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Buzzing Stocks: Shriram Finance, DLF, Jindal Steel, Cochin Shipyard, RVNL, Hero MotoCorp, and others in news.
Shriram Finance: The company said its board members have approved the sale of its housing finance subsidiary Shriram Housing Finance (SHFL) to global investor Warburg Pincus, for Rs 4,630 crore. Warburg Pincus will acquire the stake through its affiliate Mango Crest Investment from all the sellers. Shriram Finance holds a controlling stake in SHFL while private equity firm Valiant Partners LP, Mauritius, holds the remaining ownership. As a part of this transaction, Valiant will also completely divest its equity stake to Warburg Pincus.
DLF: The real estate major has recorded a massive 61.5% on-year growth in consolidated net profit at Rs 920.7 crore for the quarter ended March FY24, with strong topline and operating numbers. Revenue from operations grew 46.6% on-year to Rs 2,135 crore for the quarter. On the operating front, EBITDA increased 89.3% on-year to Rs 754 crore for the quarter, with a margin expansion of 790 bps at 35.3%.
Jindal Steel & Power: The company has reported a consolidated net profit of Rs 933.5 crore for the March FY24 quarter, growing 100.5% over the corresponding period of the previous fiscal despite a lower topline, aided by the operating margin that was boosted by lower input cost. The profit in Q4FY23 was impacted by an exceptional loss of Rs 153.5 crore. Revenue from operations declined 1.5% on-year to Rs 13,487 crore for the quarter, with sales volume falling to 2.01 million tonnes, from 2.03 million tonnes during the same period.
Sanofi India: The pharma company has recorded a standalone net profit of Rs 136.6 crore for the first quarter of calendar year 2024, falling 28.3% compared to the year-ago period, impacted by the exceptional loss of Rs 26.7 crore (against exceptional gain of Rs 17.8 crore in Q12023) and lower topline. Revenue from operations fell 0.55% on-year to Rs 732.4 crore during the quarter.
Cochin Shipyard: The company has bagged a large order (in the range of Rs 500-1,000 crore) from a European client, for the design and construction of a hybrid service operation vessel (Hybrid SOV) with an option for two more such vessels. The vessel is equipped with hybrid battery systems to improve energy efficiency and reduce carbon foot prints. The project is expected to be completed by the end of 2026.
Rail Vikas Nigam: The company has received Letter of Acceptance from Southern Railway for provision of automatic block signaling system in Jolarpettai junction to Erode junction of Salem division in Southern Railway. The order worth Rs 239.1 crore is expected to be executed within 12 months.
Hero MotoCorp: The world’s largest manufacturer of scooters and motorcycles has joined the ONDC Network, becoming the first auto company in the country to join the network. The open network will initially offer two-wheeler parts, accessories and merchandise.
JBM Auto: The automotive components maker has recorded a consolidated net profit of Rs 55.75 crore for the January-March FY24 quarter, growing 99% over the same period of the previous fiscal, with strong topline and operating numbers. Revenue from operations grew by 47.11% YoY to Rs 1,486 crore for the quarter, while EBITDA surged 60.4% on-year to Rs 172.3 crore with margin expansion of 100 bps at 11.6% for the quarter.
Welspun Corp: Priyaranjan Kumar has resigned from the position of the Chief Human Resource Officer of the company due to personal reasons, with effect from July 30, 2024. Bindu Nambiar has been appointed as Head HR, with effect from May 13.
Vedanta: The mining company said the board of directors will consider the raising of funds via issue of equity shares or any other securities convertible into equity shares on May 16.
Chalet Hotels: The hotels chain has recorded consolidated net profit at Rs 82.4 crore for quarter ended March FY24, growing 125% over the same period of previous fiscal, backed by lower tax cost and low base. In Q4FY23, it had an exceptional loss of Rs 18.4 crore. Revenue from operations grew by 23.8% on-year to Rs 418.3 crore for the quarter. Meanwhile, Milind Wadekar will step down as the Chief Financial Officer of the company with effect from June 30 this year, and will continue as a member of the senior management of the company till September 30. Thereafter, he will move on to a higher role within the K Raheja Corp Group with effect from October 1. Nitin Khanna will be appointed as Chief Financial Officer of the company with effect from July 1.
BLS E-Services: The company has registered consolidated net profit at Rs 10.3 crore for March FY24 quarter, falling 58.55% compared to year-ago period as the base was high. In Q4FY23, profit was boosted by exceptional gain of Rs 22 crore. The subdued operating numbers and tepid topline growth impacted bottomline. Revenue from operations grew by 1.3% on-year to Rs 73.6 crore for the quarter.
Results on May 14: Bharti Airtel, Shree Cement, Siemens, Apollo Tyres, Bajaj Electricals, Colgate-Palmolive (India), Bharti Hexacom, PVR Inox, BLS International Services, Devyani International, Ideaforge Technology, Oberoi Realty, Patanjali Foods, and Radico Khaitan will release March FY24 quarter earnings on May 14.
Nelcast: The ductile and grey iron castings producer has reported consolidated net profit at Rs 5.07 crore for March FY24 quarter, rising 13% over corresponding period of previous fiscal despite weak topline and operating numbers. Revenue from operations fell 5.65% on-year to Rs 295.5 crore during the quarter.
Anant Raj Industries: Axis Mutual Fund A/C Axis Small Cap Fund bought 26 lakh equity shares (equivalent to 0.76% of paid-up equity) of the company at an average price of Rs 368 per share via open market transactions, which amounted to Rs 95.68 crore.
Smartlink Holdings: Samvitti Capital Alpha Fund has purchased 72,110 equity shares (equivalent to 0.7% of paid-up equity) in the company at an average price of Rs 277.81 per share.
Great Eastern Shipping Company: Foreign portfolio investor Nalanda India Equity Fund sold 20 lakh equity shares (equivalent to 1.4% of paid-up equity) in the company at an average price of Rs 950.25 per share. However, Ghisallo Master Fund LP picked 19,58,286 equity shares in the company at an average price of Rs 950 per share, which valued at Rs 186.03 crore. As of March 2024, Nalanda India Equity Fund held 7.37% stake in the company.
SG Mart: Ohana India Growth Fund bought 12 lakh equity shares (equivalent to 1.07% of paid-up equity) in the company at an average price of Rs 446 per share.
Finelistings Technologies: The company will list its equity shares on the BSE SME on May 14. The issue price is Rs 123 per share. The stock will be available in trade-for-trade segment for 10 trading days.
Winsol Engineers: The trading in equity shares of the company will commence on the NSE Emerge with effect from May 14. The issue price has been fixed at Rs 75 per share. Its equity shares will be available for trading in trade-for-trade surveillance segment.
Refractory Shapes: The company will make its debut on the NSE Emerge on May 14. The final issue price has been fixed at Rs 31 per share. Its equity shares will be available for trading in trade-for-trade surveillance segment.
