Stocks Picker Articles

14 Oct 2024 05:05

*STOCKS IN ACTION*

*ADITYA BIRLA FASHION AND RETAIL LTD*: Aditya Birla Fashion and Retail Ltd. (ABFRL) emerged after the consolidation of the branded apparel businesses of Aditya Birla Group comprising ABNL's Madura Fashion division and ABNL's subsidiaries Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL) in 2015. ABFRL is a part of the Aditya Birla Group, an Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in more than 34 countries across the globe. Madura Fashion & Lifestyle segment's portfolio includes several brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England established over 25 years in the domestic market. Its International Brands portfolio also comes under this division which includes The Collective and select mono-brands such as Simon Carter, Hackett London, Ted Baker, Ralph Lauren, American Eagle, and Fred Perry. The company acquired Pantaloons from the Future Retail Group in 2012. Pantaloons is one of the most trusted fashion retail brands in the country. It caters to the fashion & lifestyle needs of young aspirational Indian consumers in a modern retail environment. The company has a very diversified brand portfolio including Masaba, Sabyasachi Calcutta, Eleven, Aurelia, etc. It is India’s widest fashion network with 4,190 Brand stores, 417 Pantaloons stores, 37,352 multi-brand outlets, 9,466 shops in shops across Departmental stores, in Q1FY25. The company has a footprint of 11.9 million square feet, a growth of 9.17% as compared to 10.9 million square feet in Q1FY24. The company followed a brand-led e-commerce strategy that aligns with its offline business model. The e-commerce stack includes web portals and mobile sites for each brand and the capability to integrate seamlessly with over 10 different marketplace partners like Flipkart, Amazon, Myntra, Snapdeal, etc. In Q1FY25, the company reported a revenue of Rs. 3,428 crores, a growth of 7.25% over Rs. 3,196 crores in Q1FY24. The company reported EBITDA of Rs. 358 crores, a growth of 22.6% over Rs. 292 crores in Q1FY24. *Positive on Aditya Birla Fashion and Retail given the strong brand portfolio and distribution network of the company.*

*TATA STEEL*: Tata Steel Ltd is Asia's first integrated private steel company setup in 1907. The Company has presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products. It operates manufacturing units in 26 countries and a commercial presence in over 50 countries. Tata Steel is the second largest steel producer in Europe with a crude steel production capacity of over 12.1 million tonnes per annum. It offers a broad range of steel products including a portfolio of high value added downstream products such as hot rolled, cold rolled, coated steel, rebars, wire rods, tubes and wires. It is a diversified steel producer with major operations in India, Europe and South East Asia. The company also involves in prospecting, discovering, and mining iron ore, coal, ferro alloys, and other minerals; designing and manufacturing plants and equipment for steel, oil and natural gas, energy and power, mining, railways, ports, aviation, and space industries; and agricultural implements. In Q1FY25, Tata Steel India crude steel production grew 5% YoY to 5.27 million tons; deliveries were 5.10 million tons, with domestic deliveries at 4.9 million tons, up 5% YoY. On a half-year basis, crude steel production grew 5% YoY, and deliveries increased by 4% YoY. Automotive & Special Products deliveries were slightly lower YoY for the quarter, but on a half-year basis, deliveries remained stable YoY at 1.6 million tons. Branded Products & Retail deliveries rose 3% YoY, driven by Tata Tiscon's 20% YoY growth, marking the best 2Q sales. Half-year deliveries were up 4% YoY to 3.3 million tons.

Stocks Picker Articles

14 Oct 2024 04:49

*DMart:* Revenue at Rs 14444 cr versus poll Rs 14206.0 cr. Net profit seen at Rs 660 cr vs poll of Rs 770 cr. (Neutral)

*Brightcom Group:* Company to apply for suspension revocation after releasing shareholding, AGM schedule (Neutral)

*Adani Ports:* Company has completed the acquisition of 95% stake in Gopalpur Port Limited. (Neutral)

*Navkar Corp:* Company appoints new directors, pursuant to the transfer of ownership of the equity shares held by the promoter & promoter group of the Company to JSW Port Logistics Private Limited (Neutral)

*Oberoi Realty:* A board meeting will be held on October 16, 2024, to consider fundraising. (Neutral)

*Macrotech:* Net debt rises 14% to Rs 4,920 crore during the second quarter of the current fiscal. (Neutral)

*Bajaj Housing Finance:* One-month lock-in period for shareholders ends on Monday, October 14. (Neutral)

*Glenmark:* Company is recalling two products in the U.S. due to manufacturing issues. (Neutral)

*Ola Cabs:* Central Consumer Protection Authority has directed Ola Cabs to allow consumers to choose their preferred method of refund (Neutral)

*Page Industries:* Board to consider second interim dividend on November 7 (Neutral)

*Plastiblends:* Net Profit at Rs 6.3 cr vs Rs 9.5 cr, Revenue at Rs 185 vs Rs 210 cr. (YoY). (Negative)

*Indoco Remedies:* Company informs receipt of regulatory status from U.S. food and drug administration for facilities located at Goa plant. (Negative)

*Vedanta:* Company cancels its record date of Dividend (Negative)

*Camlin Fine:* India Ratings & Research has downgraded ratings for Term loan and fund based limits (Negative)

*LT Foods:* Received a notice from the Department of Food Safety and Quality after a sample collected by the Food Safety Officer was declared substandard (Negative)

Stocks Picker Articles

11 Oct 2024 05:45

*Forthcoming Event*

11th October: Lyka Labs to consider Amalgamation; Spright Agro to consider Bonus issue; Sukhjit Starch & Chemicals to consider Stock Split

14th October: GOPAL, HCLTECH, VSL to consider Dividend; Exxaro Tiles, Premier Polyfilm to consider Stock Split; Pakka to consider Fund Raising

16th October: CRISIL, LTTS to consider Dividend; Blue Cloud Softech Solutions to consider Stock Split

17th October: INFY to consider Dividend

18th October: ICICIGI, KSOLVES to consider Dividend

Stocks Picker Articles

11 Oct 2024 04:51

*Fund Houses Recommendations*


GS on *HDFC Life:* Maintain Buy on Company, target price at Rs 820/Sh (Positive)

GS on *SBI Life:* Maintain Buy on Company, target price at Rs 2000/Sh (Positive)

Bernstein on *PB Fintech:* Maintain Outperform on Company, target price at Rs 1720/Sh (Positive)

HSBC on *VBL:* Maintain Buy on Company, raise target price at Rs 780/Sh (Positive)

GS on *Godrej CP:* Maintain Buy on Company, target price at Rs 1525/Sh (Positive)

Jefferies on *GMR Airports:* Maintain Buy on Company, target price at Rs 106/Sh (Positive)

UBS on *360 One:* Initiate Buy on Company, target price at Rs 1250/Sh (Positive)

Equirus on *Mas Fin:* Initiate Buy on Company, target price at Rs 401/Sh (Positive)

Citi on *Indus Tower:* Maintain Buy on Company, target price at Rs 500/Sh (Positive)

Citi on *Cipla:* Maintain Buy on Company, target price at Rs 1870/Sh (Positive)

UBS on *Kotak Bank:* Maintain Neutral on Bank, raise target price at Rs 1950/Sh (Positive)

CLSA on *Bandhan Bank:* Maintain Outperform on Bank, target price at Rs 240/Sh (Positive)

Jefferies on *Bandhan Bank:* Maintain Neutral on Bank, target price at Rs 240/Sh (Positive)

Goldman Sachs on *Bandhan Bank:* MD & CEO appointment and CGFMU claim resolution removes near term overhang (Positive)

CLSA on *Bandhan Bank:* Key overhangs gone, focus will be back on its fundamentals (Positive)

Jefferies Greed & Fear: China’s weight in the Asia Pacific ex-Japan portfolio will increase by 0.5%, with India’s weight reduced by the same amount (Neutral)

JP Morgan on *TCS:* Maintain Overweight on Company, cut target price at Rs 5100/Sh (Neutral)

Citi on *TCS:* Maintain Sell on Company, cut target price at Rs 3935/Sh (Neutral)

Investec on *TCS:* Maintain Sell on Company, target price at Rs 3620/Sh (Neutral)

HSBC on *TCS:* Maintain Buy on Company, target price at Rs 4540/Sh (Neutral)

Nomura on *TCS:* Maintain Buy on Company, target price at Rs 4150/Sh (Neutral)

Investec on *Bandhan Bank:* Maintain Sell on Company, target price at Rs 180/Sh (Neutral)

Nomura on *Credit Access:* Downgrade to Reduce on Company, target price at Rs 950/Sh (Negative)

Stocks Picker Articles

11 Oct 2024 04:37

*Stocks in News*


*Arkade Developers:* Net Profit at Rs 30 cr vs Net Profit Rs 6.5 cr (YoY) , Revenue at Rs 125 vs Rs 61 cr. (YoY) (Positive)

*Mazagon Dock:* Company gets order worth Rs 1.22 billion from MAHAGENCO (Positive)

*TBO Tek:* Company has incorporated a wholly owned subsidiary, TBO Tek Australia Pty Ltd, in Sydney, Australia. (Positive)

