Buzzing Stocks: Adani Wilmar, Tata Steel, Titan, Godrej, LIC, BoB, JSW Steel, others in news

Adani Wilmar: During the quarter ended December FY24, the Adani Group company recorded an overall volume growth of 6 percent; however, lower pricing of edible oils in line with a fall in the cost of raw materials (crude edible oils) resulted in a revenue decline of 15 percent YoY. The edible oil segment volume stayed flat YoY in Q3 due to subdued demand from institutional clients. but business declined 21 percent YoY, while food and FMCG businesses grew by 28 percent YoY, and their volumes jumped 18 percent during the quarter. The industry essentials segment business was flat, but volumes increased 15 percent on-year.

Tata Steel: The Tata Group firm announced its provisional production and delivery volumes for the quarter ended December FY24. India’s production volume grew by 6.4 percent YoY to 5.32 mt (million tons) and delivery volumes increased by 3 percent to 4.88 mt, while Tata Steel Netherlands’ production volume fell sharply by 23 percent YoY to 1.17 mt and delivery volumes dropped 7.86 percent to 1.29 mt. Production volume in the UK for the quarter increased 1.4 percent to 0.73 mt, but delivery volumes declined 4.5 percent to 0.63 mt.

Titan Company: The jewelry-watch-to-eyecare products maker has registered revenue growth of 22 percent YoY for the quarter ended December FY24, with the jewelry business growing 23 percent, the watches & wearables division showing a 21 percent growth, and the eyecare business declining 3 percent YoY. A total of 90 stores were added in this period, taking the group’s retail presence to 2,949 stores. Titan recorded 24 percent on-year growth in emerging businesses, while CaratLane registered 31 percent growth for the quarter.

Life Insurance Corporation of India: The Corporation has received demand orders for GST (Rs 191.01 crore), interest, and penalty (Rs 191.01 crore) for Gujarat for the years FY2017-18 and FY2018-19. The corporation will file an appeal before the Commissioner (Appeals), Ahmedabad, against the said order within the prescribed timelines.

Godrej Industries: The company has signed a non-binding Memorandum of Understanding (MoU) with the Government of Gujarat. As part of the MoU, the company may plan to invest Rs 600 crore over the next four years in the significant expansion of Valia, with an employment of around 250.

Federal Bank: The Reserve Bank of India (RBI) has asked Federal Bank to submit a fresh proposal containing at least two fresh names for the positions of managing director and chief executive officer of the bank.

Marico: The FMCG company said the consolidated revenue declined in low single digits in Q3 FY24 on a year-on-year basis. International business delivered mid-single-digit constant currency growth amidst transient macro headwinds in the Bangladesh market, while domestic volumes grew in low single-digits on a year-on-year basis with a slight sequential improvement in core portfolio. Copra and edible oil prices remained at lower levels, and crude derivatives also exhibited some downward bias, thereby leading to robust gross margin expansion on a year-on-year basis, while Marico expects low double-digit operating profit growth on the back of a healthy expansion in operating margin, thereby staying on track to deliver on the margin guidance for the full year.

Bank of Baroda: The public sector lender’s global business grew by 10.68 percent YoY to Rs 22.95 lakh crore, with advances rising 13.59 percent YoY to Rs 10.49 lakh crore and deposits increasing 8.34 percent YoY to Rs 12.45 lakh crore for the quarter ended December FY24. Domestic deposits grew by 6.34 percent YoY to Rs 10.67 lakh crore, while advances rose by 13.4 percent to Rs 8.62 lakh crore in Q3 FY24.

JSW Steel: The Odisha Government has given possession of total forest land (2,677.80 acres) to the company’s subsidiary, JSW Utkal Steel, for setting up a greenfield integrated steel plant for 13.2 million metric tons per annum (MTPA) of crude steel. The non-forest land of 272.51 acres has already been leased in favor of JSW Utkal Steel by the government.

Godrej Consumer Products: The FMCG company has said the operating environment in India for Q3 FY24 continued to remain similar to Q2. Despite this, the organic business delivered steady underlying volume growth in the mid-single digit. Growth was broad-based across both home care and personal care. Park Avenue and KamaSutra brands continue to perform well and are on track to achieve full-year ambition. Reported volume growth continued to be double-digit. At a consolidated level (organic), Godrej expects to deliver mid-single-digit volume growth, double-digit constant currency sales growth, but low-single-digit sales decline in rupee terms due to GAUM (Godrej Africa, USA, and Middle East) and LATAM (Latin America) currency and hyperinflation accounting impacts.

Union Bank of India: The PSU bank said its total business crossed Rs 20.68 lakh crore as of December FY24 quarter, growing 10.67 percent over a year-ago period. Total advances at the bank increased by 11.44 percent YoY to Rs 8.96 lakh crore, and deposits jumped 10.09 percent to Rs 11.72 lakh crore as of Q3 FY24. Domestic deposits increased by 8.54 percent on-year to Rs 11.54 lakh crore, while domestic advances rose 10.69 percent to Rs 8.66 lakh crore, as per provisional numbers.

Oil India: The oil and gas exploration company has received approval from the Board of Directors for the incorporation of a wholly owned subsidiary company for the green energy business. This is subject to the approval of the Ministry of Petroleum and Natural Gas (MoP&NG), NITI Aayog, and DIPAM (Department of Investment and Public Asset Management).

Jupiter Wagons: The company has received a contract worth Rs 100 crore from one of the leading automobile manufacturers for the manufacturing and supply of four double-decker automobile carrier wagons.

Satin Creditcare Network: The microfinance institution said the meeting of the Working Committee of the Board of Directors is scheduled to be held on January 8 to consider the fund-raising proposal through the issuance of non-convertible debentures on a private placement basis.

Bhansali Engineering Polymers: The company has issued a Letter of Award (LOA) to Toyo Engineering India for front-end engineering design (FEED) and capex cost estimation for the brown field ABS expansion project. With the expansion, overall, ABS production capacity will increase from 75,000 TPA (tonnes per annum) to 1,45,000 TPA at the company’s existing plants at Abu Road (Rajasthan) and Satnoor (Madhya Pradesh).

Narayana Hrudayalaya: Subsidiary Narayana Health Insurance has been granted a license by the Insurance Regulatory and Development Authority of India (IRDAI) to exclusively carry on the health insurance business. This will enable Narayana Hrudayalaya to offer an integrated healthcare solution to the general public as a healthcare service provider.

MedPlus Health Services: The company’s subsidiary has received orders from the drug sales licensing authority, the Drug Control Administration. It received an order for suspension of the drug license for 6 days for storage at Shankarayapally Jadcherla and for 7 days for storage at Hayath Nagar. The subsidiary received both orders on January 4.

Aurionpro Solutions: The company said the board of directors will be meeting on January 10 to consider raising funds through the issuance of eligible securities via private offerings, including preferential allotment and/or qualified institution placement.

Shreyas Shipping Logistics: The company has reported a fire in the engine room of one of its vessels, M V SSL Brahmaputra. All crew members on board the vessel are reported to be safe, and there has been no pollution.

RPSG Ventures: The fire incident has occurred at a job worker’s factory in Amroha, in Uttar Pradesh. The job worker was appointed by Guiltfree Industries, the wholly owned subsidiary of RPSG Ventures, for the manufacture of certain of its products. Guiltfree Industries and RPSG Ventures are in the process of ascertaining the cause of the fire and the quantum of actual damage caused by it.

Kaushalya Logistics: The logistics company will list its equity shares on the NSE Emerge on January 8. The issue price is Rs. 75 per share. Its equity shares will be available for trading in the trade-for-trade segment.