Buzzing Stocks: Maruti Suzuki, Power Grid, RVNL, M&M, Easy Trip Planners, others in news

Results on August 1: Escorts Kubota, PVR Inox, Thermax, Cholamandalam Investment and Finance Company, Anant Raj, Anupam Rasayan India, Aptus Value Housing Finance India, Adani Total Gas, Dalmia Bharat Sugar and Industries, Gujarat Mineral Development Corporation, Godrej Agrovet, Metro Brands, Redington, Syrma SGS Technology, Tribhovandas Bhimji Zaveri, Thyrocare Technologies, Tracxn Technologies, Triveni Turbine, and Welspun Enterprises will be in focus ahead of declaring their quarterly earnings today.

Maruti Suzuki India: The country’s largest passenger vehicles maker has recorded a 145.4% year-on-year growth in standalone profit at Rs 2,485.1 crore for the quarter ended June FY24, largely driven by larger sales volume, improved realization, cost reduction efforts and higher non-operating income. Revenue grew by 22% to Rs 32,327 crore compared to year-ago period, with sales volume increasing by 6.4% YoY to 4.98 lakh units, while the pending customer orders stood at about 3.55 lakh vehicles.

Power Grid Corporation of India: The state-owned electric services company has registered nearly 6% year-on-year decline in standalone profit at Rs 3,542.65 crore for the quarter ended June FY24 despite health operating margin, dented by lower topline. Revenue from operations during the quarter fell 0.1% to Rs 10,436.1 crore compared to year-ago period. EBITDA grew by 3.4% YoY to Rs 9,099.5 crore with margin expansion of 290 bps at 87.2% in Q1FY24. The company announced issue of bonus shares in the ratio of 1:3, and raising funds up to Rs 12,000 crore from domestic market through issue of debts in financial year 2024-25.

South Indian Bank: The private sector lender has received board approval for raising of funds up to Rs 1,000 crore from issuance of equity shares through public issue, private placement, preferential issue, qualified institutional placement, further public offer, or rights issue. The board also approved fund raising up to Rs 500 crore through debt instruments.

Rail Vikas Nigam: The state-owned railway company has received Letter of Award (LOA) for two projects from Madhya Pradesh Poorv Kshetra Vidyut Vitran Company, in Jabalpur Company Area. The projects cost is Rs 331.6 crore.

Mahindra & Mahindra: The utility vehicle maker is setting up an EV (electric vehicle) battery testing facility at Mahindra Research Valley (MRV), in Chengalpattu and a crash test facility at Mahindra SUV Proving Track (MSPT) SIPCOT, in Cheyyar, in Tamil Nadu. The investment in battery testing facility will be Rs 210 crore and Rs 290 crore in crash test lab construction.

Bank of India: The public sector lender has raised marginal cost of fund based lending rate (MCLR) by 5 bps in 3-month, 6-month, 1-year and 3-year tenures, while the overnight and 1-month lender rates remained unchanged. The revised lending rates will be effective from August 1.

Easy Trip Planners: The travel agency company has received board approval for acquisition of 51% of the aggregate paid-up share capital in Guideline Travels Holidays India, Dook Travels, and Tripshope Travel Technologies. The board also approved the raising of funds, by way of issuance of equity shares in one or more tranches through preferential allotment.

Blue Star: The air conditioners, air purifiers & water coolers maker said the board of directors will meet on August 3 to consider the proposal for raising of funds. Fund raising will be via issuance of equity shares, debts, warrants, or preference shares by way of a private placement.

Larsen & Toubro: L&T Realty Developers, a wholly owned subsidiary of the infrastructure major, has incorporated a new wholly owned subsidiary – LH Residential Housing. The new subsidiary will develop real estate and infrastructural facilities.

Navin Fluorine International: Ravi Venkataramanan has resigned as CEO of CDMO business of the company with effect from September 30, to pursue his entrepreneurial journey.

Cochin Shipyard: The government has upgraded Cochin Shipyard from ‘Schedule B’ to ‘Schedule A’ CPSE. The upgradation to ‘Schedule A’ recognises company’s strong financial performance and operational efficiency and contribution to national security. Further, the upgradation will now make company to operate larger senior management bandwidth required for effectively managing its seven units spread across the country.

Hindustan Copper: Ghanshyam Sharma has been assigned additional charge of CMD at Hindustan Copper with effect from August 1. Ghanshyam Sharma is currently working as Director (Finance) of the company. Arun Kumar Shukla ceased to be Chairman and Managing Director (CMD) of the company on attaining the age of superannuation on July 31.

Bosch: The technology and services provider has recorded a 22.4% year-on-year growth in consolidated profit at Rs 408.9 crore for the quarter ended June FY24 despite weak operating margin, backed by higher other income and topline. Revenue from operations grew by 17.3% YoY to Rs 4,158.4 crore during the quarter mainly due to increased sales of exhaust gas temperature (EGT) components in passenger cars and commercial vehicle segment.

IRB Infrastructure Developers: Mumbai-based road developer has reported a massive 66% year-on-year decline in consolidated profit at Rs 133.8 crore for June FY24 quarter, dented by lower topline and operating numbers. Revenue plunged 15.1% YoY to Rs 1,634.2 crore during the period.

Petronet LNG: The public sector enterprise has registered a 28.6% quarter-on-quarter increase in profit at Rs 789.85 crore for quarter ended June FY24, backed by healthy operating numbers on lower input cost. Revenue from operations fell by 16% to Rs 11,656 crore compared to previous quarter.

Oberoi Realty: The Mumbai-based real estate developer has reported consolidated profit at Rs 321.64 crore for quarter ended June FY24, falling 20.2% compared to corresponding period last fiscal. Revenue from operations declined 0.3% year-on-year to Rs 910 crore in Q1FY24.

Bandhan Bank: Europe-based financial services group Societe Generale has bought 1.74 crore shares or 1.08% stake in private sector lender Bandhan Bank via open market transactions, at an averge price of Rs 218.6 per share. The stake buy was amounted to Rs 382.01 crore.

Spandana Sphoorty Financial: Promoter Padmaja Gangireddy has sold 12.5 lakh equity shares or 1.76 percent stake in the company at an average price of Rs 830.15 per share. However, Goldman Sachs Funds Goldman Sachs India Equity Portfolio purchased 3.57 lakh shares and Goldman Sachs Collective Trust – Emerging Markets Equity ex-China Fund bought 4.68 lakh shares in Spandana Sphoorty, which is equivalent to 1.16 percent stake, at an average price of Rs 830 per share, and the stake buy was worth Rs 68.54 crore.

Eris Lifesciences: Plutus Wealth Management LLP bought 10 lakh shares in the pharma company at an average price of Rs 783 per share, and 12.1 lakh shares at an average price of Rs 783.03 per share. The total equity stake bought was equivalent to 1.62 percent of paid-up equity and was worth Rs 173 crore. However, high networth individual Shah Rakesh was the seller in this deal, offloading another 20 lakh shares or 1.47 percent stake in Eris at an average price of Rs 783 per share, which were worth Rs 156.6 crore.