Stock to Watch Today - Rupeedesk Reports - 08.02.2024
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Zomato, Tata Consumer, Apollo Tyres, LIC, Mankind, PowerGrid, others in news.
Results on February 8: Grasim Industries, Life Insurance Corporation of India, Power Finance Corporation, Zomato, Biocon, Aarti Industries, Apollo Hospitals Enterprise, Aster DM Healthcare, Astrazeneca Pharma India, Balrampur Chini Mills, BEML, Concord Biotech, ESAF Small Finance Bank, Escorts Kubota, Hikal, Honeywell Automation, India Shelter Finance Corporation, ITD Cementation, JK Lakshmi Cement, NCC, Page Industries, Patanjali Foods, Rail Vikas Nigam, SKF India, Thermax, Torrent Power, and Zydus Wellness will release their December quarter earnings scorecard on February 8.
Zomato: The food delivery giant has announced the liquidation of its step-down subsidiary, Zomato Vietnam Company (ZVCL), with effect from February 2. Lunchtime.cz, a step-down subsidiary of Zomato in the Czech Republic, has also been liquidated with effect from February 6.
Tata Consumer Products: The FMCG company has registered a 17.3 percent on-year decline in consolidated profit at Rs 301.5 crore for the quarter ended December FY24 despite healthy operating numbers, impacted by an exceptional loss of Rs 91.53 crore. Revenue from operations grew by 9.5 percent YoY to Rs 3,804 crore for the quarter.
Apollo Tyres: The tire manufacturing company has recorded consolidated profit at Rs 496.6 crore for the third quarter of FY24, growing 78.1 percent over a year-ago period despite muted topline, backed by healthy operating numbers. Revenue from operations during the same period grew by 2.7 percent to Rs 6,595.4 crore.
Power Grid Corporation of India: The state-owned electric services company has recorded 10.5 percent year-on-year growth in consolidated net profit at Rs 4,028.3 crore for the October–December period of FY24, despite higher tax costs, driven by healthy operating numbers. Revenue from operations grew by 2.6 percent YoY to Rs 11,549.8 crore for the quarter.
SJVN: The company has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar power project in GUVNL Phase XXII. The tentative cost of construction and development for this project is Rs 1,100 crore. The ground-mounted solar project will be developed by subsidiary SJVN Green Energy anywhere in India through an EPC contract. The project will be commissioned in 18 months from the date of the power purchase agreement.
Inox India (INOXCVA): The cryogenic solutions company has signed a Memorandum of Understanding (MoU) with the Inter-University Accelerator Centre (IUAC) for the development of technology for the design and manufacture of superconducting magnet-based systems. The system will be used for clinical, industrial, defense, and research applications.
Mankind Pharma: Promoters Sheetal Arora, Arjun Juneja, and Puja Juneja have decided to sell a combined stake of 1.62 percent in Mankind to comply with the requirements of minimum public shareholding. A block deal of around Rs 1,330 crore has been launched for the above divestment at a floor price of Rs 2,050 per share, sources told Moneycontrol on the condition of anonymity.
JK Paper: The paper manufacturing company has registered a 29.1 percent on-year decline in consolidated profit at Rs 236.4 crore for the quarter ended December FY24, impacted by an overall drop in sales realization and a substantial increase in wood costs. Revenue from operations for the quarter increased by 2.7 percent to Rs 1,781.65 crore for the quarter.
Lupin: The pharma company has clocked a four-fold increase in consolidated profit at Rs 613.1 crore for the quarter ended December FY24, against Rs 153.5 crore in the year-ago period, backed by growth across segments, with US businesses growing 23.7 percent and India 13.4 percent. Revenue from operations jumped 20.2 percent YoY to Rs 5,197.4 crore for the quarter.
GMR Power and Urban Infra: The company has reported standalone profit of Rs 308 crore for the October–December period of FY24, growing 77 percent over the corresponding period of the last fiscal year, driven by lower finance and input costs and a higher exceptional gain. Revenue from operations fell by 38.2 percent YoY to Rs 168.7 crore for the quarter.
Manappuram Finance: The gold loan financing company has registered a 46.2 percent on-year growth in consolidated net profit at Rs 575.3 crore for the quarter ended December FY24. Net interest income for the quarter grew by 32.9 percent YoY to Rs 1,452.4 crore.
Piramal Pharma: The US Food and Drug Administration (US FDA) conducted a pre-approval inspection (PAI) of the company's Riverview (USA) facility from January 29 to February 6 and, on the conclusion, issued a Form 483 with 3 observations. The observations were classified under VAI (voluntary action indicated) and do not relate to data integrity.
Religare Enterprises: The company recorded consolidated net profit of Rs 33.6 crore for the October–December period of FY24, against a loss of Rs 95.5 crore in the same period last year. Revenue from operations during the quarter surged 29.6 percent YoY to Rs 1,510.6 crore. Profit compared to the previous quarter was down 16.8 percent, and revenue fell 4.65 percent percent.
