Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: L&T Finance, RBL Bank, Lupin, Grasim, Dabur, Utkarsh SFB, others in news.
L&T Finance Holdings: The retail disbursements for Q3FY24 are estimated at Rs 14,500 crore, a growth of 25 percent on a YoY basis, while the retail loan book at the end of Q3FY24 is pegged at Rs 74,750 crore, growing 31 percent YoY. Retalisation of the portfolio is estimated at 91 percent at the end of Q3 FY24.
RBL Bank: The private sector lender has registered a 13 percent on-year growth in total deposits at Rs 92,743 crore for the quarter ended December FY24, with retail LCR deposits growing 16 percent YoY to Rs 41,209 crore. The CASA ratio dropped to 33.8 percent in Q3 FY24 from 36.6 percent in the same period last year. Gross advances grew by 20 percent YoY to Rs 81,870 crore, with retail advances rising 32 percent YoY and wholesale advances 6 percent YoY during the quarter.
Lupin: The global pharma major has received a tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Dapagliflozin and Saxagliptin tablets, which are available in 5 mg/5 mg and 10 mg/5 mg strengths, to market a generic equivalent of Qtern tablets from AstraZeneca AB. This product will be manufactured at Lupin’s Pithampur facility in India. Dapagliflozin and Saxagliptin tablets are indicated as adjuncts to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.
Dabur India: The quarter ended December FY24 witnessed sequential improvement in demand trends, although rural growth was still lagging urban growth. Early signs of a revival in consumption are visible with improving trends in volumes. The consolidated revenue is expected to register mid- to high-single-digit growth during Q3 FY24. In India, the food and beverage (F&B) segment is expected to grow in the high single digits, and home and personal care (HPC) is expected to record growth in the mid-single digits, while international business is expected to register double-digit growth in constant currency terms, led by good momentum in the MENA region.
Utkarsh Small Finance Bank: The small finance bank has recorded a 30.8 percent on-year growth (up 10.2 percent QoQ) in gross loan portfolio at Rs 16,408 crore for the quarter ended December FY24, while total deposits increased by 17.6 percent YoY and 8.2 percent QoQ to Rs 15,111 crore during the quarter. CASA deposits rose by 11.6 percent YoY and 8.3 percent QoQ to Rs 3,016 crore, while the CASA ratio dropped YoY to 20 percent from 21 percent but improved sequentially from 19.9 percent.
Grasim Industries: The Aditya Birla Group company has received approval from the Board of Directors for the rights issue worth Rs 3,999.80 crore and set the issue price at Rs 1,812 per share. The rights issue will open between January 17 and January 29, 2024. The record date for the issue has been fixed as January 10, and the rights entitlement ratio for the issue is set at 6 rights equity shares for every 179 fully paid-up equity shares of the company held by the eligible equity shareholders.
Power Finance Corporation: The state-owned power projects financing company has raised its market borrowing program to Rs 1.05 lakh crore from Rs 80,000 crore for the current financial year 2023–24.
Jammu & Kashmir Bank: The lender has recorded gross advances for the December FY24 quarter at Rs 93,626.5 crore, a 14.13 percent growth over a year-ago period. Total business grew by 11.8 percent YoY to Rs 2,18,650 crore, while total deposits increased by 9 percent YoY to Rs 1,28,544 crore. CASA deposits for the quarter rose by 2.68 percent year over year to Rs 65,035 crore.
Coforge: The board members appointed Saurabh Goel as the Chief Financial Officer (CFO) of the company, with effect from January 5. Ajay Kalra has relinquished the position of CFO of the company due to personal reasons and to pursue other opportunities. Kalra will continue to be a full-time employee and a senior advisor to the company until July 10, 2024.
Jupiter Wagons: The company has received a contract worth Rs 473 crore from the Ministry of Defense for the manufacturing and supply of 697 Boggie open military (BOM) wagons.