*VPRPL:* Company has secured a Rs. 1608.60 million contract from the Office of the DYCE-C-II-JP-ENGINEERING, NWR, Jaipur for the Jaipur-SawaiMadhopur Doubling Project (Positive)

*IRDEA:* Net Profit at Rs 387.7 cr vs Net Profit Rs 284.7 cr (YoY) , NII at Rs 546.8 vs Rs 359.8 cr. (YoY). (Positive)

*Tata Elaxi:* Net Profit at Rs 229.4 cr vs Net Profit Rs 184.1 cr (QoQ) , Revenue at Rs 955 vs Rs 926 cr. (QoQ) (Positive)

*Den Network:* Net Profit at Rs 52 cr vs Net Profit Rs 45.6 cr (YoY) , Revenue at Rs 249 vs Rs 276.6 cr. (YoY) (Positive)

*Oil upstream stocks: Crude oil prices jumped by more than 3 percent on Hurricane and Geopolitical concerns (Positive)

*Krsnaa Diagnostics:* Company said it has secured two agreements with the Ranchi Institute of Neuro-Psychiatry & Allied Services (RINPAS) and the Medical Superintendent of Sadar Hospital, Ranchi (Positive)

*NBCC:* Subsidiary inked a contract worth Rs 1000 crore from Gondwana University for campus development. (Positive)

*Endurance:* Capex for greenfield project approved, plans to set up new facility, facility to manufacture alloy wheels for two wheelers; planned Capex for facility is Rs 3 billion (Positive)

*Active Clothing:* Company has entered into a manufacturing agreement with Adidas India Marketing Private Limited as a T-1 supplier, expanding its customer base. (Positive)

*AHA Solar:* Company secures key contract to develop digital ecosystem for India’s largest rooftop solar program (Positive)

*Bandhan Bank:* Former IOB Chief Partha Pratim Sengupta named new MD and CEO of Bandhan Bank (Positive)

*Index Update:* NSE to stop weekly expiry of Fin Nifty, Bank Nifty & Midcap from November 20. (Neutral)

*Exide Industries:* Company injects ₹100 cr into EESL for lithium-ion battery plant in Bengaluru (Neutral)

*Infosys:* Company collaborates with Zooplus to drive digital transformation & enhance e-commerce capabilities (Neutral)

*Utkarsh Small Finance Bank:* Bank enters into agreement to acquire 7% stake in saksham gram credit, cost of acquisition at Rs 50 million. (Neutral)

*TCS:* Net Profit at Rs 11,909 cr vs Net Profit Rs 12,040 cr (QoQ) , Revenue at Rs 64,259 vs Rs 62,613 cr. (QoQ). (Neutral)

*CESC:* Company has incorporated a wholly-owned subsidiary, JSK Renewable Private Limited, through its subsidiary, Purvah Green Power Private Limited. (Neutral)

*Jubilant Pharmova:* Company unit’s rectification application led to deletion of Rs 381.3 million tax demand. (Neutral)

*Aarti Industries:* Company has incorporated a wholly owned step-down subsidiary, Aarti Chem Trading USA Inc., in the US with a share capital contribution of USD 10,000 (Neutral)

*Aegis Logistics:* Company announces the appointment of Mr. Raj Kapurchand Chandaria as Managing Director of Aegis Vopak Terminals Limited effective October 10, 2024. (Neutral)

*Adani Ent:* Investors such as Quant MF, GQG Partners, SBI Life, SBI General Insurance and UHNIs participated (Neutral)

*Bank of Maharshtra:* Total business rose 16.9% to Rs 4.94 lakh crore in the quarter-ended September 2024 (Neutral)

*Oberoi Realty:* Board has approved a proposal to raise funds through various securities, with a target of up to Rs 6,000 crore. (Neutral)

*Ola electric:* Company announces ‘boss 72-hour rush’ with discounts of up to Rs 30,000 on the s1 portfolio; and additional benefits of up to Rs 25,000 (Neutral)

Stocks Picker Articles

10 Oct 2024 05:28

Corporate Actions

Dividend

11-Oct-24
BLUECLOUDS: Final Dividend - Rs. - 0.02

16-Oct-24
NRBBEARING: Interim Dividend - Rs. - 2.50
VEDL: Interim Dividend

IPO
Garuda Construction and Engineering: Open: 08-Oct-24; Close: 10-Oct-24
Hyundai Motor India: Open: 15-Oct-24; Close: 18-Oct-24

Buyback
---

Bonus
Vaishali Pharma: Bonus Issue 1:1; Ex-Date: 15-Oct-24

Stock Split
New Light Apparels: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 10-Oct-24
Rajnish Retail: Stock Split From Rs. 5/- to Rs. 1/-; Ex-Date: 11-Oct-24
Harshil Agrotech: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 14-Oct-24
ABans Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Vaishali Pharma: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Credent Global Finance: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Pondy Oxides & Chemicals: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 16-Oct-24
HEG: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 18-Oct-24
Humming Bird Education: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 18-Oct-24
Pocl Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 25-Oct-24
Motisons Jewellers: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 08-Nov-24

Right Issue
ARC Finance: Ex-Date: 10-Oct-24
Advik Capital: Open: 24-Sep-24; Close: 10-Oct-24
Tilak Ventures: Open: 03-Oct-24; Close: 11-Oct-24
Purple Finance: Open: 04-Oct-24; Close: 11-Oct-24
Mittal Life Style: Open: 11-Oct-24; Close: 21-Oct-24
Sahana System: Open: 11-Oct-24; Close: 25-Oct-24
Geojit Financial Services: Open: 15-Oct-24; Close: 23-Oct-24

Amalgamation
IDFC Ltd.: Ex-Date: 10-Oct-24

Spin Off
Hercules Hoists: Ex-Date: 11-Oct-24
Softsol India: Ex-Date: 11-Oct-24

Stocks Picker Articles

10 Oct 2024 04:54

*Fund Houses Recommendations*


GS on *HDFC Life:* Maintain Buy on Company, target price at Rs 820/Sh (Positive)

GS on *SBI Life:* Maintain Buy on Company, target price at Rs 2000/Sh (Positive)

Bernstein on *PB Fintech:* Maintain Outperform on Company, target price at Rs 1720/Sh (Positive)

HSBC on *VBL:* Maintain Buy on Company, raise target price at Rs 780/Sh (Positive)

GS on *Godrej CP:* Maintain Buy on Company, target price at Rs 1525/Sh (Positive)

Jefferies on *GMR Airports:* Maintain Buy on Company, target price at Rs 106/Sh (Positive)

UBS on *360 One:* Initiate Buy on Company, target price at Rs 1250/Sh (Positive)

Equirus on *Mas Fin:* Initiate Buy on Company, target price at Rs 401/Sh (Positive)

MOSL on *Oil Ind:* Maintain Buy on Company, target price at Rs 720/Sh (Positive)

GS on India *Insurance:* Turn more constructive on the life insurance space; See improvements in the operating environment (Positive)

Nomura on *RBI Policy:* Technically, a December cut is not a done deal; expect 100 bps of cumulative cuts in the cycle to 5.50% (Positive)

Citi on *RBI Policy:* Have marginally adjusted baseline view of 1st rate cut being in February rather than April. Acknowledge that there are risks of a delayed rate cut (Neutral)

JP Morgan on *RBI Policy:* RBI changed stance to neutral which supports our broader call for the central bank to start easing in December (Neutral)

Axis on *Tata Tech:* Initiate Reduce on Company, target price at Rs 950/Sh (Neutral)

Stocks Picker Articles

10 Oct 2024 04:54

*Stocks in News*


*PNC Infratech:* Company declared L1 bidder for project worth Rs 20.91 billion (Positive)

*GR Infra:* Company has received Letter of Acceptance from Maharashtra Metro Rail Corporation Limited for project of Rs 903 crore (Positive)

*Sonata Software:* Company and Inube announce strategic partnership to deliver cutting-edge digital platform and bolster go-to-market for us and UK insurers (Positive)

*JSW Energy:* ICRA has upgraded credit ratings for four subsidiaries of JSW Energy's Mytrah Vayu group to ICRA A+/Stable from ICRA A/Stable. (Positive)

*Akums Drugs:* Company launches famotidine, calcium carbonate, magnesium hydroxide in India (Positive)

*Kanoria Chemicals:* Company says closure order for Ankleshwar plant has been revoked (Positive)

*Orissa Minerals Development:* Company received a consent to establish for Belkundi iron & manganese ore mine (Positive)

*Hitachi Energy:* Company to Invest Rs 2,000 Cr Over 4-5 Years Hitachi Energy completes 75 years in India. (Positive)

*Nimbus Projects:* Company executed joint development agreement with Sunworld residency, Company gets rights to project with estimated sales revenue of Rs 14 billion. (Positive)

*Chatha Foods:* Company has entered into a joint venture agreement with Frigorifico Allana Private Limited to establish a company for manufacturing and selling ready-to-cook (Positive)

*Easy Trip Planners:* Board meet on October 14 to issue free shares. (Positive)

