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• 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.
IMPORTANT DATA
• One 97 Communications: The Paytm operator said the Board of Directors formed a Group Advisory Committee chaired by former Sebi Chairman M Damodaran to work with the board in further strengthening compliance and regulatory matters. The committee includes MM Chitale, former president of the Institute of Chartered Accountants of India (ICAI) and a former governing council member of the Banking Codes and Standards Board of India nominated by the RBI. The committee also includes banking experts like Ramachandran, former chairman and managing director of Andhra Bank.
• Oil and Natural Gas Corporation: The state-owned oil and gas exploration company recorded consolidated profit of Rs 9,536 crore for the quarter ended December FY24, down 13.7 percent compared to the year-ago period. Revenue from operations dropped 9.8 percent YoY to Rs 34,789 crore for the quarter, with crude oil price realization falling 6.4 percent YoY to $81.59 a barrel.
• Tata Power Company: The Tata Group company recorded net profit at Rs 1,076 crore for the third quarter of FY24, growing 2 percent over a year-ago period, supported by better realization in the core business segments consisting of generation, transmission & distribution, and renewables. Revenue from operations grew by 3 percent year over year to Rs 14,841 crore for the quarter.
• Hero MotoCorp: The world's largest two-wheeler maker has recorded net profit at Rs 1,073 crore for the quarter ended December FY24, growing sharply by 51 percent over a year-ago period with strong growth in operating numbers. Revenue from operations for the quarter grew by 21 percent YoY to Rs 9,724 crore. Hero announced an interim dividend of Rs 75 per share and a special dividend of Rs 25 per share for the financial year ended 2023–24 and has received board approval for investment of up to Rs 600 crore over a period of two years for setting up a global parts center (GPC) 2.0 with a storage capacity of up to 36,700 stockkeeping units (SKUs) in Andhra Pradesh.
• Indian Railway Finance Corporation: The miniratna public sector enterprise has recorded net profit at Rs 1,604 crore for the third quarter of FY24, falling 1.8 percent compared to the year-ago period. Revenue from operations grew by 8.4 percent YoY to Rs 6,742 crore for the quarter.
• PI Industries: The agri-sciences company has registered a 27.5 percent on-year growth in consolidated net profit at Rs 448.6 crore for the October–December period of FY24, with healthy growth in topline and operating numbers. Revenue from operations grew by 17.6 percent YoY to Rs 1,897.5 crore for the quarter.
• Easy Trip Planners: The company said the board of directors has in principle approved the proposal to open a 5-star hotel in Ayodhya through an investment of up to Rs 100 crore in Jeewani Hospitality.
• Landmark Cars: The luxury car retailer has reported consolidated net profit of Rs 18.2 crore for the October–December period of FY24, falling nearly 30 percent compared to the corresponding period of the last fiscal. Revenue from operations increased by 9.5 percent YoY to Rs 959.2 crore for the quarter.
• Bandhan Bank: The private sector lender has recorded a massive 152 percent on-year growth in net profit at Rs 733 crore for the third quarter of FY24 on a sharp fall in provisions and contingencies. Net interest income grew by 21 percent YoY to Rs 2,525 crore for the quarter. Asset quality improved with the gross NPA declining 30 bps sequentially to 7.02 percent and the net NPA falling 11 bps QoQ to 2.21 percent for the quarter.
• Aster DM Healthcare: The healthcare services provider has reported consolidated profit at Rs 179.2 crore for the third quarter of FY24, growing 28.6 percent over a year-ago period, backed by topline and EBITDA performance. Revenue from operations grew by 16.2 percent YoY to Rs 3,710.6 crore for the quarter, while operating EBITDA increased by 28 percent to Rs 583 crore.
• Ramco Cements: The cement manufacturing company has reported a 38.6 percent on-year growth in standalone net profit at Rs 93.4 crore for the quarter ended December FY24, backed by healthy operating numbers. Revenue from operations grew by 5 percent YoY to Rs 2,106.1 crore for the quarter. During Q3FY24, the sale volume was 4 million metric tons, compared to 3.64 million metric tons in Q3FY23, with a growth of 10 percent. Blended EBIDTA per ton for Q3 FY24 was Rs 1,007 as against Rs 808 during Q3 FY23.
• Rail Vikas Nigam: The state-owned entity has recorded consolidated profit at Rs 358.6 crore for the October-December period of FY24, falling 6.2 percent compared to the year-ago period, impacted by topline and operating numbers. Revenue from operations increased by 6.4 percent YoY to Rs 4,689.3 crore for the quarter.
