Stocks to watch-
Interglobe Aviation: The operator of IndiGo airlines reported a Q4 profit of 1894.8 crore, marking its sixth consecutive profitable quarter, driven by robust demand despite rising fuel prices. The company's revenue grew by 26% to 17,825.3 crore, and EBITDAR jumped to ₹4,412.3 crore. The airline's load factor improved to 86.3%.
ITC: The FMCG giant reported a standalone net profit of ₹5,020.2 crore for Q4, a 1.31% decrease YoY, impacted by flat cigarette volumes and lower FMCG margins. The company's revenue rose by 1.40% to 17,752.87 crore. ITC also said that the National Company Law Tribunal (NCLT) has directed the company to convene a meeting of shareholders on June 6, 2024, to consider and approve the proposed demerger of its hotel business.
ICICI Lombard: The company disclosed that it has received a show cause notice from the GST Officer of the Department of Trade & Taxes, Government of N.C.T. of Delhi, seeking clarifications regarding an alleged GST liability for the period from April 2019 to March 2020. The show cause notice specifies a demand amounting to ₹149.55 crore, interest of ₹124.35 crore and penalty of 14.96 crore.
Bikaji Foods International: The company posted a 200% jump in net profit at 116.28 crore in Q4, compared to ₹38.67 crore in the year-ago period. Revenue from operations also rose 12.8% to 520.82 crore.
Steel Strips Wheels: The company reported a 6.34% increase in Q4 net sales to ₹1,068.67 crore and a massive 990.17% jump in net profit to 515.56 crore. However, EBITDA slightly dropped by 0.4% to 114.69 crore.
Birla Precision Technologies: The company reported a 5.94% drop in Q4 net sales to ₹60.91 crore and a net loss of ₹1.43 crore. EBITDA stands at 4.47 crore, down 36.86%.
IL&FS Investment Managers: The company reported a 24.73% decrease in Q4 net sales to 13.18 crore, and a 98.68% increase in net profit to 4.86 crore. EBITDA stood at ₹6.24 crore, up 56.78%.
Yatharth Hospital and Trauma Care Services: The company reported a 23.62% increase in Q4 net sales to 177.75 crore and a 121.43% rise in net profit to ₹38.35 crore. EBITDA stood at ₹52.19 crore, up 33.31%.
Metro Brands: The company reported a 7.14% rise in Q4 net sales to ₹582.98 crore and a 126.56% jump in net profit to ₹155.17 crore. EBITDA stood at 182.98 crore, up 12.74%.
Ritco Logistics: The company reported a 28.03% increase in Q4 net sales to ₹251.88 crore and a 47.07% rise in net profit to ₹8.77 crore. EBITDA stood at 20.91 crore, up 35.69%.
Interglobe Aviation: The operator of IndiGo airlines reported a Q4 profit of 1894.8 crore, marking its sixth consecutive profitable quarter, driven by robust demand despite rising fuel prices. The company's revenue grew by 26% to 17,825.3 crore, and EBITDAR jumped to ₹4,412.3 crore. The airline's load factor improved to 86.3%.
ITC: The FMCG giant reported a standalone net profit of ₹5,020.2 crore for Q4, a 1.31% decrease YoY, impacted by flat cigarette volumes and lower FMCG margins. The company's revenue rose by 1.40% to 17,752.87 crore. ITC also said that the National Company Law Tribunal (NCLT) has directed the company to convene a meeting of shareholders on June 6, 2024, to consider and approve the proposed demerger of its hotel business.
ICICI Lombard: The company disclosed that it has received a show cause notice from the GST Officer of the Department of Trade & Taxes, Government of N.C.T. of Delhi, seeking clarifications regarding an alleged GST liability for the period from April 2019 to March 2020. The show cause notice specifies a demand amounting to ₹149.55 crore, interest of ₹124.35 crore and penalty of 14.96 crore.
Bikaji Foods International: The company posted a 200% jump in net profit at 116.28 crore in Q4, compared to ₹38.67 crore in the year-ago period. Revenue from operations also rose 12.8% to 520.82 crore.