*Infosys:* Company and Microsoft Expand partnership for generative AI (Positive)

*Rain Ind:* Northern Graphite Corporation and RAIN Carbon Inc have signed a Joint Development Agreement to collaboratively develop and commercialise advanced battery anode materials (Positive)

*Zee Ent:* Independent Investigation Committee constituted by company submits report to board, finds no material irregularities. (Positive)

*Craftsman Automation:* Auto component maker said it has acquired a 100% stake in Sunbeam Lightweighting Solutions Private Ltd for ₹376 crore (Positive)

*Britannia:* Company and BEL group deepen strategic partnership to announce local cheese manufacturing in India, producing Britannia the laughing cow, and empowering local milk farmers, cheese plant witnessed investment of Rs 2.20 billion rupees from JV. (Neutral)

*RCF:* Company has accorded its approval for placement of purchase order on L&T for setting up of 1200 MTPD complex fertilizer plant on Lstk basis at RCF (Neutral)

*Patanjali Foods:* Company says arbitration tribunal passed award in arbitration with Ashav advisory, Award directs Patanjali Ayurved, others to provide AAL with 18.7 million shares of Company (Neutral)

*JSW Infrastructure:* Company announced the appointment of Rinkesh Roy as Joint Managing Director & CEO, effective November 8, 2024. (Neutral)

*Indian Railway Finance Corp:* Government names Manoj Kumar Dubey as chairman, MD, and CEO. (Neutral)

*GTPL Hathway:* Net Profit at Rs 12.7 cr vs Rs 34.2 cr, Revenue at Rs 855.6 cr vs Rs 779.2 cr. (YoY) (Neutral)

*OLA Electric:* Ministry of heavy industries asks automobile testing agency ARAI to look into complaints against Ola Electric. (Neutral)

*Adani Enterprises:* Issue size of the QIP is at ₹4,200 cr. Indicative price at ₹2,962/sh: CNBC (Neutral)

*Vedanta:* Company cancels fourth interim dividend board meet for second day in a row (Neutral)

*Jindal Steel:* Jindal Power in May agreed to partner with PDVSA in the Petrocedeno venture located in the oil-rich Orinoco Belt. (Neutral)

*Bharti Airtel:* Company's AI system identifies potential spam calls and spam SMS with an accuracy of about 97%. (Neutral)

*NBCC:* Company secures Rs 50 crore contract from Sports and Youth Service Department of Odisha government for construction of integrated sports complex. (Neutral)

*IRB Infra:* Moodys affirms IRB Infra's Ba1 rating: Bloomberg. (Neutral)

Stocks Picker Articles

09 Oct 2024 05:39

Corporate Actions

Julien Agro Infratech have decided to split the equity shares of face value of Rs. 10/- to Rs. 5/- subject to approval of the Shareholders of the Company.

Dividend

09-Oct-24
SHRADDHA: Interim Dividend - Rs. - 0.20

11-Oct-24
BLUECLOUDS: Final Dividend - Rs. - 0.02

16-Oct-24
NRBBEARING: Interim Dividend - Rs. - 2.50
VEDL: Interim Dividend

IPO
Garuda Construction and Engineering: Open: 08-Oct-24; Close: 10-Oct-24

Buyback
---

Bonus
Vaishali Pharma: Bonus Issue 1:1; Ex-Date: 15-Oct-24

Stock Split
Jindal Saw: Stock Split From Rs. 2/- to Rs. 1/-; Ex-Date: 09-Oct-24
New Light Apparels: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 10-Oct-24
Rajnish Retail: Stock Split From Rs. 5/- to Rs. 1/-; Ex-Date: 11-Oct-24
Harshil Agrotech: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 14-Oct-24
ABans Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Vaishali Pharma: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Credent Global Finance: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Pondy Oxides & Chemicals: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 16-Oct-24
HEG: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 18-Oct-24
Humming Bird Education: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 18-Oct-24
Pocl Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 25-Oct-24
Motisons Jewellers: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 08-Nov-24

Right Issue
ARC Finance: Ex-Date: 10-Oct-24
Narmada Agrobase: Open: 30-Sep-24; Close: 09-Oct-24
Advik Capital: Open: 24-Sep-24; Close: 10-Oct-24
Tilak Ventures: Open: 03-Oct-24; Close: 11-Oct-24
Purple Finance: Open: 04-Oct-24; Close: 11-Oct-24
Mittal Life Style: Open: 11-Oct-24; Close: 21-Oct-24
Sahana System: Open: 11-Oct-24; Close: 25-Oct-24
Geojit Financial Services: Open: 15-Oct-24; Close: 23-Oct-24

Amalgamation
IDFC Ltd.: Ex-Date: 10-Oct-24

Spin Off
Hercules Hoists: Ex-Date: 11-Oct-24
Softsol India: Ex-Date: 11-Oct-24

Stocks Picker Articles

09 Oct 2024 04:43

Stock in Action

Infosys ltd.: Infosys is expected to increase the FY25 revenue guidance to 4-5% YoY in constant currency terms from 3-4% earlier on likely strong H1FY25 performance. While management is expected to maintain the earlier margin guidance. The Indian IT sector is expected to have continued on the path of recovery in Q2FY25, similar to the preceding quarter, rather than sprint towards growth. The enterprise revenue growth trajectory shows a mild improvement, which may bolster recovery in discretionary spending. Infosys reported stellar 1QFY25 performance and it was above the consensus estimates. The company reported revenue of $4714 million in Q1FY25 showed a sequential growth of 3.3% in reported and 3.6% percent in constant currency. The YoY growth in constant currency was 2.5%. Large deal ramp-up had a big role to play as well as the BFSI demand revival in North America that seems to have positively impacted mortgages, capital markets, cards, and payments. During 1QFY25, company bagged 34 large deals and alluded to strong interest from clients in Gen AI although it did not quantify the deal value or revenue coming from the same. Positive on Infosys given the compelling valuation.

Federal Bank: Federal Bank did a good job of deposit mobilisation, gaining market share in a tough environment. The YoY and sequential growth in deposits stood at 20% and over 5% respectively in Q1 FY25. This deposit performance was the principal driver of robust advances growth of 20 percent YoY without any deterioration in the credit-to-deposit ratio. Notably, many of the high-yielding products have driven the growth although their share in the overall book is less than 25% of the book. Federal Bank has an excellent track record of asset quality after the clean-up of its books. The slippage was well contained in the quarter and the credit cost was a negligible 27 basis points. The bank is guiding to 30-35 basis points of credit cost for the year. The gross and net NPA of Federal Bank was at 2.11% and 0.6% respectively at the end of Q1, almost unchanged from last quarter. The new leader, will inherit a bank in good shape but will have his task cut out to improve the RoA from the current level of 1.3% to the levels of most peer private banks through an improvement in interest margin and fees as well as sweating the assets better to bring down the cost-to-income ratio. Positive on Federal Bank given the good 1QFY25 performance.

Stocks Picker Articles

08 Oct 2024 04:51

Stock in Action

Titan Company Ltd: Titan Company Ltd is among India’s most respected lifestyle companies Jewellery domestic operations during 2QFY25 grew by 25% YoY after a relatively soft 1QFY25. Consumer demand significantly picked up momentum after the reduction in custom duty on gold imports from 15% to 6% leading to a strong double digit uptick in gold (plain) for the quarter. It is India’s leading Organised Jewellery Retailer with presence at 898 Exclusive Brand Outlets across its brands Tanishq, Mia, Zoya and Caratlane. Mia added a new store in Abu Dhabi during the quarter. Of the 23 new store additions (net) in India, 11 stores were in Tanishq, 11 in Mia and 1 in Zaya respectively. The company has ~8% market share in jewellery business. Watches & Wearables domestic business grew c.19% YoY. Revenue growth in Analog was around 25% YoY well supported by both volume and value growths. Premiumization theme continued to be a major driver across brands. The Division added 34 new stores (net) in the quarter consisting of 18 stores in Titan World, 14 in Helios and 2 in Fastrack respectively. The company has ~60% market share in watches. EyeCare's domestic business grew c.6% YoY. The secondary sales growths were nearly similar with buyer growths growing marginally higher YoY. Titan Eye+ added 2 new stores (net) in India during the quarter. The company has ~5% market share in eye care division. In Emerging Businesses, Taneira's Revenue grew by 11% YoY. The Fragrances & Fashion Accessories Revenue grew by 17% YoY. Within businesses, Fragrances grew by 19% YoY and Fashion Accessories grew by 11% YoY. Caratlane's business clocked 28% YoY growth aided by activations and healthy growth in brand searches. Buyers grew 24% YoY and the like-to-like (secondary) growths were 21% YoY; Studded ratio was higher compared to Q2FY24. Business added 11 new domestic stores (net) in the quarter expanding its network presence to 286 stores pan-India. During FY23, the company expanded internationally with 6 new stores in the UAE, one store in Singapore and 2 stores in the US, comprising a total of 14 stores internationally. Positive on Titan given the strong fundamentals and performance of Q2FY25.

