Stocks In the News: Check out the companies making headlines before the opening bell
Results on April 18: Mindtree, Star Housing Finance, Earum Pharmaceuticals, DRC Systems India, Mishtann Foods, Ramsarup Industries, Sheetal Cool Products, SE Power, SM Gold, and Swiss Military Consumer Goods will release quarterly earnings on April 18.
HDFC Bank: The private lender’s profit grew 23% on lower provisions. Profit in Q4 grew by 22.8% to Rs 10,055.2 crore YoY as provisions declined 29.4% in the same period, while net interest income rose 10.2% to Rs 18,873 crore, with credit growth of 20.8% and deposits growth of 16.8% YoY. Asset quality improved with gross non-performing assets falling 9 bps sequentially to 1.17% and net NPAs declining 5 bps QoQ to 0.32% in the March 2022 quarter.
Infosys: The IT major reports lower than expected earnings. The country’s second-largest IT services company’s net profit fell 2.12% to Rs 5,686 crore, against the Rs 5,968-crore forecast. Revenue growth in constant currency terms stood at 1.2%. EBIT margin stood at 21.5% against 23.5% in Q3. Revenue growth for the fiscal ended March stood at 20.3%. Infosys had guided for 19.5-20% revenue growth for FY22. For 2022-23, it expects growth to be at 13-15%. Attrition jumps 27.7%.
Lupin: Lupin has got the USFDA approval for an anti-depressant. The company has received approval from the US health regulator for Desvenlafaxine extended-release tablets 25 mg. With this, the company will market its generic equivalent of Pristiq extended-release tablets of PF PRISM C.V. It will manufacture this drug at its Goa facility.
Mahindra & Mahindra: The company has increased the price of its vehicles by 2.5 percent. The revision is a result of the continuous increase in prices of key commodities such as steel, aluminium and palladium, M&M has said.
BASF India: BASF India gets a tax demand notice. The company has received a tax demand for Rs 19.34 crore for the period 2017-18 from the commercial tax department of Karnataka.
Salzer Electronics: Salzer Electronics has got patents for its integral cam-operated rotary switches from the Patent Office, India. This patent is for a duration of 20 years, ending 2031.
Windlas Biotech: South Africa has allowed Windlas Biotech to manufacture and sell its product after the company received a certificate of good manufacturing practices (GMP) from the South African Health Products Regulatory Authority. The company had undergone an inspection-audit during September 20-29, 2021. Windlas can start manufacturing and selling its products in the South African market. In addition, the company has received zero critical observations for its plant-IV at Dehradun after a European Union GMP inspection carried out by the National Institute of Pharmacy and Nutrition, Hungary during April 11-13.
TVS Motor: TVS Motor has bought a stake in Roppen Transportation. The two-and-three-wheeler maker acquired a 1.81 percent stake in Roppen Transportation Services (Rapido).
UltraTech Cement: UltraTech Cement Middle East Investments, a wholly-owned subsidiary of UltraTech Cement in UAE, has invested $ 101 million to acquire a 29.39 percent stake in RAK Cement Co for white cement and construction materials PSC.
Mahindra Lifespace Developers: Mahindra Lifespace sees a huge block deal after ICICI Prudential Mutual Fund sells 58,558 equity shares in the company through open market transactions on April 12. With this, its shareholding in the company stands reduced to 7.09 percent from 7.13 percent.
CESC: HDFC Mutual Fund through its HDFC Flexi-Cap Fund sold 4.4 lakh equity shares in the flagship company of RP-Sanjiv Goenka Group via open market transactions on April 11. With this, the asset management company’s shareholding in the firm stands reduced at 7.07 percent from 7.10 percent.
Sequent Scientific: Sequent Scientific CFO Tushar Mistry has resigned as the Chief Financial Officer of the company to pursue other professional opportunities. His last day in the company will be May 31, 2022. The board will announce his successor in due course, the company has said.
Alkem Laboratories: Alkem Lab Taloja Facility cleared by US health regulator. The pharma company’s Taloja unit has been cleared by the US health regulator as the unit didn’t receive “Form 483” after an inspection. The US FDA inspected the company’s bioequivalence centre at Taloja in Maharashtra during April 11-14.
