Buzzing Stocks: Reliance Home Finance, M&M, Infosys, TCS, Nykaa, Tata Power, LIC and others in news

Reliance Home Finance: Prashant Utreja has ceased to be the Chief Executive Officer and key managerial personnel of the company as he resigned with effect from January 11.

Mahindra and Mahindra: Mahindra and Mahindra: The automobile company recorded production of 44,348 units in December 2023, down 2.1 percent compared to a year-ago period. Total sales grew by 8.9 percent YoY to 58,369 units, but exports dropped sharply by 41.3 percent to 1,819 units during the same period. The company has approved an investment of up to Rs 630 crore in Mahindra Electric Automobile (MEAL) via a rights issue. The proceeds will be used by MEAL to meet its fund requirements for business operations.

Infosys: The country’s second-largest IT services provider, has recorded a 1.7 percent QoQ decline in net profit at Rs 6,106 crore for the quarter ended December FY24 and a 0.4 percent fall in revenue at Rs 38,821 crore. Dollar revenue at $4,663 million, falling 1.2 percent, was also above estimates, while revenue in constant currency slipped 1 percent. EBIT declined 3.8 percent sequentially to 7,961 crore, and the margin dropped 70 bps QoQ to 20.5 percent for the quarter. The company sees full-year revenue growth guidance at 1.5–2 percent, revising from 1-2.5 percent earlier, and has maintained margin guidance in the range of 20–22 percent. Infosys will acquire leading semiconductor design services provider Insemi for Rs 280 crore.

Tata Consultancy Services: The IT services major has registered 8.2 percent on-year growth in net profit at Rs 11,735 crore and a 4 percent rise in revenue at Rs 60,583 crore for the quarter ended December FY24. Revenue growth in constant currency was 1.7 percent YoY. The company reported total contract value (TCV) at $8.1 billion in Q3 FY24, falling compared to $11.2 billion in the previous quarter. The board announced an interim dividend of Rs 9 per share and a special dividend of Rs 18 per share.

Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a memorandum of understanding (MoU) with the Government of Gujarat to develop 10,000 MW of renewable energy power projects across multiple sites in Gujarat. This collaboration will support achieving the ambitious goal of generating 50 percent of power from renewable sources by 2030. The said project has a total investment potential of Rs 70,000 crore, potentially generating employment for over 3,000 people.

FSN E-Commerce Ventures: Foreign investor Lexdale International is likely to sell 2.62 crore shares of Nykaa via a block deal, reports CNBC-Awaaz, quoting sources. The total block deal value may be Rs 490 crore.

Life Insurance Corporation of India: The Corporation has received demand orders worth Rs 3,528.75 crore from the Income Tax authorities in Mumbai. LIC will file an appeal before the Commissioner (Appeals), Mumbai, against the said orders.

Results Today: HCL Technologies, Wipro, HDFC Life Insurance Company, Tata Metaliks, Anand Rathi Wealth, Artson Engineering, Bharat Bijlee, Aditya Birla Money, Den Networks, Just Dial, Harshil Agrotech, Hathway Bhawani Cabletel & Datacom, Hi-Tech Pipes, JTL Industries, LKP Finance, Mishka Exim, and Neueon Towers will be in focus ahead of quarterly earnings on January 12.

UltraTech Cement: The cement major has entered into a Share Subscription and Shareholders Agreement to acquire 26 percent equity shares of Amplus Ages for Rs 49 crore. Amplus Ages is engaged in the generation and transmission of renewable energy. The acquisition is to meet the company’s green energy needs, optimise energy costs, and comply with regulatory requirements for captive power consumption under electricity laws.

Indian Overseas Bank: The public sector lender has hiked the marginal cost of funds-based lending rate on most tenures (barring overnight and three-month) by 5–10 bps, with effect from January 15.

Container Corporation of India: The company recorded total volumes of 11,50,808 TEUs (twenty feet equivalent units), up 6.05 percent YoY, with EXIM volumes rising 8.25 percent to 9,02,582 TEUs and domestic volumes falling 1.25 percent YoY to 2,48,226 TEUs for the quarter ended December FY24.

Quess Corp: the business solutions provider, has signed a Memorandum of Understanding (MoU) with the Department of Gujarat Technical University. The focus would be on services such as skill assessment, employment enablement, entrepreneurship development programs, and technology integration to bridge the skill gap of the employee in line with industry requirements.

RPSG Ventures: The company said the board of directors will meet on January 17 to consider the proposal for raising funds via the issue of one or more instruments or securities and the determination of the issue price thereof.

Shalby: Shalby Academy, a division of Shalby, signed a memorandum of understanding with Kaushalya, the Skill University of the Government of Gujarat. Shalby Academy will specifically offer certificate, diploma, and post-graduate diploma programs focusing on clinical paramedical and allied health science segments.

HG Infra Engineering: The company has been declared an L-L bidder by Central Railway for the project worth Rs 716.11 crore. It will construct a new BG line between Dhule (Borvihir) and Nardana on the Central Railway.

Bajel Projects: The company has received a LOI (letter of intent) for the supply of plant and installation services for engineering, procurement, construction, and commissioning of transmission lines and GIS substations in Uttar Pradesh from Tata Power Company for and on behalf of their project-specific SPV, Jalpura-Khurja Power Transmission. The project, worth Rs 487.64 crore, will be completed within 18 months from the effective date of the respective contract.

Bhansali Engineering Polymers: The company has received environmental clearance from the State Level Environment Impact Assessment Authority, Rajasthan, for the expansion of ABS (acrylonitrile butadiene styrene) resin up to 2,00,000 TPA and saleable SAN (styrene acrylonitrile) resin up to 25,000 TPA at Sirohi, Rajasthan. Since the company is already in receipt of environmental clearance for 50,000 TPA HRG (high rubber graft) at the Satnoor plant, it now has all the environmental clearance or approvals in place to achieve an overall 2,25,000 TPA capacity.