ONGC: ONGC holds a dominant position in India’s crude oil and natural gas production, driven by a large proven reserve, competitive cost structure and consistent performance of its subsidiary, OVL. It enjoys excellent financial flexibility due to its moderate debt levels, substantial liquid investments and strategic importance. With OPEC+ expected to keep crude prices at ~US$75-80/ bbl, ONGC is positioned to benefit from the Indian government’s allowance of net crude realisation at ~US$75/bbl. Further, being a upstream company, the geopolitical conflict in the middle east which drove the crude oil price nearly by 7% in past few days, would beneficiary of higher crude oil prices. ONGC consistently incurs substantial capex every year for exploration, development and capital asset purchases. In FY25 and FY26, the management has projected capex of Rs.32,000-33,000 crore annually. Over the next 3 years, the company has projected 12% growth in crude oil and 27% in natural gas production volume, largely from KG 98/2 project. Further, monetizing new discoveries, securing premium gas prices for production from nomination field and potential improvement in net realisation in crude oil are expected to enhance its earnings. Positive on ONCG given the rise in crude oil price to aid its realisation.

Stocks Picker Articles

08 Oct 2024 04:28

*Bajaj Hind:* Company terminates its joint venture agreement with EverEnviro Resource Management. (Neutral)

*Shakti Pumps:* Board of directors approves increase in authorised share capital of the firm by Rs 150 crore. (Neutral)

*Nykaa:* Sees 'gradual' revival in H2 on festive & wedding season. (Neutral)

*Cholamandalam Investment:* Company appoints Ravindra Kumar Kunduh as Managing Director of the company w.e.f October 7. (Neutral)

*Paras Defence:* Company closes QIP, sets issue price at Rs 1,045/share. (Neutral)



*Hero Motocorp:* Hero Motors withdraws its draft papers for its 900 crore IPO. (Negative)

*Ircon:* Apex Buildsys files a claim worth Rs 38.71 crore against company over disputes related to their Raebareli project. (Negative)

*OLA Elec:* Company received show cause notice from the Central Consumer Protection Authority for alleged violation of consumer rights, misleading advertisement and unfair trade practices (Negative)

Stocks Picker Articles

07 Oct 2024 05:39

Forthcoming Event

07th October: Shakti Pumps (India) to consider Bonus issue; Associated Alcohols & Breweries, Future Market Networks, Himalaya Food lnternational, Leading Leasing Finance And Investment Co to consider Fund Raising

08th October: VEDL to consider Dividend; Julien Agro Infratech to consider Stock Split; Sumeet Industries to consider Reduction of Capital; Arihant Foundations & Housing, Godha Cabcon & Insulation, Apollo Ingredients to consider Fund Raising

09th October: Fortis Healthcare, Varun Beverages, IRB Infrastructure Developers to consider Fund Raising; Kapil Raj Finance to consider Voluntary Delisting

10th October: ANANDRATHI, TCS to consider Dividend; Shiva Granito Export to consider Fund Raising

11th October: Lyka Labs to consider Amalgamation; Spright Agro to consider Bonus issue

14th October: GOPAL, HCLTECH, VSL to consider Dividend; Exxaro Tiles to consider Stock Split

16th October: CRISIL, LTTS to consider Dividend; Blue Cloud Softech Solutions to consider Stock Split

17th October: INFY to consider Dividend

18th October: ICICIGI, KSOLVES to consider Dividend

Stocks Picker Articles

07 Oct 2024 04:47

*Fund Houses Recommendations*


Nomura on *Federal Bank:* Maintain Buy on Company, target price at Rs 240/Sh (Positive)

ICICI on *Vedanta:* Initiate Buy on Company, target price at Rs 600/Sh (Positive)

Macquarie on *Titan:* Maintain Outperform on Company, target price at Rs 4100/Sh (Positive)

Nomura on *Macrotech:* Maintain Buy on Company, target price at Rs 1600/Sh (Positive)

JP Morgan on *LTIM:* Upgrade to Overweight on Company, raise target price at Rs 6900/Sh (Positive)

JP Morgan on *MPhasis:* Upgrade to Overweight on Company, raise target price at Rs 3400/Sh (Positive)

CLSA on *India Strategy:* Investor sentiments have fallen to neutral zone from extremely bullish zone a week ago (Neutral)

MOSL on *India Strategy:* India's medium-term growth narrative stands out in an extremely volatile global landscape (Neutral)

Citi on *Cement Sector:* Industry sources suggest cement demand was flat in Q2 (Neutral)

Jefferies on *Financials:* RBI’s proposed norms may require banks to align NBFC-subs, adding that banks including Axis Bank, HDFC Bank, Kotak Mah Bank, Fed Bank can be affected by RBI norms (Neutral)

Nomura on *AU SFB:* Maintain Neutral on Company, target price at Rs 650/Sh (Neutral)

Citi on *Titan:* Maintain Neutral on Company, target price at Rs 4110/Sh (Neutral)

Investec on *Titan:* Maintain Hold on Company, target price at Rs 4100/Sh (Neutral)

Jefferies on *Bandhan Bank:* Maintain Buy on Bank, target price at Rs 240/Sh (Neutral)

MS on *RBL Bank:* Maintain Underweight on Bank, target price at Rs 210/Sh (Neutral)

Stocks Picker Articles

07 Oct 2024 04:15

*Paytm:* Manmeet Singh Dhody ceases to be CTO – payments & SMP of the co w.e.f. October 4, 2024. (Neutral)

*REC:* Company's renewable energy loans aggregated to Rs 5,946 crore, up 37.35% year-on-year in the quarter-ended September 2024. (Neutral)

*J&K Bank:* Total business up 9.2% YoY at ₹2.34 lk cr, Total deposits up 8.96% at ₹1.38 lk cr (YoY) (Neutral)

*MTNL:* SBI classifies MTNL as non-performing account after repayment default. (Neutral)

*Zomato:* Company grants 12 million stock options worth ₹330 crore under ESOP. (Neutral)

*Indusind Bank:* Deposits as on sept-end up 15% YoY, Net advances up 13% YoY as of Sept 30. (Neutral)

*Gravita India:* Company approved raising of funds up to Rs 10 billion. (Neutral)

*Pitti Engineering:* Company received NCLT approval for its amalgamation scheme with Pitti Castings Private Limited and Pitti Rail and Engineering Components Limited. (Neutral)

*Adani Energy:* Company incorporated Adani Energy Solutions Global, Entity being acquired belongs to investment holding company. (Neutral)

*Pokarna:* Temporary shutdown of production line at Unit ii of Pokarna engineered stone, production line tentatively expected to resume by 7th October 2024. (Neutral)

*Apollo Tyres:* LIC increased shareholding in Apollo Tyres from 4.983 % to 5.030 %. (Neutral)

*Network18:* Government approves transfer of licenses held by TV18 to Company (Neutral)

*Wipro:* Company incorporated wholly-owned subsidiary Wipro, Inc, the entity being acquired belongs to information technology sector. (Neutral)

*Dhanlaxmi Bank:* Bank sept quarter total deposit seen at 146 billion vs 138 billion YoY (Neutral)

*Jammu and Kashmir Bank:* Total deposits up 8.96%, gross advances as of Sept 30 up 8.30% YoY (Neutral)

*RBL Bank:* Total deposits up 20% year-on-year and 7% sequentially to ₹1.08 lakh crore. (Neutral)

*Union Bank:* Total Deposits Up 1.45% QoQ & 9.17% YoY At ₹12.41 Lk Cr, Global Gross Advances Up 1.82% QoQ & 9.63% YoY At ₹9.28 Lk Cr (Neutral)

*Lupin:* USFDA Inspection of the Company's Biotech Facility in Pune concluded with five observations (Neutral)

*Gravita India:* Company approved raising of funds up to Rs 10 billion (Neutral)

*Network18:* Government approves transfer of licenses held by TV18 to Company (Neutral)

*Tata Steel:* India Production Up 4.98% At 5.27 mt Vs 5.02 mt (YoY) (Neutral)

*IndusInd Bank:* Net advances up 13% year-on-year and 3% sequentially to ₹3.56 lakh crore. Deposits up 15% from last year and 4% from June to ₹4.12 lakh crore. (Neutral)

*Nazara Technologies:* Company subsidiary Openplay receives interim relief in Rs 845 Cr GST demand case (Negative)

*IndiGo:* Company faced a network slowdown, impacting its website and booking system, and is working to restore stability and normalcy. (Negative)

Stocks Picker Articles

14 Oct 2024 04:50

*Fund Houses Recommendations*


JP Morgan on *Larsen:* Initiate Overweight on Company, target price at Rs 4360/Sh (Positive)

HSBC on *BPCL:* Maintain Buy on Company, target price at Rs 460/Sh (Positive)

HSBC on *HPCL:* Maintain Buy on Company, target price at Rs 480/Sh (Positive)

HSBC on *IOCL:* Maintain Buy on Company, target price at Rs 200/Sh (Positive)

Emkay on *Vedanta:* Initiate Buy on Company, target price at Rs 600/Sh (Positive)

Emkay on *NALCO:* Initiate Buy on Company, target price at Rs 275/Sh (Positive)

