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STOCKS IN ACTION 23 FEBRUARY
Biocon: Kotak Special Situations Fund invested Rs 1,070 crore in the company, which will be utilised by the latter’s subsidiary—Biocon Biologics—to fund its acquisition of the biosimilars business of its partner Viatris.
Tata Steel: The company acquired 4.69 crore shares of its indirect subsidiary of Neelachal Ispat Nigam at Rs 64 apiece, aggregating to Rs 300 crore in the first tranche of investment in the equity shares of the latter.
Orient Cement: The non-binding MoU between the company and Adani Power Maharashtra for establishing a cement grinding unit at Tiroda, Maharashtra stands terminated as the latter could not obtain the required MIDC clearances for sub-leasing the land required for the facility.
HG Infra Engineering: The company has been declared as the preferred bidder by Rail Vikas Nigam, Chandigarh for a project for construction of foundations, sub-structure and superstructure along the Bhanupali-Bilaspur-Beri new railway line in Bilaspur district of Himachal Pradesh. The company had placed a bid of Rs 466.11 crore for the project.
Ugro Capital: The board of the company will meet on Feb. 25 to consider and approve raising funds via issuance of non-convertible debentures and/or commercial papers on private placement basis.
Gujarat Gas/Gujarat State Fertilisers & Chemicals: The Gujarat government has state’s Chief Secretary Raj Kumar as chairman of the boards of both companies with effect from Feb. 21, 2023.
Lemon Tree Hotels: The company signed a licence agreement for a 47-room property in Bhopal, Madhya Pradesh, which is expected to become operations by December 2023 and will be operated by subsidiary Carnation Hotels.
Hero MotoCorp: The company, through its electric mobility brand Vida, initiated operations of its public charging infrastructure in Bengaluru, Delhi and Jaipur.
Wipro: The company launched Decentralised Identity and Credential Exchange ID to make digital identification and credential verification faster, easier and more secure.
Sarda Energy and Minerals: The South Eastern Coalfields has issued letter of acceptance to the company against its bid for re-opening, salvaging, rehabilitation, development and operation of Kalyani underground mines in Chhattisgarh on revenue sharing of 4.5%.
Zee Entertainment: NCLT Admits Indusind Bank's Insolvency Plea Against Zee Entertainment
Delhivery: Internet Fund III Sells Rs 1.23 Cr Shares Of Delhivery
Sandur Manganese: Gets Approval From Central Empowered Committee For Manganese Ore Production Enhancement || Co Expected To Receive Consent For Operation From Karnataka State Pollution Board
Hatsun Agro Product: Approved Investing In To Paid Up Equity Share Capital Of Swelect Taiyo Energy || Investment Not To Exceed 20% Of Paid Up Equity Share Capital
Greaves Cotton: Narasimha Jayakumar appointed CEO of Retail Business
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STOCKS IN ACTION 21 FEBRUARY
United Breweries: The Supreme Court has stayed an NCLAT order, which dismissed the company’s appeal against a CCI order imposing a penalty of Rs 751.83 crore against the company over charges of cartelisation, as well as recovery proceedings in the matter. The apex court has ordered the company to deposit 10% of the penalty amount, over and above the amount already subsisting 10% deposit before the
Adani Enterprises: The company’s subsidiaries—Ambuja Cement and ACC—and transporters in Himachal Pradesh reached an amicable solution to the dispute between them over freight rates. This clears the way for reopening of cement factories in Darlaghat and Barmana after 67 days.
Bharat Petroleum Corporation: The company is planning to raise Rs 1,500 crore via private placement of unsecured non-convertible debentures.
Bharat Electronics: India's first ever indigenously developed train control and supervision system, jointly developed by the company and Delhi Metro Rail Corporation was launched for operations on the Red Line corridor of Delhi Metro.
BEML: The company signed an MoU with a Delhi Metro Rail Corporation-led special purpose vehicle that has been shortlisted for constructing the first phase of Bahrain Metro Rail Project. BEML will manufacture and supply metro rolling stock, while DMRC will offer its expertise in project development, budgeting and facilitation of contractual obligations.
Asian Paints: The company’s wholly owned subsidiary Asian Paints (Polymers) signed an agreement with the Gujarat government to set up a manufacturing facility for vinyl acetate ethylene emulsion and vinyl acetate monomer at Dahej.
GR Infraprojects: The company emerged as the successful bidder for two National Highways Logistics Management projects based in Uttarakhand cumulatively worth Rs 3,613 crore.
