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Buzzing Stocks: ICICI Bank, Bajaj Finance, L&T, Kotak Securities, Tata, others in news.
Bajaj Finance: The non-banking finance company has registered a massive 28 percent on-year increase in profit after tax at Rs 3,551 crore for the quarter ended September FY24. Net interest income during the same period increased 26 percent to Rs 8,845 crore, with the number of new loans booked rising by 26 percent to 8.53 million, while assets under management (AUM) grew by 33 percent to Rs 2.9 lakh crore as of September 2023.
L&T Technology Services: The engineering services company has recorded a 1.4 percent sequential growth in net profit at Rs 315.4 crore for the quarter ended September FY24, with the operating numbers beating analyst estimates. Revenue for the quarter increased by 3.7 percent QoQ to Rs 2,386.5 crore, with the dollar revenue rising 2.9 percent to $288.1 million and constant currency topline growth at 3.2 percent in the same period. The firm revised its USD revenue growth guidance for FY24 to 17.5–18.5 percent in constant currency while declaring an interim dividend of Rs 17 per share.
Tata Elxsi: The design-led technology services company has clocked 5.9 percent sequential growth in net profit at Rs 200 crore for the July-September period FY24, with revenue increasing 3.7 percent to Rs 881.7 crore during the same period. Transportation segment growth stood at 7.1 percent QoQ, aided by large deals and strong traction in software-defined vehicle (SDV) engagements, while healthcare division growth grew at 3.6 percent QoQ, driven by new product engineering, digital health, and regulatory services. The media and communications segment grew marginally at 0.1 percent QoQ.
Mazagon Dock Shipbuilders: The state-owned shipbuilding company has signed a contract with the acquisition wing of the Ministry of Defence for the construction and delivery of one training ship for the Indian Coast Guard (ICG) at a cost of Rs 310 crore.
ICICI Bank: The Reserve Bank of India has imposed a monetary penalty of Rs 12.19 crore on ICICI Bank for contravention of sub-section (1) of Section 20 of the Banking Regulation Act.
Hindustan Petroleum Corporation: Petromin Corporation, Saudi Arabia, a part of the AI-Dabbagh group, will be setting up 1,000 Petromin Express Stations (quick service vehicle care) at HPCL retail outlets across India in 5 years. The first set of 16 Petromin Express Stations in Bengaluru and Chennai were launched on October 16.
Avenue Supermarts: The D-Mart operator has received a notice for tax demand and penalty of Rs 3.9 lakh from the Superintendent of Central Tax (GST), Kakinada, Andhra Pradesh.
Lemon Tree Hotels: The hotel chain has signed a franchise agreement for its upcoming 45-room hotel in Vadodara, Gujarat, under the brand Keys Select by Lemon Tree Hotels. The hotel is expected to be operational in FY26.
Housing & Urban Development Corporation: The Government of India will be selling up to 7,00,66,500 equity shares of HUDCO, representing 3.50 percent of total paid-up equity, on October 18–19, with an option to additionally sell up to 7,00,66,500 equity shares in case the oversubscription option is exercised. The offer-for-sale will open on October 18 for non-retail investors and on October 19 for retail investors. The floor price has been fixed at Rs 79 per share, and at the same price, the fund raising would be Rs 1,107 crore by the government.
Bajaj Electricals: The company has received a service contract worth Rs 347.29 crore from the Power Grid Corporation of India.
Indian Railway Catering and Tourism Corporation: IRCTC has tied up with Zomato for supply and delivery of preordered meals through IRCTC’s e-catering portal as a proof of concept (PoC) in the first phase at five railway stations, which are New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.