Steel Strips Wheels: The company reported a 6.34% increase in Q4 net sales to ₹1,068.67 crore and a massive 990.17% jump in net profit to 515.56 crore. However, EBITDA slightly dropped by 0.4% to 114.69 crore.
Birla Precision Technologies: The company reported a 5.94% drop in Q4 net sales to ₹60.91 crore and a net loss of ₹1.43 crore. EBITDA stands at 4.47 crore, down 36.86%.
IL&FS Investment Managers: The company reported a 24.73% decrease in Q4 net sales to 13.18 crore, and a 98.68% increase in net profit to 4.86 crore. EBITDA stood at ₹6.24 crore, up 56.78%.
Yatharth Hospital and Trauma Care Services: The company reported a 23.62% increase in Q4 net sales to 177.75 crore and a 121.43% rise in net profit to ₹38.35 crore. EBITDA stood at ₹52.19 crore, up 33.31%.
Metro Brands: The company reported a 7.14% rise in Q4 net sales to ₹582.98 crore and a 126.56% jump in net profit to ₹155.17 crore. EBITDA stood at 182.98 crore, up 12.74%.
Ritco Logistics: The company reported a 28.03% increase in Q4 net sales to ₹251.88 crore and a 47.07% rise in net profit to ₹8.77 crore. EBITDA stood at 20.91 crore, up 35.69%.
Stocks to watch-
Life Insurance Corporation of India: It reported a 15.6 per cent year on year (YoY) increase in standalone net premium income, reaching Rs 1.52 lakh crore in Q4FY24 compared to Rs 1.32 lakh crore. Despite a slight dip in VNB margins to 17.2 per cent from 17.5 per cent, the annualised premium equivalent (APE) witnessed a 3 per cent YoY growth, totaling Rs 21,180 crore versus Rs 20,592 crore. Net profit saw a marginal uptick of 2.5 per cent to Rs 13,763 crore from Rs 13,428 crore, with the board recommending a final dividend of Rs 6 per share.
Lumax Auto Technologies: The company's revenue jumped by 53.5 per cent YoY to Rs 757 crore in Q4FY24 from Rs 493 crore in Q4FY23. Ebitda rose by 62.2 per cent to Rs 92 crore from Rs 57 crore, leading to a slight increase in margins to 12.1 per cent from 11.5 per cent. Net profit stood at Rs 51 crore in Q4FY24 compared to Rs 24 crore in Q4FY23.
Astrazeneca Pharma: The pharma company reported a 34.6 per cent YoY increase in revenue to Rs 383 crore in Q4FY24 from Rs 285 crore in Q4FY23. However, Ebitda witnessed a decline of 17.6 per cent YoY to Rs 49 crore from Rs 60 crore, resulting in a contraction in margins from 21 per cent in Q4FY23 to 12.9 per cent in Q4FY24. Despite this, net profit surged by an impressive 129 per cent to Rs 39 crore from Rs 17 crore.
Natco Pharma: It showcased a 19 per cent YoY growth in consolidated revenue to Rs 1,068 crore in Q4FY24 compared to Rs 898 crore. Ebitda surged by 46.7 per cent YoY to Rs 497 crore in Q4FY24 from Rs 339 crore, driving an improvement in margins to 46.6 per cent from 37.8 per cent. Net profit soared by 40.1 per cent YoY to Rs 386 crore in March quarter from Rs 276 crore in the same quarter of the previous year.
Vedanta: Indian commodities tycoon Anil Agarwal's Vedanta Ltd. is considering a share sale as soon as the coming weeks that could raise as much as 85 billion rupees ($1 billion), people with knowledge of the matter said. The mining major is working with advisers including Axis Bank subsidiary Axis Capital and Citigroup Inc. on the offering, the people said.
Life Insurance Corporation of India: It reported a 15.6 per cent year on year (YoY) increase in standalone net premium income, reaching Rs 1.52 lakh crore in Q4FY24 compared to Rs 1.32 lakh crore. Despite a slight dip in VNB margins to 17.2 per cent from 17.5 per cent, the annualised premium equivalent (APE) witnessed a 3 per cent YoY growth, totaling Rs 21,180 crore versus Rs 20,592 crore. Net profit saw a marginal uptick of 2.5 per cent to Rs 13,763 crore from Rs 13,428 crore, with the board recommending a final dividend of Rs 6 per share.