JK Tyre & Industries: The company will raise Rs 240 crore by issuing 24,000 compulsorily convertible debentures at the face value of Rs 1 lakh to International Finance Corporation on private placement basis. The amount raised can be converted into equity shares of the company at a conversion price of Rs 180.50
Adani Ports and SEZ pays Rs 1500 crore to SBI MF, Rs 500 crore to ABSL MF on CPs due today
PTC India: Adani Said To Decide Against Bid For Stake In Power Trader PTC
Gland Pharma: Co To Invest Rs 400 Crore To Expand Its Telangana Plan
NHPC: Co Has Raised 9.96b Rupees || Fund Raise Via Issue Of 7.59% Ad Series Bonds On Private Placement Basis
Servotech Power Systems: Co Entered Into An Agreement With Dubai Based, Al-Ansari Motors LLC || Agreement To Provide EV Charging Solutions To Middle Eastern, African Markets
Marine Electricals (India): Co Gets Order Worth 139.2m Rupees || Order For Supply Of Shaft Generator, Main Switch Boards, Distribution Boards
InterGlobe Aviation: Promoter Shobha Gangwal says sold 1.56 cr shares (4.05 % of total voting capital) on Feb 17
Minda Corp on Purchase of Stake in Pricol (Concall Takeaways)
15% stake in Pricol purchased solely as 'Financial Investment'
Purchased stake in Pricol for deployment of surplus funds
This investment is not done for any special rights in Pricol
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*Target 1 -* *2940*
*Target 2 -* *2970*
*Target 3 -* *2995*
*[Short term] [1-4 days]*
Stoploss : 2845
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Target 1 - 340
Target 2 - 380
Target 3 - 450
Stoploss : 240
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*Target 1 -* *740*
*Target 2 -* *743*
*Target 3 -* *745*
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At the operating level, EBITDA jumped 49 percent YoY to Rs 914.4 crore but the margin fell by 17 bps YoY to 9.22 percent for the quarter on higher input costs.
Читать полностью…Stocks in the news
FSN E-Commerce Ventures: The Nykaa Fashion operator has recorded a 71 percent year-on-year decline in consolidated profit at Rs 8.2 crore for the quarter ended December FY23, impacted by weak operating margin performance. Revenue from operations grew by 33.2 percent YoY to Rs 1,463 crore with strong GMV (gross merchandise value) growth of 37 percent YoY. On the operating front, EBITDA rose by 13.3 percent to Rs 78.2 crore with scale efficiencies in fulfilment and marketing expense, but EBITDA margin fell 94 bps to 5.34 percent for the quarter. On a sequential basis, Nykaa clocked 99.4 percent growth in profit with revenue rising 19 percent and EBITDA climbing 28 percent with a margin expansion of 38 bps.
Zee Entertainment Enterprises: The media company has reported a 92 percent year-on-year decline in consolidated profit at Rs 24.31 crore for the quarter ended December FY23, dented by weak operating performance, lower topline and exceptional loss (Rs 168.97 crore). Consolidated revenue from operations at Rs 2,111.2 crore fell by 0.07 percent compared to the year-ago period hit by lower advertisement revenue (down 15.6 percent YoY), but subscription revenue growth was strong at 13.2 percent in the same period. On the operating front, EBITDA fell by 27.5 percent YoY to Rs 343.8 crore with a margin decline of 615 bps in Q3FY23. Numbers, barring profit, were better than analysts' expectations.
Power Finance Corporation: The public sector company has recorded a 7.8 percent year-on-year increase in consolidated profit at Rs 3,860 crore for the three-month period ended December FY23, aided by a write-back of impairment on financial instruments. Net interest income for the quarter at Rs 7,218.7 crore declined by 7.1 percent compared to the year-ago period. The board has declared an interim dividend of Rs 3.50 per share for FY23.
NLC India: The coal mining company has posted a consolidated loss of Rs 406.7 crore for the December FY23 quarter dented by regulatory deferral account balances expenses, against a profit of Rs 231.1 crore in the year-ago period. Consolidated revenue for the quarter at Rs 3,679 crore jumped 35 percent over a year-ago period. On the operating front, EBITDA grew by 50.4 percent YoY to Rs 1,360 crore with a margin expansion of 387 bps for the quarter.
Linde India: The industrial gases company has reported a 62.3 percent year-on-year growth in consolidated profit at Rs 110 crore for the quarter ended December FY23, led by operating performance and partly by a low base. In Q3FY22, it had an exceptional loss of Rs 18.97 crore. Revenue for the quarter grew by 8.2 percent YoY to Rs 697 crore, while on the operating front, EBITDA jumped 13.4 percent YoY to Rs 167.8 crore with a margin expansion of 110 bps YoY.
