Buzzing Stocks: Paytm, Tata Consumer, Nykaa, Britannia, Kotak Mahindra, others in news

Results on February 7: Tata Consumer Products, Power Grid Corporation of India, Nestle India, Lupin, Manappuram Finance, Apollo Tyres, Ashoka Buildcon, Borosil Renewables, Cummins India, General Insurance Corporation of India, JK Paper, Parag Milk Foods, Protean eGov Technologies, Sobha, Trent, and Zuari Agro Chemicals will declare the December quarter earnings scorecard on February 7.

One 97 Communications: Paytm’s Founder Vijay Shekhar Sharma has met Finance Minister Nirmala Sitharaman, reports CNBC-TV18, quoting sources. Sharma is likely to have to discuss the current situation with respect to Paytm.

FSN E-Commerce Ventures: The Nykaa brand operator has recorded a 106 percent on-year growth in net profit at Rs 17.5 crore for the quarter ended December FY24, with revenue increasing 22 percent to Rs 1,788.8 crore and gross merchandise value growing 29 percent over a year-ago period. EBITDA for the quarter jumped 26 percent YoY to Rs 98.8 crore, with a margin expansion of 20 bps at 5.5 percent in Q3 FY24.

Biocon: The biopharmaceutical firm has received tentative approval for its ANDA for Dasatinib tablets from the US FDA for strengths of 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg. This product is indicated for use in the treatment of Philadelphia chromosome-positive chronic myeloid leukemia in adults.

Kotak Mahindra Bank: The Competition Commission of India (CCI) has approved the acquisition of a 70 percent stake in Kotak Mahindra General Insurance Company by Zurich Insurance Company. Zurich Insurance will acquire a 51 percent stake in Kotak Mahindra General Insurance Company through a combination of fresh growth capital and share purchases. In addition, Zurich Insurance will also acquire an additional stake of up to 19 percent in Kotak Mahindra General Insurance over a period of time.

Britannia Industries: The biscuit maker has recorded consolidated profit of Rs 555.66 crore for the quarter ended December FY24, falling sharply by 40.4 percent compared to the year-ago period due to its high base. In Q3 FY23, the net profit included exceptional gains of Rs 375.6 crore. Revenue from operations grew by 1.4 percent YoY to Rs 4,256.3 crore for the quarter.

Max Financial Services: The company recorded a consolidated profit of Rs 171.2 crore for the third quarter of FY24, falling 36.4 percent compared to the corresponding period of the last fiscal. Revenue from operations during the period grew by 39 percent YoY to Rs 12,356 crore for the quarter. Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) has approved the capital infusion of Rs 1,612 crore by Axis Bank into Max Life, subject to the approval of the Competition Commission of India (CCI).

Change in circuit limit to 20 percent from 10 percent: The BSE has revised circuit limit for 154 stocks to 20 percent from 10 percent earlier including Honasa Consumer, Adani Green Energy, Adani Total Gas, Rail Vikas Nigam, Indian Railway Finance Corporation, Patanjali Foods, The New India Assurance Company, Reliance Infrastructure, Spencers Retail, Atul Auto, Talbros Engineering, PTC Industries, DCM, Bliss GVS Pharma, Jindal Hotels, Nitin Castings, Jumbo Bag, Kokuyo Camlin, DCM Shriram Industries, Sayaji Hotels, Sandu Pharmaceuticals, Premier Explosives, Patel Integrated Logistics, Bilcare, Axiscades Technologies, Jindal Photo, Repro India, Autoline Industries, Dhani Services, Kiri Industries, Texmo Pipes and Products, GKB Ophthalmics, Navkar Corporation, Vishal Bearings, Fredun Pharmaceuticals, MSTC, EKI Energy Services, Shyam Metalics and Energy, Gretex Corporate Services, and Sundaram Brake Linings.

Navin Fluorine International: The chemicals company has reported a consolidated profit of Rs 78.02 crore for the quarter ended December FY24, falling sharply by 26.8 percent compared to the corresponding period of the last fiscal year, dented by dismal topline and operating numbers. Revenue from operations fell by 11 percent YoY to Rs 501.8 crore for the quarter.

Lupin: The pharma company has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Bromfenac ophthalmic solution to market a generic equivalent of BromSite ophthalmic solution from Sun Pharmaceutical Industries in the United States. Lupin is the exclusive first-to-file for this product. Bromfenac ophthalmic solution is indicated for the treatment of postoperative inflammation and the prevention of ocular pain in patients undergoing cataract surgery.

