Buzzing Stocks: LTIMindtree, Sheela Foam, Hathway Cable, RIL, others in news today

Results on July 18: IndusInd Bank, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, JSW Ispat Special Products, L&T Technology Services, Network18 Media & Investments, Polycab India, TV18 Broadcast, Bharat Bijlee, CIE Automotive India, HeidelbergCement India, Himadri Speciality Chemical, Lotus Chocolate, and Mudra Financial Services will be in focus ahead of declaring their quarterly earnings on July 18.

LTIMindtree: The technology consulting and digital solutions company has recorded 3.4% sequential growth in consolidated profit at Rs 1,151.5 crore for quarter ended June FY24, supported largely by other income and operating margin. Revenue from operations grew by 0.13% QoQ to Rs 8,702.1 crore, while revenue growth in constant currency and dollar terms stood at 0.1 percent each QoQ. On the operating front, EBIT increased by 2.1% sequentially to Rs 1,450.8 crore with margin expansion of 32 bps for the quarter.

Sheela Foam: The polyurethane foam manufacturer has received approval from the board for the acquisition of foam and coir-based home comfort products maker Kurlon Enterprise, and furniture company House of Kieraya (Furlenco). Sheela Foam will acquire 94.66% stake in Kurlon Enterprise for Rs 2,150 crore and the said acquisition is expected to be completed by or before November 30, 2023, while it will buy 35% stake in Furlenco for Rs 300 crore.

Tata Elxsi: The design-led technology services provider has registered a 2.2% year-on-year growth in profit at Rs 188.85 crore for quarter ended June FY24, impacted by weak operating margin. Revenue from operations grew by 17.1% to Rs 850.3 crore compared to year-ago period. At the operating level, EBIT increased by 4.1% year-on-year to Rs 230.1 crore, but margin fell 340 bps to 27.1% for the quarter.

RPP Infra Projects: The RPP-HSEA joint venture owned by RPP Infra Projects and Hs Engineers Associates, has received a letter of acceptance for new project in Himachal Pradesh at the cost of Rs 138.24 crore. RPP Infra with 51% holding along with its JV partner (49% holding) will invest in the project as per their capacity of holding and complete the said project within the decided time line.

IDFC: The company has received board approval for reappointment of Mahendra N Shah as the Managing Director, and appointment of Bipin Gemani as the Whole Time Director and Chief Financial Officer. Gemani is working with IDFC for more than 25 years.

Hindware Home Innovation: The building products maker has received board approval for appointment of Salil Kappoor as Chief Executive Officer with effect from July 18. Earlier he was leading the appliances division at Orient Electric as the business unit head.

Reliance Industries: Jio Financial Services will be included in total 19 NSE indices with effect from July 20, after the demerger of Reliance Industries’ financial services business into Reliance Strategic Investments. Reliance Strategic Investments will be renamed as Jio Financial Services. NSE indices included Nifty50, Nifty 100, Nifty 200, Nifty 500, Nifty Oil & Gas, Nifty Energy, Nifty Commodities, and Nifty Infrastructure. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

Amara Raja Batteries: Foreign investor Clarios ARBL Holding LP is likely to exit the automotive battery manufacturer via stake sale in a block deal on July 18, reports CNBC-TV18 quoting sources. The floor price has been set at Rs 651 per share. Clarios ARBL Holding LP holds 14% stake or 2.39 crore shares in Amara Raja.

Gujarat Fluorochemicals: Company’s wholly-owned subsidiary Gujarat Fluorochemicals FZE has commenced its commercial operations at Dubai on July 17. The company incorporated subsidiary in Dubai in December 2021.

Alembic Pharmaceuticals: Goldee Pardesi is appointed as AVP-Sales and Marketing for derma division of the the pharma company with effect from July 17.

Hathway Cable and Datacom: The cable TV & fiber internet provider has reported a 6.7% year-on-year growth in consolidated profit at Rs 22.36 crore for quarter ended June FY24, driven by other income. Revenue increased by 11.6% YoY to Rs 499.2 crore, but EBITDA fell 10.88% to Rs 77.53 crore and margin dropped by 400 bps to 15.5% compared to year-ago period, impacted by higher pay channel cost.

Jindal Saw: US-based foreign portfolio investor Cresta Fund has offloaded 25 lakh equity shares or 0.78% equity stake in the company via open market transaction at an average price of Rs 330.01 per share. The stake sale was worth Rs 82.5 crore. Cresta Fund held 3.55% stake as of March 2023.

Sotac Pharmaceuticals: Foreign portfolio investor Forbes EMF has exited pharma firm by selling entire shareholding of 1.81 lakh shares via open market transaction at an average price of Rs 117 per share. However, Minerva Ventures Fund was the buyer in this deal.

Satin Creditcare Network: Foreign company Nordic Microfinance Initiative Fund III KS has sold 2.23% stake worth Rs 35.82 crore via open market transactions. Nordic Microfinance has sold 15.61 lakh shares at an average price of Rs 175.45 per share, and 4.78 lakh shares at an average price of Rs 176.19 per share. Nordic held 25.99 lakh shares in the microfinance company as of July 7.