Today, on Monday, August 12, 2024, keep an eye on Adani Groups’ shares due to new allegations from the US-based Hindenburg Research against Securities and Exchange Board of India (Sebi) Chairperson Madhabi Buch and her husband, Dhaval Buch. The allegations claim that the couple had stakes in offshore entities linked to the alleged Adani Group money siphoning case. Sebi and Buch have both issued separate statements refuting the allegations as baseless. As a result, the benchmark equity indices, the BSE Sensex and the NSE Nifty 50, are expected to start the week’s first trading session on a volatile note. At 7:50 AM, GIFT Nifty futures were quoting over 39 points lower at 24,365 levels. In Asia, South Korea’s Kospi was up 0.98 percent, while the Asia Dow traded up 0.30 percent on Monday morning. Hong Kong’s Hang Seng traded lower by 0.40 percent, and the Shanghai Composite was down 0.13 percent.
Grasim Industries: The company incurred a standalone net loss of Rs 52.12 crore for Q1FY25, a significant decrease from a net profit of Rs 355.27 crore in the same quarter last year. Revenue from operations saw a 10.5% year-on-year increase, reaching Rs 6,893.87 crore. Standalone EBITDA dropped by 51.7% to Rs 325.1 crore, resulting in an EBITDA margin of 4.7%. On a consolidated basis, revenue amounted to Rs 33,860.7 crore, marking a 9% year-on-year increase. Consolidated net profit stood at Rs 1,207.93 crore, down from Rs 1,576.47 crore year-on-year. Additionally, consolidated EBITDA decreased by 4% to Rs 4,760 crore. Grasim’s cement business expanded its capacity, and its paints brand, Birla Opus, increased its market presence. Capital expenditure for Q1FY25 totaled Rs 983 crore, with a budgeted standalone capex of Rs 4,553 crore for FY25.
Aurobindo Pharma: The company’s net profit for Q1FY25 rose by 61.3% Year-over-Year, reaching Rs 918 crore compared to Rs 569 crore in the same period last year. Revenue from operations increased by 10.5% year-on-year, reaching Rs 7,567 crore. EBITDA also saw a 41% increase, totaling Rs 1,620 crore, and the margins improved to 21.4% from 16.8%. Additionally, the company received final approval for 10 ANDAs from the USFDA. Aurobindo Pharma announced a share buyback plan of up to Rs 750 crore, with the intention of buying up to 51,36,986 shares at Rs 1,460 apiece.
NBCC: State-owned NBCC (India) has received a Rs 15,000 crore order to develop a satellite township in Srinagar, Jammu & Kashmir. The project will involve developing a 406-acre township in Rakh-e-Gund Akshah, Bemina. The Srinagar Development Authority has awarded the order with the aim of enhancing urban infrastructure and living conditions.
Aavas Financiers: CVC Capital Partners emerged as the successful bidder for Aavas Financiers, formerly AU Housing Finance, on August 10, outbidding rival EQT. Current promoters Kedaara Capital and Partners Group will exit their investment after eight years with a 6x return. Holding a combined 26.47% stake, their exit will trigger an open offer for an additional 26% of shares from public shareholders, potentially leading to a change in control. CVC’s winning bid values Aavas at Rs 13,019.67 crore, offering Rs 1,635 per share. Aavas Financiers recently reported strong Q4 2024 financial results, with a 21.41% increase in revenue and a 12.34% rise in profit year-over-year.
Sun TV Networks: The company’s consolidated profit after tax for Q1FY25 declined by 5.48% to Rs 559.58 crore. Revenue from operations also decreased by 2.72% to Rs 1,312.40 crore. Total expenses increased by 10% to Rs 709.12 crore. Additionally, the board declared an interim dividend of Rs 5 per share. It’s worth noting that the results included income from cricket franchises amounting to Rs 497.05 crore and corresponding costs of Rs 236.42 crore.
Berger Paints: The company’s net profit for Q1FY25 saw a slight decrease, amounting to Rs 353.56 crore, marking a 0.22% year-on-year decline. In the preceding March quarter, the net profit was reported at Rs 222.1 crore. The company attributed this subdued performance to factors such as the recent Lok Sabha elections, adverse weather, and a slowdown in the market. Meanwhile, revenue from operations experienced a 2% increase, reaching Rs 3,091.01 crore. Additionally, the company made the announcement of Rishma Kaur’s appointment as chairperson effective from August 13, alongside Kanwardip Singh Dhingra as the vice-chairman. Kuldip Singh Dhingra and Gurbachan Singh Dhingra will continue as non-executive directors.
Tata Technologies: The company received a letter from the Chhattisgarh government regarding the closure of the project aimed at developing 36 government ITIs, with a total project cost of Rs 1,188.36 crore. Tata Technologies agreed to the termination and will refund the escrow amount. The company had signed a Memorandum of Agreement (MoA) on 23rd July last year to upgrade 36 ITIs as Centers of Excellence. For the June 2024 quarter, the company reported a 15.4% decline in consolidated profit after tax at Rs 162.03 crore, with consolidated revenue from operations at Rs 1,268.97 crore. Total expenses were recorded at Rs 1,072.33 crore. Additionally, Tata Tech’s standalone June 2024 net sales were Rs 720.56 crore, representing an 11.33% year-on-year increase.
