15822
Earn by Learn
Stocks To Watch
Hindustan Aeronautics
The Ministry of Defence has signed a contract worth Rs 13,500 crore with the company for the procurement of 12 Su-30MKI aircraft along with associated equipment. These aircraft will be manufactured at the Nasik division of HAL.
Ashok Leyland
The company has secured an order worth Rs 345.58 crore for supplying 1,475 BSVI diesel fuel-type passenger bus chassis to the Tamil Nadu State Transport Corporation. Meanwhile, LLC Ashok Leyland Russia, a step-down subsidiary of the company, has been voluntarily liquidated.
Godrej Industries
The company has acquired a 26% equity stake in Clean Max Kaze, a subsidiary of Clean Max Enviro Energy Solutions.
GR Infraprojects
The company has received a letter of intent for a transmission project in Karnataka. The quoted price for the project is Rs 107.7 crore per annum.
Bajel Projects
The company has received a supply of goods and services contract from Solapur Transmission (a project SPV company of Torrent Power) for EPC work for the establishment of a new 400/220KV Solapur substation.
Yes Bank
The Reserve Bank of India has approved the appointment of Manish Jain as Executive Director of Yes Bank for a period of 3 years, effective December 11.
Zomato
The food delivery giant has received an order from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra, demanding GST of Rs 401.7 crore with interest as applicable, and a penalty of Rs 401.7 crore, for the period from October 29, 2019, to March 31, 2022.
CRISIL
The Board has approved an investment of Rs 33.25 crore in Online PSB Loans, to acquire a 4.08% stake in it. The investment is subject to negotiating the definitive shareholders’ agreements.
NACL Industries
The Board has appointed Anish T Mathew as Chief Financial Officer of the company, effective December 13, after R K S Prasad stepped down as Chief Financial Officer of the company, effective December 12. As part of his transition to retirement, scheduled for March 31, 2025, R K S Prasad will continue with the company in an advisory capacity, designated as the Group Financial Advisor.
NHPC
The Board has approved the company's revised borrowing plan for raising debt up to Rs 6,900 crore for FY25, and approved the issuance of non-convertible AE-Series bonds up to Rs 2,600 crore in one or more tranches through private placement, as part of the borrowing plan for FY25.
Greenply Industries
The manufacturing operations at the MDF plant of the company’s wholly owned subsidiary Greenply Speciality Panels in Vadodara, Gujarat, have been closed effective December 11 due to the breakdown of machinery. Necessary steps are being taken to resolve the issue, and the facility is likely to resume production in the next few days.
JSW Energy
The company has clarified that its thermal plant at Ratnagiri does not have any gas storage facility and is not involved in the recent incident of gas release as reported in the media. The company prioritizes the safety and well-being of employees, the community, and the environment. It adheres to stringent safety protocols and continuously monitors operations to ensure they meet the highest standards.
NESCO
National Highways Logistics Management (the SPV of National NHAI) has declared the company as the highest bidder and has accepted the company’s proposal for developing, operating, and maintaining wayside amenities on the Hyderabad–Visakhapatnam Expressway in the Khammam–Devarapalle section on a lease basis. The estimated annualized revenue from 4 sites is Rs 300 crore from the fourth year of operations.
Stocks To Watch
Awfis Space Solutions
Bisque, Link Investment Trust, and Peak XV Partners are likely to sell a 12.2% stake in Awfis Space via block deals, as reported by CNBC-TV18 citing sources. The floor price for the deal is expected to be Rs 680 per share, with the deal size estimated at Rs 583.4 crore.
Indian Overseas Bank (IOB)
The bank has received an order from the Income Tax Department stating that the amount refundable to the bank for the Assessment Year 2015-16, including interest, is Rs 1,359.29 crore.
HG Infra Engineering
The company has received a letter of acceptance from the Ministry of Road Transport and Highways (MORTH) for a project worth Rs 763.1 crore. The project involves the improvement and upgradation of a two-lane road with paved shoulders configuration for the newly declared NH227B, Bahuvan Madar Majha to Jagarnathpur, in Uttar Pradesh under Hybrid Annuity Mode (Package VI).
LTIMindtree
The technology consulting and digital solutions company has announced a strategic partnership with GitHub, the widely adopted Copilot-powered developer platform. This partnership aims to drive scalable enterprise innovation and transform software development with advanced AI capabilities.
Saakshi Medtech and Panels
The company has received a Letter of Business Award (LoBA) from Mahindra & Mahindra for the supply of EV panels, including a three-year guarantee/warranty. The total order value is approximately Rs 250 crore over five years, ending in 2029.
Asian Granito India
The company has entered into a joint venture agreement with Shudh Investments and Klyn Stone of the UK to acquire shares of Klyn AGL. Klyn AGL is a joint venture company incorporated in England and Wales for the trading business of large porcelain slabs, various types of tiles, and quartz products.
Asian Paints
Life Insurance Corporation of India (LIC) has increased its stake in the company to 7.010% from 5%. LIC purchased an additional 2.009% stake through open market transactions between January 1 and December 9.
Morepen Laboratories
The company has launched LightLife, a weight management program designed to align with modern lifestyles.
NTPC Green Energy
NTPC Renewable Energy, a subsidiary of the company, has secured 500 MW of solar power capacity at a tariff of Rs 3.52 per kWh. This includes setting up an Energy Storage System (ESS) of 250 MW/1000 MWh along with the contracted solar capacity.