Castrol India: The automotive and industrial lubricant manufacturing company has clocked a 2.5 percent year-on-year growth in profit at Rs 193.32 crore for the December FY23 quarter dented by weak operating performance. Revenue for the quarter at Rs 1,176 crore grew by 7.8 percent YoY. At the operating level, EBITDA fell by 5.8 percent YoY to Rs 250.6 crore with a margin contraction of 307 bps due to higher input cost.
Steel Authority of India: The steel production company has registered a 64.5 percent YoY decline in profit at Rs 542 crore for the quarter ended December FY23, impacted by lower topline and operating income. Revenue for the quarter at Rs 25,042 crore fell by 0.8 percent compared to the same period last year. At the operating level, EBITDA for the quarter dropped by 39 percent YoY to Rs 2,078.5 crore with a margin down by 517 bps. Numbers, barring topline, were better than analysts' estimates.
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Читать полностью…STOCK IN ACTION 24 FEBRUARY
Axis Bank: The lender sees reasonable possibility of completing the acquisition of India consumer business from Citibank NA and NBFC consumer business from Citicorp Finance (India) by March 1, 2023.
Zee Enterprises: Appellate tribunal NCLAT has listed the plea challenging insolvency proceedings against the company on Friday for hearing. The National Stock Exchange has excluded the company from the futures and options segment following the bankruptcy board's move to admit it for insolvency proceedings.
Isgec Heavy Engineering: The company received an order from a major steel company for seven waste heat recovery boilers for its DRI sponge iron kiln.
Adani Transmission: Fitch Ratings affirmed the 'BBB-' ratings on the $400 million senior secured notes issued by the restricted group of the company, with outlook at stable.
Mahindra Lifespace Developers: Arvind Subramanian has resigned from the position of managing director and chief executive officer of the company, with effect from close of business on May 22, 2023, to pursue personal interests. Amit Kumar Sinha assume the office from May 23 for a period of five years.
Alkem Laboratories: The company submitted a detailed corrective and preventive action plan to the US FDA against one observation issued by the regulator after inspecting the company’s Indore plant in July. The inspection has now been closed.
Bharat Forge: The Company has decided to house all its defense related investments under subsidiary KSSL for a better strategic alignment, transferring its stake in another subsidiary Aeron.
West Coast Paper Mill: The contract workers’ strike was called off and production at the paper and paper board division at the company’s Dandeli facility was restarted with marginal production loss
Tube Investments Of India Has Acquired 50% Of Subscribed And Paid Up Share Capital Of X2fuels And Energy
Tech Mahindra: Vodafone Germany Deepens Partnership With Tech Mahindra & Comviva
Bharat Forge Approved Transfer Of The Co's Stake In Aeron Systems To Kalyani Strategic || Co Has Decided To House All Its Defense Related Investments Under Unit Kalyani Strategic Systems
Kanoria Chemicals And Industries Is Setting Up A New Formaldehyde Plant With 300 Tpd Capacity At Ankleshwar
L&T Technology Services And Qualcomm Selected By Thales For Enabling 5g Private Networks In Urban Railways
Patel Integrated Logistics Says Prepaid Loan Amounting Approx To 390m Rupees And Release Of Mortgage Properties To Banks/NBFCS || Will Further Evaluate Multiple Options To Monetise Properties Becoming Mortgage Free
Rail Vikas Nigam Receives Letter Of Award From M. P. Madhya Kshetra Vidyut Vitaran || Letter Of Award For 1.97b Rupees
Vascon Engineers Has Received Loa Amounting To 959.2m Rupees From Pune Metropolitan Region Development Authority, Pune For Construction Of Residential Quarters Along With Welfare Complex
SPICEJET Boardmeet Consider Issuance of Equity Shares on Preferential Basis upon conversion of outstanding liabilities
Consider options for raising fresh capital via QIP
Stocks in the news
Sapphire Foods India: The quick service restaurant company's wholly owned subsidiary Gamma Pizzakraft (Overseas) has increased stake in its subsidiary Gamma Island Food to 75 percent, from 51 percent earlier after the acquisition of 81,914 equity shares. The acquisition cost of those shares is MVR 1,88,40,220. Gamma Island Food is incorporated in the Republic of Maldives, to operate Pizza Hut and KFC restaurants in Maldives under franchisee agreements.
Zensar Technologies: Nippon Life India Trustee has acquired an additional 1.7529 percent stake in the IT services management company via open market transactions. With this, its stake in the company increased to 5.2275 percent, up from 3.4745 percent earlier.
Bharat Electronics: The state-owned defence company has signed MoU with Aeronautical Development Agency (ADA), DRDO for the advanced medium combat aircraft (AMCA) programme. The Advanced Medium Combat Aircraft is a 5th generation, multi-role, all-weather fighter aircraft designed with high survivability and stealth capability.
