Buzzing Stocks: SBI, Airtel, Maruti Suzuki, Eicher Motors, LIC Housing, others in news

Results on August 4: State Bank of India, Mahindra & Mahindra, Britannia Industriess, Aditya Birla Fashion and Retail, Alembic Pharmaceuticals, Bharat Dynamics, BHEL, CESC, Dilip Buildcon, Delhivery, Devyani International, Edelweiss Financial Services, Fortis Healthcare, Gati, Gujarat State Petronet, IDFC, JK Tyre & Industries, Kolte-Patil Developers, Shipping Corporation of India, Tatva Chintan Pharma Chem, and Welspun Corp will be in focus ahead of declaring their quarterly earnings today.

Results on August 5: Bank of Baroda, Affle (India), APL Apollo Tubes, Balkrishna Industries, Balrampur Chini Mills, Mrs Bectors Food Specialities, Capri Global Capital, Gujarat Fluorochemicals, Gujarat Ambuja Exports, Jaiprakash Associates, Meghmani Finechem, Neogen Chemicals, Parag Milk Foods, Punjab & Sind Bank, TVS Electronics, and Usha Martin will announce their financials for the June FY24 quarter tomorrow.

Bharti Airtel: The telecom operator has registered a profit of Rs 1,612.5 crore for quarter ended June FY24, falling 46.4% over previous quarter impacted by foreign exchange loss of Rs 3,416 crore. Revenue from operations grew by 4% sequentially to Rs 37,440 crore, with average revenue per user rising 3.6% QoQ to Rs 200, while EBITDA for the quarter increased by 5% to Rs 19,746.1 crore with margin expansion of 50 bps to 52.7% compared to March FY23 quarter.

Maruti Suzuki India: The country’s largest car maker said the board of directors will meet on August 8 to consider the mode of discharging consideration for the acquisition of 100% equity stake of Suzuki Motor Corporation in Suzuki Motor Gujarat. The payment will be done via either cash or preferential issuance of equity shares of Maruti Suzuki to Suzuki Motor Corporation.

Eicher Motors: The automobile company has registered highest ever quarterly revenue, EBITDA and profit in the first quarter of FY24. Profit surged 50.4% year-on-year to Rs 918.3 crore for the quarter ended June FY24, with revenue rising 17.3% to Rs 3,986.4 crore. On the operating front, EBITDA jumped 22.8% to Rs 1,020.9 crore with margin expansion of 110 bps to 25.6% compared to year-ago period.

Torrent Power: The company through its subsidiary Torrent Urja 8, entered into Power Transfer Agreement with subsidiaries of Shapoorji Pallonji & Company (SPCPL) for supply of 132 MW solar power for its desalination plants in Gujarat. The estimated project cost of the 132 MW project is Rs 700 crore. Torrent Power’s installed renewable capacity is ~1.18 GW, and total power generation capacity of 4.2 GW.

One 97 Communications: The Paytm operator has recorded merchant payment volumes at Rs 1.47 lakh crore for July 2023, growing 39% over a year-ago month. Loan distribution business (in partnership with lender partners) continued to gain scale with disbursements of Rs 5,194 crore, growing 148% YoY and 43 lakh loans disbursed in July 2023 through the Paytm platform, rising 46% YoY. Average monthly transacting users at 9.3 crore jumped 19% YoY.

Hindalco Industries: Subsidiary Novelis Inc, the aluminum solutions provider, has announced net income attributable to common shareholder at $156 million for quarter ended June FY24, falling 49% compared to year-ago period. The fall in net income attributed to lower adjusted EBITDA, higher interest expense, and significantly higher gains on unrealised derivatives in the prior year that did not recur. The adjusted EBITDA fell 25% YoY to $403 million, primarily driven by lower shipments, cost inflation, and less favourable metal benefit from recycling. Net sales decreased 20% YoY to $4.1 billion during the quarter impacted by lower average aluminum prices and a 9% decrease in total flat rolled product shipments to 879 kilo tonnes, partially offset by increased product pricing and favorable product mix.

Sterling and Wilson Renewable Energy: The renewable EPC company has won orders worth Rs 826 crore in the first four months of FY24. The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat.

Mahanagar Gas: The natural gas distribution company has reported profit at Rs 368.4 crore for the quarter ended June FY24, rising 37% over previous quarter backed by lower cost of natural gas and traded items. Revenue from operations fell 4.5% sequentially to 1,537.8 crore during the quarter.

Cummins India: The diesel and natural gas engines manufacturer has recorded standalone profit at Rs 315.7 crore for quarter ended June FY24, climbing 58.8% over corresponding period last fiscal led by healthy topline and operating numbers. Revenue from operations grew by 31% YoY to Rs 2,208.7 crore during the same period.

LIC Housing Finance: The housing finance company has registered a massive 43% year-on-year growth in profit at Rs 1,323.7 crore for the quarter ended June FY24, beating analysts estimates. Net interest income grew by 38.4% to Rs 2,252.3 crore compared to year-ago period.

KEC International: The infrastructure EPC major has secured new orders worth Rs 1,065 crore across its various businesses. Consolidated profit increased by 35.5% on-year to Rs 42 crore for the quarter ended June FY24, backed by robust topline and operating numbers. Revenue for the quarter rose by 27.9% to Rs 4,244 crore compared to same period last year, while EBITDA jumps 45.2% YoY to Rs 244 crore with margin expansion of 70 bps at 5.8% in Q1FY24.

Vedanta: Promoter Twin Star Holdings has sold 15.4 crore equity shares or 4.14% stake in the mining company via open market transactions at an average price of Rs 258.55 per share. However, foreign investors Copthall Mauritius Investment and Societe Generale were buyers for some of those shares, acquiring, in total 11.43 crore shares or 3.07% stake in Vedanta at same price.

Visa Steel: Mauritius-based foreign portfolio investor Ayushmat Ltd has bought 46.59 lakh equity shares or 4.02% stake in the manufacturer of high carbon ferro chrome used stainless steel & special steel, at an average price of Rs 16.45 per share. However, another Mauritius-based FPI Eriska Investment Fund was the seller in this deal, selling 56 lakh shares at same price.

Kamdhenu Ventures: Foreign portfolio investor Saint Capital Fund has bought 3.5 lakh equity shares or 0.55% stake in the paint and coating manufacturing company via open market transactions at an average price of Rs 196 per share.

Vertoz Advertising: Singapore-based foreign portfolio investor NAV Capital VCC – NAV Capital Emerging Star Fund has bought 75,000 equity shares in the media company via open market transactions at an average price of Rs 271 per share, Ebene Global Opportunity Fund purchased 1 lakh shares at same price, and Mauritius-based FPI Eriska Investment Fund acquired 1.5 lakh shares at an average price of Rs 269.33 per share.