Buzzing Stocks: Tata Motors, ICICI Bank, Zee, TCS, Colgate-Palmolive, SAIL, others in news

Results on January 23: Axis Bank, Indus Towers, JSW Energy, L&T Finance Holdings, Havells India, Karnataka Bank, Mahanagar Gas, REC, Tata Elxsi, United Spirits, CG Power and Industrial Solutions, Cyient DLM, Gandhar Oil Refinery, Glenmark Life Sciences, Granules India, ICRA, Pidilite Industries, Hitachi Energy India, Rallis India, Sona BLW Precision Forgings, Tanla Platforms, and Ugro Capital will release their quarterly earnings on January 23.

Tata Motors: The Tata Group company said it would increase the prices of its entire passenger vehicle range by an average of 0.7 percent with effect from February 1. The price increase is being taken to partially offset the rise in input costs.

ICICI Bank: The private sector lender has recorded a 23.6 percent on-year growth in standalone net profit at Rs 10,271.54 crore for the quarter ended December FY24, despite higher provisions. Net interest income grew by 13.4 percent YoY to Rs 18,678.55 crore for the quarter, while the net interest margin dropped to 4.43 percent in Q3 FY24, from 4.53 percent in Q2 FY24 and 4.65 percent in Q3 FY23. On the asset quality front, gross NPA dropped 18 basis points sequentially to 2.3 percent, and net NPA increased 1 basis point to 0.44 percent during the quarter.

Tata Consultancy Services: The country’s largest IT services company has enabled Euroclear Finland, the National Central Securities Depository (CSD) of Finland, to integrate its core platform with the European securities settlement engine. This transformation program ensures easier cross-border settlements for investors in Finnish securities and has resulted in the most modern post-trade platform in Europe.

Pfizer: The board of directors has appointed Amit Agarwal as Chief Financial Officer of the company, with effect from February 26, 2024. Further, Amit Agarwal is also appointed as an Additional Director (whole-time Director) of the company, designated as Executive Director, Finance, and Chief Financial Officer for five years.

Colgate-Palmolive India: The oral care company has clocked a 36 percent on-year growth in net profit at Rs 330.11 crore for the October–December FY24 quarter, backed by healthy operating numbers. Revenue from operations increased by 8 percent year-on-year to Rs 1,396 crore, with domestic net sales growth of 8.8 percent for the quarter.

Steel Authority of India: The Government of India has placed V. S. Chakravarthy, Director (Commercial), and A. K. Tulsiani, Director (Finance), on suspension with immediate effect. The government also suspended some below-board-level officials of the company, including SK Sharma, ED (F&A), CMC; Vinod Gupta, ED (Commercial); Atul Mathur, ED (Sales & ITD); and R M Suresh, ED (Marketing Services), with immediate effect.

Cipla: The pharmaceutical company has registered 31.8 percent on-year growth in consolidated net profit at Rs 1,056 crore for the quarter ended December FY24, backed by double-digit growth in topline as well as operating numbers. Revenue from operations grew by 13.7 percent YoY to Rs 6,604 crore, and EBITDA increased by 24.2 percent to Rs 1,748 crore in Q3 FY24.

Zee Entertainment Enterprises: Sony Group called off the December 22, 2021, agreement to merge Zee Entertainment and Culver Max Entertainment (CME), which was formerly known as Sony Pictures Networks India. Sony is seeking a termination fee of $90 million on account of alleged breaches by ZEEL of the terms of the MCA (Merger Co-operation Agreement), invoking arbitration, and seeking interim reliefs against ZEEL. ZEEL categorically refuted all claims and assertions made by Culver Max and BEPL (Bangla Entertainment Pvt. Ltd.) and is evaluating all available options.

Coforge: The global IT solutions company has recorded 31.5 percent quarter-on-quarter growth in net profit at Rs 238 crore for the quarter ended December FY24, with healthy operating numbers. Revenue from operations increased by 2.1 percent QoQ to Rs 2,323.3 crore, while revenue in dollar terms increased by 1.4 percent QoQ to $282 million. Order intake was $354 million, with the addition of 7 new clients during the quarter.

IDFC First Bank: The lender has recorded 18 percent on-year growth in profit at Rs 716 crore for the quarter ended December FY24, with core operating profit rising 24 percent to Rs 1,515 crore for the quarter. Net interest income in Q3 FY24 grew by 30 percent YoY to Rs 4,287 crore, with the net interest margin rising to 6.42 percent from 6.13 percent during the same period. Gross NPA dropped 7 bps sequentially to 2.04 percent, and net NPA was flat at 0.68 percent for the quarter.

