Stock to Watch Today - Rupeedesk Reports - 14.08.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: ITC, ONGC, Surya Roshni, ABB, Voltas, others in news today.
Results on August 14: ITC, Divis Laboratories, Vodafone Idea, Ahluwalia Contracts, Aarey Drugs & Pharmaceuticals, Aster DM Healthcare, Astrazeneca Pharma, Bajaj Healthcare, Deccan Health Care, Easy Trip Planners, Gensol Engineering, Genus Paper & Boards, GMR Airports Infrastructure, Grindwell Norton, Heranba Industries, Hindustan Copper, Indiabulls Housing Finance, Jagran Prakashan, KNR Constructions, Lux Industries, Meghmani Organics, PC Jeweller, Senco Gold, Solara Active Pharma Sciences, Swan Energy, Uflex, Vivimed Labs, Wockhardt, and Zuari Industries will be in focus ahead of their quarterly earnings on August 14.
Oil and Natural Gas Corporation: The state-owned oil and gas exploration company has reported a standalone profit of Rs 10,015 crore for the June FY24 quarter, falling 34.1% over the last year. Gross revenue for the quarter at Rs 33,814 crore declined 20.1% from the last fiscal, with the crude oil price (nominated) net realisation at $76.49 a barrel, down 29.5% compared to $108.55 a barrel and crude oil price (joint venture) net realisation declining 35.5% to $70.64 a barrel.
ITC: Shareholders have given approval for re-appointment of Sanjiv Puri as MD and Chairman of ITC for five years with effect from July 22, 2024. Members of the company's board also approved the appointment of Hemant Malik as a whole-time director of the company, while Alka Marezban Bharucha is appointed as an independent director. Anand Nayak and Ajit Kumar Seth are re-appointed as an Independent Director of the company.
Biocon: The biopharmaceutical company is planning to list its biosimilars business, a significant contributor to the company's total revenue, by the first half of 2025, Siddharth Mittal, CEO and Managing Director told Reuters. Biocon Biologics, a fully integrated subsidiary of Biocon, focuses on making biosimilars, with key revenue-generating markets being the United States and Europe.
Reliance Industries: Jio Financial Services said its 635,32,84,188 equity shares have been credited to the demat account of Reliance Industries' shareholders on August 10. The said equity shares will remain frozen in the depository system till listing/trading permission is granted by BSE, the designated stock exchange. Jio Financial has applied to BSE and National Stock Exchange of India for listing of these equity shares.
Vedanta: The National Company Law Tribunal (NCLT) has granted its approval for the Resolution Plan submitted by Vedanta for acquisition of Meenakshi Energy under Corporate Insolvency Resolution Process in accordance with the provisions of Insolvency and Bankruptcy Code (IBC), 2016.
Sterling and Wilson Renewable Energy: The renewable energy company has received a Letter of Intent (LoI) from Gujarat Industries Power Company (GIPCL), for its proposed 600 MWac (equivalent to 750 MWdc) solar PV project at Khavda. The total bid value, including operation and maintenance for 3 years would be Rs 1,130 crore. The project comprises two blocks, with each block of 300 MWac.
Aurobindo Pharma: The pharma company has reported consolidated profit at Rs 570.8 crore for quarter ended June FY24, rising 9.7% over a year-ago period, driven by higher other income and operating numbers. Revenue from operations grew by 9.9% to Rs 6,850.5 crore compared to similar quarter previous fiscal, with US formulations business rising by 11.2% to Rs 3,304 crore, Europe formulation increasing 18.6% to Rs 1,837 crore and growth markets revenue growing 12.9% to Rs 486 crore. On the operating front, EBITDA jumped 19.3% to Rs 1,151.4 crore with margin expansion of 134 bps during the same period.
FSN E-Commerce Ventures: The beauty and personal care company Nykaa operator has registered consolidated profit at Rs 5.4 crore for quarter ended June FY24, rising 8% over a year-ago period, with sharp growth in topline and operating numbers. Revenue from operations for the quarter stood at Rs 1,421.8 crore, growing 24% YoY, with gross merchandise value (GMV) increasing 24% YoY to Rs 2,667.8 crore during the same period. On the operating front, EBITDA surged 60% to Rs 73.5 crore with margin expansion of 116 bps at 5.2% compared to same period last year.
Lupin: The US Food and Drug Administration (US FDA) has completed the GMP inspection of company's Unit-2 manufacturing facility in Mandideep, India, without any observations. The inspection by US FDA was conducted during August 7-August 11.
Voltas: The leading air-conditioning company has recorded consolidated profit at Rs 129.4 crore for June FY24 quarter, rising 18.2% over corresponding period previous fiscal, driven by higher other income and topline, but lower operating margin capped profitability. Revenue from operations for the quarter grew by 21.4% YoY to Rs 3,360 crore with unitary cooling products and electro-mechanical projects & services segments growing 16.3% and 49.3% respectively. EBITDA in Q1FY24 increased by 4.8% to Rs 185.4 crore, but margin dropped 90 bps to 5.5% over last year.
ABB India: The electrification and automation technology company has registered a 101% on-year growth in profit at Rs 296 crore for quarter ended June 2023 (Q2CY23), driven by strong operating numbers and topline. Revenue during the quarter grew by 22% YoY to Rs 2,509 crore on high focus on execution, greater visibility through a solid backlog, revenue mix and capacity utilization led revenue expansion. Orders for the quarter at Rs 3,044 crore increased by 10 percent. The board has given its approval for special dividend of Rs 5.5 per share.