ICICI on *Jana SFB:* Initiate Add on Company, target price at Rs 630/Sh (Positive)

MS on *Life Insurance stocks:* APE for private insurers grew at 28% on a base of 12% (Positive)

Nomura on *Life Insurance stocks:* Nomura says growth of public insurance players outpaced overall industry in Sep 2024 (Positive)

Kotak Securities on *Pharma Sector:* Indian Pharma Market posted growth of 8% YoY in Q2, driven by slower growth in acute therapies (Neutral)

Emkay on *Hindalco:* Initiate Reduce on Company, target price at Rs 650/Sh (Neutral)

Citi on *Just Dial:* Maintain Sell on Company, raise target price at Rs 1075/Sh (Neutral)

MOSL on *DMart:* Maintain Buy on Company, target price at Rs 5300/Sh (Neutral)

Bernstein on *DMart:* Maintain Outperform on Company, target price at Rs 5800/Sh (Neutral)

Nuvama on *DMart:* Maintain Buy on Company, target price at Rs 5040/Sh (Neutral)

Citi on *DMart:* Maintain Sell on Company, target price at Rs 3500/Sh (Negative)

JP Morgan on *DMart:* Downgrade to Underweight on Company, target price at Rs 3702/Sh (Negative)

Stocks Picker Articles

14 Oct 2024 04:48

*Stocks in News*


*GSFC:* Company has commissioned manufacturing plant at Fertilizernagar, Vadodara for production of hydroxylamine Sulphate crystal (Positive)

*Wipro:* Company to consider Bonus Issue of shares. Meeting to be conducted on October 17, 2024. (Positive)

*Sanofi Consumer:* Company has entered into negotiations with CD&R for the potential sale of a 50% controlling stake in Opella, its consumer healthcare business (Positive)

*Hathway Cable:* Net Profit at Rs 25.8 cr vs Rs 20.1 cr , Revenue at Rs 513 vs Rs 481 cr. (YoY). (Positive)

*Ashoka Buildcon:* Gets LoAs for projects worth ₹2,310 crore from the Maharashtra State Road Development Corporation. (Positive)

*JSW Energy:* Company subsidiary signed an Energy Storage Facility Agreement with Maharashtra State Electricity Distribution Company for 1,500 MW/12,000 MWh pumped hydro energy storage. (Positive)

*Indo Count;* Company acquires 100% stake in Modern Home Textiles, Inc for $11.7 m. (Positive)

*PNC Infratech:* Company secures Rs 2,039.61 crore contract from CIDCO for infrastructure development (Positive)

*Britannia:* Company plans to hike prices by 7-8%, says MD (Positive)

*Sudarshan Chem: Execution of definitive agreement to acquire Global Pigment Business of Heubach Group of Germany (Positive)

*Hitech Pipes:* Company announced successful closure of INR 5,000 Million QIP with oversubscription by Marquee Institutional Investors (Positive)

*Adani Energy Solutions:* Signs agreement with KETRACO for development of major transmission lines and substations in Kenya. (Positive)

*Valor Estate:* Company has today received a Letter of Acceptance for construction, completion and handing over of about 13,374 affordable housing tenements under the Project-Affected Persons Scheme (Positive)

*PNG Jewelers:* Company has opened a new store at Ambegaon Budruk, Pune. (Positive)

*Godrej Ind:* CRISIL has upgraded rating for the NCDs to AA+ (Positive)

*Epack Durable:* Company expects upward revision in its revenue guidance for the financial year 2024–25. (Positive)

*Realty Stocks:* Residential sales in the 9MCY2024 reached a record high with 229,908 units sold. (Positive)

*HAL:* Department of Public Enterprises: Finance Minister has approved the upgradation of Hindustan Aeronautics to the 14th Maharatna CPSE (Positive)

*Krystal Integrated:* Company has received a work order from Directorate of Medical Education and Research, Maharashtra for providing Facility Management Services with yearly value of Rs. 55 Crore (Positive)

*Sanghvi Movers:* Board of Directors granted their in-principal approval for incorporation of a Wholly Owned Subsidiary Company in Kingdom of Saudi Arabia. (Positive)

*HMA Agro:* Company unit located at Talsapur Khurd, District Aligarh, and has been temporarily stopped following a routine inspection conducted by local authorities. (Neutral)

*Ambuja Cements:* GQG increases stake in co from 1.35% to 2.05% in Q2 (Neutral)

*LT Foods:* Company gets notice under FSS act to appeal report declaring sample sub-standard (Neutral)

*Accelya Solutions:* Company gets an administrative warning letter from SEBI, administrative warning for significant delay in Updation to the policy for determination of materiality of the Company. (Neutral)

*DCB Bank:* Company has agreed to make additional investment by acquiring and/or subscribing to 3,21,420 equity shares of Saksham gram credit Pvt Ltd (Neutral)

*3i Infotech:* Company announced the resignation of Sanjay Rawa, CFO, and effective October 31, 2024. (Neutral)

*RIIL:* Net Profit at Rs 3.1 cr vs Rs 3.2 cr , Revenue at Rs 12.2 vs Rs 14.4 cr. (YoY). (Neutral)

*Sula Vineyards:* Net revenue down 1.3% at ₹141.8 cr vs ₹143.7 cr, Own brands revenue up 0.3% at ₹127.2 cr vs ₹126.8 cr (YoY) (Neutral)

*Network 18:* Net Revenue at ₹1,825 Cr Vs ₹1,866 Cr, Consolidated Operating EBITDA Loss At ₹178 Cr Vs EBITDA Loss Of ₹218 Cr (YoY) (Neutral)

Stocks Picker Articles

11 Oct 2024 05:44

*Corporate Actions*

*Dividend*

*11-Oct-24*
BLUECLOUDS: Final Dividend - Rs. - 0.02

*16-Oct-24*
NRBBEARING: Interim Dividend - Rs. - 2.50
VEDL: Interim Dividend

*IPO*
Hyundai Motor India: Open: 15-Oct-24; Close: 18-Oct-24

*Buyback*
---

*Bonus*
Vaishali Pharma: Bonus Issue 1:1; Ex-Date: 15-Oct-24

*Stock Split*
Rajnish Retail: Stock Split From Rs. 5/- to Rs. 1/-; Ex-Date: 11-Oct-24
Harshil Agrotech: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 14-Oct-24
ABans Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Vaishali Pharma: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Credent Global Finance: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Pondy Oxides & Chemicals: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 16-Oct-24
HEG: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 18-Oct-24
Humming Bird Education: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 18-Oct-24
Pocl Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 25-Oct-24
Motisons Jewellers: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 08-Nov-24

*Right Issue*
Tilak Ventures: Open: 03-Oct-24; Close: 11-Oct-24
Purple Finance: Open: 04-Oct-24; Close: 11-Oct-24
Mittal Life Style: Open: 11-Oct-24; Close: 21-Oct-24
Sahana System: Open: 11-Oct-24; Close: 25-Oct-24
Geojit Financial Services: Open: 15-Oct-24; Close: 23-Oct-24

*Spin Off*
Hercules Hoists: Ex-Date: 11-Oct-24
Softsol India: Ex-Date: 11-Oct-24

Stocks Picker Articles

11 Oct 2024 04:42

*Stock in Action*

*Amber Enterprises:* Amber Enterprises, a leading contract manufacturer of room air conditioners (RAC), has significantly expanded its capabilities in recent years across various sectors, including AC and non-AC components, railways, and PCBA (Printed Circuit Board Assembly). The company is poised for margin expansion as its revenue mix shifts towards higher-margin RAC components. Additionally, Amber is increasing its presence in the railway and metro sectors through a joint venture with Titagarh and has entered the defence and aerospace sectors by acquiring Accent Circuits. Its recent MoU with Korea Circuits will further enable the company to manufacture advanced flex, HDI, and semiconductor substrate PCBs, strengthening its position in the electronics space. RAC and RAC components continue to post exponential growth on account of favourable weather conditions, addition of new customers, and rising consumer spending. Amber has maintained its market share of 25% in RAC. However, following the roll-out of PLI schemes, the RAC industry is witnessing a shift, with OEMs gradually moving their manufacturing assembly in-house. To diversify beyond RAC, Amber has entered into a 50-50 joint venture with Resojet Pvt Ltd. (part of Radiant Group) to manufacture fully automatic top- and front-load washing machines. Mass production will commence from Q3 FY25, with an initial production of 40,000 washing machines, which is expects to increase to 125,000 in the following financial year. Amber's return ratios remain subdued due to lower asset turnover resulting from the under utilisation of the recently setup manufacturing capacities. However, robust domestic demand along with expansion in export markets and lower capex intensity, should drive gradual improvement in return ratios. *Positive on Amber Enterprises given the traction in room AC segment.*

