The Sensex hit the psychologically vital 60,000 mark in the week gone by. The 30-pack index gained ended the week 183 points higher to close at 59,646, and the Nifty50 moved closer to 18,000, up 60 points at 17,758. The Nifty midcap 100 and smallcap 100 indices gained 0.6 percent and 0.4 percent, respectively.
Adani Power | CMP: Rs 411.95| The stock jumped over 20 percent in the week gone by. Adani Power will acquire DB Power Limited, which owns and operates a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh, for Rs 7,017 crore. The acquisition is expected to help the company expand its offerings and operations in the thermal power sector in Chhattisgarh. According to the exchange filing, “The initial term of the MOU shall be till October 31, 2022, which may be extended by mutual agreement”. Adani Power will have shareholding control over “100 percent of the total issued, subscribed and paid-up equity share capital and preference share capital of DPPL”, while DPPL will hold 100 percent of the total issued, subscribed, and paid-up equity share capital of DB Power on the closing date. Adani Power reported a 1,619 percent rise in consolidated profit after tax (PAT) at Rs 4,780 crore for the quarter ended June 30, 2022 compared with Rs 278 crore in the corresponding quarter last year.
Adani Green Energy | CMP: Rs 2411.35 | The share price gained 11 percent after Sri Lanka granted provisional approval to the Adani group company for two wind projects on August 18. Adani Green Energy was issued provisional approvals for 286MW project in Mannar and 234MW in Pooneryn for an investment of more than $ 500 Million.
IRCTC | CMP: Rs 735.15 | The share added over 9 percent last week. The Indian Railways Catering and Tourism Corporation (IRCTC) is looking to onboard a consultant to study railways passenger data in a bid to monetise it in the long run. The corporation, which has floated a tender, aims to earn Rs 1,000 crore revenue from the monetisation of digital data of Indian Railways. The customer data which will be studied by the consultant includes name, age, mobile number, gender, address, email, number of passengers, the class of journey and payment mode.
HDFC AMC | CMP: Rs 2157.10 | The share added over 6 percent last week. Nearly 6 percent of the company’s total equity changed hands via block deals on August 16. Promoter Abrdn Investment Management, formerly Standard Life Investments, divested its 5.58 percent stake in HDFC Asset Management Company for a little over Rs 2,300 crore through an open market transaction. According to bulk deal data available with the BSE, the promoter sold 1.19 crore shares, representing a 5.58 percent stake, of the asset management company. The shares were divested at Rs 1,935.63 apiece, a discount from the August 12 closing price of Rs 1,956.15. The transaction size aggregated to Rs 2,303.4 crore.
Zomato | CMP: Rs 61.45 | The scrip gained over 6 percent in the week gone by. Mutual fund buying and selling data for July shows that most houses which had Zomato in their portfolio chose to accumulate the stock as prices crashed to an all-time low during the month. Managers at Nippon Life Mutual Fund displayed the biggest conviction on the stock as they bought over 7 crore shares of the food aggregator during the month. The buying seems to have happened across funds, reflecting that money managers find Zomato to align with a number of strategies—smallcap fund, retirement fund, largecap fund, growth fund, equity hybrid fund and India value fund among others.
Muthoot Finance | CMP: Rs 1044.05 | The share price shed 11 percent in the week gone by. Muthoot Finance’s standalone net profit tumbled 17.4 percent to Rs 802.01 crore on a 7.6 percent decline in total income to Rs 2,509.27 crore in Q1 FY23 over Q1 FY22. Sequentially, the NBFC’s net profit and total income in Q1 FY23 decreased 16.48 percent and 6.31 percent, respectively. India’s largest gold loan NBFC’s consolidated net profit tumbled 15.7 percent to Rs 824.96 crore on a 5.4 percent decline in total income to Rs 2,804.32 crore in Q1 FY23 over Q1 FY22. Consolidated profit before tax stood at Rs 1,111.95 crore in the first quarter, down 15.1 percent from Rs 1,309.85 crore recorded in the same period last year. The gold financer’s consolidated loan assets under management stood at Rs 63,444 crore in Q1 FY23, rising 9 percent from Rs 58,135 crore posted in Q1 FY22 but fell 2 percent quarter on quarter from Rs 64,494 crore reported in Q4 FY22.
Sona BLW | CMP: Rs 520.85 | The stock was down over 7 percent after more than 100 million equity shares of the company changed hands via block deals. According to a Bloomberg report, Blackstone Inc is seeking to raise Rs 3,180 crore ($ 400 million) through the sale of shares in Indian automotive component maker Sona Comstar, the parent company of Sona BLW. The private equity shareholders of the company are offering up to 79.43 million shares, or 13.6 percent stake.
Metropolis Healthcare | CMP: Rs 1415.40 | The stock slipped over 5 percent after the company’s chief executive officer (CEO) Vijender Singh was relieved from the post. The company said in a statement that it has tasked a talent search agency for finding a suitable candidate for the position of CEO. Brokerage house Morgan Stanley has downgraded the share rating to “equal weight” from “overweight” and also cut the target price to Rs 1,547 from Rs 2,211. According to MS, a focus on specialised tests and customer experience will provide a moat to the company’s business model. FY23, FY24, and FY25 EPS estimates have been cut by 15 percent, 11 percent and 11 percent, respectively. These cuts reflect the expectation of slower growth and higher costs.
Adani Enterprises | CMP: Rs 3130.20 | The share price jumped over 10 percent last week. The flagship company of Adani group, hit a new high of Rs 3,146 in intraday trade on August 17. In the past month, the stock has surged 30 percent on the back of strong earnings. The surge started after an Edelweiss Research report said Adani Enterprises is likely to enter the Nifty index by replacing Shree Cement. The brokerage firm expects around $ 213 million flows from foreign investors. Adani Enterprises Ltd reported a 76.48 percent rise in consolidated profit at Rs 4,68.74 crore for the first quarter of FY23 on the back of higher revenue from operations. The company posted a consolidated net profit of Rs 265.60 crore in the year-ago period, the company said in a regulatory filing.
Greenpanel Industries | CMP: Rs 454.70 | The scrip added 4 percent after ICRA upgraded the long and short-term ratings on the bank facilities of the company. The credit rating agency has upgraded Greenpanel Industries’ long-term rating to ‘(ICRA) A+ (Stable)’ from ‘(ICRA) A’. It has also upgraded the company’s short-term rating to ‘(ICRA) A1+’ from ‘(ICRA) A1′. ICRA said that the ratings upgrade factors in the improvement in Greenpanel Industries’ financial risk profile as reflected by healthy growth in revenues and operating margins, which along with a reduction in debt resulted in strong debt protection metrics in FY2022. The operating margins increased to 26.7 percent in FY2022 and 28.3 percent in Q1 FY2023 from 20.3 percent in FY2021, supported by higher net sales realisation and better absorption of overheads.