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Stocks in the news
HDFC Asset Management Company: The Sebi has given an approval and permitted abrdn Investment Management to reduce its shareholding in HDFC AMC to less than 10 percent. In December 2022, HDFC AMC had received letter from abrdn Investment Management, one of the promoters holding 10.21 percent in the company, intending to sell their entire stake in the company. Abrdn Investment Management is the co-sponsor of HDFC Mutual Fund.
Tata Consumer Products: The FMCG company has recorded a 26 percent year-on-year growth in consolidated profit at Rs 364.4 crore for quarter ended December FY23 despite weak operating margin, led by tax write-back, exceptional income and higher other income. Revenue for the quarter grew by 8.3 percent YoY to Rs 3,475 crore with India business growth of 8 percent and international business rising 4 percent, however, EBITDA fell 1.7 percent to Rs 454 crore and margin declined by 130 bps to 13.1 percent for the quarter.
Adani Enterprises: The National Stock Exchange (NSE) has put Adani Enterprises, Adani Port, Ambuja Cement under additional surveillance measure (ASM) framework starting February 3, especially after massive stock rout in most of Adani group stocks. This will mean the intraday trading will also require 100 percent upfront margin.
IndusInd Bank: The Hinduja Group is looking to increase its stake in IndusInd Bank to 26 percent from the existing 16.51 percent, reports CNBC-TV18 quoting sources. IndusInd International Holdings, promoter of IndusInd Bank, is preparing the application for the process and will further submit the same to the Reserve Bank of India (RBI), sources said.
Mazagon Dock Shipbuilders: Sanjeev Singhal, with effect from February 1, 2023, has been given additional charge of Chairman & Managing Director of Mazagon Dock Shipbuilders. Singhal joined Mazagon Dock as Director (Finance) on January 8, 2020.
Inox Green Energy Services: The wind power operation and maintenance service provider entered into a definitive investment agreement with I-Fox Windtechnik India, an independent O&M wind service provider, to acquire 51 percent stake in I-Fox at Rs 35,947.71 per share. I-Fox has a fleet of 230+MW majorly operating in South India. With this acquisition, company entered into multi-brand OEM wind turbine O&M business.
Likhitha Infrastructure: The company has received an order worth Rs 129.63 crore from GAIL (India). The scope of work included pipeline laying and composite works for PART-B (Nagpur Jharsuguda) of MNYJPL project. The contract has to be executed within 14 months from the date of letter of intent.
Berger Paints India: The paint company has recorded a 20.5 percent year-on-year growth in consolidated profit at Rs 200.94 crore for quarter ended December FY23 impacted by weak operating margin performance. Revenue for the quarter at Rs 2,694 crore grew by 5.6 percent, but EBITDA fell by 11 percent to Rs 350 crore compared to year-ago period.
Apollo Tyres: The tyre manufacturer has reported a 31 percent year-on-year growth in consolidated profit at Rs 292.1 crore for December FY23 quarter despite spike in input & finance costs. Revenue for the quarter at Rs 6,423 crore increased by 12.5 percent and EBITDA jumped 23 percent to Rs 913.4 crore with margin expansion of 120 bps compared to year-ago period. Jaimini Bhagwati is appointed as Independent Director on the board.
STOCKS IN ACTION 1 February
Adani Enterprises: The Rs 20,000-crore FPO floated by the company was subscribed 1.12 times on its closing, with most of the demand coming from HNIs. The non-institutional investor portion was subscribed 3.32 times, while the QIB portion received bids 1.26 times its size. Retail investors bid for 12% of the portion reserved for them, while the employee portion was subscribed 55%.
Adani Ports and Special Economic Zone: The Israel government handed over the Haifa port to the joint venture formed by the company and its local partner Gadot Group.
Adani Power: The company and AdaniConnex mutually agreed to extend the validity of MoU for sale of Support Properties to the latter by March 31, 2023. The sale was originally to be completed by January 2023.
India Infrastructure Finance Co.: The board approved raising Rs 2,500 crore via issuance of non-convertible debentures on private placement basis.