Torrent Pharmaceuticals: The pharma company has incorporated a subsidiary, Farmacéutica Torrent Colombia SAS, in Colombia for 429 crore Colombian pesos.
Sunteck Realty: Pabrai Investment Funds offloaded a 2.03 percent stake in the realty company via open market transactions on January 2. With this, their stake in the company was reduced to 6.58 percent, from 8.61 percent earlier.
Sobha: Foreign investor Dendana Investments Mauritius has picked 5,09,500 equity shares, which is equivalent to 0.53 percent of paid-up equity, via open market transactions, at an average price of Rs 1,269.57 per share. These shares were valued at Rs 64.68 crore. The south-based real estate developer has recorded 37 percent on-year growth in total sales value at Rs 1,951.6 crore, with Sobha's share at Rs 1,735.5 crore, which increased 56.2 percent YoY. Average price realization at Rs 11,732 per square foot grew by 21.5 percent over Rs 9,653 per square foot YoY.
Sun TV Network: Kal Radio has approved the proposed scheme of amalgamating Udaya FM with Kal Radio. The scheme is subject to necessary statutory and regulatory approvals, including sanction by the National Company Law Tribunal. The amalgamated company will be Kal Radio, the subsidiary of Sun TV Network. The appointed date for the proposed amalgamation has been fixed as April 1, 2023.
Syrma SGS Technology: The company has incorporated a wholly owned subsidiary, Syrma Mobility. The new company will do the business of designers, manufacturers, and assemblers of memory chips, memory modules, PCB assemblies, and other storage products.
ESAF Small Finance Bank: The bank has recorded total deposits at Rs 18,860 crore for the quarter ended December FY24, a 40.62 percent YoY and 8.3 percent QoQ growth, while CASA deposits increased 20.34 percent YoY and 13.33 percent QoQ to Rs 3,562 crore. Gross advances for the quarter at Rs 17,156 crore grew by 36.77 percent YoY and 13.44 percent QoQ. Asset quality weakened with the gross non-performing assets (NPA) rising 152 basis points QoQ to 4.16 percent and the net NPA increasing 99 basis points QoQ to 2.2 percent for Q3 FY24.
Kay Cee Energy & Infra: The EPC company is set to list shares on the NSE Emerge on January 5. The final issue price has been fixed at Rs. 54 per share. Its equity shares will be available for trading in the trade-for-trade segment.
UFO Moviez India: The management of UFO Moviez India has approved the termination of its joint venture agreements, dated July 6, 2023, executed with Qube Cinema Technologies. They entered into JV agreements for selling advertisement inventory and mastering digital content. However, they have been unable to reach a consensus on certain matters, including, in particular, the management structure of the joint venture companies. As a result of this, they were not able to operationalize the joint ventures and hence have mutually agreed to terminate the JV agreements.
Dhampur Sugar Mills: The board members have approved the share buyback proposal worth up to Rs 30 crore. The record date is January 17, 2024.
Zuari Industries: Zuari Envien Bioenergy ceased to be a wholly-owned subsidiary of Zuari Industries with effect from January 4 and will continue as a 50:50 joint venture company of Zuari Industries and Envien International (a part of the Malta-based Envien Group). Zuari Envien Bioenergy has allotted 1,84,90,000 partly-paid-up equity shares to Envien in addition to the existing 10,000 fully-paid-up equity shares allotted to Envien, while Zuari Industries is holding 10,000 fully-paid-up equity shares and 1,84,90,000 partly-paid-up equity shares in Zuari Envien Bioenergy.
Waaree Renewable Technologies: The Board of Directors will be meeting on January 20 to consider the proposal for sub-division of the equity shares of the company.
Tracxn Technologies: Foreign company Seabright II sold 5.8 lakh shares, which is equivalent to 0.56 percent of paid-up equity capital at an average price of Rs 114.44 per share. Seabright held a 4.16 percent stake as of September 2023.