Ashiana Housing
The Directorate General of GST Intelligence (DGGI) conducted a search at the premises of the company's unit, Treehouse Hotel Club and Spa, Bhiwadi, on December 6. In response, the company made an interim payment of Rs 1.5 crore for a tax review. The DGGI observed that GST liability was calculated incorrectly due to an error in applying the GST rate on food and beverage billing from the restaurant.
Ujjivan Small Finance Bank
The Reserve Bank of India has approved the reappointment of Banavar Anantharamaiah Prabhakar as part-time Chairman of Ujjivan Small Finance Bank for three years, effective November 23, 2024.
Asahi India Glass
The company has signed a share purchase agreement with SPR Engenious to sell its 30% stake in TGPEL Precision Engineering for Rs 66 crore. SPR Engenious is a subsidiary of Shriram Pistons & Rings.
Hinduja Global Solutions
The Board of HGS CX Technologies Inc, a wholly owned subsidiary of Hinduja Global Solutions, has approved the merger of its five wholly owned US subsidiaries into itself. These subsidiaries include Hinduja Global Solutions LLC, HGS Digital LLC, HGS (USA) LLC, HGS Canada Holdings LLC, and Teklink International LLC.
Stocks To Watch
Tata Motors
The Tata Group company will increase the prices of its cars, including electric vehicles, by up to 3% from January. This move comes as part of a trend among automakers raising prices to offset rising costs, reports Reuters.
Syngene International
Promoter Biocon is likely to sell a 2% stake in the company via block deals, reports CNBC-TV18, citing sources. The indicative price may be Rs 825 per share, with the block size at Rs 660 crore.
Metropolis Healthcare
The company has acquired Delhi NCR-based Core Diagnostics for Rs 246.8 crore. This strategic acquisition will enhance Metropolis' capabilities in advanced cancer testing while strengthening its presence in Northern and Eastern India. The acquisition is expected to be completed within 60 days.
Bharat Electronics
The company has received additional orders worth Rs 634 crore, including maintenance of the Akash Missile System, telescopic sights for guns, communication equipment, jammers, electronic voting machines, test stations, spares, and services. With these orders, BEL has now accumulated a total of Rs 8,828 crore in orders for the current financial year.
Lupin
Life Insurance Corporation of India has reduced its stake in Lupin by 2.027%, bringing its holding down to 2.542% from 4.569% earlier. The reduction occurred between July 30 and December 6 of this year through open market transactions.
Tiger Logistics
The company has received board approval to raise up to Rs 400 crore through the issuance of equity shares, convertible instruments, or other permissible securities, in one or more tranches via preferential issue to finance its business growth plan.
NHPC
The Board will meet on December 12 to consider a revised borrowing plan for raising debt during FY25, including raising funds through the issuance of bonds up to Rs 2,600 crore in one or more tranches via private placement as part of the borrowing plan for FY25.
Vodafone Idea
The Board has approved the issuance of 175.53 crore equity shares worth Rs 1,980 crore at a price of Rs 11.28 per share to Usha Martin Telematics (Rs 700 crore) and Omega Telecom Holdings (Rs 1,280 crore), both of which are Vodafone Group entities and promoters of the company.
Brookfield India Real Estate Trust REIT
The REIT has opened its institutional placements issue on December 9, with a floor price set at Rs 287.55 per unit.
Bharat Forge
The forging company has raised Rs 1,650 crore by allocating 1.25 crore equity shares to several qualified institutional buyers, including ICICI Prudential Mutual Fund, HDFC Life Insurance, Aditya Birla Sun Life Trustee, Nippon Life India, SBI MF, Government Pension Fund Global, and Mirae Asset, at a price of Rs 1,320 per share.
GE Vernova T&D India
The company has received an order worth Rs 400 crore from Sterlite Power for the supply and supervision of 765KV power transformers and reactors for the Khavda project.
RailTel Corporation of India
The company has received a work order worth Rs 24.5 crore from Haryana State Electronics Development Corporation for CAMC.
Lemon Tree Hotels
The company has signed a License Agreement for a Lemon Tree Resort in Mirik, West Bengal. The property will be managed by the company's subsidiary, Carnation Hotels, and is expected to open in FY28.
LGB Forge
The Board has approved the company's proposal to set up a new hot forging plant at Kinathukadavu, Coimbatore, to increase the manufacturing capacity of existing products.
Datamatics Global Services
Lumina Datamatics has signed a definitive agreement to acquire a controlling stake in TNQTech, a Chennai-based publishing technology and services company.
Stocks To Watch
Welspun Corp
The company has received two additional large orders in the USA, one each for HSAW and HFIW pipes, for the supply of coated pipes for a natural gas pipeline project. With the addition of these two new orders, the value of the cumulative orders received by its USA plant till date in Q3FY25 has exceeded Rs 7,000 crore. Execution of these orders will take place during FY25 and FY26. Hence, the outlook for the USA market remains extremely positive for the next couple of years.
Biocon
The biopharmaceutical company has received an Establishment Inspection Report (EIR) with a Voluntary Action Indicated (VAI) status from the US Food and Drug Administration (US FDA) for its API facility (site 2) in Bengaluru. This report is based on a surveillance inspection conducted by the US FDA between September 23-27.
One 97 Communications (Paytm)
The company's subsidiary, One97 Communications Singapore (Paytm Singapore), has approved the sale of stock acquisition rights (SARs) held in PayPay Corporation, Japan (PayPay). These SARs, acquired by Paytm Singapore in September 2020, will be sold to a SoftBank Vision Fund 2 entity for net proceeds of JPY 41.9 billion (Rs 2,364 crore). Through this deal, PayPay is valued at JPY 1.06 trillion. The transaction is expected to be closed in December 2024.