Oil India: In the first quarter of FY25, Oil India, a state-run company, produced 871,000 tonnes of crude oil, marking a 6.2% increase compared to the previous year. Additionally, their natural gas production increased by nearly 10% to reach 818 million cubic meters. The company’s consolidated turnover for the quarter was Rs 9,350.89 crore, reflecting a 45.9% increase from Rs 6,408.76 crore in the same quarter of the previous fiscal year. Furthermore, the consolidated net profit of the company increased by 44% to Rs 2,016.30 crore from Rs 1,399.49 crore.
India Cements: In the quarter ending June 2024, the company’s consolidated net profit was Rs 58.47 crore, despite a 26% decline in sales volume due to a liquidity crunch. The company gained Rs 240.68 crore from the sale of its Parli grinding unit as an exceptional item. Excluding exceptional items and tax, ICL incurred a loss of Rs 147.97 crore. Revenue from operations decreased by 28.53% to Rs 1,026.76 crore. EBITDA was negative at Rs 22 crore, mainly due to higher interest and depreciation charges. Total expenses decreased by 22.76% to Rs 1,190.24 crore.
UltraTech Cement: The company’s Rs 3,142 crore open offer for acquiring a 26% stake in India Cements Ltd (ICL) will tentatively open on September 19 and close on October 3. The offer price is Rs 390 per share, 6.3% higher than ICL’s closing price of Rs 366.90. The mandatory open offer was triggered after UltraTech announced acquiring a 32.72% stake in ICL from promoters and their associates for Rs 3,954 crore. UltraTech’s shareholding in ICL will be 55.49% after the acquisition. The transaction aims to extend UltraTech’s footprint in the southern market, particularly Tamil Nadu.
Siemens: During the June quarter, the Indian arm of Siemens AG recorded a consolidated net profit of Rs 578 crore, marking a 27% increase from the previous year. The consolidated revenues also experienced a 6.8% rise, reaching Rs 5,203.5 crore. Additionally, the EBITDA margin increased by almost 160 basis points to 11.6%, while depreciation and amortization expenses decreased by 13% to Rs 458 crore. Siemens reported strong order inflows in smart infrastructure, mobility, and energy segments, although the digital industries segment remained weak. New orders amounted to Rs 6,245 crore, indicating an 18% rise from the previous year.
ONGC: The company has received approval for an additional investment of Rs 18,365 crore in ONGC Petro additions Limited (OPaL), increasing its stake from 49.36% to 95.69% and making OPaL a subsidiary. The investment includes Rs 10,501 crore in equity, Rs 7,778 crore in CCDs, and Rs 86 crore for share warrants. This move aims to restructure OPaL’s capital and ensure its sustainability. OPaL, located in Dahej, Gujarat, is a major petrochemical complex with a significant market presence in India’s polymer segment.
Shipping Corporation of India: In the first quarter of the fiscal year 2025, SCI reported a 70% increase in net profit to Rs 291.5 crore, compared to Rs 171.6 crore in the same period last year. Revenue from operations also saw a 26.2% rise to Rs 1,514.3 crore. EBITDA increased by 40.4% to Rs 509.7 crore, with a 33.7% margin. The strategic sale of SCI is expected to proceed after the necessary approvals on stamp duty waiver and the conclusion of general elections.
Inox India: The company’s consolidated profit after tax dropped by 8% to Rs 52.63 crore for the quarter ending June 2024. Total income also decreased to Rs 301.77 crore from Rs 316.96 crore. On a standalone basis, the profit saw a 2.38% decline to Rs 53.21 crore, with income down to Rs 297.40 crore. The company is involved in the manufacturing of standard and customized cryogenic equipment.
Zydus Lifesciences: The company received final approval from the US FDA to market Valbenazine Capsules, used to treat tardive dyskinesia and chorea caused by Huntington’s disease. The drug will be manufactured at the group’s facility in Ahmedabad SEZ – II, India. Zydus is eligible for 180 days of shared generic drug exclusivity for Valbenazine Capsules, 40 mg, and 80 mg, and sole generic drug exclusivity for Valbenazine Capsules, 60 mg. Valbenazine Capsules had annual sales of USD 1993.6 million in the US.
Godrej Properties: The company plans to launch residential projects worth Rs 21,000 crore by March in order to achieve a 20% growth in sales bookings for this fiscal year. Executive chairperson Pirojsha Godrej has expressed confidence in achieving the targeted sales bookings of Rs 27,000 crore. Sales bookings increased by 84% to Rs 22,527 crore in the last fiscal year. The company aims to launch projects worth Rs 30,000 crore in this fiscal year, with Rs 9,000 crore already launched in Q1. Sales bookings for Q1FY25 were Rs 8,637 crore, which is nearly four times the figure for the same period last year. Godrej Properties reported a four-fold surge in consolidated net profit to Rs 520.05 crore for Q1FY25, with total income at Rs 1,699.48 crore.
Mahindra and Mahindra: The company is currently in discussions with the Kerala government to set up an electric vehicle (EV) manufacturing unit in the state. Kerala, which is known for having a high EV adoption rate, could experience substantial growth in its industrial sector if these discussions are successful. Kerala is leading in passenger vehicle EV adoption at 5.2%, surpassing Delhi and Karnataka. Additionally, the state also has the highest adoption rate of electric two-wheelers at 13.5%.
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Publish date : 2024-08-11 17:23:00
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