Lumax Auto Technologies: The company's revenue jumped by 53.5 per cent YoY to Rs 757 crore in Q4FY24 from Rs 493 crore in Q4FY23. Ebitda rose by 62.2 per cent to Rs 92 crore from Rs 57 crore, leading to a slight increase in margins to 12.1 per cent from 11.5 per cent. Net profit stood at Rs 51 crore in Q4FY24 compared to Rs 24 crore in Q4FY23.
Astrazeneca Pharma: The pharma company reported a 34.6 per cent YoY increase in revenue to Rs 383 crore in Q4FY24 from Rs 285 crore in Q4FY23. However, Ebitda witnessed a decline of 17.6 per cent YoY to Rs 49 crore from Rs 60 crore, resulting in a contraction in margins from 21 per cent in Q4FY23 to 12.9 per cent in Q4FY24. Despite this, net profit surged by an impressive 129 per cent to Rs 39 crore from Rs 17 crore.
Natco Pharma: It showcased a 19 per cent YoY growth in consolidated revenue to Rs 1,068 crore in Q4FY24 compared to Rs 898 crore. Ebitda surged by 46.7 per cent YoY to Rs 497 crore in Q4FY24 from Rs 339 crore, driving an improvement in margins to 46.6 per cent from 37.8 per cent. Net profit soared by 40.1 per cent YoY to Rs 386 crore in March quarter from Rs 276 crore in the same quarter of the previous year.
Vedanta: Indian commodities tycoon Anil Agarwal's Vedanta Ltd. is considering a share sale as soon as the coming weeks that could raise as much as 85 billion rupees ($1 billion), people with knowledge of the matter said. The mining major is working with advisers including Axis Bank subsidiary Axis Capital and Citigroup Inc. on the offering, the people said.
Stocks to watch-
Tata Steel: The steelmaker reported a 64% YoY fall in Q4 profit to ₹611.48 crore, amid lower steel realizations and poor performance in international operations. The company's consolidated revenue fell 6.7% to 58,687.3 crore. The board approved the issue of additional debt securities up to ₹3,000 crore and the infusion of up to $2.11 billion into a wholly-owned subsidiary to repay debt and support restructuring costs at Tata Steel UK.
Alkem Laboratories: The company reported a three-fold increase in its consolidated net profit for Q4FY24 to 293.56 crore, driven by the derecognition of deferred tax. The company posted a modest YoY revenue increase of 1.1% for the quarter, totalling 2,935.8 crore.
Cummins India: The company posted a 50% YoY rise in consolidated profit after tax at ₹530.5 for the March quarter, supported by robust demand in domestic and international markets. Revenue came in at 2,319 crore, up 19.9%.
Jubilant Pharmova: The company reported an over two-fold increase in consolidated profit after tax at ₹61 crore for Q4FY24. Total income from operations stood at 1,773 crore in the fourth quarter as against 1,683 crore in the year-ago period.
SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank: S&P Global Ratings revised its rating outlook on six Indian banks (State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank) to Positive from Stable.
GMR Airports Infrastructure: The company narrowed its net loss to ₹167.6 crore, a significant improvement from a loss of ₹638.9 crore last year. Revenue jumped 29.5% to ₹2,446.8 crore, up from 1,889.7 crore.
GR Infraprojects: The company reported a 42% spike in profit to ₹553.1 crore, up from ₹389.7 crore. Revenue rose slightly by 1% to ₹2,485.1 crore, compared to ₹2,461.1 crore last year. The company also reported an exceptional gain of 306.3 crore.
SJVN: The company reported a 255% jump in profit to ₹61.1 crore, up from 17.2 crore. However, revenue fell by 4.1% to 482.9 crore, down from ₹503.8 crore. The company also reported an exceptional gain of ₹103.84 crore. Separately, SJVN has received board approval for signing a Joint Venture Agreement with Indian Oil Corporation to form a joint venture company for developing green RTC/renewable projects and other new technology-based projects.
