Buzzing Stocks: RIL, Wipro, IndusInd Bank, TCS, Shoppers Stop, HUL, others in news

Results on January 19: Reliance Industries, Hindustan Unilever, UltraTech Cement, One 97 Communications (Paytm), RBL Bank, Hindustan Zinc, Atul, Central Bank of India, CESC, CreditAccess Grameen, Hatsun Agro Product, HT Media, Sunteck Realty, Tejas Networks, and Websol Energy System will be in focus ahead of quarterly earnings on January 19.

Results on January 20: ICICI Bank, Kotak Mahindra Bank, Union Bank of India, IDBI Bank, IDFC First Bank, Indian Renewable Energy Development Agency, Persistent Systems, Aarti Surfactants, Can Fin Homes, Jammu & Kashmir Bank, JK Cement, LKP Securities, Rossari Biotech, Seshasayee Paper & Boards, Sportking India, Tatva Chintan Pharma Chem, and Waaree Renewable Technologies will be in focus ahead of quarterly earnings on January 20.

Wipro: The IT services company has signed a definitive agreement to subscribe for a 14 percent equity share in Huoban Energy 11, for Rs 3.17 crore. The deal will help Wipro enhance the proportion of usage of renewable energy for offices in Maharashtra. The transaction is expected to be completed before March 2024.

Hindustan Unilever: The FMCG major has entered into transaction documents for the acquisition of a 27.73 percent stake in the SPV (special purpose vehicle) Transition Sustainable Energy Services One. On December 1, last year, the board approved the proposal to enter into an agreement for the acquisition of renewable power by acquiring a stake in Transition Sustainable Energy Services One.

Tata Consultancy Services: The country’s largest IT company shares will trade ex-date for a dividend with effect from January 19. The company announced an interim dividend of Rs 9 per share and a special dividend of Rs 18 per share for the current financial year on January 11.

NHPC: The company has decided to exercise the oversubscription option to the extent of up to 10,04,50,348 equity shares (representing a 1 percent stake), in addition to 25,11,25,870 equity shares (representing 2.50 percent of paid-up equity), the base offer size, on January 19. Accordingly, the total offer size will be 35,15,76,218 equity shares, or 3.50 percent of the company. The offer-for-sale (OFS) was opened for non-retail investors on January 18 and will open for retail investors on January 19.

IndusInd Bank: The private sector lender has reported slightly better-than-expected earnings for the quarter ended December FY24, with standalone net profit growing 17.3 percent on-year to Rs 2,297.9 crore and net interest income rising 17.8 percent to Rs 5,295.6 crore. Other income and pre-provision operating profit grew by 15.4 percent and 8.7 percent compared to the year-ago period, while provisions and contingencies dropped to Rs 934.23 crore from Rs 1,064.7 crore on a year-on-year basis. Asset quality was stable for the quarter, with the gross non-performing assets (NPA) falling 1 bp to 1.92 percent and the net NPA flat on a sequential basis.

Shoppers Stop: The department store chain has registered a 41.3 percent on-year fall in consolidated net profit at Rs 36.85 crore for the quarter ended December FY24, impacted partly by weak operating numbers and lower other income. Revenue from operations increased 8.8 percent YoY to Rs 1,237.5 crore in Q3 FY24.

Poonawalla Fincorp: The non-banking finance company has registered a massive 76.3 percent on-year growth in net profit at Rs 265.1 crore for the October–December period of FY24. Revenue from operations during the same period grew by 52.1 percent to Rs 762.6 crore, while assets under management at Rs 21,946 crore at the end of the December quarter grew by 58 percent YoY and 9 percent QoQ.

Indian Bank: The public sector lender has received approval from the Reserve Bank of India (RBI) for setting up a new wholly owned operations support subsidiary.

Metro Brands: Retail footwear has recorded a 12.6 percent year-on-year decline in consolidated net profit at Rs 97.81 crore for the quarter ended December FY24, impacted by weak operating margin performance. Revenue from operations during the same period grew by 6.1 percent to Rs 635.5 crore compared to the year-ago period.

Lupin: The pharma major has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Febuxostat tablets to launch in the US. Febuxostat is the generic equivalent of Uloric tablets from Takeda Pharmaceuticals USA, Inc. Febuxostat tablets, which are used for the chronic management of hyperuricemia in adult patients with gout, had estimated annual sales of $27 million in the US, as per IQVIA MAT November 2023.

Finolex Industries: The Pune-based PVC pipes and fittings manufacturer has recorded a 20 percent on-year increase in consolidated net profit at Rs 95.4 crore for the quarter ended December FY24, despite a weak topline supported by healthy operating numbers. Revenue from operations fell 9.3 percent YoY to Rs 1,019.7 crore for the quarter.

Bandhan Bank: The Reserve Bank of India (RBI) has granted its approval for the appointment of Rajinder Kumar Babbar as Whole-Time Director (to be designated as Executive Director) of Bandhan Bank for three years, with effect from the date of taking charge, which should be within three months from the date of the said RBI approval.

Shalby: The multi-specialty hospital has acquired an 87.26 percent stake in Sanar International Hospitals, Gurugram (PK Healthcare) for Rs 102 crore. This equity stake will be acquired within a period of one month through primary infusions and secondary buy-outs. Its current capacity of 130 beds can be increased to 180 beds by adding capacity.

Supreme Petrochem: The polystyrene polymer producer recorded a 24.7 percent on-year decline in net profit at Rs 67.7 crore for the October–December quarter of FY24, dented by tepid topline growth and disappointing operating performance. Revenue from operations grew by 0.6 percent to Rs 1,187.7 crore compared to the corresponding period last fiscal. The company will invest Rs 800 crore to establish a plant for the manufacture of polystyrene, expandable polystyrene, and styrenic derivatives in Kamal, Haryana.

REC: The Ministry of New and Renewable Energy, Government of India (MNRE) has designated REC as the overall program implementation agency for the rooftop solar (RTS) program of the Ministry. The MNRE was also entrusted with the responsibility for execution of the program or scheme prepared by the MNRE and for coordination with all stakeholders across the country, with the objective of achieving a cumulative capacity of 40,000 MW from RTS by the year 2026.

HCL Technologies: The technology company’s shares will start trading ex-dividend on January 19. The firm has declared an interim dividend of Rs 12 per share for FY24 on January 12, while the record date of January 20 is fixed for the payment of said interim dividend.

Tinplate Company of India (TCIL): The Tata Group company will trade ex-date for amalgamation on January 19. Also, the board had approved January 19 as the record date for determining the shareholders of TCIL, who will be entitled to receive fully paid-up equity shares of Tata Steel in the share exchange ratio after amalgamation. Tata Steel will issue and allot fully paid-up ordinary equity shares to all those shareholders of TCIL whose names would appear in the Register of Members on the record date, i.e., January 19, in the ratio of 33 fully paid-up equity shares of Rs 1 each for every 10 fully paid-up equity shares of Rs 10 each held by such member in TCIL.

Shree Marutinandan Tubes: The company will list its equity shares on the BSE SME on January 19. The issue price is Rs. 143 per share. The stock will be in the trade-for-trade segment for 10 trading days.