Easy Trip Planners
The company has entered into a share purchase agreement to acquire a 49.03% stake in Pflege Home Health Care Center LLC, and a 49% stake in Planet Education Australia Pty. It has also signed a share subscription agreement to acquire a 50% stake in Jeewani Hospitality. UAE-based Pflege is engaged in the business of medical tourism, assisting patients from the Indian subcontinent, Turkey, Thailand, Singapore, and Malaysia. Jeewani is engaged in the business of the construction, development, and operation of hotels. Planet provides international student recruitment and coaching for various entrance tests like IELTS, TOEFL, GMT, GRE, and SAT for international education.
Suven Pharmaceuticals
The pharma company will acquire a 56% stake in US-based NJ Bio, Inc., an ADC specialist player, at a $100 million pre-money valuation, investing $64.4 million, including $15 million for growth initiatives. This acquisition strengthens Suven’s positioning as a technology-driven CDMO with end-to-end ADC/XDC solutions.
NLC India
The company has been declared the successful bidder by the Ministry of Coal for the New Patrapara South Coal Mine in Odisha. This is the third commercial coal mine for NLC India, and the company is committed to its capacity addition.
Bajaj Healthcare
The company’s API manufacturing site in Vadodara, Gujarat, has received approval from the Therapeutic Goods Administration (TGA), Australia. The site has already received approval from the USFDA and EU. With this recognition, the company expects to attract more CDMO contracts from existing and new clients. The TGA approval is valid for 24 months.
JSW Energy
The company's subsidiary JSW Neo Energy has received a letter of award from NTPC for setting up a 400 MW solar power project. Furthermore, its other subsidiary, JSW Energy (Utkal), has been the successful bidder for the BARTAP Coal Mine in Odisha, with an estimated geological reserve of 1,600 MT. It has executed the coal mine/block development and production agreement.
• NBCC: The state-owned construction company has registered a massive 60.3 percent on-year growth in consolidated net profit at Rs 110.7 crore for the quarter ended December FY24 due to lower exceptional losses and healthy operating numbers. Revenue from operations grew by 13 percent year-on-year to Rs 2,412.6 crore for the quarter.
• Rashtriya Chemicals & Fertilizers: The fertilizer company has reported consolidated net profit at Rs 11.22 crore for the October-December period of FY24, falling sharply by 95.4 percent compared to the year-ago period, as revenue from operations fell 21.4 percent to Rs 4,903.5 crore during the same period.
• Nuvama Wealth Management: The company has posted net profit at Rs 176.2 crore for the third quarter of the current financial year 2023–24, growing 101.6 percent over a year-ago period, with revenue from operations increasing 45.3 percent year-on-year to Rs 840.6 crore and net interest income rising 104.5 percent year-on-year to Rs 139.7 crore for the quarter.
• Garden Reach Shipbuilders & Engineers: The state-run shipbuilding and repairing company has posted net profit at Rs 88.3 crore for the third quarter of the current financial year 2023–24, growing 38 percent over a year-ago period despite a lower operating margin, aided by topline and other income. Revenue from operations grew by 32.1 percent year-on-year to Rs 923.1 crore for the quarter.
IMPORTANT DATA
• Wipro: The IT services company has invested $66 million in the US-based Aggne Global Inc. to strengthen its consulting and services capabilities in the insurance sector. Now the company will be acquiring a 60 percent stake in Aggne and has kept the option to purchase the remaining stake over a period of time. The transaction is expected to be completed by February 14, 2024.
• Adani Ports and Special Economic Zone: Global rating agency Moody’s Investor Service has reaffirmed its investment grade rating at Baa3 on Adani Ports, maintaining a stable outlook.
• Adani Green Energy: Global rating agency Moody’s Investor Service has reaffirmed its credit ratings on the company’s senior secured bond at Ba3, with a change in outlook from negative to stable.
• Sula Vineyards: The country's largest wine producer has registered net profit at Rs 43 crore for the October–December period of FY24, growing 9.4 percent over the corresponding period of the previous fiscal year, aided by healthy operating numbers. Revenue from operations grew by 4 percent YoY to Rs 217.5 crore for the quarter, with the own brands segment growing 3.9 percent to Rs 192.8 crore and the wine tourism business rising 16 percent to Rs 14.7 crore during the quarter.
• Indian Railway Catering and Tourism Corporation: The state-owned company clocked a 17.4 percent on-year increase in standalone net profit at Rs 300 crore for the quarter ended December FY24. Revenue from operations grew by 21.8 percent year-on-year to Rs 1,118.3 crore for the quarter.
• Oil India: The oil and gas Maharatna CPSE recorded standalone net profit of Rs 1,584.3 crore for the quarter ended December FY24, falling 9.3 percent compared to the year-ago period, impacted by a lower topline as well as dismal operating numbers. Revenue from operations fell 0.9 percent year-on-year to Rs 5,324 crore for the quarter with lower crude oil price realization and lower crude throughput of Numaligarh refinery, while EBITDA plunged 26.2 percent YoY to Rs 2,106 crore and margin dropped 1,353 bps YoY to 39.55 percent in Q3 FY24.
• Zee Entertainment Enterprises: The media and entertainment company has registered a 141 percent on-year increase in net profit at Rs 58.5 crore for the third quarter of FY24, despite disappointing operating numbers. The base in Q3 FY23 was low as the profit was impacted by an exceptional loss. Revenue from operations fell 3 percent YoY to Rs 2,045.7 crore for the quarter, while EBITDA plunged 42.9 percent year-on-year to Rs 209.2 crore and margin declined 720 bps to 10.2 percent in Q3 FY24.
