Buzzing Stocks: HDFC Bank, D-mart, Bandhan Bank, JSW Energy, Nestle, Lupin, Suzlon & others in news today

Results on July 17: HDFC Bank, LTIMindtree, Tata Elxsi, Tinplate Company of India, Central Bank of India, CRISIL, Hathway Cable & Datacom, Huhtamaki India, Onward Technologies, Seacoast Shipping Services, and Tarapur Transformers will be in focus ahead of June FY24 quarter earnings on July 17.

JSW Energy: The utilities company has recorded consolidated profit at Rs 290 crore for quarter ending June FY24, declining 48.3% year-on-year despite healthy operating performance, dented by higher finance cost and high base due to exceptional gain of Rs 120 crore in Q1FY23. Revenue from operations fell 3.25% YoY to Rs 2,928 crore during the quarter as incremental revenue from Mytrah and renewable capacity additions was offset by lower realization in thermal assets on account of decline in coal prices. EBITDA jumped 19.4% YoY to Rs 1,224 crore driven by robust EBITDA contribution from renewable assets, and margin expanded by 792 bps YoY to 41.8% in Q1FY24, aided by lower fuel cost.

Avenue Supermarts: The D-Mart stores operator has registered a 2.3% year-on-year growth in standalone profit at Rs 695.4 crore for quarter ended June FY24, impacted by lower operating margin. Revenue for the quarter at Rs 11,584.4 crore grew sharply by 18.1% over a year-ago period. On the operating front, EBITDA rose 2.8% YoY to Rs 1,036.5 crore, but margin dropped 133 bps to 8.94% compared to corresponding quarter of previous fiscal.

Bandhan Bank: The Kolkata-based private sector lender has registered profit at Rs 721 crore for June FY24 quarter, falling 18.7% year-on-year with lower net interest income and pre-provision operating profit, but provisions and contingencies were down 6.3% YoY. Net interest income dropped 0.9% YoY to Rs 2,491 crore during the quarter, with net interest margin declining 70 bps to 7.3% in the same period. Asset quality weakened with the gross non-performing assets (NPA) rising 189 bps sequentially to 6.76% and net NPA increasing 101 bps QoQ to 2.18% in Q1FY24.

Suzlon Energy: The renewable energy solutions provider has secured an order for the development of a 100.8 MW wind power project for Everrenew Energy. Suzlon will install 48 wind turbine generators (WTGs) of their S120 – 2.1 MW with a hybrid lattice tubular tower at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy in Tamil Nadu. The project is expected to be commissioned in March 2024.y

Dr Reddy’s Laboratories: The pharma major has entered into a security subscription and shareholders’ agreement for consumption and supply of renewable energy, with TEQ Green Power XI Private Limited and O2 Power SG Pte Ltd, for investment in special purpose vehicle O2 Renewable Energy IX Private Limited. The company will have 26% stake in the SPV and the rest is held by TEQ Green Power XI.

State Bank of India: The country’s largest lender hiked the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) with effect from July 15. The MCLR based rates will now range between 8 percent and 8.75 percent.

Lupin: US-based subsidiary Lupin Inc has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Chlorpromazine hydrochloride tablets, to market a generic equivalent to the reference listed drug (RLD), Chlorpromazine hydrochloride tablets of Upsher-Smith Laboratories, LLC. Chlorpromazine hydrochloride tablets USP had an estimated annual sale of $45 million in the US as per IQVIA MAT March 2023. Chlorpromazine is used to treat the symptoms of certain types of mental illness.

Nestle India: The FMCG company has received in-principle approval from The Industrial Promotion & Investment Corporation of Odisha Limited, for setting up a food processing unit in Khordha, Odhisha. The investment in said food processing unit is Rs 894.10 crore.

Mahindra and Mahindra: The automobile company has signed an MoU with NXP Semiconductors, a world leader in secure connectivity solutions for embedded applications. They will jointly explore the electric and connected vehicle landscape, covering a wide range of vehicles including utility vehicles, light commercial vehicles, farm equipment, and tractors.

IRCON International: The state-owned engineering and construction company has commissioned the first phase of upgradation of railway line from Maho to Omanthai track rehabilitation project from Sri Lanka Railways.

Sequent Scientific: The company has discontinued its manufacturing operations at its unit in Palghar, Maharashtra. The said discontinuation of manufacturing operations will not impact the operations of the company as the production will be absorbed by its units situated at other locations.

Union Bank of India: The Central Government has nominated Prakash Baliarsingh as Director, in place of Arun Kumar Singh, on the board of the bank, with immediate effect and until further orders.