Cyient: US subsidiary Cyient Inc. has entered into an agreement to settle and dismiss, with prejudice, the civil class action antitrust lawsuit for $7.4 million. Cyient Inc. will utilize the insurance amounts available to it towards payment of the aforesaid settlement amount.

Spandana Sphoorty Financial: The microfinance lender has reported 78.5 percent on-year growth in consolidated net profit at Rs 127.4 crore for the quarter ended December FY24. Net interest income for the quarter increased by 60.67 percent year-on-year to Rs 375.85 crore. Assets under management (AUM) surged 52 percent YoY to Rs 10,404 crore, and disbursement increased 8 percent to Rs 2,543 crore in Q3 FY24.

Oberoi Realty: The Mumbai-based real estate developer has recorded a 49 percent on-year decline in net profit at Rs 360 crore for the October–December period of FY24, impacted by weak topline and operating numbers. Revenue from operations fell by 35.3 percent YoY to Rs 1,054 crore during the quarter.

Anupam Rasayan India: The specialty chemicals company has incorporated a wholly owned subsidiary, namely Anupam Europe AG, in Basel, Switzerland.

JM Financial: Atul Mehra has resigned as Joint Managing Director of the company, with effect from April 20, 2024.

Jammu & Kashmir Bank: The lender has registered a massive 35 percent on-year growth in net profit at Rs 421 crore for the quarter ended December FY24. Net interest income increased by 1.8 percent to Rs 1,280 crore compared to the year-ago period. Asset quality improved with the gross NPA declining 42 bps QoQ to 4.84 percent and the net NPA falling 21 bps to 0.83 percent in Q3 FY24.

Medi Assist Healthcare Services: The healthcare third-party administrator is set to list its equity shares on the bourses on January 23. The final issue price has been set at Rs. 418 per share.

Persistent Systems: The Pune-based IT services company has registered an 8.7 percent QoQ growth in net profit at Rs 286.1 crore for the October–December period of FY24, with strong operating margin performance, while it announced an interim dividend of Rs 32 per share for FY24 and a split of the face value of shares from Rs 10 per share to Rs 5 per share. Revenue from operations grew by 3.6 percent sequentially to Rs 2,498.2 crore for the quarter, and revenue in dollar terms increased by 3 percent to $300.55 million with constant currency topline growth of 3.1 percent.

Keystone Realtors: The real estate developer has signed a letter of intent for the redevelopment of the plot and premises of two societies, i.e., Veena Nagar Co-operative Housing Society and NeelKamal Ghruh Co-operative Housing Society. The project will be developed on a combined land area measuring approximately 12,120 square meters in Malad (W), Mumbai. This redevelopment will lead to a sale potential of ~3,42,000 square feet of RERA carpet area, with an expected gross development value (GDV) of Rs 1,200 crore.

Beardsell: The company has entered into a non-binding term sheet for the acquisition of a leading manufacturer of radio frequency drying technology. This is subject to the execution of definitive agreements with mutual acceptance and the fulfillment of other obligations.

Rossari Biotech: The specialty-chemicals manufacturer has recorded net profit at Rs 34.4 crore for the October-December period of FY24, growing 34 percent over a year-ago period despite pressure in operating margin. Revenue from operations grew by 19 percent YoY to Rs 463.8 crore in Q3 FY24, while EBITDA improved by 18 percent on-year to Rs 63.7 crore, but margin dropped 20 basis points to 13.7 percent during the same period.

Lloyds Metals and Energy: The company has reported a 44.1 percent year-on-year growth in profit at Rs 331.6 crore for the quarter ended December FY24, supported by growth in topline as well as operating numbers. Revenue from operations grew by 91.1 percent to Rs 1,910.5 crore compared to the year-ago period.

Cigniti Technologies: The company said the board of directors has appointed Srikanth Chakkilam as director and CEO of the company. Consequently, Srikanth Chakkilam, who is currently the non-executive director of the company, has been re-designated as the executive director and CEO of Cigniti Technologies.

NMDC: The Government of India has placed V Suresh, Director (Commercial), NMDC, under suspension with immediate effect.

Maxposure: The company will list its equity shares on the NSE Emerge on January 23. The issue price is Rs. 33 per share. Its equity shares will be available for trading in the trade-for-trade segment.

Commercial Syn Bags: The company will make its debut on the NSE on January 23. Its equity shares will be traded in the normal market segment in compulsory demat for all investors.