• Bharat Electronics: The Navaratna defense DPSU has signed a contract worth Rs 2,167.47 crore with the Indian Navy for the supply of indigenously designed and developed electronic warfare (EW) suites for use on-board warships. This EW suite is a big leap towards the Aatmanirbhar Bharat initiative of BEL. It has also received additional orders worth Rs 114.59 crore since the last disclosure on January 30, and these orders pertain to the supply of SDRs, HD VLF receivers, EVMs, etc. With this, BEL has received cumulative orders of Rs 30,776.06 crore in the current financial year.
• Jana Small Finance Bank: Trading in equity shares of the small finance bank will commence on the BSE and NSE with effect from February 14. The final issue price is Rs. 414 per share.
• MTAR Technologies: The precision engineered systems manufacturer has reported a 67 percent on-year decline in net profit at Rs 10.4 crore for the quarter ended December FY24 due to subdued topline and operating numbers. Revenue from operations fell 26.1 percent year-on-year to Rs 118.4 crore during the quarter.
• Prestige Estates Projects: The south-based real estate developer has recorded consolidated net profit of Rs 164.7 crore for the October–December period of FY24, growing 1.85 percent over the corresponding period of the last fiscal year, supported by a healthy operating margin and higher other income but impacted by a subdued topline. Revenue from operations dropped 22.5 percent year-on-year to Rs 1,796 cr
• Dilip Buildcon: The construction and infrastructure development company has registered a 3.3 percent on-year decline in consolidated profit at Rs 107.4 crore despite healthy topline and operating numbers, impacted by lower exceptional gains. Revenue from operations during the quarter at Rs 2,876.8 crore increased by 23.87 percent over a year-ago period.
• Suzlon Energy: Vivek Srivastava has been appointed as CEO, WTG Division, reporting to the Group Chief Executive Officer of the company with effect from February 12.
• BLS International Services: The tech-enabled services provider has clocked a 90 percent on-year growth in consolidated net profit at Rs 87.2 crore for the third quarter of FY24, despite muted topline, backed by strong operating performance and a low base in the year-ago period. Revenue from operations was flat at Rs 437.9 crore on a year-on-year basis.
• Tilaknagar Industries: The alcoholic beverage company recorded consolidated net profit of Rs 43.8 crore for the quarter ended December FY24, falling 42.3 percent on a high base as profit in Q3 FY23 was boosted by exceptional gains. Revenue from operations (excluding excise duty) grew by 24.4 percent YoY to Rs 376.7 crore for the quarter.
• Quess Corp: In the rectification order, the Deputy Commissioner of Income Tax reduced the original tax demand from Rs 300 crore to Rs 141 crore for the Assessment Year 2019-2020. The company filed an appeal before the Income Tax Appellate Tribunal (ITAT). The ITAT has now granted a conditional stay on 80 percent of the demand amount and directed the company to pay the remaining 20 percent before February 29, 2024.
• GR Infraprojects: The construction engineering company has reported consolidated net profit of Rs 242.9 crore for the quarter ended December FY24, falling 25 percent compared to the year-ago period, impacted by weak topline and operating numbers. Revenue from operations fell 2.6 percent YoY to Rs 2,134 crore for the quarter. Meanwhile, the board has approved the acquisition of 100 percent equity shares of Pachora Power Transmission, a wholly owned subsidiary of REC Power Development and Consultancy. After this acquisition, Pachora Power Transmission will become a wholly owned subsidiary company of GR Infrastructure Projects.
• HEG: The graphite electrode manufacturer has recorded consolidated net profit of Rs 43.7 crore for the third quarter of FY24, falling 58.3 percent compared to the corresponding period of the last fiscal. Revenue from operations increased 6 percent YoY to Rs 562.4 crore for the quarter.
• Phoenix Mills: The company has recorded consolidated net profit of Rs 279.4 crore for the October–December period of FY24, growing 58.4 percent over the corresponding period of the previous fiscal. Revenue from operations increased by 44.2 percent YoY to Rs 986 crore for the quarter. Meanwhile, Anuraag Srivastava has resigned as Chief Financial Officer of the company, with effect from March 18, 2024.
Dear Viewers,
Good morning. Indian market is expected to open positive near previous closing. Asian markets are trading positive. US market closed negative in the last trading session.
• Mishra Dhatu Nigam: The state-owned specialized metals and metal alloys manufacturing company has registered a 67 percent on-year decline in consolidated profit at Rs 12.8 crore for the quarter ended December FY24, impacted by weak operating numbers and a sharp rise in input costs. Revenue from operations grew by 8.8 percent YoY to Rs 252 crore for the quarter.
• Advanced Enzyme Technologies: The specialty biotech company has recorded consolidated net profit at Rs 42.5 crore for the third quarter of FY24, growing 52 percent over a year-ago period, backed by strong operating numbers. Revenue from operations grew by 13 percent YoY to Rs 160.9 crore for the quarter.
• Campus Activewear: The sports and leisure footwear company has reported net profit of Rs 24.9 crore for the third quarter of FY24, falling sharply by 48.5 percent compared to the year-ago period, with a muted topline and weak operating numbers. Revenue from operations increased 1.4 percent YoY to Rs 472 crore due to a change in channel dynamics.