• Grasim Industries: The Aditya Birla Group company has reported standalone profit at Rs 236.31 crore for the third quarter of FY24, falling 8.2 percent compared to the year-ago period as tax cost at Rs 2.8 crore in Q3 FY24 against a tax write-back of Rs 42.36 crore in Q3 FY23. Revenue from operations grew by 3.3 percent to Rs 6,400.25 crore compared to the year-ago period.
• JK Lakshmi Cement: The cement manufacturing company has recorded an 88 percent year-on-year increase in consolidated net profit at Rs 143.67 crore for the quarter ended December FY24, backed by healthy operating numbers with lower power and fuel costs. Revenue from operations rose 9 percent YoY to Rs 1,703 crore for the quarter.
• Torrent Power: The Gujarat-based power company recorded consolidated net profit at Rs 359.8 crore for the quarter ended December FY24, declining sharply by 47.4 percent compared to the year-ago period, impacted by lower topline and dismal operating numbers with higher fuel costs. Revenue from operations fell 1.2 percent year-on-year to Rs 6,366 crore for the quarter. The firm has announced an interim dividend of Rs 12 per share for the current financial year.
• United Breweries: The Kingfisher beer maker has reported standalone net profit of Rs 84.85 crore for the third quarter of FY24, against a loss of Rs 2.14 crore in the corresponding period of the last fiscal year, backed by healthy operating numbers and higher other income. The bottomline in Q3 FY23 was impacted by an exceptional loss of Rs 33.12 crore. Revenue from operations for the quarter grew by 13.1 percent YoY to Rs 1,822.66 crore. Meanwhile, the board of directors has appointed Anand Kripalu as chairman of the company with immediate effect.
Dear Viewers,
Good Morning. Indian market is expected to open negative in gap down pattern with a loss of more than 40 points. Asian markets are trading mixed. US market closed flat positive in the last trading session.
• Bharat Petroleum Corporation: Petronet LNG, the joint venture of Bharat Petroleum Corporation (BPCL), has executed a long-term LNG sale and purchase agreement with Qatar Energy for the purchase of approximately 7.5 MMTPA liquified natural gas (LNG) on a long-term basis. The LNG sale and purchase agreement is a renewal of the existing agreement signed on July 31, 1999, which was set to expire in April 2028.
• Cummins India: The power solutions company has reported standalone profit of Rs 455 crore for the quarter ended December FY24, growing 26.3 percent over a year-ago period, driven by healthy operating numbers. Revenue from operations increased by 16.2 percent YoY to Rs 2,534 crore for the quarter, with domestic sales rising 36 percent YoY to Rs 2,177 crore and exports up 40 percent to Rs 325 crore during the quarter.
• Indus Towers: Foreign portfolio investor Artisan International Value Fund sold 3,33,46,663 equity shares, which is equivalent to 1.2 percent of paid-up equity, in the tower infrastructure company via open market transactions at an average price of Rs 215.1 per share. These shares were valued at Rs 717.3 crore. Artisan had held a 1.71 percent stake in the company as of December 2023.
• Gujarat Narmada Valley Fertilizers & Chemicals: The chemical company has recorded consolidated profit at Rs 97 crore for the third quarter of FY24, falling 70.2 percent compared to Rs 326 crore in the year-ago period, impacted by lower topline and operating numbers. Revenue dropped 21.9 percent YoY to Rs 2,088 crore for the quarter.
• Indraprastha Gas: The natural gas distribution company has signed a Memorandum of Understanding (MOU) with two technology partners to establish compressed biogas (CBG) plants across four states, namely Delhi, Haryana, Rajasthan, and Uttar Pradesh. Additionally, IGL has already appointed two other partners for the same purpose. The biogas produced from these 19 plants will be fed into the company's city gas distribution network.
• Sobha: The south-based real estate developer has recorded consolidated profit of Rs 15.08 crore for the third quarter of FY24, falling 52.6 percent compared to the year-ago period, despite a higher operating margin and lower input costs. Revenue from operations fell 21.1 percent YoY to Rs 684.9 crore for the quarter.
• Kalpataru Projects International: The infrastructure EPC company has registered consolidated profit of Rs 144 crore for the quarter ended December FY24, growing 32.1 percent over the year-ago period despite a lower operating margin. Revenue from operations for the quarter increased by 22.3 percent to Rs 4,896 crore, led by robust execution and a healthy order book in transmission and distribution, buildings and factories, water, and urban infrastructure businesses. The consolidated order book at the end of December FY24 stood at Rs 51,753 crore.
