Stock to Watch Today - Rupeedesk Reports - 31.07.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Marico, Maruti Suzuki, Bank of India, Gland Pharma, MMTC, others in news.
Results on July 31: Maruti Suzuki India, GAIL (India), Power Grid Corporation of India, UPL, Bosch, Petronet LNG, Adani Green Energy, Adani Transmission, Bajaj Hindusthan Sugar, Butterfly Gandhimathi Appliances, Castrol India, Dhanlaxmi Bank, IRB Infrastructure Developers, JBM Auto, Lakshmi Machine Works, Navin Fluorine International, Oberoi Realty, and Welspun India will be in focus ahead of declaring their quarterly earnings on July 31.
Power Grid Corporation of India: The state-run company has been declared the successful bidder under tariff-based competitive bidding for two inter-state transmission system projects under build, own operate and transfer (BOOT) basis. The Letters of Intent for both the projects have been received by Power Grid.
Marico: The FMCG company has reported a consolidated profit of Rs 436 crore for the quarter ended June FY24, rising 15.6% over the corresponding period last fiscal, backed by healthy operating performance. Revenue from operations fell 3.2% YoY to Rs 2,477 crore during the quarter on weak India business and moderate growth in international business, with domestic volume growth at 3%. EBITDA increased by 8.7% YoY to Rs 574 crore with margin expansion of 260 bps on lower input cost.
Gland Pharma: The US Food and Drug Administration (US FDA) has concluded inspection at company's Visakhapatnam facility with zero 483 observations and a classification of no action indicated (NAI). The US FDA has conducted good manufacturing practice (GMP) Inspection at VSEZ sterile oncology facility at Visakhapatnam during July 20-28.
MMTC: The public sector company has received the notices of default initially to the tune of $11.50 million addressed to its subsidiary MTPL Singapore from overseas branches of Indian Overseas Bank, Bank of India and UCO Bank.
Shree Cement: Shree Cement East, the wholly owned subsidiary of the company, has started commercial production at its clinker grinding unit in West Bengal with cement capacity of 3.0 MTPA.
UCO Bank: The bank has announced profit at Rs 223 crore for quarter ended June FY24, growing 80.8% over corresponding period last fiscal despite higher provisions, driven by surge in operating profit. Net interest income grew by 21.8% on-year to Rs 2,009 crore, with advances increasing 25% and deposits rising 10.8% YoY. Asset quality improved with the gross non-performing assets falling 30 bps sequentially to 4.48% and net NPA down 11 bps QoQ to 1.18% for the quarter.
DCB Bank: The private sector lender has reported profit for Q1FY24 at Rs 127 crore, growing 31% over corresponding period last fiscal as operating profit grew by 26% YoY to Rs 209 crore. Net interest income increased 26% on-year to Rs 471 crore, with advances growing 19% and deposits rising 23% YoY. However, asset quality weakened as gross non-performing assets rising 7 bps QoQ to 3.26% and net NPA increasing 15 bps to 1.19% during the quarter.
United Breweries: The Kingfisher beer maker has reported weak performance for June FY24 quarter with profit falling 15.8% on-year to Rs 136.2 crore impacted by lower topline and operating performance. Revenue from operations (net-of-excise duty) declined 6.7% YoY to Rs 2,273 crore during the quarter, with volumes down 12% impacted by RTM (root to market) changes, supply challenges and lower inter-state sales.
NLC India: The state-owned coal mining company has registered a 28% on-year decline in consolidated profit at Rs 404.7 crore for first quarter ending June FY24, dented by weak topline and operating numbers. Revenue during the period dropped 14.1% to Rs 3,316 crore compared to corresponding period last fiscal.
Godrej Properties: The Mumbai-based real estate developer said the board members will meet on August 2 to consider the proposal of raising of funds by issue of debt securities via private placement.
NTPC: The country's largest power generation company has registered a 9.4% year-on-year growth in standalone profit at Rs 4,066 crore for quarter ended June FY24, driven by strong operating performance. However, revenue for the quarter dropped 2.25% to Rs 39,.122.25 crore compared to corresponding period last fiscal. The coal produced from captive mines-commercial increased by 52.2% YoY to 6.24 million tonnes, while installed capacity dropped a bit to 57,038 MW in Q1FY24, against 57,119 MW in Q1FY23.
