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Buzzing Stocks: SBI, Indigo, Vedanta, Adani Ports, L&T, Bharti Airtel and others in news.
Adani Ports and Special Economic Zone: The Adani Group company recorded a 27 percent YoY growth in cargo volumes during October 2023 and is targeting a 200 MMT milestone in cargo volumes during FY25.
State Bank of India: The country's largest lender has recorded 8 percent on-year growth in standalone profit at Rs 14,330 crore on lower provisions and higher other income, but pre-provision operating profit dropped 8 percent. Net interest income grew by 12.3 percent year-on-year to Rs 39,500 crore during the quarter, with net interest margin declining 3 bps YoY to 3.29 percent. Loan growth stood at 12.4 percent, and deposits grew by 11.9 percent in Q2 FY24. Asset quality improved with the gross NPA falling 21 bps QoQ to 2.55 percent and the net NPA down 7 bps to 0.64 percent for the quarter.
InterGlobe Aviation: The low-cost airline IndiGo operator has reported profit of Rs 188.9 crore for the quarter ended September FY24, against a loss of Rs 1,583.3 crore in the year-ago period. Revenue from operations increased by 19.6 percent YoY to Rs 14,944 crore. EBITDAR surged nearly 11-fold to Rs 2,446.4 crore, and the margin improved sharply to 16.4 percent from 1.8 percent during the same period.
Vedanta: The mining company has posted a consolidated loss of Rs 915 crore for the July–September period of FY24, against a profit of Rs 2,687 crore in the year-ago period. Consolidated revenue from operations increased by 6 percent YoY to Rs 38,546 crore in Q2 FY24, driven by higher sales volume, favourable movement in the exchange rate, and favourable arbitration awards, partially offset by lower commodity prices and strategic hedging gains in FY23. EBITDA jumped 47 percent YoY to Rs 11,834 crore in Q2 FY24, supported by a reduction in operational costs, a softening of input commodity prices, foreign exchange gains, and favourable arbitration awards, partially offset by strategic hedging gains in Q2 FY23.
Larsen & Toubro: Subsidiary L&T Infrastructure Development Projects (L&T IDPL) has entered into a share purchase agreement with CPPIB India, Allianz Infrastructure Luxembourg II S À R L, and 2726247 Ontario Inc. for the sale of its entire shareholding in Interise Investment Managers, a wholly owned subsidiary of L&T IDPL, for Rs 103.86 crore.
PB Fintech: The Policybazaar and Paisabazaar platform operators have recorded consolidated losses of Rs 21.1 crore for the quarter ended September FY24, narrowing sharply from losses of Rs 186.64 crore in the year-ago period. Consolidated revenue grew by 42 percent YoY to Rs 812 crore, and core online revenue increased by 46 percent YoY to Rs 597 crore. Adjusted EBITDA stood at Rs 13 crore in Q2 FY24, against a loss of Rs 53 crore in Q2 FY23, and in the same period, EBITDA margin was at 2 percent against an EBITDA negative margin of 9 percent.
JSW Infrastructure: The JSW Group company has registered a massive 89 percent on-year growth in consolidated profit at Rs 254.4 crore for the quarter ended September FY24. Revenue from operations during the same period increased by 28.1 percent to Rs 848.3 crore during the same period. Meanwhile, the company has received approval from the board for the acquisition of Marine Oil Terminal Corp. and its Fujairah branch by subsidiary JSW Terminal (Middle East) FZE from MPT Commodities, British Virgin Islands (Mercuria Group).
Punjab National Bank: The Reserve Bank of India has imposed a monetary penalty of Rs 72 lakh on PNB for non-compliance with certain norms related to interest rate on deposits, interest rate on advances, and customer service.
Bharti Airtel: The telecom operator has entered into a share purchase agreement (SPA) with Manipura Digital Infrastructure Opco Pte Ltd for the transfer of its entire stake in Firefly Networks for Rs 6.05 crore. Upon the transfer of its stake, Firefly will cease to be a joint venture of the company.
JK Cement: The cement company has recorded consolidated profit at Rs 178.1 crore for the quarter ended September FY24, growing 58.5 percent over a year-ago period, backed by robust operating performance. Consolidated revenue from operations grew by 23 percent to Rs 2,753 crore compared to the year-ago period.
Bank of Baroda: The public sector lender has registered a 28.4 percent on-year growth in standalone net profit at Rs 4,253 crore for the July–September period of FY24 despite a spike in provisions, driven by healthy other income and pre-provision operating profit. Net interest income grew by 6.5 percent year-on-year to Rs 10,831 crore, with deposits rising 14.6 percent and advances increasing 17.3 percent YoY. Asset quality has seen improvement, with the gross NPA declining 19 bps QoQ to 3.32 percent and the net NPA down 2 bps to 0.76 percent for the quarter.
JK Paper: The paper and packaging solutions company registered consolidated profit of Rs 305.7 crore for the July–September period of FY24, impacted by tepid topline growth and weak operating performance. Consolidated revenue from operations grew by 0.4 percent YoY to Rs 1,650 crore for the quarter.
Bank of India: The public sector lender has recorded standalone profit at Rs 1,458 crore for the quarter ended September FY24, increasing by 52 percent over a year-ago period. Net interest income grew by 13 percent year over year to Rs 5,740 crore for the quarter, with deposits increasing 8.68 percent and advances rising 10 percent YoY. Asset quality improved with the gross NPA falling 83 bps QoQ to 5.84 percent and the net NPA declining 11 bps to 1.54 percent for the quarter.
GMR Power and Urban Infra: The company has posted a consolidated loss of Rs 105.3 crore for the quarter ended September FY24, against a profit of Rs 1,082.7 crore in the corresponding period of the last fiscal. Consolidated revenue from operations plunged by 60.3 percent YoY to Rs 627.5 crore during the quarter.