Rashtriya Chemicals & Fertilizers: Sanjay Rastogi is appointed as government nominee director on the board of RCF with effect from February 21, 2023. He is currently working as an additional secretary and financial adviser in the Ministry of Chemicals and Fertilizers, Government of India.
LIC Housing Finance: ICICI Prudential Mutual Fund has acquired an additional 2.03 percent stake in the housing finance company via open market transactions. With this, the mutual fund house shareholding in the company increased to 7.07 percent, up from 5.04 percent earlier.
Petronet LNG: The company has received approval from board members for the extension of Vinod Kumar Mishra's tenure as Director (Finance), the whole-time Key Managerial Personnel and Chief Financial Officer, for another two years. The extension of two years will be effective from April 18, 2023, on the existing terms and conditions.
Biocon: The biopharmaceutical company has raised Rs 1,070 crore by issuing 1.07 lakh non-convertible debentures of the face value of Rs 1 lakh each on a private placement basis in 3 Series. The tenure of the NCDs is five years from the deemed date of allotment.
ITI: The government has appointed Rajesh Rai as the Chairman and Managing Director of ITI for a period of five years with effect from February 21, till the date of his superannuation, or until further orders, whichever is the earliest. Rai was General Manager at Mahanagar Telephone Nigam.
*Buy TVSMOTOR CASH Above* *1132* *CMP* *1131.75*
*Target 1 -* *1136*
*Target 2 -* *1144*
*Target 3 -* *1148*
*[Short term] [1-4 days]*
Stoploss : 1124
*Buy TATACONSUM 720 FEB CE ABOVE* *8* *CMP* *7.1*
*Target 1 -* *9.2*
*Target 2 -* *10.4*
*Target 3 -* *11.6*
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*Stoploss below : 5.6*
STOCKS IN ACTION 20 February
RITES: Bags New Order Worth Rs 76 Crores
KEC INTERNATIONAL: Bags New Order Worth Rs 3023 Crores
DILIP BUILDCON: Company Bags Order Worth Rs 1947 Crores
Pennar Industries bags orders worth ₹851 cr across its various business verticals
Power Grid Corp: Declared Successful Bidder To Establish Inter-State Transmission System For Multiple Projects
Lumax Auto Tech: Signs Strategic Agreement To Acquire Majority Stake In Iac Group’s India Business
Bharat Forge: Unit Kalyani Strategic Systems Ltd Signs Memorandum Of Understanding With Rolls-Royce Marine, North America
To Develop Naval Propulsion Systems Including Controllable Pitch Propellers And Shafting Systems
Samvardhana Motherson International: Inks an agreement to acquire SAS Autosystemtechnik, one of the leading cockpit module integrators globally with large EV portfolio and gross revenues of ~Euro 4.4 Bn on principal basis. The enterprise value of the business is Euro 540 million and the transaction will be funded by a mix of debt and internal accruals.
Imagicaaworld Entertainment: Says Proposing To Enter Into A Business Transfer Agreement With Rajgreen Amusement Park
Agreement To Acquire Rajgreen's Water Park Business In State Of Gujarat On A Slump Sale Basis
Supreme Industries: Commences Commercial Production Of Its 28th Unit At Cuttack (Odisha)
SUN PHARMA: To Acquire Upto 26% Stake In Agatsa Software For Rs 30 Cr In 2 Tranches (An Early-Stage Digital Diagnostic Devices Co)
To Acquire Upto 27.39% Stake In Remidio Innovative Solutions For Rs 149.9 Cr (Provides Products To Enable Early Detection Of Eye Diseases)
HUL signs agreement for the sale of its brands, Annapurna & Captain Cook, to Uma Global Foods & Uma Consumer Products for Rs 60.4 cr
Max Ventures and Industries: Max Estates, the real estate arm of the company, has entered the residential real estate market in Gurugram through a joint development agreement, with development potential of 2.4 million square feet and gross development value over Rs 3,200 crore.
Marico: The board will meet on Feb. 27 to consider and approve interim dividend for the current fiscal.
South Indian Bank hikes lending rates by 15-20 bps across tenures w.e.f Feb 20, 2023
Zee Learn: Company Law Appellate Tribunal Set Aside Tribunal's Order On Admission Of Insolvency Petition Against Co || Board Is Out Of Suspension, Stands Reinstated
Infosys: The company appointed Shaji Mathew as group head of human resources, effective March 22, 2023, after the retirement of Krish Shankar from the post.
