Stock to Watch Today - Rupeedesk Reports - 02.01.2024
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Bharti Airtel, Tata Steel, Nestle, Coal India, Ultratech Cement, others in news.
Bharti Airtel: As a part of group restructuring, subsidiary Bharti Airtel Services has entered into an agreement for the acquisition of 49,45,239 equity shares, representing a 97.1 percent stake in another Bharti Group company, Beetel Teletech. Beetel Teletech also has a 49 percent stake in a joint venture with two manufacturing facilities that produce telecom and networking products, including those qualifying for the production-linked incentive (PLI) scheme.
Tata Steel: The National Company Law Tribunal, Kolkata, sanctioned the scheme of amalgamation among Tata Steel, The Tinplate Company of India, and their respective shareholders.
Nestle India: The FMCG company has received an order for demand of tax amounting to Rs 46.4 crore under the CGST/SGST Act, applicable interest, and penalty amounting to Rs 4.65 crore from the Additional Commissioner, Office of the Principal Commissioner, Central Goods & Services Tax & Central Excise Commissionerate, Chandigarh.
TVS Motor Company: The two-and-three-wheeler company recorded monthly sales of 3,01,898 units in December 2023, with a growth of 25 percent as against 2,42,012 units in the same month last year. The total exports grew by 8 percent year-on-year to 85,391 units in December 2023.
Asian Paints: Life Insurance Corporation of India has increased its shareholding in Asian Paints by 48,652 equity shares, from 4.995 percent to 5.000 percent of the paid-up capital of the said company.
Life Insurance Corporation of India: The Corporation has received a demand order of Rs 806.3 crore for the collection of GST along with interest and penalty for Maharashtra state from the Deputy Commissioner of State Tax, Mumbai. The demand order cum penalty notice is for FY2017–18, including GST of Rs 365 crore and a penalty of Rs 404.77 crore. There is no material impact on the financials, operations, or other activities of the corporation.
Eicher Motors: The Royal Enfield sold 63,387 motorcycles in December 2023, down by 7 percent from 68,400 motorcycles in the same month last year. Exports declined 29 percent to 6,096 motorcycles, down from 8,579 units during the same period.
SJVN: The Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has agreed to the proposal of the Company and Ministry of Power to form four joint venture (JV) companies for the development of hydroelectric and renewable projects in India and Nepal. The company will form a joint venture with Maharashtra State Power Generation Company to develop 5,000 MW of RE projects. Another JV will be between the Government of Arunachal Pradesh and Navyuga Engineering Company to execute the development of the 1,878 MW Oju hydroelectric project in Arunachal Pradesh. In the third JV, the company will be collaborating with the Nepal Electricity Authority and GMR Energy for the implementation of the 900 MW Upper Karnali Hydroelectric Project in Nepal. Further, subsidiary SJVN Green Energy will be forming a JV with Assam Power Development Company to develop 1,000 MW of RE projects in Assam.
Coal India: The coal production in December 2023 increased by 8.2 percent YoY to 71.9 million metric tons, and the same in the period of April–December 2023 grew by 11 percent to 531.9 million metric tons compared to the year-ago period. The offtake rose by 6.1 percent year over year to 66.6 million metric tons during the month of December 2023, while the offtake in the nine-month period ending December 2023 grew by 8.7 percent to 552 million metric tons compared to the corresponding period last year.
TVS Srichakra: The company has received an order from the office of the Joint Commissioner of CGST & CE, Madurai, with a tax demand of Rs 9.94 crore along with interest and penalties.
UltraTech Cement: The country's largest cement company has recorded a 6 percent YoY (2 percent QoQ) growth in consolidated sales volume at 27.32 million metric tons, with India sales volume growing 5 percent YoY (2 percent QoQ) to 26.06 million metric tons.
APL Apollo Tubes: The structural steel tube company has registered a sales volume of 6,03,659 metric tons in Q3 FY24, down 0.2 percent compared to 6,05,049 metric tons in Q3 FY23 and down 10.5 percent compared to sales of 6,74,761 metric tons in Q2 FY24. The Q3 FY24 sales volume declined QoQ due to channel de-stocking in anticipation of a steel price correction.
Sheela Foam: Based on the representation made by the company, the Joint Commissioner, Central GST Commissionerate, Noida, passed a new order, saying it dropped the majority of demands and confirmed a demand of Rs 3,25,100 plus interest and a penalty of Rs 32,510. Earlier in October, the company received a Show Cause Cum Demand Notice from the Commissioner of GST Intelligence, alleging a tax demand of Rs 20.26 crore in addition to an equivalent penalty of Rs 20.26 crore and applicable interest on the said demand.
Zydus Wellness: Heinz India, which merged with Zydus Wellness Products, a wholly owned subsidiary company, has received an order from the Office of Commissioner of GST and Central Excise, Maharashtra, alleging short payment of tax, interest, and penalty of Rs 19.03 crore for FY2017-18 to FY2019-20.
