Buzzing Stocks: Hero MotoCorp, ONGC, Apollo Tyres, Mazagon Dock, others in news

Results on August 11: Oil and Natural Gas Corporation, ABB India, Nykaa, Zydus Lifesciences, Apollo Hospitals Enterprise, Glenmark Pharmaceuticals, NALCO, SpiceJet, Astral, BEML, Cochin Shipyard, City Union Bank, Garden Reach Shipbuilders & Engineers, Hindustan Aeronautics, HEG, Indian Railway Finance Corporation, Jindal Steel & Power, Kalpataru Projects International, Muthoot Finance, Info Edge India, NMDC, Power Finance Corporation, Raymond, Shree Renuka Sugars, Sun TV Network, and Voltas will be in focus before declaring their quarterly earnings on Friday.

Results on August 12: Aurobindo Pharma, Advanced Enzyme Technologies, Amara Raja Batteries, Crompton Greaves Consumer Electricals, Finolex Cables, JK Cement, NITCO, Panacea Biotec, PTC India, Rail Vikas Nigam, Signet Industries, V2 Retail, and Zee Media Corporation will be in focus as they line up for declaring their June quarter earnings on Saturday.

Hero MotoCorp: The country’s largest two-wheeler maker has recorded standalone profit at Rs 824.72 crore for quarter ended June FY24, rising 32% over a year-ago period despite expenses towards VRS of Rs 160 crore, driven by strong other income and higher operating numbers. Revenue grew by 4.5% to Rs 8,767.3 crore, but sales volume dropped 2.6% to 13.53 lakh units in this period.

Life Insurance Corporation of India: The life insurance major has announced huge profit of Rs 9,543.7 crore for the quarter ended June FY24 including Rs 7,491.53 crore pertaining to the accretion on the available solvency margin, transferred from non-par fund to shareholders account. Profit in Q1FY23 was at Rs 682.88 crore wherein the amount of Rs 4,149 crore pertaining to the accretion on the available solvency margin was not included as this amount was transferred from non-par fund to shareholders account on September 30, 2022. Net premium was flat at Rs 98,362.8 crore against Rs 98,351.8 crore during the same period. On an annualised premium equivalent (APE) basis, the total premium was Rs 9,532 crore for the quarter.

Apollo Tyres: The tyre maker has registered consolidated profit at Rs 396.9 crore for quarter ended June FY24, rising sharply by 124% over a year-ago period as lower input cost boosted operating performance. Higher other income also supported profitability. Revenue grew by 5% YoY to Rs 6,244.6 crore during the same period.

Steel Authority of India: The state-owned steel company has recorded consolidated profit at Rs 212.5 crore for the quarter ended June FY24, falling 73.6% compared to year-ago period, impacted by tepid topline growth. Profit was supported by higher other income and lower input cost and tax expenses. Revenue from operations for the quarter stood at Rs 24,359 crore, up 1.4% over a year-ago period.

Suryoday Small Finance Bank: The bank has reported a profit of Rs 47.6 crore for the quarter ended June FY24, growing sharply by 6-fold over Rs 7.8 crore in year-ago period driven by strong other income and operating income. Lower provisions also aided profitability. Net interest income grew by 26.9% to Rs 224.7 crore during the same period.

Torrent Power: The Torrent Group company has recorded consolidated profit at Rs 532.3 crore for quarter ended June FY24, rising 6% over a year-ago period, driven by increase in contribution from merchant power sales in gas-based power plants, and licensed distribution businesses, but profit was limited due to lower net gain from trading of LNG, lower contribution from renewable business, and increase in finance cost & depreciation expenses. Revenue increased by 12.55% YoY to Rs 7,327.6 crore in Q1FY24.

Mazagon Dock Shipbuilders: The state-owned shipbuilding company has registered a 40% year-on-year growth in consolidated profit at Rs 314.3 crore for the quarter ended June FY24, driven partly by higher other income. Revenue from operations fell by 2.6% YoY to Rs 2,172.8 crore for the quarter.

MTAR Technologies: The precision engineered systems manufacturer has reported 25.4% year-on-year growth in profit at Rs 20.3 crore for the quarter ended June FY24, driven by strong topline and operating income. Revenue grew by 67.6% year-on-year to Rs 152.6 crore for the quarter.

Kirloskar Oil Engines: The Pune-based engines, agricultural equipment, and generator sets manufacturer has recorded profit at Rs 126 crore for June FY24 quarter, rising 53% over a year-ago period, driven by healthy topline and operating performance. Revenue increased by 30% to Rs 1,543 crore during the same period.

Tata Motors: Citibank NA has sold 3.49 crore shares or 1% equity stake in the country’s largest commercial vehicle maker, via open market transactions, at an average price of Rs 598.77 per share, which amounted to Rs 2,085.7 crore. Citibank NA New York, Nyadr Department, which is under the overseas depositories category (holding depositories), held 1.38 percent or 4.57 crore equity shares in the Tata Group company as of June 2023.

CMS Info Systems: Promoter Sion Investment Holdings Pte Limited has sold 3 crore equity shares or 19.43% stake in the cash management and payment solutions company, via open market transactions at an average price of Rs 357.17 per share. The stake sale was amounted to Rs 1,071.51 crore. However, Societe Generale, Abu Dhabi Investment Authority Stable, Public Sector Pension Investment Board, Massachusetts Institute of Technology, Nomura India Investment Fund Mother Fund, Nomura Funds Ireland Public Ltd Coindia Equity Fund, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio, Goldman Sachs Collective Trust Emerging Markets Equity ex-China Fund, Aditya Birla Sun Life Mutual Fund A/C – Aditya Birla Sun Life Digital India Fund, and ICICI Prudential Mutual Fund were buyers for more than half of shares (sold by Sion) in the block deal, buying 1.52 crore equity shares or 9.85% stake. The average buying price was Rs 356.03 per share for Societe Generale and it was Rs 356 per share for rest of buyers.

Dreamfolks Services: Aditya Birla Sun Life Mutual Fund has offloaded 4.51 lakh equity shares or 0.85% stake in the airport service aggregator company via open market transaction, at an average price of Rs 577.06 per share. The mutual fund house held 2.49% stake in the company as of June 2023.

Piramal Pharma: BNP Paribas Arbitrage has bought 8.39 lakh shares in the pharma company via open market transactions at an average price of Rs 16.09 per share. However, Life Insurance Corporation of India sold 16.57 lakh shares at an average price of Rs 15.65 per share.

HCL Technologies: The IT services company has signed a mega deal with Global 100 corporation. It expects this deal to have a positive revenue impact over the next six years beginning in November 2023 with an estimated new total contract value of $2.1 billion over the term. In addition, the company has announced a global strategic partnership with Verizon Business, becoming Verizon’s primary collaborator in all deployments involving MNS globally for enterprise customers.

Biocon: The biopharma company has recorded profit at Rs 101.4 crore for the quarter ended June FY24, falling 30% compared to year-ago period. However, revenue jumped 60% to Rs 3,422.6 crore during the same period, driven by subsidiary Biocon Biologics which grew by 106% to Rs 2,015 crore YoY on the acquisition of Viatris biosimilars business and growth in market shares for products in the US and Europe. Revenue included licensing fees of Rs 167.4 crore for the quarter.