Crompton Greaves Consumer Electricals: The company has reported consolidated profit at Rs 97.22 crore for the quarter ended September FY24, declining 22.7 percent compared to the year-ago period, impacted by weak operating performance. Revenue from operations grew by 4.9 percent to Rs 1,782.3 crore compared to the corresponding period last fiscal.
Godrej Agrovet: The agri-business company has reported consolidated profit at Rs 103.9 crore for the July–September period of FY24, growing 49.3 percent over a year-ago period, driven by healthy operating performance. Revenue from operations increased by 5 percent YoY to Rs 2,571 crore in Q2 FY24.
Lemon Tree Hotels: The hotel chain has signed a licence agreement for its 150-room property in Yadagirigutta, Telangana, under the brand Keys Select by Lemon Tree Hotels. The hotel is expected to be operational by FY26.
NTPC: The country's largest power generation company has announced the commissioning of the first part capacity of 50 MW out of 150 MW of Dayapar Wind Energy Project Phase-I in Bhuj, Gujarat. With this, the group installed and commercial capacity of NTPC has become 73,874 MW.
Cello World: The consumer products company will list its equity shares on the bourses on November 6. The final issue price has been fixed at Rs. 648 per share.
Shipping Corporation of India: The shipping company has reported consolidated profit of Rs 65.7 crore for the quarter ended September FY24, falling 42.5 percent compared to the year-ago period despite healthy other income, impacted by a lower topline. Revenue from operations fell by nearly 23 percent to Rs 1,093.2 crore compared to the corresponding period last fiscal.
Greaves Cotton: The company has executed definitive agreements with Runal Developers LLP to sell its land in Pune for Rs 284 crore. Hence, the transaction will be closed on November 3.
Arvind Fashions: The casual and denim player has signed definitive agreements with Reliance Beauty & Personal Care (RBPCL) to sell its subsidiary Arvind Beauty Brand Retail (ABBRL), which runs Sephora India, in a cash transaction. RBPCL is a wholly owned subsidiary of Reliance Retail Ventures. Arvind Fashions intends to use the proceeds to invest in the growth of its brand portfolio and the repayment of debt.
Punjab & Sind Bank: The public sector lender has recorded a 32 percent on-year decline in profit at Rs 189 crore for the July-September period of FY24 despite provisions write-back, impacted by lower pre-provision operating profit. Tax expenses for the quarter stood at Rs 106.16 crore against a tax write-back of Rs 85.38 crore in the same period last year. Net interest income, too, was down by 13 percent YoY to Rs 675 crore for the quarter. Asset quality improved in Q2FY24, with gross NPA falling 57 bps QoQ to 6.23 percent and net NPA down 7 bps QoQ to 1.88 percent.
Ethos: The largest luxury watch retailer said its Fund Raising Committee has approved the allotment of 11,31,210 equity shares to eligible qualified institutional buyers at an issue price of Rs 1,547 per share, amounting to Rs 175 crore.
Metropolis Healthcare: The diagnostics company has registered a 12.2 percent on-year decline in profit at Rs 36 crore for the quarter ended September FY24, impacted by tepid topline growth and weak operating performance. Revenue from operations grew by 3 percent year-on-year to Rs 309 crore, and core business revenue (excluding COVID and COVID-allied PPP contracts) jumped 13.5 percent to Rs 302 crore in Q2 FY24.
Affle (India): The technology company has registered a 13.8 percent on-year increase in profit at Rs 66.8 crore for the July–September period of FY24. Revenue from operations grew by 21.6 percent to Rs 431.3 crore compared to the corresponding period last fiscal, driven by broad-based growth from both CPCU and non-CPCU businesses across India and international markets.
Thermax: The energy and environment solutions provider has reported consolidated profit of Rs 158.6 crore for the quarter ended September FY24, rising 45.3 percent over a year-ago period, backed by strong operating numbers across all segments. Consolidated revenue from operations increased by 11 percent YoY to Rs 2,302.5 crore during the quarter.
Data Patterns (India): The defence and aerospace electronics solutions provider has recorded a 60.5 percent on-year growth in profit at Rs 33.8 crore for the July–September period of FY24, with a strong EBITDA margin and a healthy topline. Revenue from operations increased by 23 percent to Rs 108.3 crore compared to the corresponding period last fiscal.
Federal Bank: The Reserve Bank of India has imposed a monetary penalty of Rs 30 lakh on the Federal Bank for non-compliance with KYC norms.
Cigniti Technologies: CV Subramanyam has resigned as Managing Director of the company due to personal reasons, with effect from November 3. Consolidated profit in Q2 FY24 grew by 10.4 percent YoY to Rs 45.8 crore, and revenue from operations increased by 8.4 percent to Rs 451.8 crore during the quarter ended September FY24.
Vrundavan Plantation: The nursery business company will debut on the BSE SME on November 6. The issue price is Rs. 108 per share. Equity shares will be available for trading in the trade-for-trade segment for 10 days.
EIH: The hospitality company recorded consolidated profit of Rs 94.1 crore for the July–September period of FY24, growing strongly by 321 percent over the year-ago period. Consolidated revenue from operations increased by 32.5 percent year over year to Rs 552.5 crore during the quarter.
Transteel Seating Technologies: The furniture company will list its equity shares on the NSE Emerge on November 6. The issue price has been fixed at Rs. 70 per share. Equity shares will be available for trading in the trade-for-trade segment.
KK Shah Hospitals: The healthcare services provider will list its equity shares on the BSE SME on November 6. The offer price is Rs. 45 per share. Equity shares will be available for trading in the trade-for-trade segment for 10 days.
