Buzzing Stocks: Bharti Airtel, Titan, HPCL, IndiGo, Mankind Pharma & others in news today

Results on August 3: Bharti Airtel, Eicher Motors, Sun Pharmaceutical, Lupin, Dabur India, Adani Enterprises, Zomato, LIC Housing Finance, Adani Power, Blue Star, Cummins India, Deepak Nitrite, Great Eastern Shipping, ICRA, KEC International, Karnataka Bank, Mahanagar Gas, Minda Corporation, MRF, Radico Khaitan, Tube Investments of India, and Varun Beverages will be in focus ahead of quarterly earnings on August 3.

Titan Company: The consumer lifestyle company recorded a standalone profit of Rs 777 crore for the June quarter, down 2% from the year-ago period following weak operating numbers. Revenue from operations grew 24.4 percent to Rs 11,145 crore from the year-ago quarter, with jewellery business growing 25.8 percecnt to Rs 10,008 crore. EBITDA fell 5.2 percent year-on-year to Rs 1,103 crore with the margin declining 310 bps during the period.

InterGlobe Aviation: The Gurgaon-based low-cost airline IndiGo operator reported its highest ever quarterly profit and revenue in Q1FY24. Profit stood at Rs 3,090.6 crore compared to a loss of Rs 1,064.3 crore in the year-ago period, backed by strong operational performance, execution of strategy and favourable market conditions. Revenue surged 30% YoY to Rs 16,683.1 crore, while EBIDTAR jumped 627% YoY to Rs 5,210.9 crore with the margin rising to 31.2% from 5.6% during the same period.

Dr Reddy’s Laboratories: Mukesh Rathi has resigned from the position of Chief Information Officer of the company and consequently ceased to be senior management personnel.

Hindustan Petroleum Corporation: The state-owned oil retailer reported a standalone profit of Rs 6,203.9 crore for the quarter ended June FY24, rising 92.5% from the previous quarter driven by strong operating numbers. Revenue from operations stood at Rs 1,11,960.6 crore in Q1FY24, rising 3.7% sequentially. The performance exceeded analysts’ estimates.

Mankind Pharma: The pharma company registered a consolidated profit of Rs 486.9 crore in the June quarter, rising 66.4% over the corresponding period last fiscal, backed by healthy operating numbers. Revenue jumped 18.3% to Rs 2,578.6 crore from the year-ago period, while EBITDA jumped 43.1% to Rs 653 crore with a margin expansion of 450 bps at 25.4%.

Metropolis Healthcare: The diagnostic service provider recorded a consolidated profit of Rs 28.8 crore in the June quarter, falling 13.8% from the year-ago period, hit by weak operating and lower revenue numbers. Revenue declined 1 percent YoY to Rs 277 crore primarily due to large B2G contract insourced by the government and a high base of Covid and allied tests but the core business revenues (excluding Covid and Covid allied, PPP contract) grew by 12% YoY to Rs 271 crore.

Gujarat Gas: The city gas distribution company clocked a consolidated profit of Rs 216 crore in the June quarter, down 41.7% sequentially impacted by lower revenue and weak operating numbers. Revenue (net of excise duty) dropped 3.7% to Rs 3,781.5 crore from the previous quarter but sales volumes increased to 9.22 mmscmd from 8.86 mmscmd. The company received the board’s approval for an equity investment of Rs 100 crore in GSPC LNG and taking the shareholding to 7.87% in GSPC LNG.

Central Bank of India: Bhaskar Gorugantu has been appointed the chief risk officer (CRO) of the public sector lender with effect from August 3. Ashwini Kumar Shukla ceased to be the CRO from August 2 on the completion of his tenure.

Bharat Dynamics: The state-owned defence company has handed over the first Radio Frequency (RF) seeker of Akash – the next-generation weapons system — to Defence Research and Development Organization (DRDO). The first radio frequency (RF) seeker has been produced at the company’s newly commissioned Seeker Facility Centre. The seeker is a critical and technology -intensive subsystem used in surface-to-air missiles and air-to-air missiles for target tracking in the terminal phase.

VIP Industries: The luggage manufacturing company reported a consolidated profit of Rs 57.75 crore in the June quarter, declining 16.4% YoY due to lower operating performance. Revenue from operations increased 7.7% to Rs 636.1 crore from the year-ago period.

Unichem Laboratories: Ipca Laboratories has bought 2.35 crore equity shares in Unichem via open market transactions at an average price of Rs 402.25 a share after getting the approval from Competition Commission of India. The purchase amounted to Rs 945.34 crore. Prakash Amrut Mody, the Chairman & Managing Director of Unichem Laboratories, was the seller in this deal, as per the share purchase agreement.

Campus Activewear: ICICI Prudential Life Insurance Company has bought 25 lakh equity shares and Europe-based financial services group Societe Generale acquired 17.14 lakh shares in the footware company via open market transactions, which is equivalent to 1.38% of total paid-up equity. These shares were bought at an average price of Rs 295 a share.

JSW Steel: The company has entered into a joint venture agreement with JFE Steel Corporation for setting up a company in India for the manufacture and sale of CRGO (cold rolled grain oriented electrical steel products). This is a 50:50 joint venture, and the entire project cost is expected to be approximately Rs 5,500 crore, which is expected to be financed by a mix of equity and debt.

Neogen Chemicals: The company said the board of directors will meet on August 5 to consider the proposal for raising of funds by issue of equity shares.