Valiant Organics: The board allowed material subsidiary of the company Valiant Laboratories to raise funds via the IPO route
Confidence Petro bags an order worth Rs 40 cr from BPCL
TATA MOTORS: ICE-Powered Passenger Vehicles to be expensive from Today
Price to be increased by upto 1.2%
Increase to vary depending on the models and their variants
No change in ex-showroom price of Tata EVs
TPG subscribed to 3.75 crore compulsorily convertible preference shares of the face value of Rs 1,000 each in Tata Passenger Electric Mobility for an aggregate consideration of Rs 37.50 crore as the second tranche of securities subscription agreement dated Oct. 12, 2021.
MakeMyTrip says it has recorded highest ever quarterly gross bookings in Q3 at $1.74 bn, up 64.4% YoY
Category YoY Change
Air ticketing 45.2%
Hotels 45.3%
Bus ticketing 57.6%
Others 79.1%
Premier Explosives: Says Workers Have Called Off Ongoing Strike At Manuguru
Says Manufacturing Has Been Resumed
Reliance Industries: Reliance Consumer Products partners with biscuit brand, Maliban
MGL: Reduces CNG Prices By Rs 2.5/Kg In And Around Mumbai Effective Midnight Of Jan-31
Effective CNG Price In And Around Mumbai Will Be Rs 87/Kg
Sterlite Tech on Rationale for slump sale: The deal is part of the Company’s strategy of calibrated exits from sub-scale businesses
Imagicaaworld Entertainment: Unit Walkwater Properties To Sell Land Of Around 86 Acres At Taluka Khalapur
Vodafone Idea board again approves issue of Rs 1600 cr bond to ATC, EGM on Feb 25 (From Agencies)
Biocon to sell 10% stake in Syngene Today.
Syngene International: The company will sell its Hyderabad operations to wholly owned subsidiary Syngene Scientific Solutions under slump sale arrangement for Rs 400 crore.
Punjab National Bank: The state-run lender hiked lending rates by 10 basis points across tenures with effect from Feb. 1, 2023.
HUL: Hikes Royalty Payment to Unilever Effective Today
(Under the new agreement, the royalty and central services fees will increase to 3.45% from 2.65% over 3-Years)
Stocks in the news
Bajaj Finance: The finance company clocked a 40 percent year-on-year growth in consolidated net profit at Rs 2,973 crore for the December FY23 quarter with loan losses and provisions falling 20 percent YoY to Rs 841 crore. Net interest income increased 24 percent YoY to Rs 7,435 crore and assets under management (AUM) grew by 27 percent to Rs 2.3 lakh crore. New loans booked in the December quarter were the highest ever at 7.84 million, up 5 percent YoY. Customer franchise stood at 66.05 million, a 19 percent YoY growth. The company recorded its highest-ever quarterly increase in its customer franchise by 3.14 million during the quarter.
Vedanta: The billionaire Anil Agarwal-owned company reported a 42.3 percent year-on-year fall in consolidated profit at Rs 3,091 crore for the December quarter, hit by weak operating performance and muted topline growth. It had higher input costs, power and fuel expenses, and finance cost for the quarter YoY. Revenue from operations at Rs 34,102 crore grew by 0.01 percent from the year-ago period. The company has approved plans to source 91 MW hybrid renewable power aluminium, copper, and oil & gas operations; and 600 MW solar power for aluminium operations. It aims to achieve substantial consumption of renewable energy for smelting and associated operations and meet power requirements of capacity expansion, the company said.
Tata Elxsi: The design and technology services provider has registered a 29 percent year-on-year growth in profit at Rs 195 crore for the quarter ended December FY23, backed by topline and other income. Revenue from operations for the quarter at Rs 818 crore grew by 29 percent over a year-ago period.
Tube Investments of India: Subsidiary TI Clean Mobility has entered into a share purchase agreement for the acquisition of the remaining 30.04 percent equity shares held by the founders of Cellestial E-Mobility for Rs 50.90 crore. The proposed investment is part of TI Clean Mobility's plan to consolidate its holding in the electric tractors business.