Power Grid Corporation of India: Power Grid is declared a successful bidder to establish an inter-state transmission system for the evacuation of power from REZ in Rajasthan (20GW) under Phase III, Part D, Phase I, on a build, own, operate, and transfer (BOOT) basis. The scope of the project comprises the establishment of 765 kV D/C transmission lines traversing Rajasthan and Delhi, along with associated bay extension works at existing substations located in Rajasthan and Delhi.
G R Infraprojects: The company emerged as a successful bidder and has received a Letter of Intent for "transmission system for evacuation of power from RE projects in Rajgarh (1000 MW) SEZ in Madhya Pradesh, Phase II, through a tariff-based competitive bidding process (TBCB), with annual transmission charges of Rs 41.9 crore.
Minda Corporation: Subsidiary Minda Instruments has received an order from the Additional Commissioner, Central Goods & Services Tax, Pune, confirming the demand for GST amounting to Rs 67.82 crore (a penalty of 100 percent of GST and applicable interest) for the period July 2017 to March 2021 on account of the issue concerning the classification of the goods under the relevant provisions of the CGST Act and similar provisions under the IGST Act.
South Indian Bank: The lender has announced 10.83 percent on-year growth in gross advances at Rs 77,713 crore for the quarter ended December FY24. In the same period, deposits increased by 9.37 percent year over year to Rs 99,164 crore, while CASA rose by 2.8 percent YoY to Rs 31,529 crore.
SRF: The company had incorporated SRF Altech, a wholly owned subsidiary, to set up the manufacturing facility for the manufacture of aluminum foil. The said facility has been commissioned and capitalized at a cost of Rs 536 crore.
Kirloskar Pneumatic: Ramesh Birajdar, Vice President Corporate Finance would take over as Vice President and Chief Financial Officer and key managerial personnel of the company effective January 2, after the superannuation of Suhas S. Kolhatkar as Vice President and Chief Financial Officer of the company.
Dhanlaxmi Bank: The total deposits grew by 10.6 percent YoY to Rs 14,310 crore, and gross advances increased by 11.9 percent to Rs 10,347 crore in Q3 FY24. The gold loan segment registered a 28.36 percent YoY growth at Rs 2,675 crore, and CASA grew by 5.69 percent YoY to Rs 4,459 crore during the quarter.
Surya Roshni: The company's lighting and consumer durable business is debt-free, i.e., a completely borrowing-free segment as of December 2023. The segment has no long-term and working capital borrowings as of date.
Gensol Engineering: The company has received approval from the Board of Directors for raising funds up to Rs 300 crore through public issue, preferential allotment, and private placement, including one or more qualified institutional placements of equity shares (QIP).
Veerhealth Care: The company has received a preliminary sample export order worth $50,000 (Rs 41.50 lakh approximately) from one of the top institutional supplier companies in the United States of America. The company has been manufacturing and exporting various types of oral care products to East African countries, and now it will be entering the USA market, which will open up other markets worldwide for the manufacturing and supply of oral care products.
Kernex Microsystems (India): The joint venture company, VRRC-KERNEX-CE-RVR JV, has received an order worth Rs 109.46 crore from South Central Railway for comprehensive signaling and telecommunication works for the provision of an automatic block signaling system.
JTL Industries: The steel tube manufacturing company has recorded its highest ever quarterly sales volume of 1,00,905 MT in Q3 FY24, a robust growth of 76.05 percent over Q3 FY23 driven by healthy demand for its structural steel tubes and pipes finding application in infrastructure and industrial sectors in both domestic and international markets.
NRB Bearings: Pankaj Khemka resigned as Chief Financial Officer of the company with effect from December 31, 2023, due to personal reasons. In the interim, Satish Rangani, Executive Director, shall discharge the finance function of the company.
RITES: Manobendra Ghoshal, the Chief Strategy Officer, has been relieved from RITES on January 1, 2024, to join as Chairman and Managing Director of MSTC, and thereby ceased to be among the senior management of the company.
Religare Enterprises: Subsidiary Care Health Insurance (CHIL) has received an order from the Principal Commissioner, Central Goods and Service Tax and Central Excise Commissionerate, Chandigarh, under the Central Goods and Services Tax Act, raising a tax demand of Rs 35.92 crore along with a penalty of Rs 3.59 crore and applicable interest.
Alembic Pharmaceuticals: The company has received approval for various products, including Selexipag tablets, Rivaroxaban tablets, Dapsone gel, Bromfenac Ophthalmic Solution, Fluorouracil injection, Carmustine for injection, Acyclovir cream, and Osimertinib tablets, from the US Food and Drug Administration (USFDA) during the quarter ended December 2023. Alembic has a cumulative total of 196 ANDA approvals (170 final approvals and 26 tentative approvals) from the USFDA.
AIK Pipes and Polymers: The company will list its equity shares on the BSE SME on January 2. The issue price is Rs. 89 per share. The stock will be in the trade-for-trade segment for 10 trading days.
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