Stocks In the News: Check out the companies making headlines before the opening bell.
Tata Steel | Tata Steel India achieved highest ever annual crude steel production of 19.06 million tons, with a growth of 13 percent YoY despite the COVID 2nd wave related disruption early in the financial year. Tata Steel India deliveries increased by 6 percent YoY in FY22, surpassing the previous best recorded in FY21. Tata Steel Europe steel production in FY22 grew by 6 percent YoY and total deliveries increased by 2 percent YoY driven by broad based improvement in most steel consuming sectors.
Tata Steel Long Products | Its crude steel production grew by 6 percent YoY in FY22, despite the disruption caused by COVID 2nd wave and shutdown of one of the blast furnaces for few weeks during Q4FY22. Steel sales volumes have increased by 2 percent YoY in FY22, with a higher share of rolled product sales enabled by customer approval and continued mix enrichment.
Coastal Corporation | Production in new plant (Unit III) at Kakinada SEZ is now fully ready to commission, for which the company invested Rs 70 crore. This new plant will be an important base for expanding global sales in the future
Orissa Bengal Carrier | The company has received approval from BSE and NSE for migration, from BSE SME Platform, to Main Board of BSE and NSE, with effect from April 7.
Rain Industries | Due to a lower allocation of raw petroleum coke (RPC) by Directorate General of Foreign Trade (DGFT) for FY23 than in the previous years, the lack of sufficient raw materials has now reached a level necessitating that subsidiary RAIN shuts down one Kiln, until further notice. Subsidiary Rain CM Carbon (Vizag) (RAIN) is facing RPC shortfall to the tune of 40 percent. Apart from calcined petroleum coke (CPC), the shutdown of RAIN’s Kiln will also result into net loss of 20 MW of waste-heat power generation to the grid. RAIN has two Kilns for manufacture of CPC at Visakhapatnam, Andhra Pradesh.
Tata Power Company | Resurgent Power Ventures, co-sponsored by Tata Power and ICICI Bank and has other global reputed investors, has completed acquisition of NRSS XXXVI Transmission, a special purpose vehicle to establish and operate transmission system in Northern Region along with LILO of SikarNeemrana 400kV D/C line at Babaion on build-own-operate-maintain (BOOM) basis. Resurgent Power Ventures was set up to acquire stressed assets in the Indian Power Sector.
NCL Industries | The company in a BSE filing said cement production increased by 8 percent and cement dispatches rose by 7 percent in FY22 over FY21. RMC production and sales jumped by 13 percent in the same period.
PVP Ventures | The company entered into to a Memorandum of Understanding with Casagrand Vistaaz Private Limited, Chennai for developing multi storey building in a portion of the company’s Land parcel situated at Permbur on joint development basis
TVS Motor Company | The company and Jio-bp have agreed to explore the creation of a robust public electric vehicle (EV) charging infrastructure for electric two-wheelers and three-wheelers in the country, building on Jio-bp’s growing network in this space. Under this proposed partnership, the customers of TVS electric vehicles are expected to get access to the widespread charging network of Jio-bp, which is also open to other vehicles.
Gufic Biosciences | The company has received DCGI (Drugs Controller General of India) approval for Thymosin Alpha-1 as an add-on therapy for the treatment of moderate-to-severe COVID-19 patients requiring ventilator support.
Marico | The FMCG company in its BSE filing said revenue growth in Q4FY22 was in low single digits, while volumes were marginally positive on an exceptionally high base (25 percent), leading to a double-digit volume growth on a 2-year CAGR basis. Parachute Coconut Oil volumes were marginally lower year-on-year, mainly due to a daunting base (29 percent). Value Added Hair Oils grew in low single digits in value terms. The International business delivered double-digit constant currency growth on a strong base, with all markets faring well. Consolidated revenue growth in the quarter touched high single digits.
MIC Electronics | MIC has completed the investment in Bikewo Green Tech (formerly known as Right Automobiles). Now MIC is holding 50.99 percent stake and management control in Bikewo. MIC investment value in Bikewo is Rs 3.32 crore.
Triveni Engineering & Industries | The new 160 KLPD distillery of the company at sugar unit in Milak Narayanpur, Uttar Pradesh has commenced commercial operations. The unit has the flexibility to operate with multiple feedstocks i.e. molasses/cane juice & syrup/grain based.
Bandhan Bank | The bank in a BSE filing said loans & advances grew 16 percent YoY to Rs 1.01 lakh crore and total deposits grew 24 percent YoY Rs 96,331 crore as on March 2022. CASA deposits rose by 18 percent YoY to Rs 40,072 crore in the same period. Collection efficiency stood at 96 percent in March 2022, up from 93 percent in December 2021.
Tata Consultancy Services | Kansas Department of Labour (KDOL) has selected TCS to build a modern, secure, web-based system for the state’s unemployment insurance program. This will help transforming a legacy mainframe platform from the 1970s into a cloud-based system that dramatically improves the delivery of services to Kansas residents.
Adani Green Energy | The board on April 8 will consider raising of funds.
Adani Enterprises | The board on April 8 will consider raising of funds.
Moneycontrol News
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