United Breweries MD & CEO Rishi Pardal resigns
CIPLA: US FDA Issues 8 Observations In Form 483 For Pithampur Manufacturing Facility
Alert US FDA Conducted Good Mfg Practices inspection At The Facility From Feb 6-17
Ambuja Cements: Asia Index Private Limited-Index Committee Determined To Drop Ambuja Cements, Acc Ltd From S&P BSE 100 ESG Index Effective At Open Of Wednesday, Feb 22
Adani Enterprises: Adani Controversy - India Govt Says Panel Should Investigate All Undisclosed Short Positions, Source Of Funds And Profits Made By Short Sellers Around Hindenburg Report
STOCKS IN ACTION 17 February
Adani Enterprises: Adani Group Exec Tells Bondholders During Call Adani Green Has A Refinancing Plan-Source
Satin Creditcare board approves issuance of NCDs worth Rs 99 cr on Private Placement basis
RAILTEL: BAGS ORDER
Receives An Order Worth Rs 33.3 Crores From Bangalore Metro Rail Corporation (BMRC)
RPP Infra Projects bags an order worth Rs 59.9 cr from Greater Chennai Corporation (GCC)
Bharat Forge: Hindustan Aeronautics Ltd (Hal), Foundry & Forge Division, Saarloha Advanced Materials Pvt Ltd (Saarloha) & Bharat Forge Ltd (Bfl), Sign Mou For Collaboration In Development And Production Of Aerospace Grade Steel Alloys
FSN E-Commerce Ventures: Launches Nyveda - A New Ayurvedic Beauty And Wellness Brand
Minda Corp: To Acquire Upto 15.7% Stake In Pricol Via Reverse Book Building
Minda Corp To Acquire Stake At Rupees 209/Share - Cnbctv18, Citing Sources
NLC INDIA: JV Company, Neyveli Uttar Pradesh Power, In Process To Setup 1,980 MW Coal-based Thermal Power Project In Kanpur
Company Also Plans To Setup Another Coal-based Pit Head Thermal Pwr Proj Of 2,400 MW In Jharsuguda, Odisha
ENGINEERS INDIA: SIGNS MoA
Signs Memorandum Of Agreement With Oil India To Carry Out Niche Technological Studies & Feasibility Reports
Shalby: Signed MoU With Indian Institute Of Public Health University (IIPH), Gandhinagar, Gujarat
POWER GRID: COMMISSIONS PROJECT
Subsidiary POWERGRID Bhuj Transmission Commissions RE Projects @ Bhuj-II (2000 MW) In Gujarat On BOOM (Build, Own, Operate And Maintain) Basis
VEDANTA: PREFERRED BIDDER
Emerges As Preferred Bidder For Kelwardabri Block In Chhattisgarh
ULTRATECH: COMMISSIONING UPDATE
Commissions 1.30 mtpa Brownfield Cement Capacity At Hirmi, Chhattisgarh
Commissions 2.80 mtpa Greenfield Grinding Capacity At Cuttack, Odisha
Alert: Company's Total Cement Manufacturing Capacity In India Now @ 126.95 mtpa
REC: Fitch Ratings has assigned ‘BBB-’ rating to proposed senior unsecured notes of the company, which will be issued from its existing $7 billion global medium-term note programme.
ANGEL ONE: CEO RESIGNS
Narayan Gangadhar Resigns As CEO w.e.f May-17
Resigns due to personal reasons
Day-to-Day Affairs of the Company will be under CMD Dinesh Thakkar
Future Lifestyre: Vishnuprasad M resigns as MD & Director of Future Lifestyle w.e.f. February 17
Tide Water Oil: Says Fire Broke Out On 15th February At Premises Of A Contract Manufacturer At Silvassa
Co Says Incident Is Expected To Temporarily Affect Supply Of Materials To Dealers Located In Western Region
STOCKS IN ACTION 16 February
Ugro Capital: The board will meet on Feb. 20, to consider and approve raising funds via non-convertible debentures through private placement basis
Precision Wires India: Approved Issue Of 5.2m Shares On Preferential Basis At Price Of 73.29 Rupees Per Share
Tata Steel: Board Meeting On Feb 20 To Consider Issuance Of Unsecured Non-Convertible Debentures On Private Placement Basis
Time Technoplast gets order of Rs 134 cr from Maharashtra Natural Gas for supply of CNG cascades
Hazoor Multi Projects: Wins Order Worth 2.67b Rupees
Patel Engineering & JV partners emerge as L1 bidder for projects worth Rs 1,567 cr in MP & Maharashtra
TANLA PLATFORMS: To Launch Wisely ATP, An Anti-Phishing Technology Platform, At The Mobile World Congress In Barcelona, Spain On Feb 27, 2023
Wisely ATP Is A proprietary anti-phishing platform to protect citizens, trusted brands and digital economy
Electronics Mart India: Commenced Commercial Operation Of A New Warehouse On Feb 15 || New Warehouse Located In Delhi
NTPC: Commissions Part Capacity Of Nokhra Solar Pv Project At Bikaner
PTC INDUSTRIES: Signs MoU With HAL – SED*
To explore opportunities for mutual cooperation for indigenisation of aviation grade Raw Materials, Components, Systems of Aero-Engines of Russian origin aircraft
Hindustan Aeronautics Limited – Sukhoi Engine Division
ONGC: ONGC clarified that ONGC Videsh, a wholly owned subsidiary of the company, signed an MoU with Argentina's state oil company YPF for co-operation in the hydrocarbon sector.