Godfrey Phillips India: The tobacco manufacturer has reported a 60 percent year-on-year increase in consolidated profit at Rs 187 crore for the December quarter of FY23, led by healthy operating income growth of 64 percent and margin expansion. Revenue from operations grew by 28 percent YoY to Rs 1,112 crore in the quarter.
Aarti Drugs: The pharma company registered a 37 percent year-on-year decline in consolidated profit at Rs 36.67 crore for the quarter ended December 31, 2022, hit by weak operating performance and tepid topline growth. Consolidated revenue at Rs 664 crore was up 4.6 percent from the year-quarter compared.
CMS Info Systems: The banking logistics and technology services provider has clocked a 26 percent YoY growth in profit at Rs 76 crore for the quarter ended December 31, 2022, with EBITDA rising 29 percent YoY to Rs 135 crore and revenue climbing 21 percent to Rs 488 crore. The company's operating profit margin expanded 171 bps YoY at 27.7 percent for the quarter
Stocks in the news
Tata Motors: The Tata Group company has had a healthy show for December FY23 quarter, beating analysts' expectations on all fronts with returning to profits. Consolidated profit for the quarter stood at Rs 2,958 crore against loss of Rs 1,516 crore in same period last year on better topline as well as operating performance. Revenue from operations at Rs 88,489 crore for the quarter grew by 22.5 percent over corresponding period last fiscal, with better realisation at JLR as well as standalone businesses. At the operating level, EBITDA at Rs 9,853 crore surged 33 percent YoY on strong show of JLR and standalone business, with margin expansion of 90 bps YoY at 11.1 percent for the quarter aided by standalone business. The company remains cautiously optimistic on the demand situation despite global uncertainties.
Dr Reddy's Laboratories: The pharma company clocked a massive 77 percent year-on-year growth in consolidated profit at Rs 1,247 crore for quarter ended December FY23, driven by strong US business. Consolidated revenue from operations at Rs 6,770 crore for the quarter grew by 27.3 percent over the corresponding period in the last fiscal with US business rising 64 percent, India showing 10 percent and emerging markets 14 percent growth YoY. On the operating front, EBITDA surged 55 percent YoY to Rs 1,966 crore with 5 percentage points expansion in margin at 29 percent for the quarter.
Adani Enterprises: The Adani Group company will launch its follow-on public offer of Rs 20,000 crore on January 27. The closing date will be January 31, with a price band of Rs 3,112-3,276 per share. The company has raised close to Rs 6,000 crore from anchor investors. It has received Rs 2,992.4 crore from anchor investors ahead of the FPO, which is half of the amount of the total anchor book launched. The remaining amount will be payable by anchor investors later in one or more subsequent calls.
LTIMindtree: The IT services provider has partnered with Duck Creek Technologies, and Microsoft to build a cloud migration solution for insurers. The solution will enable insurers to migrate their on-premises core systems to the cloud in a quick and efficient manner.
DLF: The real estate developer has registered a 37 percent year-on-year growth in consolidated profit at Rs 519 crore for quarter ended December FY23 on a low base and lower finance cost. It had an exceptional loss of Rs 224.4 crore in Q3FY22. Revenue from operations at Rs 1,495 crore for the quarter fell by 3.5 percent compared to same period last fiscal, but new sales bookings at Rs 2,507 crore increased by 24 percent YoY. At the operating level, EBITDA fell by 8.5 percent YoY to Rs 477.2 crore and margin declined by 170 bps YoY to 31.9 percent for the quarter.
Ceat: The tyre maker has reported consolidated profit of Rs 35.4 crore for quarter ended December FY23, against loss of Rs 20 crore in same period last year, supported by strong operating performance. Consolidated revenue at Rs 2,727 crore grew by 13 percent over a year-ago period, led by domestic demand as the company remains cautious about international markets that are getting impacted by recessionary trends. At the operating level, EBITDA surged 77 percent YoY to Rs 237.6 crore for the quarter and margin rose by more than 3 percentage points to 8.7 percent compared to year-ago period.