• Star Housing Finance: Perennial Emerging Growth Fund has bought 5 lakh equity shares in the company at an average price of Rs 62.94 per share.
Dear Viewers,
Good morning. Indian market is expected to open positive in gap up pattern with a gain of 40 points from the previous closing. Asian markets are trading flat. US market closed positive in the last trading session.
IMPORTANT DATA
• Bajaj Finance: The non-banking finance company has registered a massive 28 percent on-year increase in profit after tax at Rs 3,551 crore for the quarter ended September FY24. Net interest income during the same period increased 26 percent to Rs 8,845 crore, with the number of new loans booked rising by 26 percent to 8.53 million, while assets under management (AUM) grew by 33 percent to Rs 2.9 lakh crore as of September 2023.
• L&T Technology Services: The engineering services company has recorded a 1.4 percent sequential growth in net profit at Rs 315.4 crore for the quarter ended September FY24, with the operating numbers beating analyst estimates. Revenue for the quarter increased by 3.7 percent QoQ to Rs 2,386.5 crore, with the dollar revenue rising 2.9 percent to $288.1 million and constant currency topline growth at 3.2 percent in the same period. The firm revised its USD revenue growth guidance for FY24 to 17.5–18.5 percent in constant currency while declaring an interim dividend of Rs 17 per share.
• Tata Elxsi: The design-led technology services company has clocked 5.9 percent sequential growth in net profit at Rs 200 crore for the July-September period FY24, with revenue increasing 3.7 percent to Rs 881.7 crore during the same period. Transportation segment growth stood at 7.1 percent QoQ, aided by large deals and strong traction in software-defined vehicle (SDV) engagements, while healthcare division growth grew at 3.6 percent QoQ, driven by new product engineering, digital health, and regulatory services. The media and communications segment grew marginally at 0.1 percent QoQ.
• Mazagon Dock Shipbuilders: The state-owned shipbuilding company has signed a contract with the acquisition wing of the Ministry of Defence for the construction and delivery of one training ship for the Indian Coast Guard (ICG) at a cost of Rs 310 crore.
• ICICI Bank: The Reserve Bank of India has imposed a monetary penalty of Rs 12.19 crore on ICICI Bank for contravention of sub-section (1) of Section 20 of the Banking Regulation Act.
• Hindustan Petroleum Corporation: Petromin Corporation, Saudi Arabia, a part of the AI-Dabbagh group, will be setting up 1,000 Petromin Express Stations (quick service vehicle care) at HPCL retail outlets across India in 5 years. The first set of 16 Petromin Express Stations in Bengaluru and Chennai were launched on October 16.
• Avenue Supermarts: The D-Mart operator has received a notice for tax demand and penalty of Rs 3.9 lakh from the Superintendent of Central Tax (GST), Kakinada, Andhra Pradesh.
• Lemon Tree Hotels: The hotel chain has signed a franchise agreement for its upcoming 45-room hotel in Vadodara, Gujarat, under the brand Keys Select by Lemon Tree Hotels. The hotel is expected to be operational in FY26.
• Housing & Urban Development Corporation: The Government of India will be selling up to 7,00,66,500 equity shares of HUDCO, representing 3.50 percent of total paid-up equity, on October 18–19, with an option to additionally sell up to 7,00,66,500 equity shares in case the oversubscription option is exercised. The offer-for-sale will open on October 18 for non-retail investors and on October 19 for retail investors. The floor price has been fixed at Rs 79 per share, and at the same price, the fund raising would be Rs 1,107 crore by the government.
• Bajaj Electricals: The company has received a service contract worth Rs 347.29 crore from the Power Grid Corporation of India.
• Indian Railway Catering and Tourism Corporation: IRCTC has tied up with Zomato for supply and delivery of preordered meals through IRCTC’s e-catering portal as a proof of concept (PoC) in the first phase at five railway stations, which are New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.
• Kotak Mahindra Bank: Subsidiary Kotak Securities has entered into an agreement for the sale of its entire shareholding of around 7.50 percent in Entroq Technologies to Delente Technologies at Rs 508.06 per share. The Reserve Bank of India has imposed a monetary penalty of Rs 3.95 crore on Kotak Mah
• 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.
Dear Viewers,
Good Morning. Indian market is expected to open positive in gapup pattern with a gain of 80 points. Asian markets are trading flat and mixed. US market closed positive in the last trading session.