CCL Products (India): The roasted coffee company has recorded a 15.1% year-on-year growth in consolidated profit at Rs 60.7 crore for quarter ended June FY24 supported by lower tax cost and higher topline, but restricted by lower operating margin. Revenue from operations for the quarter at Rs 655 crore increased by 28.6% over a year-ago period. On the operating front, EBITDA grew by 20% YoY to Rs 106.3 crore but margin declined 115 basis points to 16.23% compared to year-ago period.

Just Dial: India’s local search engine company has reported profit at Rs 83.4 crore for quarter ended June FY24 against loss of Rs 48.4 crore in same period last year, backed by healthy operating performance and topline. Revenue from operations grew by 33.1% YoY to Rs 247 crore during the quarter, with traffic rising 15.9% YoY to 171.4 million users, and mobile traffic increasing 17.5%.

VST Industries: The cigarettes manufacturer has registered 3.94% year-on-year decline in profit at Rs 83.7 crore for June FY24 quarter impacted by weak operating performance. Input cost was higher during the quarter. Revenue from operations rose 9.7% to Rs 440.85 crore compared to year-ago period.

GTPL Hathway: The digital cable TV and wireline broadband service provider has reported profit at Rs 35.9 crore for quarter ended June FY24, falling 17% compared to year-ago period, dented by lower operating numbers and other income. Revenue for the quarter increased by 22.7% YoY to Rs 774.4 crore as digital cable TV revenue rose by 9% YoY to Rs 298.1 crore and broadband revenue grew by 13% to Rs 129.2 crore in the same period.

Kesoram Industries: The BK Birla Group company has narrowed its consolidated loss to Rs 32.4 crore for quarter ended June FY24, from loss of Rs 61.25 crore in same period last year. Revenue from operations grew by 12.07% to Rs 998.9 crore compared to corresponding period last fiscal.

SBI Cards and Payment Services: Seema Kapahi has resigned as EVP and Chief People Officer of the credit card issuing company due to personal reasons, with effect from July 14. The company has appointed Anita Richard Sontumyra as the Chief People Officer with effect from July 15.

Central Bank of India: The Central Government has nominated Charulatha Kar as director on the board of Central Bank of India with immediate effect, in place of P J Thomas. Charulatha Kar is presently working as Chief General Manager at Reserve Bank of India.

Tata Steel Long Products: The company has significantly reduced its loss to Rs 36.5 crore for quarter ended June FY24, from loss of Rs 331.1 crore in corresponding period last fiscal, with sharp fall in input cost. Revenue for the quarter dropped 4.2% year-on-year to Rs 1,909.6 crore in Q1FY24.

Metropolis Healthcare: The pathology labs & diagnostic centers chain has recorded core business revenue growth for Q1FY24 at around 12% over a year-ago period, whereas total revenue from operations for the quarter stood marginally negative compared to Q1FY23, mainly due to covid and B2G contract. Core business excluded revenue from covid & covid allied tests & PPP contracts. Core business volume growth stood at around 13% during the quarter. Gross debt as on June 2023 was Rs 67 crore.

Power Grid Corporation of India: The state-owned electric services company has received board approval for implementation of advanced metering infra projects worth Rs 4,067.3 crore, transfer of telecommunications business undertaking of holding company to subsidiary POWERGRID Teleservices, and revised investment proposal for establishment of Pilot Data Centre at POWERGRID Manesar substation at cost of Rs 713.83 crore.

Satin Creditcare Network: SBI Emerging Asia Financial Sector Fund Pte Ltd has exited the microfinance company by selling entire 18,89,579 equity shares or 2.07% stake via open market transactions. These shares were sold at an average price of Rs 178 per share.

Global Surfaces: Foreign portfolio investor Leading Light Fund VCC The Triumph Fund sold 2.17 lakh equity shares or 0.51% stake in the engineered quartz stone supplier via open market transactions at an average price of Rs 196.09 per share. With this, in current quarter, so far, Leading Light Fund sold 7.12 lakh shares in the company. As of June 2023, the fund held 9.28 lakh shares or 2.19 percent stake in the company. If we consider the transactions of July and shareholding pattern as of June 2023, then its current shareholding in Global Surfaces can be 2.16 lakh shares.

Rallis India: The Tata Group company has reported a 6% year-on-year decline profit at Rs 63 crore for quarter ended June FY24, dented by lower topline. Revenue from operations for the quarter dropped by 9.4% to Rs 782 crore compared to year-ago period.

Jammu & Kashmir Bank: The bank has received board approval for raising of equity share capital upto Rs 750 crore in one or more tranches in the second half of FY24, and raising of capital upto Rs 1,000 crore via non-convertible debentures on a private placement basis preferably towards end of the calendar year 2023.

Alphageo (India): The company has received contract from ONGC, Dehradun for seismic data acquisition. The company will acquire 303 SKM of 3D seismic data in OALP block, Sector 2 of Ganga basin in Uttar Pradesh and Bihar for contract value of Rs 39.33 crore.