Tata Steel: The steelmaker reported a 64% YoY fall in Q4 profit to ₹611.48 crore, amid lower steel realizations and poor performance in international operations. The company's consolidated revenue fell 6.7% to 58,687.3 crore. The board approved the issue of additional debt securities up to ₹3,000 crore and the infusion of up to $2.11 billion into a wholly-owned subsidiary to repay debt and support restructuring costs at Tata Steel UK.
Alkem Laboratories: The company reported a three-fold increase in its consolidated net profit for Q4FY24 to 293.56 crore, driven by the derecognition of deferred tax. The company posted a modest YoY revenue increase of 1.1% for the quarter, totalling 2,935.8 crore.
Cummins India: The company posted a 50% YoY rise in consolidated profit after tax at ₹530.5 for the March quarter, supported by robust demand in domestic and international markets. Revenue came in at 2,319 crore, up 19.9%.
Jubilant Pharmova: The company reported an over two-fold increase in consolidated profit after tax at ₹61 crore for Q4FY24. Total income from operations stood at 1,773 crore in the fourth quarter as against 1,683 crore in the year-ago period.
SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank: S&P Global Ratings revised its rating outlook on six Indian banks (State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank) to Positive from Stable.
GMR Airports Infrastructure: The company narrowed its net loss to ₹167.6 crore, a significant improvement from a loss of ₹638.9 crore last year. Revenue jumped 29.5% to ₹2,446.8 crore, up from 1,889.7 crore.
GR Infraprojects: The company reported a 42% spike in profit to ₹553.1 crore, up from ₹389.7 crore. Revenue rose slightly by 1% to ₹2,485.1 crore, compared to ₹2,461.1 crore last year. The company also reported an exceptional gain of 306.3 crore.
SJVN: The company reported a 255% jump in profit to ₹61.1 crore, up from 17.2 crore. However, revenue fell by 4.1% to 482.9 crore, down from ₹503.8 crore. The company also reported an exceptional gain of ₹103.84 crore. Separately, SJVN has received board approval for signing a Joint Venture Agreement with Indian Oil Corporation to form a joint venture company for developing green RTC/renewable projects and other new technology-based projects.
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Stocks to watch-
Sun Pharmaceutical Industries: The
pharmaceutical company has agreed to a preferential offer to acquire a 14.28% stake in the Indian Foundation for Quality Management for 12.5 crore. Meanwhile, the US FDA announced that a US-based unit of Sun Pharma is recalling 35,069 bottles of medication used to treat high pressure inside the eye due to glaucoma or other eye diseases.
Apollo Hospitals Enterprises: The company reported a consolidated net profit of ₹253.8 crore for the quarter ended March, a 76% increase from the same period a year ago, driven by reduced losses in its pharmacy, health, and lifestyle segments. It posted revenues of ₹4,944 crore, a 15% year-on-year rise from ₹4,302.2 crore.
Jio Financial Services: The Reliance group company has launched the JioFinance app in beta mode. It integrates digital banking features such as UPI transactions, bill payments, and insurance advisory services, allowing users to manage their accounts and savings on a single platform.
Muthoot Finance: The company reported a 17% increase in consolidated net profit to ₹1,182 crore for the March quarter. Total income rose to ₹4,179 crore from ₹3,298 crore a year ago. Expenditure during the quarter increased to ₹2,594 crore from 1,943 crore.
Tube Investments: A subsidiary of the company, TI Clean Mobility, acquired 5,024 equity shares (23.69% of the share capital) of IPLTech Electric from the founders for 185 crore. This acquisition increased TI Clean Mobility's shareholding in IPLTech from 65.77% to 89.46%.
Sunteck Realty: The real estate company reported a net profit of ₹101.3 crore for the fourth quarter ended March, reversing a net loss of 27.9 crore in the same quarter the previous year. Revenue from operations surged by 773.01% to 426.9 crore. EBITDA reached ₹153.4 crore, compared to a loss of ₹9.1 crore in the previous year.