Amara Raja Batteries: The industrial and automotive battery maker registered a 53 percent year-on-year growth in consolidated profit at Rs 221.9 crore for quarter ended December FY23, backed by health topline and operating performance. Revenue grew by 11.5 percent to Rs 2,638 crore compared to year-ago period, driven by healthy volume growth in the automotive sector in both OEM and Aftermarket segments.
SJVN: The company has sold its entire stake in the Bhutanese joint venture company Kholongchhu Hydro Energy (KHEL) as per the directions received from the Government of India. The transaction cost is Rs 354.71 crore. The entire stake of the company was brought by the JV partner Druk Green Power Corporation, Bhutan.
STOCKS IN ACTION 24 January
Sterlite Technologies: The board on Jan. 27 will consider the proposal to raise funds through rights issue.
NTPC completes trial operation of Unit-1 of 660 MW capacity of North Karanpura Super Thermal Power Project, (3 x 660 MW).
It is now included in the installed capacity of NTPC Limited
Dilip Buildcon-Skyway Infraprojects declared lowest bidder for Rs 1,947 cr Madhya Pradesh Jal Nigam Maryadit project
Electronics Mart India: Commenced Commercial Operation Of A New Multi Brand Store Under Brand Name Electronics Mart
Vedanta: The board will meet on Jan. 27 to consider and approve the fourth interim dividend for the current fiscal.
TCI Express: The board will meet on Jan. 31 to, inter alia, consider and approve the second interim dividend for the current fiscal.
NBCC (India): The company secured total business of Rs 309.10 crore in December 2022
Tata Motors: The company confirmed that the voluntary delisting of its American Depositary Shares, representing its ordinary shares, from the New York Stock Exchange will become effective close of trading on Jan. 23, 2023.
Nykaa appoints P Ganesh as CFO w.e.f. February 3, 2023
Zensar Technologies appoints Manish Tandon as CEO & MD for 5 years w.e.f today (January 23)
Welspun Corp: Associate Company East Pipes Integrated Company For Industry (EPIC) signs contracts worth SAR (Saudi Riyal) 569 m to supply steel pipes for water transmission
National Highways Infra Trust: Balasubramanyam Sriram stepped down as the non-executive chairman of the company, with effect from March 31, 2023, on account of personal reasons.
Zomato pauses 10-min food delivery service, to pivot to a different model
Maruti Suzuki recalls Grand Vitara as it suspects defect in Rear Seat Belt mounting brackets “which in a rare case, may loosen in the long run and impact its functionality”
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🔥 Stock to Watch
🟩Grindwell Norton Ltd
🟩Aavas Financiers Ltd
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🟨Mahindra Lifespace Developers Ltd
Stocks in the news
Britannia Industries: The company has reported a 156 percent year-on-year growth in consolidated profit at Rs 932.4 crore for December FY23 quarter led by strong operating performance and exceptional income of Rs 359 crore. Revenue from operations at Rs 4,197 crore grew by 17.4 percent over a year-ago period. EBITDA jumped 51.5 percent to Rs 817.6 crore for the quarter YoY.
Lakshmi Machine Works: The textile machinery manufacturer has reported a massive 76 percent year-on-year growth in profit at Rs 113 crore for quarter ended December FY23, backed by healthy operating performance and topline. Revenue from operations at Rs 1,222 crore increased by 34 percent compared to year-ago period.
Syngene International: Promoter Biocon has offloaded 4 crore shares of the company via open market transactions on February 1. As a result, its shareholding in Syngene reduced by 9.96 percent to 54.6 percent, from 64.56 percent earlier. Government of Singapore bought 1.57 crore shares of Syngene at Rs 560 per share.
Craftsman Automation: The auto ancillary company has completed acquisition of 76 percent stake in DR Axion India. In December 2022, it had signed a definitive agreement for acquiring 8.57 crore shares of DR Axion India.