Rail Vikas Nigam: The state-owned railway company has registered a 15.3% year-on-year growth in consolidated profit at Rs 343 crore for June FY24 quarter, driven by healthy operating income and topline. Revenue from operations grew by 20% YoY to Rs 5,571.6 crore during the same period.
Finolex Cables: The electrical and telecommunication cables manufacturer has recorded a 34.1% on-year growth in consolidated profit at Rs 160.4 crore for quarter ended June FY24, driven by better topline and operating numbers. Revenue for the quarter stood at Rs 1,204.3 crore, rising 18.6% over a year-ago period.
Surya Roshni: The lighting manufacturer has received orders worth Rs 171.16 crore from BPCL and HPCL. BPCL has given orders worth Rs 163 crore for CGD project on pan India basis, and HPCL allotted order worth Rs 8.16 crore for supply of 3LPE coated line pipe also for CGD project in West Bengal.
Uno Minda: The company has commissioned its new EV (electric vehicle) systems plant under subsidiary Uno Minda Buehler Motor (UMBM) in Bawal, Haryana. The plant will manufacture traction motors/ BLDC motors for EV 2-wheeler and 3-wheeler. UMBM has already received orders from OEMs and is expected to start supplies by Q3 FY 24.
Adani Ports and Special Economic Zone: The board members of the Adani Group company have accepted the resignation of Deloitte Haskins & Sells LLP, Chartered Accountants, from the position of Statutory Auditors, and have approved the appointment of MSKA & Associates Chartered Accountants, as the statutory auditors of the company.
GE Power India: The company has received an order from Steag Energy Services India, for renovation & modernization of Unit -3 boiler of 4X600 MW thermal power plant of Vedanta at Jharsuguda in Odisha. The order will be executed within 10 months.
JK Cement: The cement manufacturer has recorded a 29.5% year-on-year decline in consolidated profit at Rs 114.66 crore for quarter ended June FY24, dented by subdued operating margin with higher input cost, finance cost, and power & fuel and freight & forwarding expenses. Revenue from operations grew by 21.6% YoY to Rs 2,762.6 crore during the quarter.
Amara Raja Batteries: The industrial and automotive battery major has recorded consolidated profit at Rs 192.1 crore for June FY24 quarter, increasing 45.5% over a year-ago period, driven by healthy operating numbers. Revenue from operations rose by 6.7% YoY to Rs 2,795.5 crore aided by healthy volume growth registered in the automotive after-market as well as from the telecom and UPS segments.
Timken India: The ball and roller bearing manufacturing company has reported profit at Rs 90.1 crore for quarter ended June FY24, down 23.6% compared to corresponding quarter of previous fiscal, impacted by weak operating performance and tepid growth in topline. Revenue from operations during the quarter at Rs 717.6 crore increased by 2.6% over a year-ago period. The company will shut its Jamshedpur plant during August 25 and September 3 due to low demand and better demand planning for production efficiency.
NMDC: The state-run iron ore company has recorded profit at Rs 1,650 crore for first quarter of FY24, rising 12% over corresponding period previous fiscal. Revenue from operations during the quarter grew by 13% YoY to Rs 5,395 crore, but average sales realisation fell by 20% to Rs 4,850 per tonne during the same period.
Jindal Steel & Power: The company has registered consolidated profit at Rs 1,691.8 crore for quarter ended June FY24, falling 15% compared to same period previous fiscal, dented by subdued topline and operating performance. Revenue from operations for the quarter came in at Rs 12,588.3 crore, declining 3.5% on-year.
Glenmark Pharmaceuticals: The pharma company has recorded consolidated profit at Rs 173.1 crore for June FY24 quarter, declining 18% compared to year-ago quarter despite topline and operating numbers, impacted by lower other income. Revenue from operations came in at Rs 3,401.6 crore during the quarter, rising 22.5% over same period previous fiscal.
Muthoot Finance: The gold loan financing company has reported standalone profit at Rs 975 crore for the first quarter of financial year 2023-24, growing 22% over same period last fiscal. Total income grew by 21% YoY to Rs 3,026 crore during the same period. The company has received board approval for infusion of Rs 400 crore in subsidiary Muthoot Money.
City Union Bank: The private sector lender has recorded profit at Rs 227 crore for quarter ended June FY24, rising 1% over a year-ago period due to lower operating profit and other income. Elevated provisions & contingencies also impacted profitability. Net interest income dropped to Rs 523 crore in Q1FY24, from Rs 525 crore in Q1FY23. On asset quality front, gross NPA rose 54 bps sequentially to 4.91%, and net NPA jumped 15 bps QoQ to 2.51% in Q1FY24.
Patanjali Foods: The company has registered profit at Rs 87.8 crore for the quarter ended June FY24, falling sharply by 63.6% compared to year-ago period impacted by subdued other income and operating numbers. Revenue grew by 7.7% YoY to Rs 7,767.1 crore in Q1FY24.
Simplex Infrastructures: HDFC Mutual Fund has sold 5 lakh shares in the construction company at an average price of Rs 52.47 per share, and another 4.81 lakh shares at an average price of Rs 52.35 per share. HDFC Trustee Company Limited-HDFC Flexi Cap Fund & HDFC Infrastructure Fund held 8.84% stake in the company as of June 2023. However, ICM Finance purchased 3 lakh shares in Simplex at an average price of Rs 52.49 per share, and Maryada Barter bought 4 lakh shares at an average price of Rs 52.35 per share.
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