Tata Power: BlackRock Real Assets, together with Mubadala, will invest Rs 4,000 crore ($ 525 million) for a 10.53 percent stake in the company’s subsidiary Tata Power Renewables. The investment has taken a base equity valuation of the subsidiary to Rs 34,000 crore.
Union Bank of India: Union Bank of India classifies IL&FS Tamilnadu Power as fraud. The public sector lender has classified the account of IL & FS Tamilnadu Power Company as a fraud. The company allegedly diverted funds and the amount outstanding is Rs 1,314.85 crore and provision already held by the bank is Rs 525.95 crore.
RITES: RITES JV, the joint venture company owned by RITES and Power Mech Projects, has emerged as L-1 bidder for the construction of a depot-cum-workshop at Challaghatta Depot in Reach-2 extension of Bangalore Metro Rail Project, Phase-2. The order is valued at Rs 499.41 crore.
Den Networks: Den Networks recorded a 43.4 percent year-on-year growth in net profit at Rs 48.61 crore for the March 2022 quarter despite subdued revenue growth, led by a fall in operating expenses. Revenue declined 7 percent YoY to Rs 303.5 crore during the quarter.
NBCC: The government of India has granted Miniratna-I status to Hindustan Steelworks Construction (HSCL), a subsidiary of NBCC.
Dilip Buildcon: Dilip Buildcon has completed a six-laning road project in Jharkhand under NHDP Phase-V on hybrid annuity mode. The project has received a completion certificate from the authority, which declared it fit for entry into commercial operation as on March 31, 2022.
The Ramco Cements: Life Insurance Corporation of India has acquired a 2 percent equity stake in the cement company via open market transactions. With this, LIC’s shareholding in the company has increased to 7 percent, up from 4.99 percent.
Jubilant Ingrevia: Jubilant Ingrevia received a CDMO contract worth Rs 270 crore in specialty chemicals business from an “international customer”. The contract is for a period of three years. The company will supply two key GMP intermediates for one of the ‘patented drugs’ of the “innovator pharmaceutical customer”. Commercial supplies of both these products will start from FY23, the company has said.
Indraprastha Gas: IGL hiked compressed natural gas (CNG) prices by Rs 2.5 a kg to Rs 71.61 in Delhi-NCR and piped natural gas (PNG) prices by Rs 4.25 per scm to Rs 45.96. In the last two weeks, CNG prices have been hiked by Rs 11.6 a kg on the back of higher domestic prices, CNBC-TV18 said.
Gujarat Gas: Gujarat Gas hikes CNG prices. The company raised CNG price in Gujarat by Rs 2.58 a kg to Rs 79.56 per kg, and domestic PNG prices by Rs 2.64 per scm to Rs 50.76 per scm, CNBC-TV18 reported.
Hariom Pipe Industries: Prakash Kumar Chandnani sold 1.56 lakh equity shares in the company through open market transactions at an average price of Rs 225.19 a share, Elara India Opportunities Fund offloaded 1.79 lakh shares at an average price of Rs 220, Societe Generale sold 2 lakh shares at Rs 225.5, Nomura Singapore offloaded 3.45 lakh shares at Rs 225.84 and Ketan V Thakkar sold 2.01 lakh shares at an average price of Rs 221.74 a share. However, Niraj Rajnikant Shah acquired 1.43 lakh shares at an average price of Rs 220.68 apiece and Spring Ventures bought 2 lakh shares at an average price of Rs 230.6 a share. Hariom Pipe shares had rallied 51 percent on its debut day on April 13.
Mrs Bectors Food Specialities: Mrs Bectors Food Specialities sees huge block deal as investors Linus Private Limited and GW Crown Pte Ltd exited the company by selling the entire shareholding of 46.13 lakh equity shares at an average price of Rs 305.38 per share and 47.12 lakh shares at an average price of Rs 303.26 a share, respectively. However, Blend Fund 2 acquired 10 lakh shares in the company, Unifi AIF Blend Fund bought 4 lakh shares and SBI Mutual Fund purchased 33 lakh shares at an average price of Rs 303 per share. The stock fell 9 percent on April 13.
Sandip Das
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