Suven Pharma: The company reported a significant decline in financial performance for the year, with net profit dropping by 56.9% to 53.4 crore from 124 crore year-over-year. Revenue decreased by 31.5% to ₹252.9 crore. EBITDA fell by 57.4% to 73.3 crore, and the operating margin contracted to 29%.
Aarti Industries: The specialty chemicals company has appointed Suyog Kotecha as chief executive officer (CEO) and executive director, effective 17 June. He succeeded Rajendra V. Gogri who will step down but will continue to serve as CMD.
Sun Pharmaceutical Industries: The
pharmaceutical company has agreed to a preferential offer to acquire a 14.28% stake in the Indian Foundation for Quality Management for 12.5 crore. Meanwhile, the US FDA announced that a US-based unit of Sun Pharma is recalling 35,069 bottles of medication used to treat high pressure inside the eye due to glaucoma or other eye diseases.
Apollo Hospitals Enterprises: The company reported a consolidated net profit of ₹253.8 crore for the quarter ended March, a 76% increase from the same period a year ago, driven by reduced losses in its pharmacy, health, and lifestyle segments. It posted revenues of ₹4,944 crore, a 15% year-on-year rise from ₹4,302.2 crore.
Jio Financial Services: The Reliance group company has launched the JioFinance app in beta mode. It integrates digital banking features such as UPI transactions, bill payments, and insurance advisory services, allowing users to manage their accounts and savings on a single platform.
Muthoot Finance: The company reported a 17% increase in consolidated net profit to ₹1,182 crore for the March quarter. Total income rose to ₹4,179 crore from ₹3,298 crore a year ago. Expenditure during the quarter increased to ₹2,594 crore from 1,943 crore.
Tube Investments: A subsidiary of the company, TI Clean Mobility, acquired 5,024 equity shares (23.69% of the share capital) of IPLTech Electric from the founders for 185 crore. This acquisition increased TI Clean Mobility's shareholding in IPLTech from 65.77% to 89.46%.
Sunteck Realty: The real estate company reported a net profit of ₹101.3 crore for the fourth quarter ended March, reversing a net loss of 27.9 crore in the same quarter the previous year. Revenue from operations surged by 773.01% to 426.9 crore. EBITDA reached ₹153.4 crore, compared to a loss of ₹9.1 crore in the previous year.
Suven Pharma: The company reported a significant decline in financial performance for the year, with net profit dropping by 56.9% to 53.4 crore from 124 crore year-over-year. Revenue decreased by 31.5% to ₹252.9 crore. EBITDA fell by 57.4% to 73.3 crore, and the operating margin contracted to 29%.
Aarti Industries: The specialty chemicals company has appointed Suyog Kotecha as chief executive officer (CEO) and executive director, effective 17 June. He succeeded Rajendra V. Gogri who will step down but will continue to serve as CMD.
Stocks to watch-
Adani Ports and Special Economic Zone: Adani International Ports Holdings Pte Ltd (AIPH), a subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania.
Cochin Shipyard: Udupi Cochin Shipyard, a subsidiary of Cochin Shipyard, has won an order from Ocean Sparkle Limited, an Indian tug operator under Adani Harbour Services, for the construction of three Azimuth Stern Drive (ASD) Tugs of 70 T bollard pull power.
Deepak Nitrite: The company announced that its subsidiary, Deepak Chem Tech Ltd, will acquire a 100% stake in Narmada Thermal Power Private Ltd for a cash consideration of ₹61.65 crore. The acquisition is expected to be completed by June 30.
Tata Steel: The company faces industrial action from around 1,500 employees based at Port Talbot and Newport Llanwern in Wales. The steelworkers' union, Unite the Union, announced plans to proceed with the industrial action in protest against Tata Steel's job cuts associated with the closure of old blast furnaces.
Maruti Suzuki India: The company's total sales dipped by 2% to 1.74 lakh units in May, while domestic sales rose by 3.7% to 1.57 lakh units. Domestic passenger vehicle sales saw a marginal increase of 0.2%. Exports dropped significantly by 34.4%, but total production increased by 7.2%. Maruti also reduced prices of its auto gear shift variants by ₹5,000 per unit effective from June 1.
