Buzzing Stocks: Infosys, Indigo, Paytm, Lupin, Dr Reddy’s and others in news

Infosys: India’s second-largest IT services exporter has recorded a 4.5 percent sequential growth in net profit at Rs 6,212 crore for the quarter ended September FY24, with revenue rising 2.8 percent QoQ to Rs 38,994 crore. Operating numbers were ahead of analysts’ estimates. Revenue in dollar terms increased by 2.2 percent QoQ to $4,718 million, and constant currency revenue growth stood at 2.3 percent for the quarter. Large-deal total contract value remained robust at $7.7 billion in Q2 FY24, against $2-2.5 billion in Q1 FY24. The firm revised its full-year constant currency revenue growth guidance to 1-2.5 percent from 1-3.5 percent earlier and maintained EBIT margin guidance in the range of 20–22 percent while announcing an interim dividend of Rs 18 per share.

One 97 Communications: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.39 crore on Paytm Payments Bank, the part of mobile payment company Paytm, for non-compliance with Know Your Customer (KYC) norms.

Maruti Suzuki India: The country’s largest car manufacturing company, said the board of directors will be meeting on October 17 to consider the issue of equity shares of the company to Suzuki Motor Corporation on a preferential basis. The consideration for the issuance of equity shares will be other than cash for the acquisition of a 100 percent equity stake in Suzuki Motor Corporation in Suzuki Motor Gujarat Private Limited.

InterGlobe Aviation: India’s domestic air traffic in September rose 18.3 percent compared to the same month last year, as per data released by the Directorate General of Civil Aviation (DGCA). Air traffic increased by 29.1 percent to 11.28 crore passengers in the January–September period compared to last year’s data. IndiGo continued to lead the market with 63.4 percent market share, up 10 bps over August, while SpiceJet’s market share remained unchanged at 4.4 percent in September MoM.

Angel One: The retail stock broking house has recorded the highest ever business performance for the quarter ended September FY24, with profit growing 42.6 percent to Rs 304.5 crore and revenue rising 40.6 percent to Rs 1,048 crore compared to the year-ago period. The board has declared a second interim dividend of Rs 12.7 per share for the current fiscal.

Dr Reddy’s Laboratories: The United States Food and Drug Administration (US FDA) has issued a Form 483 with nine observations for the company’s manufacturing facility in Bachupally, Hyderabad, after the completion of its product-specific pre-approval inspection at the said facility. The US health regulator has conducted product-specific pre-approval inspections (PAI) at the company’s biologics manufacturing facility during October 4–12.

HCL Technologies: The IT services company recorded net profit of Rs 3,832 crore for the quarter ended September FY24, growing 8.4 percent over the previous quarter, beating analysts estimates. Revenue for the quarter increased by 1.4 percent sequentially to Rs 26,672 crore, with dollar revenue growing 0.8 percent and constant currency revenue growth at 1 percent compared to the previous quarter. The firm sees full-year revenue growth in the range of 4-5 percent YoY and services revenue growth in the 4.5–5.5 percent range, while retaining EBIT margin guidance at 18–19 percent and declaring an interim dividend of Rs 12 per share.

SJVN: Subsidiary SJVN Green Energy has received the Letter of Award (LOA) at a tariff of Rs 2.62 per unit for the development of a 100 MW solar power project from Rajasthan Urja Vikas Nigam (RUVNL) in Rajasthan. The solar project will be developed on a build-own-operate (BOO) basis. The tentative cost of development for this project is around Rs 600 crore. The project is expected to generate about 252 million units in the first year, and the cumulative energy generation over a period of 25 years would be about 5,866 million units.

IRCON International: The Department of Public Enterprise has granted Navratna Status to IRCON. IRCON will be the 15th Navratna among the CPSEs.

GMR Airports Infrastructure: The company has recorded a 23 percent on-year growth in passenger traffic and a 4 percent decline on a month-on-month basis at 94.16 lakh for September, while aircraft movements grew by 14 percent YoY and declined 4 percent MoM to 62,230.

Mahindra Lifespace Developers: The Mahindra Group company has acquired 5.38 acres of land in Wagholi, Pune. The land is estimated to have a development potential of over 1.5 million square feet of saleable area.

IRB Infrastructure Developers: The Mumbai-based infrastructure company has executed definitive agreements with affiliates of GIC as financial investors and STPL. The company will also act as the project manager for STPL to implement the Samakhiyali Santalpur BOT project worth Rs 2,092 crore. Samakhiyali Tollway (STPL) was incorporated in March 2023 for the implementation of the project of upgradation to six lanes with paved shoulder of NH-27 from Samakhiyali to Santalpur section in Gujarat on BOT (toll) mode.

Lupin: The pharma major has received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Calcium, Magnesium, Potassium, and Sodium Oxybates oral solution to market a generic equivalent of Xywav oral solution from Jazz Pharmaceuticals Ireland in the US. This product will be manufactured at Lupin’s Somerset facility in the US. Lupin is exclusive first-to-file and may be eligible to receive a 180-day exclusivity period at product launch. The net product sales for this oral solution were $958.4 million for the year ending December 2022 and $604.3 million for the first six months of 2023.

Plada Infotech Services: The business process outsourcing (BPO) services company will list its equity shares on the NSE Emerge on October 13. The issue price is Rs. 48 per share. Its equity shares will be available for trading in the trade-for-trade segment.

Panacea Biotec: The United States Food and Drug Administration (US FDA) has conducted an inspection of the Baddi unit in Himachal Pradesh of the company’s wholly-owned subsidiary, Panacea Biotec Pharma, between October 3 and October 12. After the said inspection, the US FDA issued a Form 483 with nine observations that are related to improvements in existing procedures and are addressable.

Kesoram Industries: The cement company posted a consolidated net loss of Rs 58.4 crore for the quarter ended September FY24, against a loss of Rs 59.05 crore in the corresponding period last fiscal. Net revenue from operations grew by 12.8 percent to Rs 953.8 crore compared to the year-ago period.

BGR Energy Systems: The product business division of the company has secured the single largest order from Mangalore Refinery and Petrochemicals for the supply of air-cooled heat exchangers (ACHE). The contract value is Rs. 112.75 crore.