Coal India: The country's largest coal mining company has announced production of 71.9 million tonnes of coal for January 2023, growing 11.5 percent over a year-ago month, while offtake rose by 6.1 percent to 64.5 million tonnes in the same period. These are provisional numbers.
Eicher Motors: Royal Enfield has sold 74,746 motorcycles in January 2023, rising 27 percent over 58,838 units sold in same month last year. But exports dropped by 23 percent to 7,044 motorcycles in the same period. The company has registered a 45 percent YoY growth by selling 6.91 lakh motorcycles in April 2022-January 2023 period.
Ashok Leyland: The commercial vehicle maker has sold 17,200 units in the month of January 2023, growing 23 percent over a year-ago period with healthy growth across segments. Medium & heavy commercial vehicle sales increased by 28 percent to 11,050 units in the same period, and light commercial vehicle segment registered 17 percent YoY growth at 6,150 units for January.
Alembic Pharmaceuticals: The pharma company has registered a 29 percent year-on-year decline in consolidated profit at Rs 122 crore for quarter ended December FY23, impacted by weak operating performance and lower other income. However, revenue from operations at Rs 1,509 crore increased by 19 percent YoY in the same period with growth across verticals as US business grew by 10 percent to Rs 432 crore and India segment reported a 12 percent growth at Rs 545 crore.
Stocks in the news
Larsen & Toubro: The infrastructure major has reported a robust 24 percent year-on-year growth in consolidated profit at Rs 2,553 crore despite weak operating margin performance. Consolidated revenues at Rs 46,390 crore for the quarter grew by 17 percent YoY aided by improved execution in the infrastructure projects segment and continued growth momentum in the IT&TS portfolio. The company received orders worth Rs 60,710 crore during the quarter, a 21 percent YoY growth, taking the consolidated order book to Rs 3.86 lakh crore as of December FY23.
Tech Mahindra: The IT services company has clocked a 0.9 percent sequential growth in consolidated profit at Rs 1,297 crore for quarter ended December FY23, with revenue rising 4.6 percent QoQ to Rs 13,735 crore, beating analysts' estimates. Revenue in dollar terms grew by 1.8 percent QoQ to $1,668 million with constant currency revenue growth at 0.2 percent. Operating numbers were ahead of expectations while deal wins at $795 million for the quarter.
Bharat Petroleum Corporation: The state-owned oil retailer clocked a standalone profit of Rs 1,960 crore for December FY23 quarter against a loss of Rs 304.2 crore in the previous quarter, with strong operating performance amid a fall in oil prices. Revenue grew by nearly 4 percent sequentially to Rs 1.19 lakh crore.
REC: The power projects finance company has recorded a 4 percent year-on-year growth in standalone profit at Rs 2,878 crore for quarter ended December FY23, with a weak topline. Standalone revenue from operations at Rs 9,695 crore fell by 3.1 percent compared to the year-ago period.
IIFL Finance: The company has clocked a massive 37 percent year-on-year growth in profit at Rs 423.2 crore for the quarter ended December FY23, with revenue from operations rising 18 percent YoY to Rs 2,121 crore for the quarter. Pre-provision operating profit at Rs 773 crore grew by 26 percent YoY. Overall core loan portfolio grew by 26 percent YoY, but the non-core (primarily construction and real estate finance) portfolio shrunk by 7 percent. Asset quality improved with gross non-performing assets (NPA) falling 30 bps QoQ to 2.1 percent and net NPA declining 10 bps QoQ to 1.1 percent for the quarter.
Adani Enterprises: International Holding Company, the diversified Abu Dhabi-based conglomerate, will be investing $400 million in Adani Enterprises' further public offering (FPO), through its subsidiary Green Transmission Investment Holding RSC Limited. The Rs 20,000 crore FPO was subscribed 3 percent on the second day of bidding.
KEC International: The infrastructure EPC major and an RPG Group company secured new orders of Rs 1,131 crore across various businesses including transmission and distribution, and civil segment. With these orders, the YTD order intake stands at over Rs 15,500 crore, a growth of 10 percent YoY.
