Stock to Watch Today - Rupeedesk Reports - 20.04.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: HCL Tech, UltraTech Cement, Bombay Burmah, others in news today.
Results on April 20: HCL Technologies and ICICI Prudential Life Insurance Company will be in focus ahead of their quarterly and full year earnings on April 20. Cyient, Sterling and Wilson Renewable Energy, Bodhi Tree Multimedia, Orient Green Power Company, Oriental Hotels, Rajnish Wellness, and Reliance Industrial Infrastructure will also release quarterly numbers on same day.
ICICI Securities: The company has reported a 22.8% year-on-year decline in consolidated profit at Rs 262.7 crore for quarter ended March FY23, impacted by weak topline as well as operating performance. Consolidated revenue for the quarter dropped 0.77% to Rs 885 crore compared to year-ago period, dented by lower fees and commission income. On the operating front, EBITDA fell by 2.7% YoY to Rs 548 crore for the quarter with margin declining 122 bps at 61.93%. The board recommended final dividend of Rs 9.25 per share.
UltraTech Cement: The cement major has announced an increase in the capacity of its grinding unit at Patliputra, Bihar, to 4.7 mtpa with the successful commissioning of its 2.2 mtpa brownfield expansion. This additional capacity will help the company to service the fast-growing cement demand in the East region and will also help to increase its blended cement ratio. Its total grey cement manufacturing capacity in India now stands at 129.15 mtpa.
Mastek: The IT services company has recorded a 13.07% sequential growth in consolidated profit at Rs 72.6 crore for March FY23 quarter, driven by growth in topline and operating income. Revenue for the quarter grew by 7.7% QoQ to Rs 709.2 crore with growth across operations. On the operating front, EBIT increased by 12.5% QoQ to Rs 105.92 crore with margin expansion of 64 bps at 14.93% in Q4FY23. The board has announced a final dividend of Rs 12 per share for FY23, while Priti Rao has resigned as Non-Executive - Independent Director of the company.
Tata Communications: The company has registered a 10.7% year-on-year decline in consolidated profit at Rs 326 crore for Q4FY23, dented by lower other income and weak operating performance. Revenue for the quarter grew by 7.2% YoY to Rs 4,569 crore, driven by data services business, however, voice solutions reported weak performance. On the operating front, EBITDA fell 1% YoY to Rs 1,034.22 crore with margin falling 188 bps to 22.64% for the quarter. The board recommended a final dividend of Rs 21 per share for FY23.
NBCC (India): The state-owned construction company has received a project worth Rs 207.92 crore from Public Works Department, Puducherry. The company will provide comprehensive design, engineering and project management consultancy (PMC) services.
Emkay Global Financial Services: The financial services company has received an in-principle approval from the regulator Sebi for sponsoring a mutual fund.
Shakti Pumps: The water pumps and motors manufacturer has received the pending $1 million for the project from EXIM Bank on behalf of Government of Uganda. The company had commenced operations in Uganda to supply solar powered water pumping system on April 12.
Equitas Small Finance Bank: The Reserve Bank of India has granted Authorized Dealer Category-I (AD-I) license to Equitas to deal in foreign exchange.
Bombay Burmah Trading Corporation: The company said its board of directors has decided to sell the plantation land/properties and assets forming part of all the 3 tea estates in Tanzania, admeasuring approximately 3,957 acres. These three plants will be sold to Udongo Wetu, Dar es Salaam, Tanzania for $1.2 million.
Adani Ports and Special Economic Zone: The company on April 22 will consider first and a partial buyback of certain of its debt securities, either denominated in INR or USD, in current financial year, subject to market conditions.
Bank of Maharashtra: The public sector lender said the Board of Directors will meet April 24 to consider a proposal of raising capital up to Rs 7,500 crore for FY24, via follow-on public offer (FPO)/rights issue/ qualified institutional placement (QIP) / preferential issue or any other mode.
Torrent Power: The company has incorporated its wholly-owned subsidiary, Torrent Urja 12. The new subsidiary will be engaged in the business of generation, transmission, distribution, purchase, procurement, sale, trading, import, export or otherwise deal in all forms of electrical power and energy including non-conventional and renewable sources of energy.
Bajaj Electricals: Norges Bank on account of the Government Pension Fund Global has bought 20 lakh shares or 1.73% equity stake in the electrical equipment maker via open market transactions at an average price of Rs 1,045 per share, amounting to Rs 209 crore. However, foreign portfolio investor Small Cap World Fund Inc has offloaded 22.36 lakh shares or 1.94% stake in the company at same average price. Small Cap World Fund Inc had held 5.3% stake in Bajaj Electricals as of March 2023.
India Grid Trust: IndiGrid Investment Managers acting in its capacity as Investment Manager of India Grid Trust has appointed Navin Sharma as its Chief Financial Officer with effect from April 19.
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