Mahindra and Mahindra: The company's total sales volumes grew by 16.7% to 71,682 units in May. Passenger vehicle sales saw a significant increase of 31%, and tractor sales increased by 9%. Tractor exports saw a massive growth of 85%.
Hero MotoCorp: The company's sales volume fell by 4.1% to 4.98 lakh units in May, with domestic sales declining by 5.7%. However, exports saw a significant growth of 67.3%.
Eicher Motors: Royal Enfield sales were down by 8%, but International Business (Royal Enfield) sales grew by 12%. Total VECV sales were up by 9.7% in May.
Praj Industries: The company reported a 4.3% YoY increase in net profit at 91.9 crore for Q4FY24. The company's revenue from operations increased 1.5% to 1,018.6 crore. EBITDA rose 20.9% to 130.8 crore, with an EBITDA margin of 12.8%. The company's order intake during the quarter was 924 crore, with a consolidated order backlog of ₹3,528 crore as of March 31, 2024.
NMDC: The company reported a 37% YoY decrease in total iron ore production to 2.34 million tonnes in May 2024, with iron ore sales dropping 22% YoY to 2.82 million tonnes.
Adani Ports and Special Economic Zone: Adani International Ports Holdings Pte Ltd (AIPH), a subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania.
Cochin Shipyard: Udupi Cochin Shipyard, a subsidiary of Cochin Shipyard, has won an order from Ocean Sparkle Limited, an Indian tug operator under Adani Harbour Services, for the construction of three Azimuth Stern Drive (ASD) Tugs of 70 T bollard pull power.
Deepak Nitrite: The company announced that its subsidiary, Deepak Chem Tech Ltd, will acquire a 100% stake in Narmada Thermal Power Private Ltd for a cash consideration of ₹61.65 crore. The acquisition is expected to be completed by June 30.
Tata Steel: The company faces industrial action from around 1,500 employees based at Port Talbot and Newport Llanwern in Wales. The steelworkers' union, Unite the Union, announced plans to proceed with the industrial action in protest against Tata Steel's job cuts associated with the closure of old blast furnaces.
Maruti Suzuki India: The company's total sales dipped by 2% to 1.74 lakh units in May, while domestic sales rose by 3.7% to 1.57 lakh units. Domestic passenger vehicle sales saw a marginal increase of 0.2%. Exports dropped significantly by 34.4%, but total production increased by 7.2%. Maruti also reduced prices of its auto gear shift variants by ₹5,000 per unit effective from June 1.
Mahindra and Mahindra: The company's total sales volumes grew by 16.7% to 71,682 units in May. Passenger vehicle sales saw a significant increase of 31%, and tractor sales increased by 9%. Tractor exports saw a massive growth of 85%.
Hero MotoCorp: The company's sales volume fell by 4.1% to 4.98 lakh units in May, with domestic sales declining by 5.7%. However, exports saw a significant growth of 67.3%.
Eicher Motors: Royal Enfield sales were down by 8%, but International Business (Royal Enfield) sales grew by 12%. Total VECV sales were up by 9.7% in May.
Praj Industries: The company reported a 4.3% YoY increase in net profit at 91.9 crore for Q4FY24. The company's revenue from operations increased 1.5% to 1,018.6 crore. EBITDA rose 20.9% to 130.8 crore, with an EBITDA margin of 12.8%. The company's order intake during the quarter was 924 crore, with a consolidated order backlog of ₹3,528 crore as of March 31, 2024.
NMDC: The company reported a 37% YoY decrease in total iron ore production to 2.34 million tonnes in May 2024, with iron ore sales dropping 22% YoY to 2.82 million tonnes.
Stocks to watch-
Interglobe Aviation: Interglobe Enterprises, a promoter entity of Rahul Bhatia, is planning to sell a stake worth $394 million in Indigo Airlines' parent company, Interglobe Aviation, via a block deal. The entity currently holds a 37.75% stake in Interglobe Aviation. The proposed sale, which marks the first time in many years that Bhatia is looking to unlock value, involves offloading around 2% of his stake in the company.
Vodafone Idea: The debt-ridden telecom company announced that its board will meet on June 13 to consider a proposal to issue equity shares or convertible securities on a preferential basis to vendors. The company has been reporting widening losses and a marginal increase in annual revenue from operations.