HAL: Edge Group Entity, Al Tariq Signs MoU With Hal For Platform Integration
Under MoU, Al Tariq Will Explore Feasibility Of Integrating Their Line Of LR-PGMS Onto Hal Platforms For Enhanced Mission Flexibility- Statement
Bharat Dynamics: Co Has Launched The ‘Vertical Launched – Short - Range Surface- To- Air Missile Or Vl Sr Sam’, ‘Semi-Active Laser Seeker Homing Anti-Tank Guided Missile For Bmp – Ii’ And ‘Drone Delivered Missile’ (Jishnu) At Aero India – 2023
Bharat Electronics: BEL, GSL Sign MoU To Look For Market Opportunities For Naval Platforms
Lokesh Machines: Entered Into MoU With Advanced Weapons & Equipment India And Armament Research & Development Establishment
Mishra Dhatu Nigam: Enters Into MoUs During Aero India 2023
MoUs With Hindustan Aeronautics, Welspun Specialty Steel
DALMIA BHARAT: CCI Approves Acquisition Of Target Assets From Jaiprakash Associates & Its Associate By Dalmia Cement
Alert Dalmia Cement (Bharat) To Acquire Clinker, Cement & Power Plants Of Jaiprakash Associates & Associate
Shalby: Says SGT Can Import Implants And Medical Devices From USA And Sell In Indonesia
RAMCO SYSTEMS: Signs An Agreement With Philippines’ national flag carrier, Philippine Airlines, Inc. (PAL), to deploy Ramco’s Aviation Suite V5.9
VEDANTA: Declared as the preferred bidder for Sijimali Bauxite Block, located in Rayagada and Kalahandi districts of Odisha, under the mineral block auction conducted by the Government of Odisha
Has estimated reserves of 311 million tonnes of bauxite
Adani Power: Says Long Stop Date Under Memorandum Of Understanding Over DB Power Deal Has Expired
BSE appoints Padmini Srinivasan as Public Interest Director for 3 years
INTERGLOBE AVIATION: Promoter Shobha Gangwal Likely To Sell 4% Stake In Company Via Block Deal
To Sell 1.56 Crore Shares
Floor Price At Rs 1875/Share
Offer Size = Rs 2925 Crores
Stocks in the news
LT Foods: The Competition Commission of India has approved the acquisition of certain equity shares of consumer food company LT Foods by SALIC International Investment Corporation based in Saudi Arabia. SALIC is an investment company with holdings in various international companies specialising in the fields of agriculture and trading of food commodities both in Saudi Arabia and internationally.
Prestige Estates Projects: The real estate developer has recorded a massive 47.6 percent year-on-year growth in consolidated profit at Rs 127.8 crore for the quarter ended December FY23, supported by healthy topline and operating income. Revenue from operations grew significantly by 74.5 percent YoY to Rs 2,317 crore for the quarter. On the operating front, EBITDA jumped 57.5 percent YoY to Rs 574.2 crore in Q3FY23, but the margin fell by 268 bps YoY to 24.78 percent.
Bata India: The footwear company has reported a 15 percent year-on-year growth in profit at Rs 83.1 crore for the quarter ended December FY23, supported by operating performance. Revenue for the quarter at Rs 900.2 crore grew by 7 percent over a year-ago period. At the operating level, EBITDA jumped 22.2 YoY to Rs 206 crore with a margin expansion of 284 bps in Q3FY23. Numbers were lower than analysts' expectations. Strong portfolio evolution and strong footprint expansion across touchpoints coupled with improving cost efficiencies helped drive revenue growth and increase margins despite significant inflationary pressure.