NLC India: The coal mining company has reported consolidated net profit of Rs 250.4 crore for the October–December period of FY24, against a loss of Rs 406.7 crore in the corresponding period of the last fiscal, despite lower topline and operating numbers. Consolidated revenue from operations fell by 14 percent YoY to Rs 3,164.4 crore during the quarter.

JB Chemicals & Pharmaceuticals: The company has registered a 26 percent on-year growth in net profit at Rs 134 crore for the third quarter of FY24, driven by healthy operating numbers. Revenue from operations increased by 7 percent YoY to Rs 845 crore for the quarter, with domestic formulations business growing 14 percent YoY, but international formations business fell 0.8 percent to Rs 383 crore in Q3 FY24. JB Chemicals has appointed Narayan Saraf as the Chief Financial Officer, with effect from February 23 this year.

Berger Paints: The paint manufacturing company has clocked 49.2 percent on-year growth in consolidated profit at Rs 300.2 crore for the October–December period of FY24, driven by healthy operating numbers with lower input costs. Revenue from operations grew by 7 percent YoY to Rs 2,882 crore for the quarter.

Godawari Power & Ispat: The company has registered a 79 percent on-year growth in consolidated profit at Rs 229.3 crore for the quarter ended December FY24, despite a lower topline, aided by healthy operating numbers and a fall in input costs. Revenue from operations fell by 10.5 percent YoY to Rs 1,309 crore for the quarter.

Endurance Technologies: The automotive component manufacturer has registered consolidated profit of Rs 152.3 crore for the quarter ended December FY24, rising 40.7 percent over a year-ago period despite a spike in input costs. Revenue from operations for the quarter at Rs 2,561.1 crore increased by 22 percent compared to the corresponding period of the last fiscal.

Redington: The technology solutions provider has recorded consolidated profit at Rs 347.88 crore for the third quarter of FY24, declining 11.4 percent compared to the corresponding period of the last fiscal on account of lower operating numbers and an increase in input costs. Revenue from operations grew by 8.4 percent year-on-year to Rs 23,505 crore for the quarter.

Quess Corp.: The business services provider has agreed to sell its wholly-owned subsidiary, Qdigi Services, to Onsitego. As part of the transaction, the entire team and business of Qdigi will be transferred to Onsitego. Quess will receive a total cash consideration of Rs 80 crore, while Quess will be acquiring a minority stake in Onsitego. The transaction is expected to be completed over the next 2–3 months.

EIH: The hospitality company has recorded 54.6 percent on-year growth in consolidated profit at Rs 230 crore for the quarter ended December FY24, with a healthy topline as well as operating numbers. Revenue from operations increased by 26.4 percent YoY to Rs 741.3 crore for the quarter.

Nazara Technologies: The gaming and sports media platform has registered consolidated net profit of Rs 29.5 crore for the October–December period of FY24, growing 47 percent over the corresponding period of last fiscal year despite muted topline growth, backed by strong operating numbers. Revenue from operations grew by 2 percent YoY to Rs 320.4 crore in Q3 FY24.

Radico Khaitan: The liquor company has registered consolidated profit at Rs 75.2 crore for the third quarter of FY24, rising 22.7 percent over a year-ago period with healthy topline and operating income. Consolidated revenue from operations grew by 34.1 percent year-on-year to Rs 4,246 crore for the quarter.

Krishna Institute of Medical Sciences: SBI Life Insurance Company has bought 11,49,074 equity shares in KIMS, which is equivalent to 1.43 percent of paid-up equity, via open market transactions, at an average price of Rs 2,085 per share, valued at Rs 239.6 crore. However, alternative investment fund India Advantage Fund S4-I sold 10,70,545 equity shares, or a 1.3 percent stake, in the company at the same price, amounting to Rs 223.2 crore. As of December 2023, India Advantage Fund had a 2.23 percent stake in the company.

SKF India: Manish Bhatnagar, who is currently the Managing Director, is appointed as the new President, Industrial Region Americas, at SKF Group. In pursuance of this change, the board of the company will evaluate the appointment of a new managing director of the company. The board, in its upcoming meeting scheduled for February 8, will discuss this matter for further steps. Bhatnagar will continue in his role as managing director until further notice.

Gabriel Pet Straps: The pet strap manufacturing company is set to debut on the BSE SME on February 7. The issue price is Rs. 101 per share. The stock will be in the trade-for-trade segment for 10 trading days.