*BAJAJ FINANCE:* Bajaj Finance started its journey in the year 1987 as a vehicle financing company and now is one of the largest and most diversified NBFCs in India. Bajaj Finance is mainly engaged in the business of lending. BFL has a diversified lending portfolio across retail, SME and commercial customers with a significant presence in urban and rural India. It also accepts public and corporate deposits and offers variety of financial services products to its customers. The company had good Q1FY25 volumes, AUM, operating efficiencies, portfolio metrics and ROE. Loan losses were elevated in Q1. It booked 10.97 MM new loans and added 4.47 MM new customers in Q1. Bajaj Finserv App now has 56.79 MM net users. On 2 May 2024, RBI lifted restrictions on sanction and disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’. The Company has since resumed sanction and disbursal of loans in the above two business segments and issuance of EMI cards in a staggered manner. Its AUM was Rs 3,54,192 crore as of 30 June 2023. Customer franchise stood at 88.11 MM as of 30 June 2024. Cross sell franchise stood at 55.14 MM. In Q1, the Company added 57 new locations and added 8.9K distribution points. The company is present in 1,585 locations with 143K+ active distribution points of sale as of 30 June 2024.It is the largest consumer electronics, digital products & lifestyle products lender in India. It’s 2-wheeler financing business disbursed 220K accounts in Q1 FY25 (degrowth of 17% Y0Y), 3-wheeler financing business disbursed 26.1K accounts in Q1 FY25 (degrowth of 45% Y0Y). It is amongst the largest personal loan lenders and the largest financier for Bajaj Auto in India. It’s Liquidity buffer stood at Rs 16,235 crore as of 30 June 2024. 8. In Q1, cost of funds was 7.94%, an increase of 8 bps over Q4FY24. 9. Deposits book grew by 26% YoY and stood at Rs 62,774 crore as of 30 June 2024. In Q1, net deposit growth was Rs 2,623 crore. Deposits contributed to 20% of consolidated borrowings as of 30 June 2024. It also has 2 subsidiaries namely Bajaj Housing Finance and Bajaj Financial Securities. *Positive on Bajaj Finance given the strong fundamentals and performance of the company.*

Stocks Picker Articles

10 Oct 2024 05:28

Forthcoming Event

10th October: ANANDRATHI, TCS to consider Dividend; Oberoi Realty, Shiva Granito Export to consider Fund Raising

11th October: Lyka Labs to consider Amalgamation; Spright Agro to consider Bonus issue; Sukhjit Starch & Chemicals to consider Stock Split

14th October: GOPAL, HCLTECH, VSL to consider Dividend; Exxaro Tiles, Premier Polyfilm to consider Stock Split; Pakka to consider Fund Raising

16th October: CRISIL, LTTS to consider Dividend; Blue Cloud Softech Solutions to consider Stock Split

17th October: INFY to consider Dividend

18th October: ICICIGI, KSOLVES to consider Dividend

Stocks Picker Articles

10 Oct 2024 05:03

Stock in Action

Welspun Enterprises ltd.: Welspun Enterprises ltd. announced that the company has received the receipt of letter of acceptance for Design and Construction of a Tertiary Treated Water Conveyance Tunnel from Dharavi WWTF to Ghatkopar WWTF (“Project / DGT project”). Company informed that the receipt of Letter of Acceptance dated October 08, 2024 from Brihanmumbai Municipal Corporation for the above cited Project for a total contract value of Rs. 1,989.40 Crores (excluding GST). Hence, the outstanding order book of the Company as on June 30, 2024 was Rs. 12,300 Crores on standalone basis. With the addition of this order, the outstanding order book of the Company is ~Rs. 14,300 Crores (less execution done in Q2 FY25), of which ~Rs. 9,900 Crores is from the water sector (including ~Rs. 4,400 Crores from O&M & Asset replacement), ~Rs. 1,989 Crores from newly added Tunnel segment and the balance ~Rs. 2,400 Crores is from transportation sector (excluding ~Rs. 1,900 Crores for a Road project bid, for which the Company is L1). Welspun Michigan Engineers Limited, the subsidiary company, has also been awarded a project valued at ~Rs. 24.60 Crores, for wastewater treatment in the State of Maharashtra. With the new order inflows, the consolidated order book is ~Rs. 15,800 Crores (less execution done in Q2 FY25). Positive on Welspun Enterprises ltd. given the healthy order inflows which underpin long term revenue visibility.

Power Grid: In the light of the increasing capex and new project inflows, Power Grid has raised its capex guidance to Rs 18,000 crore and expects to incur a similar capex in FY26. This is much higher, compared to the FY24 capex of Rs 12,500 crore. Moreover, the pipeline of projects is strong. The company is sitting on projects worth Rs 1.14 lakh crore. Orders to the tune of close to Rs 70,000-80,000 crore are expected to be executed in the next 24-30 months, supporting good revenue and earnings visibility. In the recent bids for tariff-based projects, the company recorded a share of close to 65%. It is expected that, in the forthcoming bids, it will continue to have a higher share and thus grab more projects. The company has indicated that projects worth close to Rs 1.36 lakh crore would be awarded for inter-state transmission and another Rs 37,000 crore order would come for intra-state transmission lines. That apart, cross-border transmission and international projects provide strong visibility till 2030. Positive on Power Grid given the growing opportunities in the T&D segment, higher winning ratio, and expected improvement in execution.

Stocks Picker Articles

10 Oct 2024 04:54

*Cantabil:* NSE issued a warning letter to the company for disclosing the research report owing to its non-compliance with listing norms (Neutral)

*JM FIn:* CCI approved restructuring of 2 entities with company. (Neutral)

*Star Health:* Massive Data Leak: Star Health policyholder data leaked by anonymous hackers. (Negative)

Stocks Picker Articles

09 Oct 2024 05:39

Forthcoming Event

09th October: Fortis Healthcare, Varun Beverages, IRB Infrastructure Developers to consider Fund Raising; Kapil Raj Finance to consider Voluntary Delisting

10th October: ANANDRATHI, TCS to consider Dividend; Oberoi Realty, Shiva Granito Export to consider Fund Raising

11th October: Lyka Labs to consider Amalgamation; Spright Agro to consider Bonus issue; Sukhjit Starch & Chemicals to consider Stock Split

14th October: GOPAL, HCLTECH, VSL to consider Dividend; Exxaro Tiles, Premier Polyfilm to consider Stock Split; Pakka to consider Fund Raising

16th October: CRISIL, LTTS to consider Dividend; Blue Cloud Softech Solutions to consider Stock Split

17th October: INFY to consider Dividend

18th October: ICICIGI, KSOLVES to consider Dividend

Stocks Picker Articles

09 Oct 2024 04:44

*Fund Houses Recommendations*


Nomura on *HDFC AMC:* Initiate Buy on Company, target price at Rs 5000/Sh (Positive)

Nomura on *Nippon Life:* Initiate Buy on Company, target price at Rs 785/Sh (Positive)

Nomura on *SBI:* Maintain Buy on Company, target price at Rs 980/Sh (Positive)

Emkay on *Escorts:* Upgrade to Buy on Company, raise target price at Rs 4700/Sh (Positive)

Citi on *IGL:* Maintain Buy on Company, target price at Rs 620/Sh (Positive)

Nuvama on *Phoenix Mills:* Maintain Buy on Company, target price at Rs 1857/Sh (Positive)

Nuvama on *TRIL:* Maintain Buy on Company, target price at Rs 980/Sh (Positive)

MS on *Torrent Power:* Maintain Overweight on Company, target price at Rs 2260/Sh (Positive)

MS on *Reliance Ind:* Maintain Overweight on Company, target price at Rs 3325/Sh (Positive)

Jefferies on Insurance Stocks: *ICICI Lombard* continues to outperform as it remains key beneficiary of reduced competitive intensity (Positive)

Nomura on *UTI AMC:* Initiate Neutral on Company, target price at Rs 1300/Sh (Neutral)

CLSA on *HDFC Bank:* Maintain Hold on Bank, target price at Rs 1725/Sh (Neutral)

Stocks Picker Articles

09 Oct 2024 04:43

*Stocks in News*


*Torrent Power:* Company has secured two Letter of Awards from MSEDCL for a total of 2,000 MW Energy Storage Capacity from Pumped Hydro Storage Plants (Positive)

*Phoenix Mills:* Consumption in Q2 FY25 at Rs. 3,289 cr, up 25% over Q2 FY2 (Positive)

*Olectra:* Emerges lowest bidder for supplying 327 electric buses to Himachal Pradesh Govt. Boosting eco-friendly transportation Strengthening sustainable infrastructure. (Positive)

*Dr. Reddy’s Laboratories:* Company subsidiary announces promising Phase 1 results for autologous CAR-T cell therapy (Positive)

*IRFC:* Company Board approved financing of 20 BOBR Rakes to NTPC for Rs 700 Cr under Finance Lease. (Positive)

*Aarvi Encon:* Company gets order worth Rs 1.73 billion (Positive)

*Infosys:* Company and Old National Bank have expanded their four-year partnership. (Positive)

*GR Infraprojects:* Company subsidiary, GR Bilaspur Urga Highway Private Limited, has achieved provisional completion of the 4-laning project on NH-130A in Chhattisgarh. (Positive)

*PNB Gilts:* Indian government bonds to be included in the FTSE EM Government Bond Index (Positive)

