Stock to Watch Today - Rupeedesk Reports - 23.10.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Paytm, L&T, Tata Power, ICICI Bank, Paras Defence and others in news.
ICICI Bank: India's second-largest private sector lender recorded a massive 35.8 percent on-year growth in standalone profit at Rs 10,261 crore for the quarter ended September FY24, driven by a sharp fall in provisions, while asset quality improved on a sequential basis. Net interest income for the quarter at Rs 18,308 crore increased by 23.8 percent over the last year, with net interest margin rising 22 bps YoY to 4.53 percent. Total period-end deposits increased by 18.8 percent year-on-year to Rs 12.95 lakh crore, and total advances jumped by 18.3 percent to Rs 11.1 lakh crore during the same period.
Paras Defence and Space Technologies: The company said its Board of Directors has approved to incorporate an associate company by entering into a joint venture agreement with MICROLAM Inc., USA. Paras will hold 40 percent of the joint venture company, and the remaining 40 percent is held by MICROLAM.
Tata Power: Subsidiary Tata Power Renewable Energy has signed a power delivery agreement (PDA) with Supreme Petrochem for a 12.5 MW group captive project through a SPV, TP Saturn. This Achegaon (Maharashtra) plant will generate around 27.5 million units (MUs) of renewable power annually.
One 97 Communications: The operator of mobile payments and financial services platform Paytm operator has narrowed its net loss to Rs 290.5 crore for the quarter ended September FY24, up from a loss of Rs 571.1 crore a year back. Revenue for the quarter at Rs 2,519 crore grew by 32 percent YoY, driven by an increase in gross merchandise value (GMV), merchant subscription revenues, and the growth of loans distributed through the platform. Contribution profit grew by 69 percent YoY to Rs 1,426 crore during the same period. Revenue from payments businesses increased by 28 percent YoY to Rs 1,524 crore, while net payment margin jumped 60 percent YoY to Rs 707 crore due to an increase in payment processing margin and an increase in merchant subscription revenues, with GMV rising 41 percent YoY to Rs 4.5 lakh crore.
L&T Finance Holdings: The non-banking finance company has registered a 46 percent on-year growth in profit at Rs 595 crore for the July-September period FY24, and total revenue from operations during the same period grew by 2.4 percent on-year to Rs 3,214 crore. Credit cost was down 10 percent year-on-year at Rs 517 crore for the quarter. The company reported the highest ever quarterly retail disbursements at Rs 13,499 crore for the quarter, growing 32 percent YoY, with retail book size increasing 33 percent YoY to Rs 69,417 crore in Q2 FY24.
Kotak Mahindra Bank: The private sector lender has recorded a 24 percent on-year growth in standalone profit at Rs 3,191 crore for the quarter ended September FY24, with operating profit growing 29 percent on-year to Rs 4,610 crore and an improvement in asset quality numbers. Net interest income increased 23 percent to Rs 6,297 crore, with a net interest margin expansion of 7 bps, while advances increased 18.5 percent on-year to Rs 3.48 lakh crore and deposits jumped 23 percent to Rs 4 lakh crore during the same period. The RBI has approved the appointment of Ashok Vaswani as the managing director and CEO of the bank.
Bharat Petroleum Corporation: The state-owned oil marketing company has received a notice to pay environmental compensation of Rs 2 crore to the Central Pollution Control Board (CPCB) for non-installation of vapour recovery systems within the timeline prescribed by the Supreme Court and CPCB in petrol refuelling stations and storage terminals.
Yes Bank: The private sector lender has reported a net profit of Rs 225 crore for the quarter ended September FY24, rising sharply by 47.4 percent year-on-year, with a fall in provisions and higher other income. Net interest income declined 3.3 percent year-on-year to Rs 1,925 crore, with net interest margin improving 39 bps YoY to 4.89 percent during the quarter. On the asset quality front, gross NPA remained flat at 2.0 percent and net NPA declined 10 basis points QoQ to 0.9 percent for the quarter.
JSW Energy: The JSW Group company has registered an 82.6 percent on-year growth in consolidated profit at Rs 850.2 crore for the quarter ended September FY24, driven by a robust contribution from the acquired renewable energy portfolio, merchant sales, and hydropower uplift impact. Revenue from operations grew by 36.5 percent YoY to Rs 3,259 crore for the quarter due to incremental revenue from renewable portfolios and strong thermal performance on the back of a buoyant merchant market. Ashok Ramachandran has been appointed as the Chief Operating Officer of the company, with effect from October 20.
Just Dial: The local search engine company has reported a 37.5 percent on-year growth in profit at Rs 71.8 crore for the quarter ended September FY24, with revenue rising 27 percent to Rs 260.6 crore and EBITDA increasing sharply by 186.3 percent to Rs 48.8 crore during the same period. EBITDA margin expanded to 18.7 percent for the July–September period of FY24, compared to 8.3 percent in the year-ago period.
IDBI Bank: The bank has recorded a massive 60 percent on-year growth in net profit at Rs 1,323 crore for the quarter ended September FY24, driven by provisions write-back and improving asset quality on a sequential basis. Net interest income grew by 12 percent year-on-year to Rs 3,067 crore for the quarter. Gross NPAs dropped 15 bps sequentially to 4.90 percent, and net NPAs declined 5 bps to 0.39 percent in Q2 FY24.
