Stocks In the News: Check out the companies making headlines before the opening bell.
Results on April 11: Tata Consultancy Services, Birla Tyres, Delta Corp, Elnet Technologies, Kesoram Industries, and Lasa Supergenerics will release their quarterly earnings data on April 11.
Tata Motors: JLR sales decline by 36 percent YoY in Q4FY22; on quarterly basis the decline is 1.4 percent. Luxury carmaker Jaguar Land Rover continued to face the risk of global semiconductor shortage as its retail sales fell sharply by 36 percent year-on-year to 79,008 vehicles in Q4FY22 and the sequential decline was just 1.4 percent. The Jaguar brand recorded sales of 14,574 units for the March 2022 quarter, down 37.9 percent and Land Rover reported sales of 64,434 units, down 35.6 percent compared to year-ago period. The company, however, said it continued to see strong demand for its products with global retail orders at over 1,68,000 units as of March 2022.
Bandhan Bank: Societe Generale acquired 1.18 percent stake in the bank through open market. European financial services group Societe Generale acquired more than 1.9 crore equity shares (1.18 percent stake) in Kolkata-based private sector lender Bandhan Bank via open market transactions. These shares were bought at an average price of Rs 306.55 per share. However, HDFC was the seller, offloading more than 4.96 crore equity shares (or 3.08 percent of total paid-up equity) in the bank at an average price of Rs 306.61 per share. The stock ended 2.5 percent higher on March 8.
CARE Ratings: Nippon India Mutual Fund increased its shareholding. Nippon India Mutual Fund increased its shareholding in rating agency CARE Ratings, acquiring a fresh 5,17,281 equity shares (1.74 percent of total paid-up equity) in the company at an average price of Rs 539.79 per share. However, investors Phaeacian Accent International Value Fund, and Multi Fund 10 Umbrella ICAV – Kinsale Navigator Fund were sellers in the deal, cumulatively offloading 2.27 percent stake in CARE. The stock has gained 3 percent in the past one week and 7.9 percent in the past one month.
Tata Steel: NCLT approves plan for acquisition of Rohit Ferro-Tech. The National Company Law Tribunal has approved the resolution plan submitted by Tata Steel Mining, a wholly owned subsidiary of Tata Steel, for acquisition of Rohit Ferro-Tech. Tata Steel stock has appreciated by 8 percent in the past one month.
GTPL Hathway: Q4FY22 profit declined 4.3 percent; revenue falls 17.5 percent. The digital cable TV and broadband service provider said its profit after tax for March 2022 quarter declined 4.3 percent to Rs 54.5 crore and revenue fell 17.5 percent to Rs 617.3 crore compared to year-ago period largely due to fall in EPC project business, but its ex-EPC profit grew by 1 percent and revenue rose by 4 percent YoY during the quarter. The stock has gained 16.5 percent in past 1 week and has gained 7.1 percent in the past one month.
Shoppers Stop: Sold another 19.5 percent stake in Crossword Bookstores. The company has completed the further sale of 19.50 percent of stake in Crossword Bookstores. Accordingly, the company’s equity stake in Crossword stands reduced to 29.50 percent. In October 2021, Shoppers Stop had sold 51 percent stake in Crossword. The stock has risen 40 percent in the past one month but has been flat in the past one week.
Veranda Learning Solutions: Company to list today. The company will make its debut on the bourses on April 11.
Indian Bank: To sell its entire stake in India SME Asset Reconstruction Company (ISARC). The public sector lender has entered into a share purchase agreement for sale of its entire equity stake of 4 percent in India SME Asset Reconstruction Company (ISARC) at Rs 9.8 per share. The stock has gained 6 percent in the past one week and gained 17.5 percent in the past one month.
Axis Bank: Penalised by the Reserve Bank of India. The Reserve Bank of India has imposed a monetary penalty of Rs 93 lakh on the private sector lender for non-compliance of guidelines related to Loans and Advances, and Know Your Customer. The shares of the bank have appreciated by 18.5 percent in the past one month and has made marginal gains of 2.6 percent in the past week.
IDBI Bank: Penalised by the Reserve Bank of India. The Reserve Bank of India has imposed a monetary penalty of Rs 90 lakh on the bank for non-compliance of guidelines related to ‘frauds – classification and reporting by commercial banks and select financial institutions, Strengthening the Controls of Payment Ecosystem (between sponsor banks and corporate customers like SCBs/UCBs), and Cyber Security Framework. The stock has gained 7.7 percent in the past one week and 13.5 percent in past one month.
Eldeco Housing & Industries: Received approval from NSE for listing of shares on the bourse. The company has received approval from NSE for listing of its shares on the exchange. Accordingly, the trading in equity shares on the NSE will commence with effect from April 12.
Wipro: Appointed Anis Chenchah on the Wipro Executive Board and as CEO of APMEA. The IT services provider has appointed Anis Chenchah as a member of the Wipro Executive Board and Chief Executive Officer, of APMEA (Asia Pacific, India, Middle East and Africa). Before joining Wipro, he was the Global CEO of Capgemini Business Services and member of the Group Executive Committee. The stock has lost 3 percent in the past one week.
SMS Lifesciences India: USFDA completed inspection of API manufacturing facility. The United States Food and Drug Administration (USFDA) has completed inspection of company’s API manufacturing facility located at Sangareddy district, Telangana (Unit I) without any observations. The inspection commenced on April 4 and concluded on April 8.
RITES: Signed MOU with IIT Delhi for road design and road safety consultancy projects. The state-owned transport infrastructure consultancy and engineering company has entered into a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Delhi, to explore avenues of mutual collaboration on road design and road safety consultancy projects. The stock is trading flat since the past one week and has gained 6 percent in the past one month.
Uma Exports: Stock locked in upper circuit on Friday after strong debut on Thursday. Purple Entertainment sold 2,07,583 equity shares at an average price of Rs 83.75 per share. The stock was locked in 5 percent upper circuit for yet another session on Friday, after strong debut on Thursday. The stock closed at Rs 83.75 on March 8.
Seamec: Entered into an MOU with L&T along with its own consortium partner. The company, along with consortium partner Posh India Offshore, has entered into an understanding with infrastructure major Larsen & Toubro. The consortium will undertake diving related and other associated work through deployment of vessel ‘Seamec Princess’ for ONGC work of pipeline replacement project VII. The total combined value of the contract to consortium is $ 101 million. The stock is trading flat since the past one week but has gained 31 percent during the past one month.
Piccadily Sugar & Allied Industries: Company to come out with its rights issue. The company has decided to launch rights issue of Rs 12.91 crore. It will issue five rights equity shares for every nine paid up equity shares held by shareholders. The stock closed higher by 11.8 percent on March 8 and has gained 26.8 percent in the past one week.
Sandip Das
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