RVNL: Rail Vikas Nigam Limited has been selected as the lowest bidder by Central Railway for work in the Amla-Nagpur Section in the Nagpur division of Central Railway, aiming to achieve a 3000 MT loading target. Separately, a consortium of Siemens and RVNL has secured a contract worth ₹394 crore from Bangalore Metro Rail Corporation Ltd (BMRC), which involves engineering, supply, erection, testing, and commissioning of various systems, to be executed within 130 weeks.
Transformers and Rectifiers India: The company has set a floor price of ₹699.95 per share for fund- raising through a qualified institutional placement.
Tata Motors: The company is offering substantial savings on a range of sought-after models including the Tiago, Altroz, Nexon, Harrier, and Safari. Discounts and benefits reach up to ₹55,000 on select MY2024 units.
IRB Infrastructure Developers: Cintra, a subsidiary of Spanish infrastructure group Ferrovial, is expected to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The deal, priced between ₹63-70.16 per share, represents up to a 10.2% discount to the last closing price. The transaction size is approximately 1,900.3 crore at the lower end of the price band.
Power Grid Corp.: The company has successfully implemented the 'Reliable Communication Scheme under Central Sector for Northern Region' from April 1.
One 97 Communications: Paytm's founder and CEO, Vijay Shekhar Sharma, is reaching out to his old allies and trusted lieutenants as he looks to revive the firm. Amidst reports of internal discord and regulatory upheaval, Sharma is taking control of various verticals to revive growth, reduce customer attrition, and shore up confidence among partners, merchants, and customers.
PVR Inox: The multiplex chain is focusing on growing its fastest-growing segment - food and beverage (F&B). The multiplex operator is partnering with EazyDiner to offer its customers up to a 25% discount on popcorn, Pepsi, and more for payments made via Eazy Diner.
Interglobe Aviation: Interglobe Enterprises, a promoter entity of Rahul Bhatia, is planning to sell a stake worth $394 million in Indigo Airlines' parent company, Interglobe Aviation, via a block deal. The entity currently holds a 37.75% stake in Interglobe Aviation. The proposed sale, which marks the first time in many years that Bhatia is looking to unlock value, involves offloading around 2% of his stake in the company.
Vodafone Idea: The debt-ridden telecom company announced that its board will meet on June 13 to consider a proposal to issue equity shares or convertible securities on a preferential basis to vendors. The company has been reporting widening losses and a marginal increase in annual revenue from operations.
RVNL: Rail Vikas Nigam Limited has been selected as the lowest bidder by Central Railway for work in the Amla-Nagpur Section in the Nagpur division of Central Railway, aiming to achieve a 3000 MT loading target. Separately, a consortium of Siemens and RVNL has secured a contract worth ₹394 crore from Bangalore Metro Rail Corporation Ltd (BMRC), which involves engineering, supply, erection, testing, and commissioning of various systems, to be executed within 130 weeks.
Transformers and Rectifiers India: The company has set a floor price of ₹699.95 per share for fund- raising through a qualified institutional placement.
Tata Motors: The company is offering substantial savings on a range of sought-after models including the Tiago, Altroz, Nexon, Harrier, and Safari. Discounts and benefits reach up to ₹55,000 on select MY2024 units.
IRB Infrastructure Developers: Cintra, a subsidiary of Spanish infrastructure group Ferrovial, is expected to sell up to a 5% stake in IRB Infrastructure Developers through a block deal. The deal, priced between ₹63-70.16 per share, represents up to a 10.2% discount to the last closing price. The transaction size is approximately 1,900.3 crore at the lower end of the price band.
Power Grid Corp.: The company has successfully implemented the 'Reliable Communication Scheme under Central Sector for Northern Region' from April 1.
One 97 Communications: Paytm's founder and CEO, Vijay Shekhar Sharma, is reaching out to his old allies and trusted lieutenants as he looks to revive the firm. Amidst reports of internal discord and regulatory upheaval, Sharma is taking control of various verticals to revive growth, reduce customer attrition, and shore up confidence among partners, merchants, and customers.
