Buzzing Stocks: Hero Moto, Biocon, LIC, Patanjali, BHEL, Kalyan Jewellers, Paytm, others in news

Results on February 9: Hero MotoCorp, Tata Power Company, Honasa Consumer, Zydus Lifesciences, Alkem Laboratories, Bajaj Hindusthan Sugar, Bandhan Bank, Campus Activewear, Cello World, DOMS Industries, Emami, Finolex Cables, Happy Forgings, Inox Green Energy Services, Indian Railway Finance Corporation, MRF, The New India Assurance Company, Pfizer, PI Industries, Shree Renuka Sugars, Shipping Corporation of India, SJVN, and Sundaram-Clayton will release their December quarter earnings on February 9.

Results on February 10: Oil and Natural Gas Corporation, Aurobindo Pharma, Divis Laboratories, Multi Commodity Exchange of India, Amber Enterprises India, Birla Precision Technologies, Chemcon Speciality Chemicals, Flair Writing Industries, Jagran Prakashan, Sai Silks (Kalamandir), TVS Electronics, Updater Services, and Uflex will be declare their December quarter earnings on February 10.

Life Insurance Corporation of India: The state-owned life insurance company has recorded standalone profit of Rs 9,444.4 crore in the quarter ended December FY23, growing sharply by 49.1 percent over a year-ago period. Net premium income for the quarter was Rs 1,17,017 crore, increasing 4.7 percent compared to the corresponding period of the last fiscal, and net commission grew by 3.2 percent YoY to Rs 6,520 crore for the quarter. LIC has declared an interim dividend of Rs. 4 per share.

One 97 Communications: The fintech major is putting the finishing touches on a deal to acquire Bitsila, an interoperable e-commerce startup, sources said. Bengaluru-based Bitsila is currently the third-largest seller-side platform by transactions on the Open Network for Digital Commerce (ONDC), sources said. The deal is in advanced stages and will likely close in the coming week, according to two people in the know. Meanwhile, Manju Agarwal, an independent director at Paytm Payments Bank (PPBL), has resigned from the board with effect from February 1, 2024, following the Reserve Bank of India’s (RBI) restrictions on PPBL, CNBC-TV18 reported, citing sources. Manju Agarwal is a former Deputy Managing Director at SBI and has been serving on the PPBL board since May 2021.

Biocon: The biopharmaceutical firm recorded consolidated net profit of Rs 660 crore for the October–December period of FY24, against a loss of Rs 41.8 crore in the corresponding period of the last fiscal. This was partly due to a low base, as there was an exceptional loss of Rs 271.4 crore in Q3 FY23. Revenue from operations for the quarter at Rs 3,953.7 crore increased by 34.4 percent over a year-ago period. Meanwhile, Indranil Sen has resigned as chief financial officer of the company with effect from March 15, 2024, to pursue opportunities outside the organisation.

Bharat Heavy Electricals (BHEL): The state-owned power equipment manufacturer has received an order from HPGCL (Haryana Power Generation Corporation) for setting up the 1×800 MW ultra-critical expansion unit at DCRTPP Yamuna Nagar. The contract value is more than Rs 5,500 crore. BHEL will provide equipment (including a boiler, turbine, generator, and associated auxiliaries), erection and commissioning, and civil works.

Patanjali Foods: The FMCG company has reported net profit at Rs 216.5 crore for the third quarter of FY24, falling 19.6 percent compared to the corresponding period of last fiscal year, impacted by subdued topline and operating numbers. Revenue from operations fell by 0.2 percent YoY to Rs 7,910.7 crore for the quarter.

Kalyan Jewellers India: Goldman Sachs Funds—Goldman Sachs India Equity Portfolio, Nomura Funds Ireland Plc Nomura Funds Ireland India Equity Fund, The Master Trust Bank of Japan Limited AC Nomura India Investment Fund Mother Fund, and Motilal Oswal Mutual Fund A/C Motilal Oswal Midcap 30 Fund bought 3,68,43,078 equity shares (3.6 percent stake) worth Rs 1,430 crore in the jewellery company. However, foreign investor Highdell Investment offloaded 6,87,29,971 equity shares, or 6.67 percent stake, worth Rs 2,317.01 crore at Kalyan Jewellers. Highdell had held a 17.59 percent stake in the company as of December 2023.

Indian Railway Catering and Tourism Corporation (IRCTC): The state-owned entity has signed a MoU with the Government of Uttarakhand through the Uttarakhand Tourism Development Board (UTDB) for taking dedicated Bharat Gaurav tourist trains through IRCTC and operating the trains originating from different cities and stations of the country to Uttarakhand. The MoU has been signed initially for a period of two years, which would be further extended for additional years.

Aster DM Healthcare: The healthcare services provider has reported consolidated profit at Rs 179.2 crore for the third quarter of FY24, growing 28.6 percent over a year-ago period, backed by topline and EBITDA performance. Revenue from operations grew by 16.2 percent YoY to Rs 3,710.6 crore for the quarter, while operating EBITDA increased by 28 percent to Rs 583 crore.