• IFCI: The company has posted a net loss of Rs 10.06 crore for the third quarter of FY24, against a profit of Rs 67.4 crore in the same period last year. Revenue from operations increased by 39.3 percent YoY to Rs 214.7 crore for the quarter.
Firstsource Solutions
The RP-Sanjiv Goenka Group company has announced a partnership with WebID Group, a leading digital identification provider. The partnership will further strengthen their trust and safety offering by enhancing platform security, optimizing the online identity process, and reducing potential fraudulent or malicious actors.
Tata Motors
The country’s largest commercial vehicle manufacturer announced a price increase of up to 2% across its trucks and buses portfolio, effective January 2025. The price increase is aimed at offsetting the rise in input costs.
JK Tyre Industries
The company has received a 30 million euro loan for the expansion of production capacities in Madhya Pradesh.
Adani Green Energy
The company's subsidiary, Adani Renewable Energy Holding Nine, has incorporated three wholly-owned subsidiary companies: Adani Green Energy Sixty Five, Adani Green Energy Sixty Six, and Adani Green Energy Sixty Seven.
Tolins Tyres
Ravi Sharma has resigned from the post of Chief Financial Officer of the company, effective December 12.
Pennar Industries
The Board has approved the company’s entry into a joint venture with Zetwerk Manufacturing Businesses to manufacture and sell solar modules and cells, including the development and operation of the manufacturing unit.
Digikore Studios
The company has launched iMadeASong.com, India’s first AI-powered music generation platform.
Dhampur Bio Organics
The Board has appointed Mohd Rizwan Khan as Vice President (Functional Head - Cane) of the company, effective December 12.
Veefin Solutions
The company, through its subsidiary Estorifi Solutions, has acquired a 50% stake in Walnut AI Pte for $2 million.
Dear Viewers,
Good Morning. Indian market is expected to open negative in gap down pattern with a loss of more than 80 points from previous closing. Asian markets are trading weak. US market closed negative in the last trading session.
Stocks To Watch
Nuvama Wealth Management
Edel Finance Company and Ecap Equities are likely to sell a 7.1% stake in Nuvama Wealth via block deals, reports CNBC-TV18, quoting sources. The floor price is expected to be Rs 6,800 per share, and the deal is likely to be valued at Rs 1,734 crore.
Gland Pharma
The pharma company has received approval from the United States Food and Drug Administration (USFDA) for Phytonadione Injectable Emulsion USP, 10 mg/mL single-dose ampules. The product is equivalent to the reference listed drug (RLD), Vitamin K1 Injectable Emulsion of Hospira Inc. It is used in coagulation disorders caused by vitamin K deficiency or interference with vitamin K activity. The product had US sales of approximately $15 million for the 12 months ending September 2024.
Acme Solar Holdings
Acme Solar has secured a 250 MW Firm & Dispatchable Renewable Energy (FDRE) project in the e-reverse auction held by NHPC, at a tariff of INR 4.56 per unit. This project includes a green-shoe option that could potentially expand its total capacity from the initial 250 MW to 500 MW. With this project, Acme Solar’s total capacity now stands at 6,970 MW.
Reliance Power
The company's subsidiary, Reliance NU Suntech, has received a 930 MW solar energy contract with a battery energy storage system (BESS) project from the Solar Energy Corporation of India (SECI) in an e-reverse auction, at a tariff of Rs 3.53 per kWh. As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh, charged by solar power.
Greaves Cotton
The Board of Directors has approved the offer-for-sale of certain equity shares of company's subsidiary, Greaves Electric Mobility (GEML), in the proposed IPO of GEML.
Godawari Power Ispat
The company has entered into an agreement with GAIL (India) for the supply of RLNG gas for its upcoming pellet plant for 7 years.
Pilani Investment and Industries Corporation
The company has submitted an application to the Reserve Bank of India for converting the company from a non-banking financial company (NBFC) to a core investment company (CIC).
Varroc Engineering
The Arbitral Tribunal in Singapore has passed an order in the arbitration between VarrocCorp Holding BV (jointly with Varroc Engineering) and Beste Motors Co (jointly with TYC Brother Industrial Co, TYC). The joint venture between Varroc and TYC (Varroc TYC Corporation) was also made a party to the arbitration proceedings. As per the order, VarrocCorp Holding BV (the company’s subsidiary) will transfer its 50% shareholding in Varroc TYC Corporation (and its JV subsidiaries) to Beste Motors Co for RMB 310.5 million within 45 days of the award. The company is assessing its legal options and, based on legal advice, will decide on the appropriate course of action.
Strides Pharma Science
OneSource is in the process of filing its Information Memorandum with the stock exchanges in December 2024 and expects to receive listing approval from the exchanges during Q4FY25. OneSource has allotted one equity share of Re 1 each to Strides’ shareholders for every two equity shares of Rs 10 held by Strides’ shareholders.
Indian Overseas Bank
The bank has received an order from the Income Tax Department, stating that the amount refundable to the bank for AY 2013-14, including interest, is Rs 808.3 crore.
Vedanta
The Board will meet on December 16 to consider the fourth interim dividend on equity shares, if any, for the financial year 2024-25.
JSW Steel
The company has received a GST notice with a penalty order of Rs 64.5 crore from the Commissioner of GST and Central Excise, Belagavi division. This pertains to the non-payment of GST under the Reverse Charge Mechanism for upfront and monthly payments made to the government for mining rights between July 2017 and July 2019 in Karnataka. JSW Steel plans to challenge the penalty demand.
Reliance Infrastructure
The company's subsidiary, Reliance Velocity, has incorporated a new entity, Reliance EV Go. The subsidiary aims to manufacture, buy, sell, and deal in electric vehicles.