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Stocks in the news
Reliance Industries: The oil-telecom-to-retail major delivered strong operating performance for the quarter ended December FY23 with contributions from all segments. Its consolidated profit (excluding the impact of exceptional item) grew 0.6 percent YoY to Rs 17,806 crore for Q3FY23 and EBITDA grew 13.5 percent YoY to Rs 38,460 crore backed by strong growth in subscriber base and 17.5 percent increase in ARPU (average revenue per user) in the digital services segment. Gross revenue at Rs 2.4 lakh crore increased by 14.8 percent YoY, supported by continuing growth momentum in consumer businesses.
ICICI Bank: The country's second-largest private sector lender recorded a 34.2 percent year-on-year increase in standalone profit at Rs 8,312 crore for the quarter ended December FY23 on healthy growth in NII and operating profit, with improvement in asset quality. Net interest income surged 34.6 percent to Rs 16,465 crore from the year-ago period with net interest margin expanding 69 bps YoY to 4.65 percent for the quarter. Profit and NII were ahead of analysts' estimates. Credit growth was 19.7 percent and deposits increased by 10.3 percent compared to the year-ago period.
Kotak Mahindra Bank: The private sector lender reported a 31 percent year-on-year growth in standalone profit at Rs 2,792 crore for the quarter ended December 31, 2022 despite higher provisions, backed by healthy operating profit, other income and NII growth, with an improvement in asset quality. Net interest income for the quarter jumped 30.4 percent to Rs 5,653 crore, with 85 bps YoY expansion in net interest margin at 5.47 percent. Deposits for the quarter grew by 13 percent and advances increased by 23 percent from the year-ago period.
UltraTech Cement: The Aditya Birla Group-owned cement company reported a 38 percent year-on-year decline in consolidated profit at Rs 1,058.2 crore for the December quarter, hit by weak operating margin. It reported an increase in raw material cost, power & fuel cost and freight & forwarding expenses YoY. Consolidated revenue from operations increased 19.5 percent to Rs 15,521 crore for the quarter YoY.
IDFC First Bank: The bank clocked a 115 percent year-on-year growth in standalone profit at Rs 604.6 crore for the December FY23 quarter despite higher provisions, supported by strong other income, operating profit and NII and asset quality improvement. Net interest income at Rs 3,285.3 crore grew 27.3 percent compared to the year-ago quarter.
Yes Bank: The private sector lender saw an 80.7 percent year-on-year decline in standalone profit at Rs 51.5 crore for the quarter impacted by ageing related provisions but supported by higher other income and operating profit with improvement in asset quality. Net interest income grew 11.7 percent to Rs 1,970.6 crore for the quarter YoY, with net interest margin rising 10 bps YoY (down 10 bps QoQ) to 2.5 percent. Advances for the quarter grew by 10 percent and deposits growth stood at 16 percent compared to the corresponding period of the last fiscal.
RBL Bank: The bank reported a 34 percent year-on-year increase in profit at Rs 209 crore for the December quarter on fall in provisions with an improvement in asset quality. Net interest income at Rs 1,148 crore rose 13.6 percent from the year-ago period, with the net interest margin expanding 40 bps YoY to 4.74 percent. Advances for the quarter at Rs 66,684 crore were up 15 percent and deposits grew by 11 percent with CASA deposits rising 18 percent.
Tanla Platforms: The cloud communications company recorded a 26.3 percent year-on-year decline in profit at Rs 116.5 crore in the December quarter, dented by lower top line and weak operating performance. Revenue at Rs 869.6 crore fell by 1.7 percent and EBITDA tanked 25 percent to Rs 151.4 crore with the margin down 550 bps from the year-ago period.