Ashoka Buildcon: The highway developer has recorded consolidated profit of Rs 109.8 crore for the third quarter of FY24, falling 20.6 percent compared to the year-ago period, impacted by a lower operating margin and a sharp increase in input costs. Revenue from operations grew by 36 percent YoY to Rs 2,657.1 crore for the quarter.
RattanIndia Power: Indiabulls Real Estate has offloaded 4,21,91,964 equity shares, or 0.78 percent stake, via an open market transaction at an average price of Rs 12.15 per share, valued at Rs 51.26 crore. Indiabulls Real Estate held a 4.08 percent stake in the company as of December 2023.
Kalyani Steels: The company paid the balance cash of Rs 425.24 crore for the acquisition of the assets of Kamineni Steel & Power India. On January 10, this year, the company was declared a successful bidder for the acquisition of the assets of Kamineni Steel & Power India under the Insolvency and Bankruptcy Code, 2016.
Navin Fluorine International: Foreign portfolio investor Smallcap World Fund Inc. sold 5,10,449 equity shares, equivalent to 1.03 percent of paid-up equity in a chemicals company, via an open market transaction at an average price of Rs 3,099.7 per share. These shares were valued at Rs 158.22 crore. Smallcap World Fund held a 1.27 percent stake in Navin as of December 2023.
Indiabulls Housing Finance: Life Insurance Corporation of India, Star Funds S A Sicav-SIF-Star International Fund, iShares Core MSCI Emerging Markets ETF, Pimco Rae Emerging Markets Fund, and BREP Asia II Indian Holding Co V (NQ) Pte Ltd sold 3.17 crore equity shares in the housing finance company, which are valued at Rs 126.33 crore. However, Mahima Stocks, Shubhi Consultancy Services LLP, Singularity Growth Opportunities Fund II, Camellia Tradex, Sapphire Intrex, Monet Securities, Plutus Wealth Management LLP, ACM Global Fund VCC, SG Realtor, and Aalidhra Textool Engineers bought 2.87 crore equity shares worth Rs 116.02 crore in Indiabulls Housing.
Welspun Enterprises: The Brihanmumbai Municipal Corporation has declared Welspun Enterprises as the L1 bidder for a design, build, and operate (DBO) contract for the development of a new 2,000 MLD water treatment plant at the Bhandup complex, including civil, mechanical, electrical, and instrumentation. The project is to be designed and constructed within a period of 48 months and is to be comprehensively operated and maintained for a period of 15 years thereafter. The total contract value, excluding GST, is Rs 4,128 crore.
Bharat Petroleum Corporation: Petronet LNG, the joint venture of Bharat Petroleum Corporation (BPCL), has executed a long-term LNG sale and purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA liquified natural gas (LNG) on a long-term basis. The LNG sale and purchase agreement is a renewal of the existing agreement signed on July 31, 1999, which was set to expire in April 2028.
Cummins India: The power solutions company has reported standalone profit of Rs 455 crore for the quarter ended December FY24, growing 26.3 percent over a year-ago period, driven by healthy operating numbers. Revenue from operations increased by 16.2 percent YoY to Rs 2,534 crore for the quarter, with domestic sales rising 36 percent YoY to Rs 2,177 crore and exports up 40 percent to Rs 325 crore during the quarter.
Indus Towers: Foreign portfolio investor Artisan International Value Fund sold 3,33,46,663 equity shares, which is equivalent to 1.2 percent of paid-up equity, in the tower infrastructure company via open market transactions at an average price of Rs 215.1 per share. These shares were valued at Rs 717.3 crore. Artisan had held a 1.71 percent stake in the company as of December 2023.
Gujarat Narmada Valley Fertilizers & Chemicals: The chemical company has recorded consolidated profit at Rs 97 crore for the third quarter of FY24, falling 70.2 percent compared to Rs 326 crore in the year-ago period, impacted by lower topline and operating numbers. Revenue dropped 21.9 percent YoY to Rs 2,088 crore for the quarter.
Indraprastha Gas: The natural gas distribution company has signed a Memorandum of Understanding (MOU) with two technology partners to establish compressed biogas (CBG) plants across four states, namely Delhi, Haryana, Rajasthan, and Uttar Pradesh. Additionally, IGL has already appointed two other partners for the same purpose. The biogas produced from these 19 plants will be fed into the company's city gas distribution network.
Sobha: The south-based real estate developer has recorded consolidated profit of Rs 15.08 crore for the third quarter of FY24, falling 52.6 percent compared to the year-ago period, despite a higher operating margin and lower input costs. Revenue from operations fell 21.1 percent YoY to Rs 684.9 crore for the quarter.
Kalpataru Projects International: The infrastructure EPC company has registered consolidated profit of Rs 144 crore for the quarter ended December FY24, growing 32.1 percent over the year-ago period despite a lower operating margin. Revenue from operations for the quarter increased by 22.3 percent to Rs 4,896 crore, led by robust execution and a healthy order book in transmission and distribution, buildings and factories, water, and urban infrastructure businesses. The consolidated order book at the end of December FY24 stood at Rs 51,753 crore.
Star Housing Finance: Perennial Emerging Growth Fund has bought 5 lakh equity shares in the company at an average price of Rs 62.94 per share.
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