Dear Viewers,
Good Morning. Indian market is expected to open flat near the previous closing. Asian markets are trading mixed and negative. US market closed negative in the last trading session.
PG Electroplast
The Board has approved the issuance of 2.14 crore equity shares to qualified institutional buyers at a price of Rs 699 per share, amounting to Rs 1,500 crore.
Suraksha Diagnostic
Nippon India Mutual Fund has acquired a 5.4009% stake in Suraksha Diagnostic through open market transactions on December 5.
Torrent Power
The company has completed its Rs 3,500 crore qualified institutions placement, receiving demand of approximately 4x the base issue size from international and domestic investors. The entire issue was placed with marquee long-only investors such as SBI MF, Capital Group, SBI Pension, Kotak MF, Nippon MF, Norges Bank, and Amundi.
JSW Steel
The company reported consolidated crude steel production for November at 23.23 lakh tonnes, up 5% compared to the year-ago period. Indian operations' production was higher by 7% YoY, with capacity utilization for November at 94% for Indian operations.
Isgec Heavy Engineering
The company's non-material subsidiary, Isgec Investments Pte Singapore, has entered into a Sale and Purchase Agreement with Triumph Excel to sell its entire shareholding in its subsidiary, Bioeq Energy Holdings One, Cayman Islands, for $10 million (Rs 84.5 crore).
Cellecor Gadgets
The company has partnered with TCI Express, DTDC Express, OM Logistics, and Express Roadways to strengthen its supply chain efficiency.
IGC Industries
The Board has approved a strategic initiative involving the swapping of shares between IGC Industries and CNX Corporation, as well as a proposal to invest in the equity shares of CNX Corporation.
Gretex Corporate Services
SEBI has rejected the company's settlement application. The regulator had issued an administrative warning letter to Gretex on February 9, and the company filed a settlement application on February 12.
Dear Viewers,
Good Morning. Indian market is expected to open positive with a gain of more than 20 points from previous closing. Asian markets are trading positive and US market closed negative in the last trading session.
Ceat
The company has entered into definitive agreement(s) to acquire Camso brand’s off-highway construction equipment tyre and track business from Michelin for $225 million. The transaction includes the business with revenues of $213 million in CY23, along with two manufacturing facilities and global ownership of the Camso brand, after an initial 3-year licensing period.
Godrej Consumer Products
The company said that demand conditions in India have been subdued for the past few months. The surge in palm oil and derivatives prices, with a YoY increase of 20-30%, has impacted the soaps category, which represents one-third of its standalone business revenue. Furthermore, the weather conditions have not been supportive (delayed winters in the North and a cyclone in the South) for the home insecticides (HI) segment, which also contributes one-third to the standalone business. This has impacted the home insecticides category's growth in the current quarter. The rest of the portfolio is demonstrating robust performance and is expected to deliver double-digit UVG (underlying volume growth). However, given the significant contribution of soaps and HI to the overall business mix, the standalone business is expected to report around flattish UVG and mid-single-digit sales growth in Q3FY25.
Delta Corp
The company has revised its scheme related to the demerger of its hospitality and real estate business. The revised scheme provides for the demerger of the Dhargal project into Deltin Hotel & Resorts, a wholly-owned subsidiary of Delta Penland, while the remaining hospitality and real estate business will be demerged into Delta Penland. There is no change in the share entitlement ratio provided earlier. Delta Penland will issue eligible shareholders 1 new equity share of face value of Re 1 each for every 1 equity share of face value of Re 1 each held by such shareholders in Delta Corp.
Kirloskar Oil Engines
Aseem Srivastav has resigned as Chief Executive Officer of the B2C business vertical, effective December 31, as he is taking up a new role within the Group. The designation of Rahul Sahai has been changed from Chief Executive Officer of the B2B business vertical to Chief Executive Officer of the company, effective January 1, 2025.
Wipro
The technology services and consulting company announced a collaboration with SIAM.AI, a member of the NVIDIA Cloud Partner program in Thailand. The companies will leverage NVIDIA accelerated computing and software to develop an AI-powered digital assistant for the Tourism Authority of Thailand.
RITES
The company has received a $9.7 million order from the Guyana government for the upgrading of the Palmyra to Moleson Creek highway.
Uno Minda
The company's 4W lighting plant at Khed, Pune, has started its commercial production. The same will be gradually ramped up going forward.
Linc
The company has fixed December 20 as the record date for the split of equity shares and the issue of bonus shares. It will split each equity share of face value of Rs 10 into 2 equity shares of face value of Rs 5 each, and further will issue bonus shares in the ratio of 1:1.
Poonawalla Fincorp
Dhiraj Saxena has resigned as Chief Technology Officer of the company due to harassment from the CHRO.
Shree Renuka Sugars
The National Company Law Tribunal (NCLT) has approved the merger of Monica Trading, Shree Renuka Agri Ventures, and Shree Renuka Tunaport with the company. All three companies are wholly-owned subsidiaries of the company.
Reliance Power
The company's subsidiary Samalkot Power has paid in full its outstanding interest in default on its term loan with the Export-Import Bank of the United States. The actual amount involved in the default was $15.48 million. Post payment by Samalkot, the default of the company as a Guarantor to the aforesaid loan stands cured.
Dear Viewers,
Good Morning. Indian market is expected to open negative with a loss of more than 50 points from previous closing. Asian markets are trading mixed. US market closed positive in the last trading session.
