Stocks In the News: Check out the companies making headlines before the opening bell.
Wipro: Appoints head of iCORE business. The company has appointed Jasjit Singh Kang as Head of digital operations and platforms of its iCORE (Integrated Cloud Infrastructure, Digital Operations, Risk and Enterprise Cyber Security Services) business. The stock was flat on Thursday. It has gained 31 percent during the past one year and is down 12.6 percent in the past one month.
?Ambuja Cements: Profit declines 55.5%, revenue increases 2.3%. Consolidated profit fell sharply by 55.5 percent to Rs 431 crore in Q4CY21, against Rs 968 crore in Q4CY20 due to subdued demand and steep rise and fuel costs. Revenue rose 2.3 percent to Rs 7,625 crore, against Rs 7,453 crore during the same period. The company has approved an investment of Rs 3,500 crore, for cement grinding expansion plan of potential 7 million tonnes across existing grinding units at Sankrail and Farakka, and at a greenfield location at Barh, in Bihar, supported by a 3.2 million tonne brownfield clinker expansion at existing integrated plant in Bhatapara, Chhattisgarh. The company approved final dividend at Rs 6.30 per share. The stock was flat on Thursday and has generated returns of 26 percent during the past one year. In the past one month it is down 12 percent.
Lupin: Approval to new drug from USFDA. The company received approval from USFDA for supplemental new drug application for SOLOSEC (secnidazole) for treatment of trichomoniasis in adolescents and bacterial vaginosis in females 12 years and above. The stock was down 0.7 percent on Thursday. It has lost 27 percent in the past one year and 18 percent in the past one month.
Torrent Power: Rating upgrade. CRISIL has upgraded the long term credit rating of non-convertible debentures and long term bank facilities from ‘AA/Positive’ to ‘AA+/Stable’ based on continued strong profitability and sustained improvement in the leverage levels. CRISIL has reaffirmed its rating on the short-term bank facilities and commercial paper program at ‘A1+’. The stock was up 0.8 percent on Thursday and has generated returns of 39% during the past one year. In the past one month however, it has lost 17 percent.
Texmaco Infrastructure & Holdings: Sale of equity shares by promoter. Promoter Texmaco Rail & Engineering sold 10 lakh equity shares via open market transactions on February 15, reducing shareholding to 0.35 percent from 1.14 percent earlier. The stock was up 6% on Thursday but is down 9% in the past one year and down 3% in the past one month.
Veritas India: Profit falls 40%, Revenue rises 9%. Consolidated profit in Q3FY22 fell 40 percent YoY to Rs 17.8 crore, against Rs 29.5 crore in Q3FY21 due to higher costs of stocks purchased which was partly mitigated by reduction in inventory of finished goods. Revenue increased 9 percent to Rs 459 crore during the quarter, up from Rs 420.7 crore in same period last fiscal. The decline in revenues from distribution and development business was compensated by a significant growth in revenues from warehousing business. The stock was down 2 percent on Thursday. It has gained 205 percent in the past one year and is down 10 percent in the past one week.
Hindustan Adhesives: Invested in rights issue of Bagla Tecvision. The company has made an investment of Rs 9.73 lakh by acquiring 97,380 shares in the right issue of Bagla Tecvision. Earlier the company had invested Rs 15.02 lakh by acquiring 1.5 lakh equity shares in the right issue of Bagla Tecvision. With this, the company’s stake stood at 16.28 percent in Bagla Tecvision. The stock ended higher by 1.7 percent on Thursday. It has generated returns of 236 percent during the past one year and has gained 24 percent in the past one week.
Birla Corporation: Fund raising through NCDs. The company raised Rs 150 crore by approving the allotment of 1,500 non-convertible debentures of Rs 10 lakh each, on private placement basis. The stock gained 1 percent on Thursday and is trading up 30 percent in the past one year. It has lost 27 percent in the past one month.
GeeCee Ventures: CFO resigns. Ashish Ranka has given resignation from the services of Chief Financial Officer of the company. The stock gained 19 percent on Thursday and has generated returns of 103 percent during the past one year. It has gained 16% in the past one week.
Confidence Futuristic Energetech: Acquisition of stake. The company has acquired 50 percent stake in Maruti Koatsu Cylinders at Halol, Gujarat, which has an operational plant with an annual capacity to manufacture 1.8 lakh high pressure/CNG cylinders. The stock was up by 5 percent on Thursday.
Prismx Global Ventures: Rights Issue Size. The company has fixed right issue size of Rs 48.83 crore. The right entitlement ratio is 43 rights equity shares for every 100 fully paid-up equity shares held by eligible shareholders. The stock ended 10% higher on Thursday. It has gained 110% during the past one year and 12 percent in the past one week.
Moneycontrol News
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