Multi Commodity Exchange of India: The commodity derivatives exchange has recorded consolidated profit at Rs 19.6 crore the quarter ended June FY24, falling 52.6% over a year-ago period, impacted by dismal operating performance. Revenue from operations surged 34% to Rs 145.7 crore compared to year-ago period. However, profit spiked 261% and revenue increased 9% on sequential basis.
Piramal Enterprises: The diversified non-banking finance company has recorded consolidated profit at Rs 509 crore for the quarter ended June FY24, led by gain of Rs 855 crore on sale of stake in Shriram Finance. Profit in Q1FY23 was Rs 8,155 crore supported by exceptional gain of Rs 7,614 crore related to pharma demerger transaction. Net interest income during the quarter fell by 17% to Rs 891 crore compared to year-ago period. The company has received approval from the board of directors for buyback of equity shares up to 1.4 crore, at a price of Rs 1,250 per share, aggregating to Rs 1,750 crore, through the tender offer route.
Bank of India: The public sector lender has recorded standalone profit at Rs 1,551 crore for the quarter ended June FY24, a 176% year-on-year growth, with net interest income increasing 45% YoY to Rs 5,915 crore, operating profit rising 72% to Rs 3,752 crore and non-interest income growing 27% to Rs 1,462 crore. Net interest margin improved by 49 bps YoY to 3.03% in Q1FY24. Asset quality improved with the gross non-performing assets falling 64 bps QoQ to 6.67% and net NPA declining 1 bp to 1.65% for the quarter.
IDFC First Bank: The private sector lender has recorded a 61% on-year growth in profit at Rs 765 crore for the June FY24 quarter despite higher provisions, driven by healthy growth in core operating income. Net interest income for the quarter rose 36% to Rs 3,745 crore compared to year-ago period, with net interest margin expanding to 6.33% from 5.77% during the same period. Asset quality improved further with gross non-performing assets falling 34 bps sequentially to 2.17% and net NPA declining 16 QoQ to 0.7% during the quarter.
Care Ratings: Subsidiary CARE Risk Solutions has approved incorporation of wholly-owned subsidiary in United Arab Emirates, subject to Regulatory approvals. The new subsidiary will support operations of CARE Risk Solutions in UAE markets.
Equitas Small Finance Bank: The small finance bank has recorded profit at Rs 191 crore for June FY24 quarter, rising 97% over corresponding period last fiscal, driven by lower provisions. Net interest income during the quarter grew by 28% YoY to Rs 743 crore, with advances as well as and deposits growing 36% each YoY. Asset quality remained stable with gross NPAs falling 1 basis point QoQ to 2.75% and net NPAs declining 3 bps QoQ to 1.18% for the quarter.
RITES: The state-owned transport infrastructure consultancy and engineering firm has registered a 17.4% year-on-year decline in consolidated profit at Rs 119.6 crore for the quarter ended June FY24, impacted by lower topline. Revenue from operations fell by 10% to Rs 544 crore compared to year-ago period, which mainly attributed to dip in the exports and revenue from quality assurance.
SBI Cards and Payment Services: The credit card issuing company has registered a 5% year-on-year decline in profit at Rs 593 crore for quarter ended June FY24. Revenue from operations grew by 26% to Rs 3,912 crore compared to year-ago period, with net accounts increasing by 22% YoY to 10.97 lakh.
Nazara Technologies: The gaming and sports media platform will be in focus as profit for June FY24 quarter increased by 72.7% year-on-year to Rs 19.5 crore backed by higher other income and topline. Revenue from operations jumped 14% to Rs 254.4 crore compared to year-ago period, while EBITDA grew by 10% YoY to Rs 33 crore, but margin dropped 43 bps on-year to 13 percent during the quarter.
Dish TV India: The Reserve Bank of India has agreed to compound the contravention upon payment of Rs 50.14 lakh by the company. The company will deposit said amount with the Reserve Bank of India within the prescribed timeline. There is no impact on financial, operation or other activities of the company other than the penalty amount payable.
Chalet Hotels: The hotel chain has reported consolidated profit at Rs 88.66 crore for the quarter ended June FY24, growing 210% over year-ago period, driven by tax write-back during the quarter. Revenue increased nearly 23% YoY to Rs 310.77 crore in Q1FY24.
Star Health and Allied Insurance Company: The insurance company has registered a 35% on-year growth in profit at Rs 287.9 crore for quarter ended FY24. Gross written premium jumped 19.7% YoY to Rs 2,948.6 crore. Combined ratio in Q1FY24 stood at 97.81% against 98.24% in Q1FY23.
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