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Buzzing Stocks: Hero MotorCorp, Indigo, IRCTC, Apollo Tyres, CRISIL and others in news.
InterGlobe Aviation: The low-cost airline company anticipates aircraft on ground (AOG) in the range of mid-thirties in Q4FY24 due to accelerated engine removals after getting additional information on the powder metal issue from Pratt & Whitney. These groundings will be incremental to the current AOGs. The company maintains its earlier capacity guidance for the entire FY23–24 in the north of mid-teens, significantly aided by proactive mitigation measures taken earlier by IndiGo.
Hero MotoCorp: The country's largest two-wheeler maker is collaborating with highly credible partners in the UK, Spain, and France to start commercial operations in each of these markets by mid-2024. It will first introduce the electric scooter VIDA V1 in these countries and then expand its offerings with high-capacity premium ICE motorcycles and scooters.
Indian Railway Catering and Tourism Corporation (IRCTC): The state-owned railway company has registered a 30.4 percent on-year increase in standalone net profit at Rs 295 crore for the quarter ended September FY24, with revenue from operations rising 23.5 percent to Rs 995.3 crore, backed by growth across all segments.
Apollo Tyres: The tyre manufacturing company recorded consolidated profit of Rs 474.3 crore for the quarter ended September FY24, rising 164.4 percent over a year-ago period on a healthy financial performance after a fall in input costs. Revenue from operations grew 5.4 percent to Rs 6,280 crore over the corresponding period last fiscal.
Inox Wind: The wind energy company has received approval from its board of directors for raising funds via the issuance of 0.01 percent non-convertible, non-cumulative, participating redeemable preference shares worth up to Rs 500 crore on a private placement basis. The company sought approval from the shareholders for the said fund-raising.
CRISIL: The rating agency has reported consolidated net profit at Rs 152 crore for the quarter ended September 2023, growing 2.8 percent over a year-ago period, impacted by lower other income but supported by strong operating performance. Revenue from operations grew by 7.7 percent YoY to Rs 736 crore during the quarter.
Power Grid Corporation of India: The state-owned power transmission company has reported a 3.6 percent year-on-year increase in consolidated profit at Rs 3,781.4 crore for the quarter ended September FY24. Consolidated revenue from operations grew by 1 percent to Rs 11,267 crore compared to the corresponding period of the last fiscal, while its EBITDA increased by 5.1 percent YoY to Rs 9,908.4 crore with a margin expansion of 340 basis points to 87.9 percent for the quarter. Meanwhile, the company has received board approval for an interim dividend of Rs 4 per share for FY24.
Greaves Cotton: The engineering company has posted consolidated net loss at Rs 190.8 crore for quarter ended September FY24, against profit of Rs 28.9 crore in year-ago period, impacted by provision for FAME subsidy (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India). Consolidated revenue from operations grew by 4 percent YoY to Rs 726.7 crore during the quarter.
SJVN: The state-owned entity has received a letter of intent for the purchase of 200 MW of solar power from Uttarakhand Power Corporation (UPCL). UPCL intends to purchase 200 MW of power at a tariff of Rs 2.57 per unit from the company’s 1,000 MW Bikaner solar project. The solar project is being developed through SJVN Green Energy, a wholly owned subsidiary of the company in Rajasthan, under the CPSU Scheme, with viability gap funding support from the Government of India. The power generated from the project shall be used by government entities, either directly or through DISCOMS.
Cummins India: The Pune-based engine maker has registered a 30 percent on-year increase in standalone net profit at Rs 328.5 crore for the July–September period of FY24 despite weak topline, driven by improved operating margin performance and higher other income. Standalone revenue from operations declined 2.6 percent YoY to Rs 1,900 crore during the quarter.
Shree Cement: The cement manufacturing company has recorded standalone net profit of Rs 491 crore for the July–September period of FY24, growing 159 percent over a year-ago period, driven by healthy operating numbers and a strong topline. Standalone revenue from operations increased by 21 percent YoY to Rs 4,585 crore, with sale volumes increasing 10 percent YoY to 8.2 million metric tonnes. EBITDA for the quarter grew by 66 percent to Rs 870 crore, with a margin expansion of 520 bps to 19 percent compared to the corresponding period last fiscal, on improved operational matrices.
Voltas: The leading room air conditioner manufacturing company has denied media reports with respect to the sale of home appliances, saying the aforesaid news is totally incorrect and blatantly false, with no factual basis whatsoever. The management therefore denied any such development.
JB Chemicals and Pharmaceuticals: The pharmaceutical company has recorded a massive 36 percent year-on-year growth in profit at Rs 151 crore in the July–September period of FY24, driven by healthy growth in operating performance. Revenue from operations increased by 9 percent year over year to Rs 882 crore for the quarter, with a healthy blend of domestic and international business growth and expansion in domestic business led by a chronic segment and acquired portfolio.
Dilip Buildcon: The infrastructure development company has recorded a four-fold year-on-year increase in consolidated profit to Rs 68.6 crore for the quarter ended September FY24, against Rs 17 crore in the year-ago period, despite weak operating performance, driven by higher other income and exceptional gains. Revenue from operations grew by 9.7 percent to Rs 2,849 crore compared to the corresponding period of the last fiscal.
Westlife Foodworld: Company’s subsidiary’s (i.e. Hardcastle Restaurants) McDonald’s restaurant in Ahmednagar, Maharashtra has received a license suspension notice from the Assistant Commissioner, FDA. The authority had questions in relation to certain menu items and disclosures. But after its appeal to the Commissioner of Food Safety, the Commissioner of Food Safety has granted a stay of the suspension, and the restaurant has resumed operations.
Deepak Nitrite: The chemical manufacturing company has registered a 17.5 percent on-year increase in consolidated profit at Rs 205 crore for the July–September period of FY24 despite weakness in topline, led by healthy operating margin performance on lower input costs. Revenue from operations fell by 9.4 percent year-on-year to Rs 1,778 crore in Q2 FY24.
Lux Industries: The innerwear manufacturer has recorded consolidated profit at Rs 35.9 crore for the quarter ended September FY24, falling 12.6 percent compared to the year-ago period, impacted by weak operating performance and muted topline. Revenue from operations grew by 0.6 percent year over year to Rs 639.3 crore during the quarter.
Prism Johnson: The building material company has incorporated a wholly owned subsidiary, PJL Cement. The subsidiary will undertake the business of manufacturing and dealing in cements, cement products, ready-mixed concrete, tiles, sanitary ware and bath fittings, other building materials, and allied products.
Vinati Organics: The specialty chemical and organic intermediaries manufacturing company has reported a 27.4 percent on-year decline in standalone profit at Rs 84.2 crore for the quarter ended September FY24, impacted by weak topline and operating performance. Standalone revenue from operations dropped by 20.9 YoY to Rs 448.1 crore in Q2 FY24.
Mishra Dhatu Nigam: The state-run metals and metal alloys manufacturing firm has recorded net profit of Rs 13.9 crore for the July–September period of FY24, falling 58.7 percent compared to the year-ago period despite a strong topline, impacted by weak operating performance due to higher input costs. Revenue from operations grew by 25.7 percent on-year to Rs 227.5 crore compared to the corresponding period last fiscal.
Sar Televenture: The telecommunication solutions provider is set to debut on the NSE Emerge on November 8, i.e., the T+3 timeline. The issue price is Rs. 55 per share. Its equity shares will be available for trading in the trade-for-trade segment.