CORRECTION *Buy TATACHEM 980 JAN PE ABOVE* *11.6* *CMP* *10.9*
*Target 1 -* *13.5*
*Target 2 -* *15.3*
*Target 3 -* *17.2*
*[Short term] [1-4 days]*
*Stoploss below : 7.9*
Stocks in the news
IndusInd Bank: The private sector lender has reported a massive 68.7 percent year-on-year jump in standalone profit at Rs 1,959 crore for the quarter ended December FY23, as provisions and contingencies fell 36 percent YoY to Rs 1,065 crore for the quarter. Net interest income grew by 18.5 percent YoY to Rs 4,495.3 crore for the quarter, meeting analysts' expectations. Asset quality remained stable with gross non-performing assets improving by 5 bps QoQ to 2.06 percent and net NPA rising 1 bp to 0.62 percent for the quarter.
Goa Carbon: The company clocked a massive 57 percent year-on-year growth in profit at Rs 25.6 crore for quarter ended December FY23 despite higher input cost, driven by healthy topline and operating performance. Revenue from operations jumped 93 percent YoY to Rs 416.76 crore for the quarter.
Vedanta: Vedanta is declared as the successful bidder for the acquisition of Meenakshi Energy under Corporate Insolvency Resolution Process. After the same, the board of directors approved the said acquisition worth Rs 1,440 crore. Meenakshi Energy is a 1000 MW coal-based power plant at Nellore in Andhra Pradesh. The acquisition is estimated to be completed in FY 2024. Vedanta will make upfront payment of Rs 312 crore and the balance Rs 1,128 crore via NCDs issued by Meenakshi Energy.
Aurobindo Pharma: The United States Food and Drug Administration (US FDA) inspected the company's wholly owned subsidiary, APL Health Care's Unit I and III, at Jadcherla in Telangana, from January 9 to January 18, 2023. The US health regulator issued a 'Form 483' with two observations. The observations are procedural in nature.
Persistent Systems: The IT services company has registered an 8.2 percent sequential growth in profit at Rs 238 crore for quarter ended December FY23, with revenue growing 5.9 percent QoQ to Rs 2,169.4 crore and dollar revenue rising 3.4 percent to $264.35 million for the quarter. At the operating level, EBITDA increased by 9.1 percent QoQ to Rs 401.55 crore for the quarter. The company has announced an interim dividend of Rs 28 per share for FY23.
Mahindra Lifespaces: The company has won a redevelopment project in Mumbai. The project will offer the company a revenue potential of around Rs 500 crore.
Adani Enterprises: The company has received approval from board members for an FPO. The floor price is Rs 3,112 per share and the cap price for FPO is Rs 3,276 per share. Retail investors will get FPO shares at a discount of Rs 64 per share. Investors can bid for a minimum of 4 FPO shares and in multiples of 4 FPO shares thereafter. The company plans to raise Rs 20,000 crore via FPO.
State Bank of India: The country's largest lender has raised Rs 9,718 crore through its second infrastructure bond issuance at a coupon rate of 7.70 percent. The proceeds of bonds will be utilised in enhancing long-term resources for funding infrastructure and affordable housing segment. The tenor of these bonds is 15 years.
Stocks in the news
Tata Metaliks: The Tata Group company has reported a profit of Rs 9.48 crore for the December FY23 quarter, falling 74 percent year-on-year dented by weak operating performance. Input cost and finance cost hit the bottom line. However, revenue from operations grew by 14.5 percent YoY to Rs 790.23 crore for the quarter.
Glenmark Pharmaceuticals: The pharma company entered into an agreement with Eris Oaknet Healthcare, a wholly owned subsidiary of Eris Lifesciences, to divest the tail brands from its dermatology segment, for India and Nepal territories. The transaction cost is Rs 340.48 crore. The divested tail brands include Onabet, Halovate, Sorvate, Luligee, Demelan, Aceret, Dosetil, Revize, and Powercort, and their sub-brands. This divestment is in line with Glenmark's strategy of focusing on its leading brands in the dermatology segment.
ICICI Lombard General Insurance Company: The insurance company has reported an 11 percent year-on-year growth in profit at Rs 352.53 crore for the quarter ended December FY23. Premium earned at Rs 3,792 crore for the quarter grew by 14.5 percent YoY and total income grew by 13.2 percent to Rs 4,362 crore in Q3FY23.