Aditya Birla Fashion and Retail: Subsidiary Aditya Birla Digital Fashion Ventures has entered into a shareholder agreement and a share subscription agreement for the acquisition of a 51 percent stake in Styleverse Lifestyle. The cost of the acquisition of a 51 percent stake is Rs 155 crore.
RBL Bank: The private sector lender recorded better-than-expected earnings for the July–September period of FY24, with standalone profit growing 46 percent on-year to Rs 294 crore despite sharply higher provisions, led by a tax write-back. Net interest income during the quarter increased by 26 percent year-on-year to Rs 1,475 crore. Asset quality improved on a sequential basis, with gross NPA falling 10 basis points to 3.12 percent and net NPA declining 22 basis points to 0.78 percent for the quarter.
Zydus Lifesciences: The US Food and Drug Administration (FDA) approved the company's New Drug Application (NDA) for ZITUVIO (Sitagliptin) tablets, 25 mg, 50 mg, and 100 mg. ZITUVIO contains the active ingredient sitagliptin, a dipeptidyl peptidase-4 (DPP-4) inhibitor indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.
Oberoi Realty: The Mumbai-based real estate developer has announced total units booked at 151 in Q2 FY24 against 132 in the year-ago period and a total booked area of 2.20 lakh square feet for the quarter against 2.33 lakh square feet in the same period last year. Total booking value for the quarter was Rs 965 crore, down 16.5 percent compared to the year-ago period but increasing 103 percent compared to the previous quarter.
Central Bank of India: The public sector lender has recorded a 90.3 percent year-on-year growth in net profit at Rs 605 crore for the quarter ended September FY24, driven by higher other income, tax write-backs, and lower provisions. Net interest income increased by 10.2 percent to Rs 3,028 crore compared to the year-ago period. The bank has seen an improvement in asset quality performance, with gross NPAs declining 33 bps QoQ to 4.62 percent and net NPAs falling 11 bps to 1.64 percent for the quarter.
Ipca Laboratories: The manufacturing facility at Ratlam, Madhya Pradesh, has received an Establishment Inspection Report from the US Food and Drug Administration (US FDA), classifying it as Voluntary Action Indicated (VAI). The said facility is considered to be in a minimally acceptable state of compliance with regard to current good manufacturing practices (CGMP). The US health regulator conducted an inspection of the Ratlam facility on June 5–13.
Jammu & Kashmir Bank: The lender has recorded net profit at Rs 381 crore for the quarter ended September FY24, growing 56.5 percent over a year-ago period driven by higher other income, pre-provision operating profit, and provisions write-back. Net interest income grew by 11 percent year over year to Rs 1,333.8 crore for the quarter. Asset quality improved on a sequential basis, with the gross NPA declining 51 basis points to 5.26 percent and the net NPA falling 35 basis points to 1.04 percent for the quarter.
Lemon Tree Hotels: The hotel chain has signed a licence agreement for a 49-room property in Kasauli, Himachal Pradesh. The hotel is expected to be operational by FY 2025. Subsidiary Carnation Hotels will be operating this hotel.
Poonawalla Fincorp: The non-banking finance company has reported its highest ever quarterly profit at Rs 230 crore (excluding exceptional items) for the quarter ended September FY24, rising 77 percent YoY, and the profit (including exceptional gains) stood at Rs 1,259 crore against Rs 130 crore during the same period. Total income during the same period increased by 55 percent year over year to Rs 745 crore. Asset quality improved with the gross NPAs declining 6 bps QoQ to 1.36 percent and the net NPAs falling 4 bps to 0.72 percent for the quarter.
KFin Technologies: The largest registrar and transfer agency, has registered a 28 percent year-on-year growth in net profit at Rs 61.3 crore for the quarter ended September FY24 and a 16 percent year-on-year increase in revenue from operations at Rs 209 crore for the quarter.
Samvardhana Motherson International: The auto ancillary company said its subsidiary SMRP B V has entered into an agreement to acquire a 100 percent stake in the French company SSCP Aero Topco SAS, which holds an indirect 100 percent stake in AD Industries SAS (Opco) and its French, Moroccan, and Tunisian subsidiaries (ADI Group). The company will pay 35 million euros for a 100 percent stake and pay an additional 10 million euros based on CY 2023 performance. In addition, the firm will be taking over debt at ADI Group.
Balkrishna Industries: The tyre company has reported a 9.1 percent on-year decline in net profit at Rs 347.4 crore for the quarter ended September FY24, despite strong EBITDA performance, dented by lower topline and other income. Revenue from operations fell 15.2 percent year-on-year to Rs 2,253.2 crore for the quarter.
Himadri Speciality Chemical: The company is implementing the framework agreement entered with Dalmia Bharat Refractories for the acquisition of Birla Tyres. The National Company Law Tribunal has approved verbally the resolution plan submitted jointly by the company and Dalmia Bharat Refractories for the acquisition of Birla Tyres on October 19.
Blue Star: The air conditioner manufacturing company has received a notice from the Collector of Stamps, Mumbai, imposing a penalty of Rs 3.39 crore, alleging a default in payment of stamp duty with respect to the scheme of amalgamation approved by the High Court of Bombay in May 2008.
TTK Prestige: The kitchen appliances company has concluded a long-term settlement covering its permanent workers at its Hosur, Tamil Nadu, unit. This settlement provides for improved productivity commensurate with the increased benefits extended to the workers.
Arvind SmartSpaces: The Lalbhai Group company has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of around 4.6 lakh square feet and a topline potential of around Rs 400 crore.
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