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Buzzing Stocks: Axis Bank, Colgate Palmolive, Infosys, Vodafone Idea, Aditya Birla Sun Life AMC and others in news.
Axis Bank: The private sector lender said the board of directors has approved the appointment of Munish Sharda as a whole-time director, designated as Executive Director of Axis Bank, for three years, with effect from November 1. Munish Sharda's appointment is subject to the approval of the shareholders of the bank and the RBI. Meanwhile, Rakesh Makhija has ceased to be the chairman and a member of the board of the bank, with effect from October 26, on completion of his tenure.
Colgate Palmolive: The oral care company has registered 22.3 percent on-year growth in profit at Rs 340 crore for the quarter ended September FY24, driven by strong and better-than-expected EBITDA margins driven by pricing and efficiencies. Revenue from operations grew by 6 percent year-on-year to Rs 1,471 crore for the quarter. The board has declared the first interim dividend of Rs 22 per share for the current fiscal.
Lemon Tree Hotels: The company has signed a licence agreement for a 50-room property in Visakhapatnam, Andhra Pradesh, under the brand Red Fox Hotels. The hotel is expected to be operational by FY 2026.
Oberoi Realty: The Mumbai-based real estate company has divested its entire shareholding in a joint venture with Sangam City Township for Rs 3.6 crore. Oberoi Realty held a 31.67 percent stake in the joint venture.
Infosys: The IT services company said $300 worth of penalties have been imposed on Infosys' US branch for non-remittance of past-due.
Aditya Birla Sun Life AMC: The company recorded standalone profit of Rs 176.5 crore for the quarter ended September FY24, falling 7.1 percent compared to the year-ago period, impacted partly by lower other income. However, revenue from operations increased 7.7 percent year-on-year to Rs 329.2 crore in Q2 FY24.
LTI Mindtree: Rajesh Sundaram has been elevated as Chief Business Officer of the manufacturing business unit of the IT services company, with effect from October 26.
Vodafone Idea: The telecom operator has posted a net loss of Rs 8,738 crore for the July–September period of FY24, a widening from the loss of Rs 7,596 crore in the corresponding period last fiscal. Revenue from operations increased by nearly 1 percent YoY to Rs 10,716 crore, while EBITDA grew by 4.5 percent on-year to Rs 4,283 crore with a margin expansion of 140 bps at 40 percent for the quarter. Average revenue per user jumped to Rs 140 in Q2 FY24, up from Rs 131 in Q2 FY23 and Rs 139 in Q1 FY24.
Quick Heal Technologies: The antivirus and cybersecurity solutions company has registered a 41.7 percent YoY decline in profit at Rs 12.9 crore for the July–September period of FY24, dented by a lower topline. Revenue from operations for the quarter dropped 22.35 percent year over year to Rs 78.4 crore in Q2 FY24.
RailTel Corporation of India: The state-owned railway company has reported profit at Rs 68.15 crore for the quarter ended September FY24, growing 23.4 percent over a year-ago period despite a 420 bps contraction in EBITDA margin. Revenue from operations grew by 40 percent year over year to Rs 599.2 crore for the quarter.
NLC India: The coal mining company recorded consolidated profit of Rs 1,085 crore for the quarter ended September FY24, rising 164 percent year over year due to a one-time gain of Rs 1,278.5 crore. Revenue from operations for the quarter at Rs 2,978 crore fell by 14.66 percent compared to the same period last year.
Dixon Technologies: The electronic manufacturing services company has recorded a 47 percent on-year growth in profit at Rs 113 crore for the July-September period of FY24, with revenue from operations rising 28 percent YoY to Rs 4,943 crore and EBITDA climbing 37 percent to Rs 200 crore during the same period.
Kamat Hotels (India): The company has concluded the sale of its unit Hotel IRA by Orchid in Mumbai to Lateral Hospitality for Rs 125 crore. As a result, the firm has reduced its debt (towards redemption of non-convertible debentures) by Rs 125 crore, and consequently, the total debt now stands at Rs 172.50 crore. Further, it has taken on lease the same property from Lateral Hospitality for managing the operations of the hotel.
Karnataka Bank: The bank said its committee of directors of the board has approved the allotment of 3.34 crore equity shares to HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Quant Mutual Fund, Bharti AXA Life Insurance Company, and Bajaj Allianz General Insurance Company at a price of Rs 239.52 per share, amounting to Rs 800 crore on a preferential basis.
Astral: The building material company has started commercial production of the adhesives division at the Dahej plant.
Home First Finance Company India: The housing finance company has recorded nearly 37 percent on-year growth in profit at Rs 74 crore for the July–September period of FY24. Disbursement grew by 36.6 percent YoY to Rs 959 crore, and total income increased by 47 percent to Rs 278 crore during the same period.
Laxmi Organic Industries: The acetyl intermediates and specialty chemicals manufacturing company has reported a 24.6 percent on-year growth in consolidated profit at Rs 10.7 crore for the quarter ended September FY24, despite muted topline growth, driven by strong EBITDA performance. Revenue from operations grew by 0.01 percent YoY to Rs 652.3 crore for the quarter.
Novartis India: The pharma company is currently facing a shortage of one of its products, Simulect 20 mg. However, it is making its best efforts to mitigate the supply issue on a sustainable basis.
Venus Pipes & Tubes: The stainless steel pipes and tubes manufacturer has recorded 97.1 percent on-year growth in profit at Rs 20.3 crore for the quarter ended September FY24, driven by healthy exports and seamless pipes business. Revenue from operations grew by 51.4 percent YoY to Rs 191.4 crore for the quarter, and EBITDA surged 124.5 percent to Rs 34.8 crore with a margin expansion of 592 bps at 18.2 percent.
AGI Greenpac: The packaging products company has reported a massive 65.4 percent on-year growth in profit at Rs 56.1 crore for the quarter ended September FY24, with revenue growing 20 percent YoY to Rs 615.3 crore and EBITDA increasing 59 percent to Rs 139 crore during the quarter.
Womancart: The retail platform is set to debut on the NSE Emerge on October 27. The issue price is Rs. 86 per share. Its equity shares will be available for trading in the trade-for-trade segment.