Apollo Hospitals Enterprise: The healthcare services provider has registered a 33.3 percent year-on-year decline in consolidated profit at Rs 162.3 crore for the third quarter of FY23, impacted by weak operating performance. The higher purchase of stock-in-trade and employee expenses impacted operating numbers. Revenue for the quarter at Rs 4,264 crore increased by 17.2 percent over a year-ago period. On the operating front, EBITDA fell 14 percent YoY to Rs 505.35 crore with a margin down by 428 bps for the quarter. The board declared an interim dividend of Rs 6 per share.
Torrent Power: The power utility company has recorded a whopping 86 percent year-on-year growth in consolidated profit at Rs 685 crore for the three-month period ended December FY23 as revenue grew by 71 percent YoY to Rs 6,443 crore during the quarter. On the operating front, EBITDA for the quarter at Rs 1,444 crore increased by 54.6 percent over a year-ago period, but the margin declined 239 bps in the same period. The company declared an interim dividend of Rs 22 per share including Rs 13 per share as a special dividend for FY23.
Biocon: The biopharmaceutical company posted a consolidated loss of Rs 41.8 crore for the December FY23 quarter against a profit of Rs 187.1 crore in the corresponding period of the last fiscal as there was a one-time loss of Rs 271.4 crore during the quarter. Consolidated revenue grew 35.3 percent YoY to Rs 2,941 crore driven by growth across key segments (generics, biosimilars and research services). At the operating level, EBITDA surged 32 percent YoY to Rs 644.3 crore but the margin declined 55 bps on higher input costs for the quarter. Biocon has entered into a definitive agreement with Kotak Strategic Situations Fund for structured funding up to Rs 1,200 crore.
ONGC: The state-owned oil & exploration company has recorded a 26 percent year-on-year growth in standalone profit at Rs 11,045 crore for the quarter ended December FY23. Revenue for the quarter at Rs 38,583.3 crore increased by 35.5 percent over a year-ago period, with crude oil prices realisation growing 26 percent. The board members have declared a second interim dividend of Rs 4 per share.
EID Parry (India): The sugar manufacturer has reported a consolidated profit of Rs 250.89 crore for the quarter ended December FY23, rising 10.1 percent YoY impacted by a lower operating margin. Consolidated revenue grew by 52 percent YoY to Rs 9,917 crore for the quarter.
STOCKS IN ACTION 10 FEBRUARY
Zomato: Shareholder Ant Group’s nominee Douglas Feagin resigned as a director on the board of the company.
Mahindra & Mahindra: The company signed an MoU with Telangana government to expand its existing Zaheerabad Plant in Medak district for development and production of electric three- and four-wheelers. The SUV maker will spend Rs 1,000 crore over eight years on this front.
GAIL (India): The company signed an advanced pricing agreement with Central Board of Direct Taxes to determine the transfer pricing margin payable on its long-term LNG sourcing contract from the U.S. for the period of five years.
ITC: ITC Infotech, a wholly owned subsidiary of the company, incorporated a subsidiary in France named ITC Infotech France SAS on Feb. 8.
Pfizer: The board appointed Meenakshi Nevatia as managing director of the company for five years, effective April 3, 2023, as incumbent MD S Sridhar expressed his intention to take an early retirement.
Bank of Baroda: The bank hiked lending rate across tenors by five basis points, effective Feb. 12, 2023.
Aurobindo Pharma: The company will transfer units constituting its API non-antibiotic division to subsidiary Auro Pharma India via slump sale.
LIC CHAIRMAN 2 Group companies LIC was invested is taken by Adani Group, why should we sell ACC and Ambuja. Not plan to do anything as of now, will take decision in long term. Not reduced any exposure in ADANI Group
Afcons & L&T in the race to Bag an imp order for Bullet Train Project. The project cost is estimated to be Rs 10,000 crore.
Alliance Integrated Metaliks: Co Got Work Order From Jsc Ia Vozrozhdenie India || Order For Construction Of Road In State Of Arunachal Pradesh
NTPC Green Energy signs MoU with HPCL for development of renewable energy-based projects
GAIL: Signs advance pricing agreement with CDBT Agreement for determining transfer pricing margin payable on long-term LNG sourcing contract from US
Kotak Mahindra Bank raises FD rates by up to 25 bps across tenors
STOCKS IN ACTION 9 FEBRUARY
Larsen & Toubro: The company received an order worth Rs 2,585 crore from Ministry of Defence for supply for 41 sets of modular bridges for the Corps of Engineers of the Indian Army.
Navin Fluorine: The company’s subsidiary Navin Fluorine Advanced Sciences commenced commercial production at the multi-purpose plant and plant for manufacture of a key agro-chemical intermediate in Dahej, Gujarat.
RBL Bank: The bank received RBI’s approval for re-appointment of Rajeev Ahuja as executive director of the bank for a period of three years with effect from Feb. 21, 2023.
