Stocks to Watch: Check out the companies making headlines before the opening bell
Titan Company: Titan Company reports 18% sales growth in Q2FY23, adds 105 stores during the quarter. The company witnessed healthy double-digit growth across most businesses with overall sales growing 18% YoY. The firm has continued its retail network expansion with addition of 105 stores (net) for the quarter ended September FY23. Its jewellery division grew 18% YoY on a high base of Q2FY22, while watches & wearables segment clocked 20% growth YoY. Subsidiary Titan Engineering & Automation registered 139% YoY growth with automation solutions division reporting 240% YoY growth, and aerospace and defence division clocking 66% growth. Another subsidiary Caratlane reported 56% YoY growth in business driven by promotions around Raksha Bandhan and hero launches during the quarter.
HCL Technologies: HCL Technologies & Google Cloud expand strategic partnership to accelerate digital services for enterprises. The company has expanded strategic partnership with Google Cloud to accelerate digital services for enterprises. HCL Tech will train up to 18,000 technology and consulting professionals on Google Cloud.
Yes Bank: Yes Bank gets RBI approval for appointment of Prashant Kumar as MD & CEO for 3 years. The Reserve Bank of India has given its approval for appointment of Prashant Kumar as the Managing Director & Chief Executive Officer of Yes Bank for a period of 3 years effective from October 6. Earlier Prashant Kumar was appointed as MD & CEO of Yes Bank after reconstruction in March 2020.
FSN E-Commerce Ventures: Nykaa signs strategic partnership with Middle East-based retailer Apparel Group. Beauty and lifestyle retailer Nykaa has signed a strategic partnership with Middle East-based retailer Apparel Group. The company along with Apparel Group will recreate omnichannel beauty retail platform in the Gulf Cooperation Council (GCC). Apparel Group has more than 75 brands with over 2,000 stores across 14 countries.
Dabur India: Dabur India expects to report revenue growth in mid-single digit in Q2FY23. The company said India business had a steady performance and is expected to report revenue growth in mid-single digit, while international business is expected to post double-digit revenue growth in constant currency. Hence, consolidated revenue is expected to grow in mid-single digit. Its food & beverages vertical continued with robust double-digit growth on a high base of 43% growth in Q2FY22, while home & personal care portfolio is expected to record mid-single digit growth on a high base of 16.7% growth in Q2FY22. During the quarter ended September FY23, inflation was at peak levels which impacted gross margins, and operating margin in Q2FY23 is expected to be lower by around 150-200 basis points versus Q2FY22.
NTPC: NTPC signs MoU with GE Gas Power to reduce carbon intensity at Kawas gas power plant. The country’s largest power generation company has collaborated with GE Gas Power to reduce carbon intensity at its Kawas gas power plant in Gujarat. Both companies signed a Memorandum of Understanding (MoU) for feasibility to demonstrate hydrogen (H2) co-firing blended with natural gas in GE’s 9E gas turbines installed at NTPC’s Kawas combined-cycle gas power plant in Gujarat. NTPC’s Kawas gas power plant is powered by four GE 9E gas turbines operating in a combined-cycle mode and has an installed capacity of 645 megawatt (MW).
Datamatics Global Services: Datamatics Global Services in partnership with Scan-Optics to help enterprises optimise business performance. Datamatics, and Scan-Optics, a leader in intelligent data management and digital transformation, have entered into a partnership to help organisations enhance automation of business operations. They will offer enterprises with solutions such as document/digital conversion, intelligent document processing, digital record management, and robotic process automation.
Quess Corp: Quess Corp to divest 53% stake in subsidiary Simpliance Technologies. The company has entered into definitive agreements to divest its 53% stake in subsidiary Simpliance Technologies to Aparajitha Corporate Services, an HR compliance services company. The deal is valued at an enterprise value of Rs 120 crore on a cash and debt-free basis.
Zuari Agro Chemicals: Zuari Agro Chemicals appoints Manish Malik as CFO. The company has appointed Manish Malik as Chief Financial Officer and Key Managerial Personnel. The appointment of Manish Malik as CFO is with effect from October 6.
Indian Hume Pipe Company: Indian Hume Pipe Company bags order worth Rs 194 crore under Jal Jeevan Mission Project in Maharashtra. The company has received Letter of Acceptance for the work of Rs 194.03 crore from Maharashtra Jeevan Pradhikaran Division, Buldhana, Maharashtra, under Jal Jeevan Mission Project for Jalgaon Jamod 150 Villages Regional Rural Water Supply Scheme. The project is to be completed within 24 months with a trial run for 12 months after completion of project.
Themis Medicare: Themis Medicare partners with NFL Biosciences for development of drug for tobacco cessation in India. The company has entered into a partnership with NFL Biosciences to develop NFL-101, the drug candidate for smoking cessation, for the Indian market. Themis submitted an IND (investigational new drug) application for a Phase II-III clinical trial to the Central Drugs Standard Control Organization (CDSCO), the National Regulatory Authority of India (NRA).
Dhruv Consultancy Services: Dhruv Consultancy Services JV bags consultancy services contract for road project in Andhra Pradesh from NHAI. The company in joint venture with Arkitechno Consultants (India) received consultancy services contract for road project in Andhra Pradesh from NHAI. They will provide consultancy services for preparation of detailed project report for augmentation of four laning to six lane partial access controlled highway in Andhra Pradesh.
Equitas Small Finance Bank: Equitas Small Finance Bank clocks 20% YoY growth each in deposits, advances for Q2FY23. The small finance bank clocked 20% year-on-year growth in provisional gross advances at Rs 22,802 crore for the quarter ended September FY23. Deposits also grew by 20% YoY to Rs 21,726 crore during the same quarter, while CASA ratio improved to 48.13% in Q2FY23, up from 45.31% in year-ago period, while cost of funds declined to 6.25%, from 6.81% in the corresponding period last fiscal.
Moneycontrol News
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