Buzzing Stocks: HDFC Bank, Jio Financial Services, ICICI Securities, Tata Power, others in news

HDFC Bank: India’s largest private sector lender has recorded a standalone profit of Rs 15,976 crore for the quarter ended September FY24, up 50.6 percent over the year-ago period, beating analysts’ estimates. Net interest income grew by 30.3 percent to Rs 27,385 crore, with the core net interest margin at 3.65 percent and the reported net interest margin of 3.4 percent for the quarter. Numbers are not comparable annually as well as quarterly due to the merger. Gross advances and total deposits increased by around Rs 1.1 lakh crore on-year to Rs 23.54 lakh crore and Rs 21.72 lakh crore. Pre-provision operating profit increased 30.5 percent to Rs 22,694 crore during the same period. Gross NPA as of September FY24 stood at 1.34 percent and net NPA at 0.35 percent.

ICICI Securities: The bank reported healthy numbers for the quarter ended September FY24, with profit growing 41 percent on-year to Rs 423.6 crore and revenue increasing 45.5 percent to Rs 1,249 crore compared to the year-ago period. On the operating front, EBITDA (earnings before interest, tax, depreciation, and amortisation) grew by 54.8 percent YoY to Rs 810 crore, with the margin expanding 390 basis points to 64.9 percent for the quarter. The firm has approved an interim dividend of Rs. 12 per share.

Jio Financial Services: The financial services company has registered healthy growth for the quarter ended September FY24, with profit rising 101.3 percent quarter-on-quarter to Rs 668.18 crore and revenue from operations growing 46.8 percent QoQ to Rs 608.04 crore. Meanwhile, the board has appointed AR Ganesh as Group Chief Technology Officer of the company, with effect from October 16.

CEAT: The tyre company recorded consolidated profit of Rs 208 crore for the quarter ended September FY24, increasing significantly compared to Rs 7.8 crore in the same period last year, supported by healthy operating numbers and a fall in input costs. In Q2 FY23, profit was also impacted by an exceptional loss of Rs 23.7 crore. Revenue from operations grew by 5.5 percent YoY to Rs 3,053.3 crore for the quarter.

SBI Cards and Payment Service: Amit Batra has resigned as Executive Vice President and Head of Open Market and Corporate Sales of the company due to personal reasons, with effect from December 26.

Aurobindo Pharma: The company has inaugurated the green-field manufacturing unit of Eugia Steriles in Vishakhapatnam. Eugia Steriles is a 100 percent subsidiary of Eugia Pharma Specialities and a step-down subsidiary of Aurobindo. This unit will manufacture general injectables and is expected to supply them globally in phases. The project cost of the unit is approximately Rs 600 crore, and commercial production will commence during Q4 of FY24 in phases.

JK Paper: The company has received board approval for the acquisition of Manipal Utility Packaging Solutions for Rs 88.7 crore. The said acquisition is expected to be completed within six weeks of the execution of a Share Purchase Agreement (SPA) with the target entity.

Godrej Properties: The City and Industrial Development Corporation of Maharashtra (CIDCO) has issued an order to cancel the allotment of two plots in Sanpada, Navi Mumbai. Godrej Properties emerged as the highest bidder for the said plots in Navi Mumbai. The real estate developer believes that the cancellation is on untenable grounds and in contravention of the order by the Bombay High Court dated May 3, 2023. The cancellation of an order will not have a material impact on the financial or operational operations of the company. However, the company has challenged the cancellation order by filing a Writ Petition before the Bombay High Court.

Oil India: The state-run oil and gas exploration company has received board approval for the charter hire of one (one) no. anchor moored drillship or semi-submersible drilling unit with associated equipment and services at a total estimated cost of Rs 1,282.55 crore. The board also approved an extension of the completion date for the construction of the oil collecting station at Nadua and the gas gathering station at East Khagorijan to April 30, 2024.

Tata Power: Subsidiary Tata Power Renewable Energy has signed a power delivery agreement (PDA) with auto component manufacturer Endurance Technologies through a special purpose vehicle (SPV) TP Green Nature for the development of a 12.5 MW AC captive solar plant. The plant will be set up at Aachegaon in Maharashtra and will generate 27.5 million units (MUs) of electricity every year. This will help reduce Endurance Technologies’ carbon footprints and mitigate approximately 9,125 metric tonnes (MT) of carbon emissions annually. The project is expected to be completed within 12 months of the signing of the PDA.

Lemon Tree Hotels: The company has signed an agreement for a 55-room hotel property in Dehradun, Uttarakhand, under the brand Keys Prima by Lemon Tree Hotels. The hotel is expected to be operational by FY27 and will be managed by subsidiary Carnation Hotels.

Delta Corp.: BofA Securities Europe SA has sold 30.08 lakh equity shares in the casino gaming company via open market transactions at an average price of Rs 127.97 per share, and Societe Generale offloaded 13.58 lakh shares at an average price of Rs 128.48 per share, which, in total, amounted to Rs 55.9 crore.

Piramal Pharma: The company’s pharma solutions (PPS) business, the contract development and manufacturing organisation (CDMO), has launched a high-throughput screening facility that augments the existing in-vitro biology capabilities at its drug discovery services site in Ahmedabad. This new expansion significantly adds primary and secondary screening capabilities for compounds prepared at the Ahmedabad site.

Cyient DLM: The electronic manufacturing services and solutions company has reported massive 106.4 percent on-year growth in profit at Rs 14.6 crore for the quarter ended September FY24, driven by other income and topline. Revenue from operations surged 71.5 percent YoY to Rs 291.8 crore for the quarter.

Just Dial: The Karnataka Industrial Areas Development Board has cancelled the allotment of land in Bengaluru Urban District, alleging breach of conditions imposed under the lease deed. The company is evaluating the matter and will take the necessary action as legally advised. The financial impact of the cancellation of the allotment of land is estimated to be up to Rs 19 crore.

KEC International: The RPG Group company has secured new orders worth Rs 1,315 crore across its various businesses, including transmission and distribution projects in India, the Middle East, Australia, and the Americas.

Som Distilleries and Breweries: The company has signed a strategic contract manufacturing agreement in Jammu and Kashmir for the manufacture of IMFL (Indian-made foreign liquor). The company will deliver high-quality products to the Canteen Stores Department (CSD), and this will also lead to a shorter turnaround time for the supply of products to the northern and border regions of the country.

Data Patterns (India): The defence and aerospace electronics solutions company has announced a licencing and transfer of technology (ToT) agreement with IN-SPACe that develops the Indian space ecosystem. This agreement will provide data patterns with miniature SAR radar capability.

Satin Creditcare Network: The board members will meet on October 19 to consider raising funds via the issuance of any instrument or security, including equity shares or any other equity-based instruments, in one or more tranches.

Vakrangee: The technology company has appointed Ashish Ladhani as vice president in the technology department, with effect from October 16. Ashish Ladhani was working at Ebixcash Payment Services, a part of Ebix Group, as group head of technology.

Housing & Urban Development Corporation: The Central Government has appointed Sanjay Kulshrestha as CMD of HUDCO, with effect from October 16. Sanjay Kulshrestha was executive director (ED) at REC.

RSWM: Arvind Kumar Maurya has been appointed as Chief Executive & Business Head, Knits Business, as a part of senior management personnel, by the board of directors of the company with effect from October 16.

Kirloskar Electric Company: The management has declared a lockout at the company’s unit 15 in Bengaluru rural district, with effect from October 16.