• Ahluwalia Contracts (India): The construction company has registered a massive 56.3 percent on-year growth in consolidated net profit at Rs 70.2 crore for the third quarter of FY24, supported by strong topline as well as operating numbers. Revenue from operations increased by 38.1 percent year-on-year to Rs 1,026.5 crore for the quarter.
• Deepak Nitrite: The chemicals manufacturing company has reported consolidated net profit of Rs 202 crore for the third quarter of FY24, falling 3.3 percent compared to the corresponding period of the last fiscal year, with muted topline growth and subdued operating numbers. Revenue from operations grew by 0.9 percent year-on-year to Rs 2,009.2 crore for the quarter.
• Hindustan Copper: The state-owned company has recorded standalone net profit of Rs 63 crore for the third quarter of FY24, falling 21.4 percent compared to the corresponding period of the previous fiscal year, impacted by subdued topline numbers. Revenue from operations fell by 28.3 percent YoY to Rs 399.3 crore during the quarter.
• Coffee Day Enterprises: The Cafe Coffee Day chain operator has reported net profit of Rs 69 crore for the quarter ended December FY24, against a loss of Rs 402 crore in the corresponding period of the last fiscal, backed by strong operating numbers. Revenue from operations stood at Rs 257 crore for the quarter, growing 5 percent over a year-ago period.
• National Aluminium Company: The state-run alumina and aluminum manufacturer has recorded consolidated net profit of Rs 470.61 crore for the October–December period of FY24 despite muted topline growth, backed by strong operating numbers with a fall in in-push costs and power and fuel costs. Revenue from operations grew by 1.5 percent year-on-year to Rs 3,347 crore for the quarter.
• Gujarat Gas: The city gas distribution company has reported a nearly 41 percent on-year decline in net profit at Rs 220.3 crore for the third quarter of FY24, impacted by weak operating numbers and higher input costs. Revenue from operations increased by 6.6 percent year-on-year to Rs 3,929.1 crore for the quarter, with sales volumes rising by 26 percent to 9.16 mmscmd YoY.
• Rashi Peripherals: The information and communication technology products distributor is set to list equity shares on the bourses on February 14. The final issue price has been fixed at Rs. 311 per share.
• Capital Small Finance Bank: The small finance bank is going to debut on the BSE and NSE on February 14. The final offer price has been set at Rs. 468 per share.
Dear Viewers.
Good Morning. Indian market is expected to open negative in gap down pattern with a loss of more than 150 points. Asian markets are trading weak. US market closed negative in the last trading session.
• Galaxy Surfactants: The performance surfactants and specialty care products manufacturer has reported a 32.8 percent on-year decline in consolidated net profit at Rs 71.37 crore for the third quarter of FY24, impacted by weak topline and operating numbers. Revenue from operations fell by 13.3 percent YoY to Rs 940.5 crore for the quarter.
• Aurionpro Solutions: The company said the board of directors has approved the issue of up to 9,02,935 equity shares on a preferential basis, at a price of Rs 2,215 per equity share, aggregating to Rs 200 crore.
• Skipper: The power transmission and distribution structure manufacturer has reported a 115.3 percent on-year increase in net profit at Rs 20.4 crore for the third quarter of FY24 despite weak operating margins, boosted by topline. Revenue from operations grew by 80.2 percent YoY to Rs 801.6 crore for the quarter, while reported EBITDA grew by 70.1 percent YoY to Rs 77.07 crore, but margin dropped 60 basis points to 9.6 percent in Q3 FY24.
• Time Technoplast: The polymer products maker has clocked consolidated net profit of Rs 91.6 crore for the October–December period of FY24, rising 49.55 percent over the corresponding period of the last fiscal. Revenue from operations grew by 17.4 percent YoY to Rs 1,324.65 crore for the quarter.
• Elgi Equipments: The air compressor manufacturer has reported consolidated net profit of Rs 83.88 crore for the October–December period of FY24, rising 4.8 percent over a year-ago period with healthy growth in operating margin due to a fall in input costs. Revenue from operations increased by 6.4 percent year-on-year to Rs 821.8 crore for the quarter.
• Repco Home Finance: The housing finance company has registered a 23.1 percent on-year increase in net profit at Rs 99.44 crore for the third quarter of the current financial year 2023–24. Net interest income grew by 17.8 percent year-on-year to Rs 163.5 crore during the quarter.
IMPORTANT DATA
• Mahindra & Mahindra: The automobile company reported production of 1,01,169 units in the month of January 2024, growing 32.4 percent over the corresponding period of the last fiscal. Sales grew by 17.7 percent YoY to 72,198 units, but exports fell 42 percent YoY to 1,746 units during January.
• Hindalco Industries: Subsidiary Novelis has recorded net income attributable to the common shareholder at $121 million for the quarter ended December FY24, growing 10-fold over $12 million in the year-ago period. Net income, excluding special items, grew by 81 percent YoY to $174 million. Net sales decreased 6 percent YoY to $3.9 billion for the third quarter of fiscal year 2024, driven by lower average aluminum prices as shipments were in line with prior year levels. Adjusted EBITDA was up 33 percent YoY at $454 million.
• Steel Authority of India: The state-owned steel company has reported consolidated net profit at Rs 423 crore for the October-December period of FY24, falling 22 percent on a high base as in Q3 FY23, there was an exceptional gain of Rs 298 crore. Revenue from operations fell 6.8 percent year-on-year to Rs 23,349 crore for the quarter.