• Suryoday Small Finance Bank: The small finance bank has registered a 217 percent on-year increase in net profit at Rs 57.22 crore for the October-December period of FY24, with other income rising 102.3 percent YoY to Rs 51.9 crore and pre-provision operating profit increasing 80.5 percent to Rs 114.2 crore for the quarter. Net interest income during the quarter jumped 33.9 percent to Rs 245.7 crore compared to the same period last year. On the asset quality front, gross NPA rose by 16 bps sequentially to 3.06 percent and net NPA fell 4 bps QoQ to 1.42 percent for the quarter.
• Knowledge Marine & Engineering Works: Bandhan Mutual Fund has bought 1,47,500 equity shares in Knowledge Marine via open market transactions at an average price of Rs 1,580.50 per share. However, promoter Kanak Sujay Kewalramani sold 1,20,000 equity shares in the company at the same price. Ace investor Ashish Kacholia holds a 2.78 percent stake in the company.
• Avalon Technologies: HDFC Mutual Fund has bought 14,31,000 equity shares, which is equivalent to 2.18 percent of paid-up equity, in the electronics manufacturing service provider via open market transactions at an average price of Rs 474 per share. HDFC Mutual Fund held more than a 2.5 percent stake in the company as of December 2023. However, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio sold 14,93,822 (2.27 percent stake) equity shares in the company at an average price of Rs 474.01 per share.
• Paradeep Phosphates: Goldman Sachs Funds: Goldman Sachs India Equity Portfolio sold 74,74,568 equity shares, equivalent to 0.91 percent of paid-up equity, in the company at an average price of Rs 76.05 per share.
• Global Health: The multi-specialty tertiary care provider clocked 53.4 percent on-year growth in consolidated net profit at Rs 123.6 crore for the quarter ended December FY24, backed by strong operating margins and healthy topline growth. Revenue from operations grew by 20 percent YoY to Rs 832.6 crore for the quarter, with matured and developing units delivering robust revenue growth of 17 percent and 33 percent YoY, respectively. This growth was primarily driven by increased in-patient volume and improved realization.
• EPIC Energy: The company has received a Letter of Award (LOA) for the supply, installation, and commissioning of a 54.6 KW grid-connected solar PV system with 3-phase inverters.
• Bharat Seats: Sanjeev Kumar has resigned from the position of Chief Financial Officer and key managerial personnel of the company with effect from February 8, 2024, after his transfer to the commercial department.
• Megatherm Induction: Ace investor Ashish Rameshchandra Kacholia has bought 3,16,800 equity shares in the induction heating and melting products manufacturing company via an open market transaction at an average price of Rs 224.96 per share, valued at Rs 7.13 crore.
IMPORTANT DATA
• Life Insurance Corporation of India: The state-owned life insurance company has recorded standalone profit of Rs 9,444.4 crore in the quarter ended December FY23, growing sharply by 49.1 percent over a year-ago period. Net premium income for the quarter was Rs 1,17,017 crore, increasing 4.7 percent compared to the corresponding period of the last fiscal, and net commission grew by 3.2 percent YoY to Rs 6,520 crore for the quarter. LIC has declared an interim dividend of Rs. 4 per share.
• One 97 Communications: The fintech major is putting the finishing touches on a deal to acquire Bitsila, an interoperable e-commerce startup, sources said. Bengaluru-based Bitsila is currently the third-largest seller-side platform by transactions on the Open Network for Digital Commerce (ONDC), sources said. The deal is in advanced stages and will likely close in the coming week, according to two people in the know. Meanwhile, Manju Agarwal, an independent director at Paytm Payments Bank (PPBL), has resigned from the board with effect from February 1, 2024, following the Reserve Bank of India's (RBI) restrictions on PPBL, CNBC-TV18 reported, citing sources. Manju Agarwal is a former Deputy Managing Director at SBI and has been serving on the PPBL board since May 2021.
• Biocon: The biopharmaceutical firm recorded consolidated net profit of Rs 660 crore for the October–December period of FY24, against a loss of Rs 41.8 crore in the corresponding period of the last fiscal. This was partly due to a low base, as there was an exceptional loss of Rs 271.4 crore in Q3 FY23. Revenue from operations for the quarter at Rs 3,953.7 crore increased by 34.4 percent over a year-ago period. Meanwhile, Indranil Sen has resigned as chief financial officer of the company with effect from March 15, 2024, to pursue opportunities outside the organisation.
