Buzzing Stocks: L&T, RBL Bank, Maruti Suzuki, Nazara Tech, Hero Motocorp & others in news

Hero MotoCorp: The world’s largest manufacturer of motorcycles and scooters has received 13,688 bookings for its newly launched flagship motorcycle, Karizma XMR. The dispatches of Karizma XMR to Hero MotoCorp dealerships have already started and customer deliveries will begin in the festive period this month. The new Karizma XMR will now be available at Rs 1,79,900 (ex-showroom Delhi) and the company will announce the new booking window soon.

Larsen & Toubro: E P Sajit has been elevated as the Senior Vice President & the Head of Water & Effluent Treatment IC, with effect from October 2.

Punjab National Bank: The public sector lender has announced a 11.3 percent year-on-year growth in total business at Rs 22.5 lakh crore for the quarter ended September FY24, with deposits rising 9.7 percent YoY to Rs 13.08 lakh crore and global gross advances increasing 13.8 percent YoY to Rs 9.4 lakh crore. CASA deposits grew by 2.6 percent YoY to Rs 5.4 lakh crore and domestic advances increased by 13.9 percent YoY to Rs 9.08 lakh crore.

JM Financial: Manish Sheth stepped down from the company as the Chief Financial Officer with effect from September 30, 2023.

Jammu & Kashmir Bank: The lender has reported total business at Rs 2,18,269 crore for the quarter ended September FY24, growing 12.03 percent over a year-ago period, with total deposits rising 9.4 percent YoY to Rs 1,26,589 crore and gross advances increasing 15.88 percent YoY to Rs 91,680 crore. CASA deposits rose 1.24 percent YoY to Rs 64,068 crore.

Marico: The FMCG major said domestic volumes grew in low-single digits on a year-on-year basis, with low single digit volume growth in Parachute Coconut Oil and Saffola Edible Oils, and low single-digit value growth in Value Added Hair Oils. The International business delivered double-digit constant currency growth. Consolidated revenue was marginally lower YoY, dragged by pricing corrections in key domestic portfolios over the last 12 months, which will progressively come into the base going ahead. The company expects robust gross margin expansion YoY and healthy operating profit margin expansion leading to low double-digit operating profit growth.

Bandhan Bank: The private sector lender has reported loans & advances at Rs 1.07 lakh crore for quarter ended September FY24, growing 4.3 percent QoQ and 12.3 percent YoY. The total deposits grew by 3.3 percent QoQ & 12.8 percent YoY to Rs 1.12 lakh crore. CASA deposits increased by 10.5 percent QoQ and 6.5 percent YoY to Rs 43,161 crore, while retail deposits rose by 7.4 percent QoQ & 12.6 percent YoY to Rs 82,977 crore.

Asian Energy Services: The company has appointed Gaurav Srivastava as the Chief Operating Officer. Srivastava has two decades of experience in operations, field services, drilling, and business development at Schlumberger in India, the USA, Australia, Malaysia, and Sudan.

HealthCare Global Enterprises: The cancer care network announced the strategic acquisition of SRJ CBCC Cancer hospital in Indore. HCG further plans to expand by adding 100 beds and state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. With this, HCG is now a network of 21 comprehensive cancer centers with 24 hospitals across India and Africa, and 8 Daycare centres.

Sofcom Systems: Satyam Jaiswal has resigned as the Managing Director of the company, and Shristi Shaw resigned as the Chief Financial Officer with effect from October 4, 2023. They resigned on immediate basis due to preoccupation in other business activities.

Nazara Technologies: Singapore subsidiary of NODWIN Gaming, a material subsidiary of Nazara Technologies, has acquired a 100 percent stake in the game marketing agency, PublishME, for $2 million from its existing shareholders Nazara Technologies, and Ozgur Ozalp.

AXISCADES Technologies: The company has received board approval for appointment of Abidali Neemuchwala as the Chairman of the company with effect from October 4. He is also appointed as an Additional Director, in the category of Non- Executive, Non-Independent Director on the board. Earlier, Abidali was the CEO and Managing Director of Wipro, and he had begun his journey with Tata Consulting Services in 1992.

RBL Bank: The private sector lender has reported total deposits at Rs 89,774 crore for quarter ended September FY24, up 13 percent YoY and 5 percent QoQ, while gross advances grew by 21 percent YoY & 5 percent QoQ to Rs 78,186 crore. CASA for the quarter increased by 12 percent YoY & 0.5 percent QoQ to Rs 32,075 crore. Retail advances grew 34 percent YoY and 8 percent sequentially, while wholesale advances grew 7 percent YoY and was flat sequentially for the quarter ended September 30, 2023.

L&T Finance Holdings: The company announced that the retailisation of the portfolio is estimated at 88 percent at end of Q2FY24, as against 58 percent during the same period last year. Retail disbursements for Q2FY24 is estimated at Rs 13,490 crore, a growth of 32 percent YoY and retail loan book at the end of Q2FY24 is estimated at Rs 69,400 crore, a growth of 33 percent YoY.

Indian Energy Exchange: The energy exchange has recorded a 13 percent YoY growth in total electricity volume for September at 9,147 million units. Real time market volume in September grew by 33 percent YoY to 2,923 million units, and the market clearing price for the month was up 11 percent YoY at Rs 6.23 per unit.

SAL Automotive: The company said the board of directors has appointed Namrata Jain as the CFO of the company with immediate effect. Currently Namrata Jain is the Executive Director-Finance.

Sheela Foam: The company has received a show cause cum demand notice from the Commissioner of GST Intelligence, Greater Noida, alleging a tax demand of Rs 20.26 crore, in addition with an equivalent penalty of Rs 20.26 crore.

Axita Cotton: The board members have reappointed Nitinbhai Govindbhai Patel as the CMD of the company with effect from October 1, 2023. Further, Kushal Nitinbhai Patel is appointed as a Non-Executive Director, and Utsav Himanshu Trivedi is appointed as an Independent Director of the company.

Maruti Suzuki India: The company has received a Show Cause Notice amounting to Rs 1.79 crore from the Gujarat GST Authority, for the period July 2017 to March 2018 on account of reconciliation of tax returns filed by company. The company will file reply to the show cause notice before the adjudicating authority.

ACC: The cement company has incorporated two wholly owned subsidiaries – ACC Concrete South, and ACC Concrete West. Both subsidiaries will carry on the business of manufacturing and dealing in cement, RMC and allied products and by-products.