PVR Inox: The multiplex chain is focusing on growing its fastest-growing segment - food and beverage (F&B). The multiplex operator is partnering with EazyDiner to offer its customers up to a 25% discount on popcorn, Pepsi, and more for payments made via Eazy Diner.
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Stocks to watch-
Tata Consultancy Services: TCS announced that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest. TCS plans to defend its position through a review petition or an appeal to the appropriate court.
Adani Enterprises: Gautam Adani and Adani Group companies increased their stake in Adani Enterprises by over 2% through open market purchases from September 2023 to June 2024. This increased their total shareholdings in Adani Enterprise from 71.95% to 73.95%.
Indus Tower, Vodafone Idea: Vodafone Group may sell its entire $2.3 billion stake in Indus Towers through block deals next week. This is part of Vodafone Idea's strategy to raise funds for its ambitious 5G rollout and 4G coverage expansion plans.
Paytm and Zomato: Paytm, owned by One97 Communications, is in advanced talks with Zomato to sell its movie and events ticketing business as part of a strategy to revamp amid declining sales. The discussions are ongoing, and no final decision has been made. In separate news, Paytm has appointed former Indian Revenue Service (IRS) officer and SEBI whole-time member, Rajeev Krishna Muralilal Agarwal, as non-executive independent director, replacing Neeraj Arora, who resigned due to personal commitments.
Zydus Lifesciences: The company's injectable manufacturing unit at Pharmez SEZ, Matoda, has been classified as Official Action Indicated (OAI) by the US FDA following a March inspection, indicating the need for further administrative sanctions and mandatory corrective actions.
Bharti Airtel: The company prepaid ₹7,904 crore to the Department of Telecom, clearing all deferred liabilities related to spectrum acquired in auctions from 2012 and 2015.
LIC: Life Insurance Corporation of India clarified that no formal proposal has been initiated to enter the health insurance market via acquisition. The company said it routinely evaluates various strategic opportunities, including inorganic growth options.
Biocon: The company's API manufacturing facility in Visakhapatnam, Andhra Pradesh, received three observations from the US FDA following a GMP inspection on June 14, 2024. The company will respond within the stipulated time frame, it said in an exchange filing.
Tata Consultancy Services: TCS announced that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest. TCS plans to defend its position through a review petition or an appeal to the appropriate court.
Adani Enterprises: Gautam Adani and Adani Group companies increased their stake in Adani Enterprises by over 2% through open market purchases from September 2023 to June 2024. This increased their total shareholdings in Adani Enterprise from 71.95% to 73.95%.
Indus Tower, Vodafone Idea: Vodafone Group may sell its entire $2.3 billion stake in Indus Towers through block deals next week. This is part of Vodafone Idea's strategy to raise funds for its ambitious 5G rollout and 4G coverage expansion plans.
Paytm and Zomato: Paytm, owned by One97 Communications, is in advanced talks with Zomato to sell its movie and events ticketing business as part of a strategy to revamp amid declining sales. The discussions are ongoing, and no final decision has been made. In separate news, Paytm has appointed former Indian Revenue Service (IRS) officer and SEBI whole-time member, Rajeev Krishna Muralilal Agarwal, as non-executive independent director, replacing Neeraj Arora, who resigned due to personal commitments.
Zydus Lifesciences: The company's injectable manufacturing unit at Pharmez SEZ, Matoda, has been classified as Official Action Indicated (OAI) by the US FDA following a March inspection, indicating the need for further administrative sanctions and mandatory corrective actions.
Bharti Airtel: The company prepaid ₹7,904 crore to the Department of Telecom, clearing all deferred liabilities related to spectrum acquired in auctions from 2012 and 2015.
LIC: Life Insurance Corporation of India clarified that no formal proposal has been initiated to enter the health insurance market via acquisition. The company said it routinely evaluates various strategic opportunities, including inorganic growth options.
Biocon: The company's API manufacturing facility in Visakhapatnam, Andhra Pradesh, received three observations from the US FDA following a GMP inspection on June 14, 2024. The company will respond within the stipulated time frame, it said in an exchange filing.