Buzzing Stocks: Adani Energy, HDFC Bank, Asian Paints, ICICI Securities, L&T, others in news

Adani Energy Solutions: The Adani group company said the transmission and smart metering business has maintained system availability of 99.67 percent in Q3 FY24 and added 302 ckms to the operational network during the quarter, with the total network at 20,422 ckms. The segment has received total contracts of 2 million smart meters with a contract value of Rs 2,300 crore during the quarter, while the total smart metering under-construction pipeline stood at 21.1 million smart meters, consisting of eight projects with a contract value of Rs 25,100 crore. In the distribution utility segment, distribution loss improved consistently and stood at 5.46 percent in Q3 FY24 against 5.60 percent in Q3 FY23.

L&T Technology Services: The technology company has reported net profit of Rs 336.2 crore for the quarter ended December FY24, growing 6.6 percent over the year-ago period. Revenue from operations increased by 1.5 percent sequentially to Rs 2,421.8 crore during the quarter, with revenue in terms of dollar as well as constant currency rising 0.9 percent QoQ. Its EBIT grew by 2.1 percent to Rs 416.2 crore, with a margin expansion of 10 bps at 17.2 percent compared to the previous quarter. The company has maintained its full-year USD revenue growth guidance of 17.5–18.5 percent in constant currency. L&T Technology has reappointed Amit Chadha as MD and CEO for three years.

HDFC Bank: The country’s largest private sector lender, has registered a 2.5 percent sequential growth in net profit at Rs 16,372.54 crore for the quarter ended December FY24, partly impacted by higher bad loan provisions. Net interest income grew by 4 percent QoQ to Rs 28,471 crore during the quarter. Asset quality improved with gross non-performing assets falling 8 bps sequentially to 1.26 percent and net NPA declining 4 bps QoQ to 0.31 percent in Q3 FY24.

Results on January 17: Asian Paints, LTIMindtree, ICICI Prudential Life Insurance Company, Happiest Minds Technologies, Alok Industries, Oracle Financial Services Software, Hindustan Media Ventures, IIFL Finance, Speciality Restaurants, Som Distilleries & Breweries, Steel Strips Wheels, Star Housing Finance, Ganesh Housing Corporation, and Moschip Technologies will release the December FY24 quarter earnings scorecard on January 17.

ICICI Securities: The company has reported a massive 66.6 percent on-year growth in standalone profit at Rs 465 crore for the quarter ended December FY24, backed by a healthy topline as well as operating performance. Revenue from operations during the quarter grew by 50.5 percent to Rs 1,322.4 crore compared to the year-ago period.

UltraTech Cement: The cement major has incorporated a wholly-owned subsidiary, namely Letein Valley Cement. The new subsidiary will carry on the business of mining limestone and other raw materials, as well as the manufacture and sale of cement.

Karnataka Bank: The private sector lender and new-age NBFC Clix Capital have entered into a strategic digital co-lending partnership through the Yubi Co.lend platform. This partnership is focused on providing loans to the Indian MSME sector. The agreement is in line with the Reserve Bank of India’s guidelines on co-lending by banks and NBFCs to priority sectors.

Bharat Petroleum Corporation: BPRL International Singapore Pte Ltd (BISPL), an indirect step-down subsidiary of BPCL, announced its proposal for a tender offer for around $120 million in 4.375 percent senior notes that were issued with a maturity date of January 18, 2027. This tender offer is in respect of the notes that were issued by BISPL in January 2017 and were unconditionally and irrevocably guaranteed by Bharat Petroleum Corporation.

TV18 Broadcast: TV18 has recorded a 5 percent on-year decline in consolidated revenue at Rs 1,676 crore for the quarter ended December FY24, but news segment revenue surged 23 percent YoY with strong advertising revenue growth across clusters. Subscription revenue grew by 8 percent YoY to Rs 529 crore, though the film production and distribution business fell 51 percent YoY to Rs 103 crore. TV news EBITDA spiked 253 percent YoY to Rs 47 crore, and entertainment EBITDA loss stood at Rs 193 crore in Q3 FY24 against a profit of Rs 5 crore in Q3 FY23. The company recorded a loss of Rs 12 crore in Q3 FY24 against a profit of Rs 42 crore in the same period last year.

Godrej Properties: The Mumbai-based real estate developer has acquired an additional approximately one acre of land parcel in Yeshwanthpur, Bengaluru. The land has a developable potential of approximately 1.40 lakh square feet of saleable area through an outright purchase for the development of premium residential apartments.

ICICI Lombard General Insurance Company: The general insurance company has registered a 22.4 percent on-year growth in net profit at Rs 431 crore for the quarter ended December FY24, while the gross direct premium income increased by 13.4 percent to Rs 6,230 crore during the same period. The combined ratio stood at 103.6 percent for Q3 FY24 against 104.4 percent in Q3 FY23. The return on average equity was 15.3 percent, up from 14.3 percent during the same period. Its solvency ratio was 2.57x in December 2023 against 2.59x in September 2023, which was higher than the minimum regulatory requirement of 1.50x.

PNC Infratech: The road infrastructure company has received a letter of award for a project worth Rs 1,174 crore from MP Road Development Corporation. The company under this project will construct the Western Bhopal Bypass as a 4-lane road with paved shoulders along with a service road in Madhya Pradesh in Hybrid Annuity Mode (HAM).

DCB Bank: The Reserve Bank of India (RBI) has approved the appointment of Praveen Achuthan Kutty as Managing Director and CEO of DCB Bank, with effect from April 29, 2024. He will be MD and CEO of the bank for three years.

Multi Commodity Exchange of India: Harvinder Singh has joined as Head of Inspection and Audit of MCX India, with effect from January 16. He is also a key managerial personnel at the vice president level.

Indigo Paints: Foreign portfolio investors Smallcap World Fund Inc. sold 7,05,389 equity shares, which is equivalent to 1.5 percent of paid-up equity capital, via open market transactions at an average price of Rs 1,475.32 per share, which is valued at Rs 104.07 crore. However, Morgan Stanley Asia Singapore Pte. Ltd. bought 2.75 lakh shares (0.58 percent stake) at an average price of Rs 1,475 per share. Smallcap World Fund had held a 1.97 percent stake in the paint company as of December 2023.

Suyog Telematics: Investor Fortune Smart Lifestyle has 2.5 lakh equity shares in the company (equivalent to a 2.3 percent stake) at an average price of Rs 1,086.41 per share. However, Natixis International Funds Lux I picked 57,886 equity shares in Suyog, NHIT Global Emerging Markets Equity Trust purchased 1,12,261 shares, and Destinations International Eq Fund A Series of Brinker Capital Destinations Trust bought 1,25,828 shares at an average price of Rs 1,086.40 per share. As of December 2023, Fortune Smart Lifestyle held a 15.07 percent stake in Suyog.

DB Realty: Pinnacle Investments sold 21,43,904 equity shares (equivalent to 0.43 percent of paid-up equity) in the real estate developer via open market transactions at an average price of Rs 233.65 per share, amounting to Rs 50.09 crore.