Kotak Mahindra Bank: Subsidiary Kotak Securities has entered into an agreement for the sale of its entire shareholding of around 7.50 percent in Entroq Technologies to Delente Technologies at Rs 508.06 per share. The Reserve Bank of India has imposed a monetary penalty of Rs 3.95 crore on Kotak Mahindra Bank for non-compliance with RBI Directions on 'managing risks and code of conduct in outsourcing of financial services by banks', 'recovery agents engaged by banks’, ‘customer service in banks’, and ‘loans and advances—statutory and other restrictions’.
Grasim Industries: The Department of Industrial Safety and Health (DISH) in Kalyan has permitted the Century Rayon plant to restart the operations of the carbon disulfide refining section in Shahad. The company has also obtained the requisite permission(s) from other concerned departments, including the Police Department and the Maharashtra Pollution Control Board, Regional Office, Kalyan (MPCB).
Exide Industries: The lead-acid storage batteries and power storage solutions company has invested Rs 100 crore in its wholly owned subsidiary, Exide Energy Solutions, on a rights basis. There is no change in the shareholding percentage of the company as a subsidiary.
Himadri Speciality Chemical: The speciality chemical company has reported standalone net profit of Rs 101 crore for the period ended September FY24, rising 246.2 percent over a year-ago period despite a 5.1 percent on-year decline in revenue at Rs 1,005 crore during the same period, driven by healthy EBITDA and margin expansion.
Can Fin Homes: The housing finance company has reported 11.5 percent on-year growth in profit at Rs 158 crore for the quarter ended September FY24, and net interest income during the same period grew by 26.1 percent to Rs 316.8 crore. Asset quality weakened with the gross non-performing assets (NPA) rising 13 bps sequentially to 0.76 percent and the net NPA rising 9 bps QoQ to 0.43 percent for the quarter.
CIE Automotive India: The auto ancillary company has recorded 11.4 percent on-year growth in consolidated profit at Rs 186.7 crore for the quarter ended September 2023, driven by a better operating margin. Revenue from operations increased by 2.2 percent year-on-year to Rs 2,279.4 crore in Q3 FY23.
Zensar Technologies: The company has reported net profit at Rs 173.9 crore for the quarter ended September FY24, growing 11.3 percent over the previous quarter, with EBIT rising 3.5 percent to Rs 194.4 crore and EBIT margin expanding 40 bps QoQ to 15.7 percent. Revenue from operations increased by 1.1 percent sequentially to Rs 1,240.8 crore for the quarter.
VST Industries: The Hyderabad-based cigarette manufacturer has reported a 17.6 percent year-on-year decline in net profit at Rs 75.95 crore, with tepid growth in topline, lower profit before tax, and other income. Revenue from operations for the quarter increased by 2.86 percent year over year to Rs 452.3 crore.
Arvind: Nigam Shah has been appointed as the Chief Financial Officer of the company. He is part of the senior management team.
Syngene International: The contract research organisation has recorded a 14 percent year-on-year growth in profit at Rs 117 crore for the July-September period FY24, with revenue from operations increasing 18.5 percent on-year to Rs 910 crore during the same period.
Mphasis: The IT solutions provider announced a strategic partnership with WorkFusion to harness the power of WorkFusion's AI solutions to enhance and evolve its services in transforming financial crime operations for its enterprise clients.
Mahanagar Gas: The company has entered into a joint venture agreement (JVC) with Baidyanath LNG to incorporate a private limited company in India for undertaking the business of liquefied natural gas (LNG). MGL and Baidyanath LNG will subscribe to the initial share capital of JVC in the ratio of 51:49.
Astra Microwave Products: The company has executed a licence-cum-transfer of technology (ToT) agreement between NewSpace India (NSIL), Bengaluru, and the Indian National Space Promotion and Authorization Centre (IN-SPACe), Department of Space (DOS), Ahmedabad, to utilise the know-how relating to MiniSAR: X-band Airborne SAR.
Committed Cargo Care: The third-party logistics provider is set to debut on the NSE Emerge on October 18. The issue price is Rs. 77 per share. Its equity shares will be available for trading in the trade-for-trade segment.