• JSW Energy: JSW Neo Energy, a wholly owned subsidiary of the company, has received a letter of award for a wind capacity of 500 MW from the Solar Energy Corporation of India (SECI). As per the construction of the bid, a 700 MW greenshoe option is available over the awarded capacity. This could further enhance the company’s total awarded capacity by 525 MW to a maximum of 1,025 MW.
• Coal India: The country's largest coal mining company recorded consolidated profit at Rs 9,093.7 crore for the third quarter of FY24, growing 17.8 percent over a year-ago period, backed by higher other income and a healthy operating margin with a fall in input costs. Revenue from operations grew by 2.8 percent YoY to Rs 36,154 crore for the quarter. The state-owned entity announced an interim dividend of Rs. 5.25 per share.
• JM Financial: The company has reported a nearly 34 percent on-year increase in consolidated net profit at Rs 321.6 crore for the October–December period of FY24, with a healthy topline. Revenue from operations for the quarter increased by 33 percent YoY to Rs 1,236 crore, while net interest income grew by 19 percent YoY to Rs 274.5 crore in Q3 FY24.
• Lemon Tree Hotels: The company has signed a license agreement for a new hotel in Marpalle, Telangana, under its brand, Lemon Tree Resort. This hotel will be spread over 5 acres and have 50 rooms, including 14 villas, of which 5 will be water villas. This hotel is expected to be operational in FY27.
• Allcargo Logistics: The logistics services provider has reported an 88 percent year-over-year decline in consolidated profit at Rs 17.4 crore for the third quarter of FY24, impacted by lower topline and operating numbers. Revenue from operations fell by 22.2 percent YoY to Rs 3,211.6 crore for the quarter.
• Apeejay Surrendra Park Hotels: AL Mehwar Commercial Investments L L C Treefish bought 20,90,992 equity shares in Park Hotels via open market transactions at an average price of Rs 186.15 per share; TT Asia-Pacific Equity Fund picked 11,25,349 equity shares at an average price of Rs 186.15 per share; and Quant Mutual Fund-Quant Small Cap Fund purchased 93,20,000 equity shares at an average price of Rs 196.33 per share. They bought a 5.87 percent stake in the company.
• GSK Pharmaceuticals: The biopharma company recorded consolidated profit of Rs 45.72 crore for the October–December period of FY24, falling sharply by 72.2 percent over the corresponding period of the previous fiscal due to exceptional losses and a lower operating margin. Revenue from operations grew by 0.4 percent YoY to Rs 805.26 crore for the quarter.
• Cello World: The consumerware company has reported consolidated net profit of Rs 906.6 crore for the quarter ended December FY24, rising 4.7 percent over the previous quarter. Revenue from operations increased by 7.8 percent QoQ to Rs 5,270.5 crore for the quarter.
• Bajaj Healthcare: The APIs, intermediates, and formulations manufacturer has posted a net loss of Rs 2.2 crore for the third quarter of FY24, against a profit of Rs 11.05 crore in the same period last year. Revenue from operations fell by 18.1 percent YoY to Rs 108.6 crore for the quarter. Meanwhile, Rupesh Nikam has resigned as Chief Financial Officer (CFO) and Whole-Time Director of the company.
• Shree Renuka Sugars: The sugar producer has posted a consolidated net loss of Rs 172.3 crore for the quarter ended December FY24, against a profit of Rs 14.3 crore in the corresponding period of the last fiscal, despite a higher topline impacted by weak operating numbers with higher input costs and finance costs. Revenue from operations grew by 18.1 percent YoY to Rs 3,014 crore for the quarter. The company has received approval from the board of directors to raise up to Rs 2,500 crore via QIP.
• Multi Commodity Exchange of India: The commodity exchange has posted a net loss of Rs 5.35 crore for the quarter ended December FY24, against a profit of Rs 38.79 crore in the corresponding period of last fiscal year, despite strong topline growth. Revenue from operations grew by 33.4 percent YoY to Rs 191.5 crore for the quarter. The holding company has made an additional contribution of Rs 13.12 crore in October 2023 towards the settlement guarantee fund. Also, the software support charges and product license fees more than doubled to Rs 146.32 crore from Rs 67.60 crore YoY.
• Divis Laboratories: The pharma company has reported net profit at Rs 358 crore for the third quarter of FY24, rising 17 percent over the corresponding period of last fiscal, with revenue from operations increasing 8.6 percent YoY to Rs 1,855 crore.
• Aurobindo Pharma: The pharmaceutical firm has recorded consolidated net profit of Rs 936 crore for the October–December period of FY24, rising sharply by 90.6 percent over a year-ago period backed by strong operating numbers. Revenue from operations for the quarter increased by 14.7 percent YoY to Rs 7,352 crore, with growth seen across multiple businesses. US formulations (excluding Puerto Rico) revenue increased by 28.9 percent YoY to Rs 3,756 crore, and European formulation revenue rose by 1.6 percent YoY to Rs 1,728 crore.
• Italian Edibles: The company will list its equity shares on the NSE Emerge on February 12. The issue price is Rs. 68 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.
• Rane Engine Valve: The Rane group announced the merger of Rane Brake Lining and Rane Engine Valve into Rane (Madras). The board of directors of these companies approved the proposed reorganization through a scheme of arrangement. As per the scheme, 21 equity shares of Rane (Madras) will be allotted for 20 equity shares of Rane Brake Lining, and 9 equity shares of Rane (Madras) will be allotted for 20 equity shares of Rane Engine Valve.
• Apeejay Surrendra Park Hotels: The Park Hotels is set to list its equity shares on the bourses on February 12. The final issue price has been fixed at Rs. 155 per share.