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Tue. Jul 23rd, 2024

Stocks to watch: Tata Steel, Cummins, Lemon Tree Hotels, Heritage Foods, SJVN, RR Kabel

By Vaseline May30,2024
Stocks to watch: Tata Steel, Cummins, Lemon Tree Hotels, Heritage Foods, SJVN, RR Kabel

Tata steel: The steelmaker reported a 64% year-on-year decline in fourth-quarter profit 611.48 crore, amid lower steel revenues and poor performance in international operations. The company’s consolidated sales decreased by 6.7% 58,687.3 crore. The board approved the issuance of additional debt securities until 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 tripling of consolidated net profit for the fourth quarter of ’24 293.56 crore, driven by derecognition of deferred taxes. The company posted a modest year-over-year revenue increase of 1.1% for the quarter, overall 2,935.8 crore.

Cummins India: The company posted a 50% year-over-year increase in consolidated profit after tax 530.5 for the March quarter, supported by robust demand in the domestic and international markets. The proceeds came in at 2,319 crore, up 19.9%.

Jubilant Pharmova: The company reported a more than doubled increase in consolidated profit after tax 61 crore for Q4FY24. Total income from business activities amounted to 1,773 crore in the fourth quarter versus 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 has revised its rating outlook on six Indian banks (State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank and Indian Bank) from Stable to Positive.

GMR airport infrastructure: The company has reduced its net loss to 167.6 crore, a significant improvement from a loss of 638.9 crore last year. Turnover increased by 29.5% to 2,446.8 crore, an increase of 1,889.7 crore.

GR Infrastructure projects: The company reported a 42% increase in profit 553.1 crore, up from 389.7 million. Turnover increased slightly by 1% to 2,485.1 crore, compared to 2,461.1 crore last year. The company also reported an exceptional profit of 306.3 crore.

SJVN: The company reported a 255% increase in profits 61.1 crore, up from 17.2 crore. However, turnover fell by 4.1% to 482.9 crore, lower than 503.8 crore. The company also reported an exceptional profit of 103.84 crore. In addition, SJVN has received board approval to sign a joint venture agreement with Indian Oil Corporation to establish a joint venture for the development of green RTC/renewable projects and other new technology based projects.

Heritage Foods: The company saw its profits increase by 126% 40.5 crore, up from 17.9 million. Turnover increased by 16.3% to 950.6 crore, up from 817.6 crore.

Lemon Tree Hotels: The company placed a PAT of 83.9 crore in the March quarter of FY24, up from 59 crore in the same period a year ago. The company reported a total income of 331 crore in the fourth quarter, up from 254.73 crore in the corresponding period in FY23.

HeidelbergCement India: The company reported a 37.72% increase in net profit 48.16 crore for the March quarter, helped by a reduction in operating costs. Total operating revenues decreased marginally to 596.55 crore during the quarter under review.

Bata India: The company reported a consolidated net profit of 63.64 crore for the March quarter, down 2.98% from the same quarter of the previous fiscal. The shoemaker’s income amounted to 797.8 crore, up 2.47%.

Edelweiss financial services: The Reserve Bank of India has imposed business restrictions on two Edelweiss group entities, ECL Finance Ltd and Edelweiss Asset Reconstruction Co. Ltd, due to various malpractices discovered during surveillance investigations. The companies have been ordered to cease and desist from any new activities with immediate effect.

Capacity Infrastructure Projects: The company reported that consolidated profit after tax more than doubled 52 crore for the March 2024 quarter, on higher revenues. The company’s total revenues rose to 608.81 crore during January-March period 448.55 crore in the same period a year ago. The Capacite Infraprojects board will meet on June 3 to consider raising funds 100 crore through non-convertible debentures on a private placement basis.

Aditya Birla Capital: The company has invested 300 crore on rights basis in the shares of Aditya Birla Housing Finance.

360 One WAM: Asset manager 360 One WAM is in talks with investors to raise an amount Secondary fund of Rs 4,000 crore. The company is also in talks to establish a healthcare-focused private equity fund.

RR cable: TPG Asia VII SF Pte Ltd is likely to sell its entire 5% stake in wire and cable maker RR Kabel through block deals, aiming to sell 56.33 lakh shares worth 56.33 lakh. 1,000 crore in the company.

RVNL: Rail Vikas Nigam has received a letter of acceptance from South East Central Railway for a project value 38.10 crore.

Great Eastern Shipping Company: Foreign portfolio investor Nalanda India Fund has sold 20 lakh shares in Great Eastern Shipping Company at an average price of 1,045.14 per share.

Dredging Company of India: The company reported a loss of 23.5 crore, compared to a profit of Last year 27.2 million. However, turnover increased by 4.7% to 277.9 crore, up from 265.4 million.

KFin Technologies: The General Atlantic Singapore Fund is likely to sell a 4.1% stake in KFin Technologies and could be increased to 6.8%. The extent of the basic problem is likely to be 500 crore and could be increased 833.3 crore. The total deal size, including the green option, is likely to be 1.17 crore shares.

Mishra Dhatu Nigam: The company reported a 30% decline in profits 46.3 crore, lower than 66.3 crore. However, sales increased by 17.7% 405.5 crore, up from 344.6 crore.

NOCIL: The company reported a 46.7% year-over-year profit increase 41.5 crore, up from Last year 28.3 million. However, turnover fell by 9.2% to 356.5 crore, lower than 392.7 million.

MTNL: The company saw its losses rise to 783.7 crore, compared to a loss of 748.6 crore last year. Turnover fell by 4.6% to 209 crore, lower than 219.2 crore.

Hindustan oil exploration company: The company saw a 33.8% decline in profits 70.6 crore, lower than 106.6 crore. However, sales increased by 71% 330.6 crore, up from 193.4 crore.

RHI Magnesita: The company narrowed its loss to 257.9 crore, a significant improvement from a loss of 678.9 crore last year. Turnover increased by 7.8% to 943.3 crore, up from 874.8 crore.

MM forgings: The company reported an 18.2% increase in profit 36.2 crore, up from 30.6 million. Turnover increased by 2.4% 396.8 crore, compared to 387.4 crore last year.

AGS Transact Technologies: The company narrowed its loss to 4.4 crore, a significant improvement from a loss of Last year 15.4 million. However, sales fell by 17.8% 349.2 crore, down from 424.7 million. The board of directors has reappointed Ravi B Goyal as the managing director of the company.

Ion exchange (India): The company reported a 10.8% decline in profit 72.5 crore, lower than 81.2 crore. However, turnover increased by 20.7% to 781.8 crore, up from 647.5 million.

Banco products: The company reported a profit increase of 33.6% 68.2 crore, up from 51 crores. Turnover increased by 19.3% to 730.3 crore, up from 612.3 crore.

ISGEC heavy engineering: The company reported a 22.6% decline in profit 72.1 crore, down from 93.2 crore. Turnover fell by 8.6% to 1,868 crore, down from 2,042.7 crore.

SpiceJet: Engine Lease Finance BV, an engine lessor of troubled airline SpiceJet, has filed a new bankruptcy petition against the airline, seeking unpaid rental fees totaling more than $16.72 million for eight leased engines.

PNB Home Financing: Societe Generale bought 13,08,680 shares in PNB Housing Finance at an average price of 724.55 per share. General Atlantic Singapore Fund FII Pte and Asia Opportunities V (Mauritius) sold 58 lakh shares each at 727.47 and 727.26 per share respectively.



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