Reliance Industries: Jio-bp, a fuels and mobility joint venture between RIL and bp, announced the initial rollout of E20 petrol.
Torrent Power to buy Airpower Windfarms for Rs 21.74 Cr
IRB infra: Fitch affirms IRB Infra at BB+, India toll roads’ USD notes at ‘BB’
Indian Bank: The bank increased its repo benchmark rate, effective Feb. 9, to 6.5%
Adani Power: Totalenergies Puts Hydrogen Partnership With Adani On Hold For Now - Business Standard
Adani Ports: Catalyst Trusteeship Releases Pledge On 7.79% Stake In Adani Ports - Exchange Filing
Himatsingka Seide: Co Says Agreement With International Finance Corp For Issuance Of Foreign Currency Convertible Bonds Worth $12.5m
Cummins India-Commentary Stronger outlay for infra to create demand in domestic market.Remain cautiously optimistic about the short to medium-term demand outlook .Power Generation market will evolve based on the new emission norms.No guidance for FY24
Indian oil signs MOU with Lanzajet on sustainable aviation fuel (SFA)
Stocks in the news
Rate-sensitive stocks including banks, auto and real estate will be in focus on February 8 ahead of the outcome of the MPC meeting.
Hero MotoCorp: The two-wheeler major has recorded a 3.6 percent year-on-year increase in standalone profit at Rs 711 crore for the quarter ended December FY23, led by other income but impacted by weak operating performance. Revenue for the quarter at Rs 8,031 crore grew by 1.9 percent over the year-ago period, with 4 percent decline in sales volumes. At the operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 3.7 percent YoY to Rs 924 crore with the margin declining 70 bps for the quarter. The company announced an interim dividend of Rs 65 per share.
Bharti Airtel: The telecom operator has reported a 26 percent sequential decline in consolidated profit at Rs 1,588 crore for the three-month period ended December FY23, impacted by licence fee provision. Revenue from operations for the quarter grew by 3.7 percent QoQ to Rs 35,804 crore, with average revenue per user climbing by Rs 3 to Rs 193 for the quarter. On the operating front, EBITDA increased by nearly 5 percent QoQ to Rs 18,453 crore with a margin expansion of 101 bps for the same period.
Adani Green Energy: The renewable energy arm of the Adani Group has registered a 110 percent year-on-year increase in consolidated profit at Rs 103 crore for the December FY23 quarter despite weak operating performance and exceptional loss, supported by other income and strong topline. Revenue for the quarter at Rs 1,973 crore increased by 41 percent YoY, while EBITDA fell 18.2 percent YoY to Rs 853 crore with the margin declining 3,127 bps to 43.23 percent for the same period.
Sobha: The south-based real estate firm has reported a 48 percent year-on-year decline in consolidated profit at Rs 31.8 crore for the quarter ended December FY23, impacted by weak operating performance. Revenue surged 40 percent YoY to Rs 868.2 crore for the quarter, with a highest-ever quarterly sales volume of 1.48 million square feet, up 12 percent YoY and best average price realisation of Rs 9,653 per square feet, up 22 percent YoY. However, EBITDA fell 41 percent YoY to Rs 88.8 crore for the quarter with a margin of 1,393 bps YoY to 10.22 percent in the same period.
PC Jeweller: Consortium of four banks - IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank - has issued their loan recall notices to the company. The legal proceedings between State Bank of lndia (lead bank) and the company are continuing, and the next date of hearing will be February 28, 2023. The company's showrooms (barring three - Preet Vihar, Pitampura and Kingsway Camp - in Delhi) are operational.
Aurobindo Pharma: Step-down subsidiary Aurolife Pharma has received approval from US Food and Drug Administration to manufacture and market the Diclofenac sodium topical solution. Diclofenac sodium topical solution is used in the treatment of osteoarthritis of the knees. The product is expected to be launched in Q1FY24, and has an estimated market size of around $487 million for 12 months ending December 2022, according to IQVIA.
Thermax: The energy and environment solutions provider has registered 59 percent year-on-year growth in profit at Rs 126.2 crore for the quarter ended December FY23, driven by good performance in all three segments (energy, environment and chemical) and last year's margins were affected by higher commodity and freight costs, which have now stabilised. Revenue climbed 27 percent YoY to Rs 2,049 crore for the quarter, while EBITDA at Rs 161 crore for the quarter grew by 42.4 percent with a margin expansion of 86 bps compared to the year-ago period. As on December 2022, Thermax Group had an order balance of Rs 9,859 crore, up 33 percent YoY, but order booking for the quarter was 10 percent lower at Rs 2,204 crore.
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