Ramco Cements: The cement manufacturing company has reported a 38.6 percent on-year growth in standalone net profit at Rs 93.4 crore for the quarter ended December FY24, backed by healthy operating numbers. Revenue from operations grew by 5 percent YoY to Rs 2,106.1 crore for the quarter. During Q3FY24, the sale volume was 4 million metric tons, compared to 3.64 million metric tons in Q3FY23, with a growth of 10 percent. Blended EBIDTA per ton for Q3 FY24 was Rs 1,007 as against Rs 808 during Q3 FY23.

Rail Vikas Nigam: The state-owned entity has recorded consolidated profit at Rs 358.6 crore for the October-December period of FY24, falling 6.2 percent compared to the year-ago period, impacted by topline and operating numbers. Revenue from operations increased by 6.4 percent YoY to Rs 4,689.3 crore for the quarter.

Grasim Industries: The Aditya Birla Group company has reported standalone profit at Rs 236.31 crore for the third quarter of FY24, falling 8.2 percent compared to the year-ago period as tax cost at Rs 2.8 crore in Q3 FY24 against a tax write-back of Rs 42.36 crore in Q3 FY23. Revenue from operations grew by 3.3 percent to Rs 6,400.25 crore compared to the year-ago period.

JK Lakshmi Cement: The cement manufacturing company has recorded an 88 percent year-on-year increase in consolidated net profit at Rs 143.67 crore for the quarter ended December FY24, backed by healthy operating numbers with lower power and fuel costs. Revenue from operations rose 9 percent YoY to Rs 1,703 crore for the quarter.

Torrent Power: The Gujarat-based power company recorded consolidated net profit at Rs 359.8 crore for the quarter ended December FY24, declining sharply by 47.4 percent compared to the year-ago period, impacted by lower topline and dismal operating numbers with higher fuel costs. Revenue from operations fell 1.2 percent year-on-year to Rs 6,366 crore for the quarter. The firm has announced an interim dividend of Rs 12 per share for the current financial year.

United Breweries: The Kingfisher beer maker has reported standalone net profit of Rs 84.85 crore for the third quarter of FY24, against a loss of Rs 2.14 crore in the corresponding period of the last fiscal year, backed by healthy operating numbers and higher other income. The bottomline in Q3 FY23 was impacted by an exceptional loss of Rs 33.12 crore. Revenue from operations for the quarter grew by 13.1 percent YoY to Rs 1,822.66 crore. Meanwhile, the board of directors has appointed Anand Kripalu as chairman of the company with immediate effect.

Suryoday Small Finance Bank: The small finance bank has registered a 217 percent on-year increase in net profit at Rs 57.22 crore for the October-December period of FY24, with other income rising 102.3 percent YoY to Rs 51.9 crore and pre-provision operating profit increasing 80.5 percent to Rs 114.2 crore for the quarter. Net interest income during the quarter jumped 33.9 percent to Rs 245.7 crore compared to the same period last year. On the asset quality front, gross NPA rose by 16 bps sequentially to 3.06 percent and net NPA fell 4 bps QoQ to 1.42 percent for the quarter.

Knowledge Marine & Engineering Works: Bandhan Mutual Fund has bought 1,47,500 equity shares in Knowledge Marine via open market transactions at an average price of Rs 1,580.50 per share. However, promoter Kanak Sujay Kewalramani sold 1,20,000 equity shares in the company at the same price. Ace investor Ashish Kacholia holds a 2.78 percent stake in the company.

Avalon Technologies: HDFC Mutual Fund has bought 14,31,000 equity shares, which is equivalent to 2.18 percent of paid-up equity, in the electronics manufacturing service provider via open market transactions at an average price of Rs 474 per share. HDFC Mutual Fund held more than a 2.5 percent stake in the company as of December 2023. However, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio sold 14,93,822 (2.27 percent stake) equity shares in the company at an average price of Rs 474.01 per share.

Paradeep Phosphates: Goldman Sachs Funds: Goldman Sachs India Equity Portfolio sold 74,74,568 equity shares, equivalent to 0.91 percent of paid-up equity, in the company at an average price of Rs 76.05 per share.

Global Health: The multi-specialty tertiary care provider clocked 53.4 percent on-year growth in consolidated net profit at Rs 123.6 crore for the quarter ended December FY24, backed by strong operating margins and healthy topline growth. Revenue from operations grew by 20 percent YoY to Rs 832.6 crore for the quarter, with matured and developing units delivering robust revenue growth of 17 percent and 33 percent YoY, respectively. This growth was primarily driven by increased in-patient volume and improved realization.

EPIC Energy: The company has received a Letter of Award (LOA) for the supply, installation, and commissioning of a 54.6 KW grid-connected solar PV system with 3-phase inverters.

Bharat Seats: Sanjeev Kumar has resigned from the position of Chief Financial Officer and key managerial personnel of the company with effect from February 8, 2024, after his transfer to the commercial department.

Megatherm Induction: Ace investor Ashish Rameshchandra Kacholia has bought 3,16,800 equity shares in the induction heating and melting products manufacturing company via an open market transaction at an average price of Rs 224.96 per share, valued at Rs 7.13 crore.