*IRBInfra:* September toll collections up 19.2% at ₹501.8 cr vs ₹421 cr (YoY) (Positive)

*Tata Technologies:* Company and BMW Group establish BMW TechWorks India - a Joint Venture to drive automotive software and business IT innovations. (Positive)

*Welspun Ent:* Receives Rs 1990 cr award from BMC for tunnel project (Positive)

*VBL:* PepsiCo reported a double-digit revenue growth in India and other emerging markets for the third quarter, despite subdued overall growth globally. (Positive)

*Vedanta:* Board meeting rescheduled to today for interim dividend announcement (Positive)

*Gensol Engineering:* Company's engineering, procurement, and construction order book crosses the Rs 4,000 crore level (Positive)

*RPP Infra:* Company bags Rs 318.6 crore contract for road development. (Positive)

*Tata Communications:* Company will announce its Q2 FY25 results on October 17th, 2024. (Neutral)

*Wipro Limited:* Company will announce its Q2 FY25 results on October 17, 2024 (Neutral)

*Dhunseri Ventures:* Company enters into share purchase agreement with Dhunseri overseas for $ 4.7 million (Neutral)

*JSW Infrastructure:* Company announced the appointment of Rinkesh Roy as Joint Managing Director & CEO, effective November 8, 2024. (Neutral)

*SKF India:* Company board approved evaluation, selection of demerger of industrial business, Company approved incorporation of wholly owned subsidiary. (Neutral)

*Reliance Ind:* Reliance Retail's Tira exclusively launches Augustinus Bader in India. (Neutral)

*Schneider Electric:* Company’s appeal against ₹2.2 crore tax demand for FY18 rejected. (Neutral)

*Signature Global:* Pre-sales at Rs 2,780 cr vs Rs 980 cr, up 184% YoY (Neutral)

*PB Fintech:* IRDAI issues observations from inspection for wholly owned arm Policy Bazaar (Neutral)

*OLA Elec:* Ministry of road transport & highways may seek explanation from Ola Electric regarding customer complaints, sources to CNBC. (Negative)

*Timken:* Company said it has received a demand order from the Income Tax Department, requiring an additional ₹100 crore in income adjustments for the assessment year 2021-22. (Negative)

Stocks Picker Articles

08 Oct 2024 04:32

*Fund Houses Recommendations*


CLSA on *M&M:* Upgrade to Outperform on Company, raise target price at Rs 3400/Sh (Positive)

MS on *Nykaa:* Maintain Overweight on Company, target price at Rs 216/Sh (Positive)

MS on *TRENT:* Maintain Overweight on Company, target price at Rs 8032/Sh (Positive)

Nuvama on *Skipper:* Initiate Buy on Company, target price at Rs 650/Sh (Positive)

Nomura on *Tata Power:* Initiate Buy on Company, target price at Rs 560/Sh (Positive)

Nomura on *JSW Energy:* Initiate Buy on Company, target price at Rs 885/Sh (Positive)

HSBC on *Zomato:* Maintain Buy on Company, target price at Rs 330/Sh (Positive)

HSBC on *Polycab:* Maintain Buy on Company, raise target price at Rs 7800/Sh (Positive)

HSBC on *KEI Ind:* Maintain Hold on Company, raise target price at Rs 4350/Sh (Positive)

JPMorgan on *Paints:* Positive on the long-term growth potential of the paints industry (Positive)

Jefferies on Pharma: *Cipla, Zydus and Sun Pharma* continues to gain market share in Albuterol and Lanreotide (Positive)

Nomura *India Strategy:* With renewed interest in HK/China stocks, see risk of some near-term underperformance for India (Neutral)

BofA on *Godrej prop:* Maintain Neutral on Company, target price at Rs 3500/Sh (Neutral)

HSBC on *KEI Ind:* Maintain Hold on Company, target price at Rs 1900/Sh (Neutral)

Emkay on *Tata Motors:* Maintain Buy on Company, target price at Rs 1175/Sh (Neutral)

MOSL on *Tata Motors:* Maintain Neutral on Company, target price at Rs 990/Sh (Neutral)

Citi on *Nykaa:* Maintain Sell on Company, target price at Rs 165/Sh (Neutral)

UBS on *Auro Pharma:* Maintain Sell on Company, target price at Rs 1333/Sh (Negative)

UBS on *Tata Motors:* Maintain Sell on Company, target price at Rs 825/Sh (Negative)

Jefferies on Pharma: *Lupin* market share loss accelerates (Negative)

Stocks Picker Articles

08 Oct 2024 04:27

*Stocks in News*


*Ashok Leyland:* Company wins India’s largest order for electric trucks at Rs 150 crore. (Positive)

*Nuvoco Vistas:* Company secured 3 limestone blocks in Rajasthan, estimated at 28.43 million tons (Positive)

*Swelect Energy:* Company unit has successfully commissioned an additional solar power plant having the capacity of 7 mw at Pisanathur village and Pudunagar village at Pudukottai district, Tamil Nadu. (Positive)

*Nimbus Projects:* Company developing housing project with nimbus Propmart, Estimated cost of project Rs 6.6 billion, sales revenue Rs 8.5 billion (Positive)

*Piccadily Agro:* Indri single malt launches ‘the city series’ with first travel retail exclusive for Bengaluru duty-free (Positive)

*Juniper Hotels:* Company entered into secured term loan agreement for Rs 2.8 billion with ICICI Bank (Positive)

*Puravankara:* Company has acquired 3 acres 4 guntas of land in North Bangalore to develop a residential project. (Positive)

*BEL:* Company gets orders worth more than Ra 5 billion (Positive)

*Cyient DLM:* Company has more inorganic growth plans on the cards after acquisition of Altek Electronics (Positive)

*ENIL:* MGID and company partner to accelerate Native Advertising adoption across India (Positive)

*Ani Integrated Services:* Company gets order worth upto Rs 1.73 billion for 3 Years (Positive)

*Sarvotech:* Receives an additional order to Build EV Charging Stations for Nashik Municipal Corporation (Positive)

*Chalet Hotels:* Company has announced a scheme of arrangement and amalgamation with its subsidiaries, Sonmil Industries Private Limited and the Dukes Retreat Private Limited. (Positive)

*Modern Engineering:* Company has entered into a MOU with Karmvir intelligent Infra Private Limited for Acquiring of office premises on Long Lease Basis in Commercial (Positive)

*PN Gadgil:* MD Saurabh Gadgil bets on strong gold demand during Dussehra, Diwali and the upcoming wedding season. (Positive)

*Lemon Tree:* Company signs license agreement for 54 room hotel in Udaipur, Rajasthan (Positive)

*BCPL Railway Infra:* BCPL Railway Infra’s subsidiary company "BCL Bio Energy” start crude edible oil production at its 300 Ton per Day Edible Oil Extraction Plant in Burdwan (Positive)

*Zodiac Energy:* Company bags order ₹154.27 Cr from Ahmedabad Municipal Corporation (Positive)

*Oil upstream stocks:* Brent crude rises to 80/bbl for the first time since August (Positive)

*HEG:* Company said they have bought 8.23% shares of their competitor Graftech international for ₹248 cr (Positive)

*Mindtek:* Company will reward its shareholders one extra share for every four shares they already own (Positive)

*Tata Power:* Company will announce its Q2 FY25 financial results on October 30, 2024. (Neutral)

*Craftsman Automation:* Acquisition of securities of sunbeam Light weighting solutions; Company subscribed to OCDS of sunbeam for a consideration Rs 1.36 billion, as per terms of OCDS, Company has option to convert OCDS into shares (Neutral)

*Hi-Tech Pipes:* Company approves floor price for issue at Rs 194.98 per share via QIP (Neutral)

*HDFC Bank:* Company board approved sale of 100% stake in HDFC EDU to Vama Sundari investments; sale worth Rs 1.92 billion, entity being sold belongs to education services sector. (Neutral)

*Star Cement:* Company has appointed Mr. Dilip Kumar Agarwal as Chief Commercial & Corporate Affairs Officer, effective October 7, 2024. (Neutral)

*Electro Steel Castings:* Company remitted Rs 415 million for acquisition of shares of Singardo international, Singardo will become a wholly owned subsidiary of Company. (Neutral)

*Tata Motors:* JLR Retail sales in Q2 FY25 were 103,108 units, down 3% vs Q2 FY24, JLR wholesales in Q2 FY25 were 87,303 units, down 10% vs Q2 FY24. (Neutral)

*Sumitomo Chemical:* Board Meeting on Oct 28 to consider Q2 Results (Neutral)

*Stylam Industries:* Board Meeting on Oct 15 to consider Q2 Results (Neutral)

Stocks Picker Articles

07 Oct 2024 05:39

Corporate Actions

Dividend

07-Oct-24
JWL: Interim Dividend - Rs. - 1.00
KPEL: Final Dividend - Rs. - 0.10

09-Oct-24
SHRADDHA: Interim Dividend - Rs. - 0.20

11-Oct-24
BLUECLOUDS: Final Dividend - Rs. - 0.02

16-Oct-24
NRBBEARING: Interim Dividend - Rs. - 2.50
VEDL: Interim Dividend

IPO
Garuda Construction and Engineering: Open: 08-Oct-24; Close: 10-Oct-24

Buyback
---

Bonus
NBCC India: Bonus Issue 1:2; Ex-Date: 07-Oct-24
Power Mech Projects: Bonus Issue 1:1; Ex-Date: 08-Oct-24
Vaishali Pharma: Bonus Issue 1:1; Ex-Date: 15-Oct-24