Gokaldas Exports: Goldman Sachs Asset Management International bought an additional 0.018 percent stake in the company via open market transactions on January 13. With this, its shareholding in Gokaldas rose to 5.003 percent, from 4.985 percent earlier.
Coforge: Life Insurance Corporation of India purchased an additional 0.057 percent stake in the IT services company via open market transactions on January 16. With this, LIC's shareholding in the company increased to 5.033 percent, from 4.976 percent earlier.
ICICI Prudential Life Insurance Company: The life insurance company has recorded a 29 percent year-on-year fall in standalone profit at Rs 220.63 crore for quarter ended December FY23. Net premium income grew by 4.3 percent YoY to Rs 9,464.5 crore in Q3FY23.
ITC: The FMCG company has signed a binding term sheet to acquire a 100 percent stake in Sproutlife Foods, an Indian company primarily engaged in the business of manufacture and sale of food products under the trademark 'Yoga Bar'. The company will make an initial investment of Rs 175 crore in Sproutlife Foods for a 39.4 percent stake, which is expected to be completed by February 15, 2023.
Delta Corp: The casino gaming company has reported a 20.5 percent year-on-year growth in consolidated profit at Rs 84.82 crore for the quarter ended December FY23, led by other income and operating revenue. Revenue from operations increased by 10.6 percent YoY to Rs 273.4 crore in Q3FY23.
Rail Vikas Nigam: The company has emerged as the lowest bidder (L1) for the commissioning of power supply receiving and distribution system for Surat Metro Rail Project Phase-I with a cost Rs 673.8 crore, and for Ahmedabad Metro Rail Project Phase-II with a cost of Rs 384.3 crore. Siemens is the lead partner with a 65 percent share and RVNL is having 35 percent share in these projects.
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Siemens: The company has received an order for 1,200 locomotives of 9,000 horsepower (HP) from Indian Railways, marking the single largest order in the history of Siemens in India. It will design, manufacture, commission and test the locomotives. Deliveries are planned over an eleven-year period, and the contract includes 35 years of full service maintenance. The locomotives will be assembled in the Indian Railways factory in Dahod, Gujarat. The contract has a total value of Rs 26,000 crore.
NTPC: Government of Tripura has signed Memorandum of Understanding with NTPC Renewable Energy. The company in collaboration will develop large sized renewable energy projects in Tripura.
IRB InvIT Fund: The company has recommenced toll collection at toll plazas of IRB Pathankot Amritsar Toll Road, one of its project SPVs (special purpose vehicle). The toll collection by the said SPV temporarily suspended last month. The project SPV is eligible for compensation against the revenue loss under Force Majeure provisions of the Concession Agreement.
Kesoram Industries: The company has posted consolidated loss of Rs 48 crore for quarter ended December FY23, widening from loss of Rs 32 crore in same period last year, impacted by higher input cost, power & fuel expenses and exceptional loss. But consolidated revenue from operations increased 12.6 percent YoY to Rs 986 crore for the quarter. Its majority of business comes from cement segment.
Ashoka Buildcon: Ashoka Kandi Ramsanpalle Road, the special purpose vehicle (SPV) of the company, has received a provisional certificate for completion of 37.92 KMs out of total project highway length of 39.980 KMs in Telangana. Also the company informed the declaration of Novemer 19, 2022 as the commercial operational date for the said HAM project of NHAI under Bharatmala Pariyojna on hybrid annuity mode. After the declaration of commercial operational date, the SPV is eligible for receipt of annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of commercial operational date.
Tinplate Company of India: The tinplate manufacturer and Tata Steel subsidiary has recorded a 62 percent year-on-year decline in profit at Rs 36.4 crore for quarter ended December FY23, impacted by lower top line and operating income. Revenue from operations for the quarter at Rs 959.9 crore fell by nearly 19 percent compared to year-ago period.