standalone profit at Rs 530.84 crore for June FY24 quarter, driven by strong topline and operating performance with fall in input cost. Revenue from operations grew by 12.8% to Rs 3,510.8 crore compared to same period last year.
JK Lakshmi Cement: The flagship company of JK organisation has registered a 30.65% on-year fall in consolidated profit at Rs 79.8 crore for the quarter ended June FY24, impacted by disappointing operating numbers. Revenue from operations grew by 4.6% to Rs 1,730.25 crore compared to year-ago period, with sales volume increasing 5.7% on-year to 32.05 lakh tonnes for the quarter. Operations impacted by unprecedented rain & cyclone Biparjoy in Gujarat & Rajasthan.
Indian Hotels: The country's largest hospitality company has started off the year with profit at Rs 222 crore for June FY24 quarter, growing 31% over a year-ago period, with 17 percent on-year growth in revenue at Rs 1,516 crore. On the operating front, EBITDA grew by 13% YoY to Rs 459 crore for the quarter. Meanwhile, the company is going to acquire 100% equity of Zambia-based Pamodzi Hotels Plc, from Tata International Singapore Pte Ltd.
Lupin: The pharma major has received correspondence from the US FDA that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur unit-2, Indore. This is after the satisfactory evaluation of the corrective actions taken by the company in response to the warning letter. The US FDA issued warning letter to the company in November 2017.
Trident: The textile company has registered a 27.8% year-on-year decline in consolidated profit at Rs 93.4 crore for the quarter ended June FY24, impacted by lower topline and operating margin. Revenue from operations for the quarter at Rs 1,493.7 crore declined by 11% compared to corresponding period last fiscal, with fall in yarn, and paper & chemicals businesses.
Sona BLW Precision Forgings: The automotive technology company has clocked a 48% year-on-year growth in profit at Rs 112 crore for June FY24 quarter, with highest-ever EBITDA in a quarter at Rs 203 crore which grew by 43% YoY. Revenue during the quarter rose by 24 percent to Rs 732 crore compared to same period last fiscal. EVs (electric vehicle) programs contributed 78% to the net order book of Rs 22,000 crore as of June 2023.
Ajanta Pharma: The specialty pharmaceutical formulation company has registered a 19% year-on-year growth in profit at Rs 208 crore for the quarter ended June FY23, driven by healthy operating performance. Revenue from operations for the quarter increased by 7% on-year to Rs 1,021 crore, with US sales increasing by 19%, India sales growing 14% and Asia reporting 6% sales growth, but Africa sales fell 5% YoY. On the operating front, EBITDA increased by 22% YoY to Rs 271 crore. The company announced total dividend of Rs 25 per share, comprising special dividend of Rs 15 per share and regular dividend of Rs 10 per share.
Bharat Forge: J S Auto Cast Foundry India, a step-down subsidiary of the company, is proposing to acquire 26% equity shares of Ratnakar Energy, for the purchase of solar power under a group captive scheme. The acquisition cost is Rs 1.3 crore.
Indiabulls Housing Finance: Europe-based financial services group Societe Generale has picked 27.84 lakh equity shares or 0.59% stake in the housing finance company via open market transactions, at an average price of Rs 127.96 per share.
MAS Financial Services: Societe Generale has acquired 5.94 lakh equity shares or 1.08% stake in the financial services company at an average price of Rs 769.97 per share. However, PGIM India Mutual Fund sold 6.8 lakh shares or 1.24% stake in MAS at an average price of Rs 770.08 per share. As of June 2023, PGIM India Trustees via PGIM India Flexi Cap Fund held 7.98 lakh shares or 1.46% stake in the company.
Brookfield India Real Estate Trust: The REIT has opened its issue to raise up to Rs 3,500 crore by selling units to institutional investors on a private placement basis to fund the acquisition of two assets in Gurugram and Mumbai. In a regulatory filing, Brookprop Management Services, which is a manager of Brookfield India REIT, informed that the issue committee of its board of directors approved the opening of the issue on July 27 for receiving bids, and also approved the floor price of Rs 265.79 per unit.
Sundram Fasteners: The automotive components maker has reported consolidated profit at Rs 127.6 crore for the quarter ended June FY24, falling 6.2% compared to year-ago period, impacted by muted topline growth. Revenue from operations stood at Rs 1,410.76 crore for the quarter, rising just 0.04% over Rs 1,410.12 crore in same period last fiscal.
NDTV: The media & entertainment company has posted consolidated net loss of Rs 8.1 crore for quarter ended June FY24, against profit of Rs 23.2 crore in corresponding period last fiscal. Revenue from operations fell 35% year-on-year to Rs 70 crore for the quarter due to lower advertising spends both on broadcasting and digital.
Lemon Tree Hotels: The company has acquired 9.67 lakh compulsorily convertible preference shares (CCPS) in Fleur Hotels for Rs 48.84 crore from APG Strategic Real Estate Pool N V. Post the acquisition, Lemon Tree Hotels holds 58.91% stake in Fleur Hotels, and the rest is held by APG Strategic Real Estate Pool N V. The CCPS will be converted into equity shares on or before July 31, 2023.
Indian Railway Finance Corporation: IRFC has signed a Memorandum of Understanding (MOU) with RITES to strengthen cooperation in financing & development of railway infrastructure projects.
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