• Bharat Heavy Electricals (BHEL): The state-owned power equipment manufacturer has received an order from HPGCL (Haryana Power Generation Corporation) for setting up the 1x800 MW ultra-critical expansion unit at DCRTPP Yamuna Nagar. The contract value is more than Rs 5,500 crore. BHEL will provide equipment (including a boiler, turbine, generator, and associated auxiliaries), erection and commissioning, and civil works.
• Patanjali Foods: The FMCG company has reported net profit at Rs 216.5 crore for the third quarter of FY24, falling 19.6 percent compared to the corresponding period of last fiscal year, impacted by subdued topline and operating numbers. Revenue from operations fell by 0.2 percent YoY to Rs 7,910.7 crore for the quarter.
• Kalyan Jewellers India: Goldman Sachs Funds—Goldman Sachs India Equity Portfolio, Nomura Funds Ireland Plc Nomura Funds Ireland India Equity Fund, The Master Trust Bank of Japan Limited AC Nomura India Investment Fund Mother Fund, and Motilal Oswal Mutual Fund A/C Motilal Oswal Midcap 30 Fund bought 3,68,43,078 equity shares (3.6 percent stake) worth Rs 1,430 crore in the jewellery company. However, foreign investor Highdell Investment offloaded 6,87,29,971 equity shares, or 6.67 percent stake, worth Rs 2,317.01 crore at Kalyan Jewellers. Highdell had held a 17.59 percent stake in the company as of December 2023.
• Indian Railway Catering and Tourism Corporation (IRCTC): The state-owned entity has signed a MoU with the Government of Uttarakhand through the Uttarakhand Tourism Development Board (UTDB) for taking dedicated Bharat Gaurav tourist trains through IRCTC and operating the trains originating from different cities and stations of the country to Uttarakhand. The MoU has been signed initially for a period of two years, which would be further extended for additional years.
IMPORTANT DATA
• Zomato: The food delivery giant has announced the liquidation of its step-down subsidiary, Zomato Vietnam Company (ZVCL), with effect from February 2. Lunchtime.cz, a step-down subsidiary of Zomato in the Czech Republic, has also been liquidated with effect from February 6.
• Tata Consumer Products: The FMCG company has registered a 17.3 percent on-year decline in consolidated profit at Rs 301.5 crore for the quarter ended December FY24 despite healthy operating numbers, impacted by an exceptional loss of Rs 91.53 crore. Revenue from operations grew by 9.5 percent YoY to Rs 3,804 crore for the quarter.
• Apollo Tyres: The tire manufacturing company has recorded consolidated profit at Rs 496.6 crore for the third quarter of FY24, growing 78.1 percent over a year-ago period despite muted topline, backed by healthy operating numbers. Revenue from operations during the same period grew by 2.7 percent to Rs 6,595.4 crore.
• Power Grid Corporation of India: The state-owned electric services company has recorded 10.5 percent year-on-year growth in consolidated net profit at Rs 4,028.3 crore for the October–December period of FY24, despite higher tax costs, driven by healthy operating numbers. Revenue from operations grew by 2.6 percent YoY to Rs 11,549.8 crore for the quarter.
• SJVN: The company has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for a 200 MW solar power project in GUVNL Phase XXII. The tentative cost of construction and development for this project is Rs 1,100 crore. The ground-mounted solar project will be developed by subsidiary SJVN Green Energy anywhere in India through an EPC contract. The project will be commissioned in 18 months from the date of the power purchase agreement.
• Inox India (INOXCVA): The cryogenic solutions company has signed a Memorandum of Understanding (MoU) with the Inter-University Accelerator Centre (IUAC) for the development of technology for the design and manufacture of superconducting magnet-based systems. The system will be used for clinical, industrial, defense, and research applications.
• Mankind Pharma: Promoters Sheetal Arora, Arjun Juneja, and Puja Juneja have decided to sell a combined stake of 1.62 percent in Mankind to comply with the requirements of minimum public shareholding. A block deal of around Rs 1,330 crore has been launched for the above divestment at a floor price of Rs 2,050 per share, sources told Moneycontrol on the condition of anonymity.
• JK Paper: The paper manufacturing company has registered a 29.1 percent on-year decline in consolidated profit at Rs 236.4 crore for the quarter ended December FY24, impacted by an overall drop in sales realization and a substantial increase in wood costs. Revenue from operations for the quarter increased by 2.7 percent to Rs 1,781.65 crore for the quarter.