Stock Split
Jindal Saw: Stock Split From Rs. 2/- to Rs. 1/-; Ex-Date: 09-Oct-24
New Light Apparels: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 10-Oct-24
Rajnish Retail: Stock Split From Rs. 5/- to Rs. 1/-; Ex-Date: 11-Oct-24
Harshil Agrotech: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 14-Oct-24
ABans Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Vaishali Pharma: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Credent Global Finance: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 15-Oct-24
Pondy Oxides & Chemicals: Stock Split From Rs. 10/- to Rs. 5/-; Ex-Date: 16-Oct-24
HEG: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 18-Oct-24
Humming Bird Education: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 18-Oct-24
Pocl Enterprises: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 25-Oct-24
Motisons Jewellers: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 08-Nov-24

Right Issue
Geojit Financial Services: Ex-Date: 07-Oct-24
ARC Finance: Ex-Date: 10-Oct-24
Narmada Agrobase: Open: 30-Sep-24; Close: 09-Oct-24
Advik Capital: Open: 24-Sep-24; Close: 10-Oct-24
Tilak Ventures: Open: 03-Oct-24; Close: 11-Oct-24
Purple Finance: Open: 04-Oct-24; Close: 11-Oct-24
Mittal Life Style: Open: 11-Oct-24; Close: 21-Oct-24
Sahana System: Open: 11-Oct-24; Close: 25-Oct-24
Geojit Financial Services: Open: 15-Oct-24; Close: 23-Oct-24

Amalgamation
IDFC Ltd.: Ex-Date: 10-Oct-24

Spin Off
Hercules Hoists: Ex-Date: 11-Oct-24
Softsol India: Ex-Date: 11-Oct-24

Stocks Picker Articles

07 Oct 2024 04:41

Stock in Action

BANK OF BARODA: Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services. In FY19, the bank was amalgamated with Vijaya Bank, and Dena Bank and became India's third-largest PSU Bank. The bank operates a network of ~8168 branches in India and 94 branches overseas and 11,475 ATMs located across India with the majority (35%) branches operating in rural areas. It also has 150 currency chests in operation across India. The Bank has one joint venture viz. India International Bank (Malaysia) Bhd. in Malaysia and one associate bank viz. Indo Zambia Bank Ltd. in Zambia with 30 branches. Its subsidiaries include BOB Financial Services, BOB Capital Markets, The Nainital Bank, IndiaFirst Life Insurance Company, etc. The company’s compounded sales growth for the past 3 years is 17%, compounded profit growth for the past 3 years is 144% and return on equity for the past 3 years is 14%. The company reported strong performance in Q2FY25. The global business grew by 10.23%, global deposits grew by 9.11%, global deposits grew by 7.14%, global advances grew by 11.6%, domestic advances grew by 12.51%, domestic retail advances grew by 19.95%. The domestic CASA deposits grew by 6% YoY. The retail loan book grew by 20.9%, mainly driven by gold loan which grew by 136.4%. It has a healthy LCR of ~138%. Collection efficiency (excluding Agriculture) stands at 98.98% as of June 2024. The Capital Adequacy Ratio stands at 16.82%, rising by 98 bps. Positive on Bank of Baroda given the strong fundamentals and performance in Q2FY25.

Data Patterns: Data Patterns, a leading player in defence electronics systems, is poised to capitalise on the growing defence market, particularly in light of the import restrictions of defence products. The company is working on several products and systems (import substitutes) with defence majors.0020The company is eying projects worth about Rs 2000-3000 crore over the next 3-4 years. Export opportunities also serve as a key growth driver for the company. At present, the company’s' order book stands at around Rs 1200 crore, which is double its annual revenue, providing good revenue visibility. Moreover, the company's R&D efforts are yielding results, with potential for new projects and new orders opening up post the recent approvals. Data Patterns has been actively developing strong capabilities through strategic investments, having raised Rs 500 crore via QIP for product development. The company has provided strong guidance for FY25, projecting 20-25% revenue growth, with EBITDA margins expected around 35-40%. The company is also targeting Rs 1000 crore in new orders, which reflect its confidence in the growing opportunities within the defence electronics sector. Positive on Data Patterns given the strong traction in defence sector.

Stocks Picker Articles

07 Oct 2024 04:14

*Stocks in News*


*Jio Fin:* SEBI has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund. (Positive)

*Easy Trip Planners:* Company resumes bookings to the Maldives following the improvements in the bilateral ties of the governments. (Positive)

*SAMHI Hotels:* Company has acquired Innmar Tourism and Hotels Private Limited for Rs 2,050 million. (Positive)

*Federal Bank:* Q2 deposits surge 16%, advances grow by 19% on-year. CRISIL upgrades rating on the fixed deposits of Bank to ‘AAA/Stable’ from ‘AA+/Positive’ (Positive)

*Ujjivan SFB:* Total deposits up 17% YoY & 5% QoQ. CASA up 26% YoY & 6% QoQ (Positive)

*L&T Finance:* Retail loan book at end of Q2FY25 up 28%, retail disbursements for Q2FY25 up 12% YoY. (Positive)

*Macrotech Developers:* Collections were Rs 30.7 billion for Q2FY25, up 11% , Q2FY25 pre-sales at Rs 42.9 billion , up 21% YoY (Positive)

*SAMHI Hotels:* Company has acquired Innmar Tourism and Hotels Private Limited for Rs 2,050 million. (Positive)

*Avantel:* Net Profit at Rs 22.9 cr vs Rs. 16.1 cr (YoY), Revenue at Rs 77.4 cr vs Rs 54.3 cr (YoY). (Positive)

*JSW Steel:* Company unit JSW Vijayanagar Metallics Ltd, Company has successfully commissioned its Blast furnace at its integrated steel plant at Vijayanagar with a capacity of 4.5 MTPA (Positive)

*Adani Wilmar:* Q2 total sales volume up 10% YoY, in Q2, revenue from alternate channels increased at strong double digit rate YoY. (Positive)

*Bandhan Bank:* Total deposits rise 27.2% on a yearly basis to Rs 1.43 lakh crore in September quarter. (Positive)

*Bajaj Housing:* AUM at Rs 1.03 lakh crore, up 26% year-on-year. (Positive)

*RKEC Projects:* Company gets order worth Rs 186 cr from Maharashtra Maritime Board. (Positive)

*CG Power:* Company acquires Radio Frequency Components Business from Renesas, marking its foray into Semiconductor Design. (Positive)

*Senco Gold:* Company approved raising of funds up to Rs 5 billion, Company approves sub-division of shares in 1:2 ratio. (Positive)

*Ceigall India:* Company got letter of intent for project worth Rs 1.43 billion. (Positive)

*Oil upstream stocks:* Oil prices jump by 3 percent after the tensions intensified in Middle East. (Positive)

*Bansal Wire Industries:* Company incorporates wholly owned subsidiary BWI steel private ltd, the entity being acquired belongs to iron and steel industry. (Positive)

*IDBI Bank:* Total business up 15% as of sept 30, Total deposits as of sept 30 up 11% YoY, Net advances as of sept 30 up 19% YoY (Positive)

*ITC Limited:* Company’s Hotels Business Demerger Receives NCLT Approval (Positive)

*Metropolis:* Revenue for the quarter grows by 13% year-on-year. B2C revenue up 20% from last year. (Positive)

*Info edge:* Standalone Billings Up 14.3% At Rs 650.3 Cr Vs Rs 569 Cr (YoY) (Positive)

*Shiva Cement:* Company execution of binding MoU with Bhushan power & steel. (Positive)

*Godrej Prop:* Q2 booking value grew 3% YoY to nearly INR 5,200 crore from sale of over 5.1 million sq. ft. (Positive)

*Titan:* Jewellery Revenue +26% YoY after a soft Q1 performance (Positive)

*Antony Waste:* Arm AG Enviro Infra Projects gets contract worth ₹908 cr from Navi Mumbai Municipal Corporation (Positive)

*Tanfac:* Company revises capacity to 90 MT/day from 45 MT/day for Rs 100 crore (Positive)

*Indian Bank:* Total Business Up 9.8% YoY At ₹12.44 Lk Cr, total Deposits Up 8.1% YoY At ₹6.93 Lk Cr (Positive)

*GAIL:* Signs MoU with AM Green to jointly develop renewable energy projects up to 2.5 GW and green chemical projects (Positive)

*Bank Of Maharashtra:* Bank closes QIP today, approves issue price at Rs 57.36/Sh. LIC increases stake in Bank of Maharashtra from 4.05% to 7.1% through QIP (Neutral)

*AU Small Finance Bank:* Reports 12.7% jump in Q2 deposits, gross advances rise nearly 6% (Neutral)