• Lupin: The pharma company has clocked a four-fold increase in consolidated profit at Rs 613.1 crore for the quarter ended December FY24, against Rs 153.5 crore in the year-ago period, backed by growth across segments, with US businesses growing 23.7 percent and India 13.4 percent. Revenue from operations jumped 20.2 percent YoY to Rs 5,197.4 crore for the quarter.
• Grasim Industries: The Department of Industrial Safety and Health (DISH) in Kalyan has permitted the Century Rayon plant to restart the operations of the carbon disulfide refining section in Shahad. The company has also obtained the requisite permission(s) from other concerned departments, including the Police Department and the Maharashtra Pollution Control Board, Regional Office, Kalyan (MPCB).
• Exide Industries: The lead-acid storage batteries and power storage solutions company has invested Rs 100 crore in its wholly owned subsidiary, Exide Energy Solutions, on a rights basis. There is no change in the shareholding percentage of the company as a subsidiary.
• Himadri Speciality Chemical: The speciality chemical company has reported standalone net profit of Rs 101 crore for the period ended September FY24, rising 246.2 percent over a year-ago period despite a 5.1 percent on-year decline in revenue at Rs 1,005 crore during the same period, driven by healthy EBITDA and margin expansion.
• Can Fin Homes: The housing finance company has reported 11.5 percent on-year growth in profit at Rs 158 crore for the quarter ended September FY24, and net interest income during the same period grew by 26.1 percent to Rs 316.8 crore. Asset quality weakened with the gross non-performing assets (NPA) rising 13 bps sequentially to 0.76 percent and the net NPA rising 9 bps QoQ to 0.43 percent for the quarter.
• CIE Automotive India: The auto ancillary company has recorded 11.4 percent on-year growth in consolidated profit at Rs 186.7 crore for the quarter ended September 2023, driven by a better operating margin. Revenue from operations increased by 2.2 percent year-on-year to Rs 2,279.4 crore in Q3 FY23.
• Zensar Technologies: The company has reported net profit at Rs 173.9 crore for the quarter ended September FY24, growing 11.3 percent over the previous quarter, with EBIT rising 3.5 percent to Rs 194.4 crore and EBIT margin expanding 40 bps QoQ to 15.7 percent. Revenue from operations increased by 1.1 percent sequentially to Rs 1,240.8 crore for the quarter.
• VST Industries: The Hyderabad-based cigarette manufacturer has reported a 17.6 percent year-on-year decline in net profit at Rs 75.95 crore, with tepid growth in topline, lower profit before tax, and other income. Revenue from operations for the quarter increased by 2.86 percent year over year to Rs 452.3 crore.
• Arvind: Nigam Shah has been appointed as the Chief Financial Officer of the company. He is part of the senior management team.
• Syngene International: The contract research organisation has recorded a 14 percent year-on-year growth in profit at Rs 117 crore for the July-September period FY24, with revenue from operations increasing 18.5 percent on-year to Rs 910 crore during the same period.
• Mphasis: The IT solutions provider announced a strategic partnership with WorkFusion to harness the power of WorkFusion's AI solutions to enhance and evolve its services in transforming financial crime operations for its enterprise clients.
• Mahanagar Gas: The company has entered into a joint venture agreement (JVC) with Baidyanath LNG to incorporate a private limited company in India for undertaking the business of liquefied natural gas (LNG). MGL and Baidyanath LNG will subscribe to the initial share capital of JVC in the ratio of 51:49.
• Astra Microwave Products: The company has executed a licence-cum-transfer of technology (ToT) agreement between NewSpace India (NSIL), Bengaluru, and the Indian National Space Promotion and Authorization Centre (IN-SPACe), Department of Space (DOS), Ahmedabad, to utilise the know-how relating to MiniSAR: X-band Airborne SAR.
• Committed Cargo Care: The third-party logistics provider is set to debut on the NSE Emerge on October 18. The issue price is Rs. 77 per share. Its equity shares will be available for trading in the trade-for-trade segment.
Dear Viewers,
Good Morning. Indian market is expected to open negative near previous closing. Asian markets are trading weak. US Market closed flat negative in the last trading session.
• RSWM: Arvind Kumar Maurya has been appointed as Chief Executive & Business Head, Knits Business, as a part of senior management personnel, by the board of directors of the company with effect from October 16.
• Kirloskar Electric Company: The management has declared a lockout at the company’s unit 15 in Bengaluru rural district, with effect from October 16.