Pre Market Report: GIFT Nifty hints at negative opening; Bajaj Finance, LTTS, HPCL in focus

Bajaj Finance: The NBFC has registered a 28% YoY rise in profit after tax at Rs 3,551 crore in Q2FY24. Net interest income in Q2FY24 jumped by 26% YoY to Rs 8,845 crore. The number of new loans booked increased by 26% to 85.3 lakh, while assets under management (AUM) grew 33% to Rs 2.9 lakh crore as of end of September 2023.

L&T Technology Services (LTTS): The company has registered a 1.4% QoQ rise in net profit at Rs 315.4 crore for the quarter ended September FY24. Revenue for the quarter increased by 3.7% QoQ to Rs 2,386.5 crore, with dollar revenue increasing by 2.9% to $288.1 million. The company’s board declared an interim dividend of Rs 17 per equity share.

Hindustan Petroleum Corporation (HPCL): The company will be renting out space in the retail outlets for each Petromin Express Station which is a leading multi-national organization in Saudi Arabia. Petromin is in the business of automotive services, vehicle distribution, fuel retailing, lube manufacturing and distribution, and advance mobility solutions with operations spread over more than 40 countries. The first set of 16 Petromin Express Stations in Bengaluru and Chennai were launched on October 16, 2023. Petromin will be setting up 1000 Petromin Express Stations (Quick Service Vehicle Care) at HPCL Retail outlets across India in 5 years.

Kotak Mahindra Bank: India’s central bank has imposed a penalty of Rs 3.95 crore on the lender for non-compliance of certain regulatory norms. Separately, the lender’s subsidiary, Kotak Securities, has signed an agreement for the sale of its entire shareholding of 7.5% in Entroq Technologies to Delente Technologies at Rs 508.06 per share.

Tejas Networks: The company announced that FibreConnect, a wholesale telecom infrastructure developer in Italy, has successfully launched its broadband services in the country using the company’s state-of-the-art telecom and networking products. The company added that it is the sole supplier of optical networking and broadband access products for FibreConnect’s country-wide FTTP rollout.

Tata Elxsi: The company has registered 5.9% QoQ rise in net profit at Rs 200 crore in Q2FY24, while revenue increased 3.7% to Rs 881.7 crore during the same period. Transportation segment grew by 7.1% QoQ, while healthcare division revenue increased by 3.6% QoQ.

ICICI Bank: The Reserve Bank of India has imposed a penalty of Rs 12.19 crore on ICICI Bank due to deficiencies in regulatory compliance.

IDFC First Bank: The Competition Commission of India has approved the merger of IDFC with IDFC First Bank. The amalgamation remains subject to various statutory and regulatory approval including Stock Exchanges, Securities and Exchange Board of India, Reserve Bank of India, National Company Law Tribunal and other regulatory authorities.

Grasim Industries: The cement maker restarted operations of carbon dioxide refining on Tuesday after obtaining approval from the Department of Industrial Safety and Health, Kalyan. The company also obtained other permissions and deposited a bank guarantee of Rs 2 lakh with Kalyan (MPCB), which shall be forfeited for re-starting the operations.

CIE Automotive: The company’s board appointed Shriprakash Shukla, a non-executive director, as the Chairperson of the Board of Directors with immediate effect.

Zensar Technologies: The company posted a net profit of Rs 173.9 crore in Q2FY24, up 11.3% over the preceding quarter. Its EBIT increased 3.5% to Rs 194.4 crore and EBIT margin grew 40 bps QoQ to 15.7%. Revenue from operations rose 1.1% QoQ to Rs 1,240.8 crore for the quarter.

Mazagon Dock Shipbuilders: The company has signed a contract with the Ministry of Defence for the construction and delivery of one training ship for the Indian Coast Guard at a cost of Rs 310 crore.

Exide Industries: The company will invest Rs 100 crore in Exide Energy Solutions (EESL), a wholly owned subsidiary of the company, by way of subscription in the equity share capital on rights basis. EESL will be engaged m the business of manufacturing & selling lithium-ion battery cells, modules and packs for India’s electric vehicle market and stationary applications.

Housing & Urban Development Corporation: The Government of India plans to sell up to 7,00,66,500 equity shares of HUDCO, representing 3.50% of total paid-up equity on October 18-19, with an option to additionally sell up to 7,00,66,500 equity shares in case the oversubscription option is exercised. The floor price has been fixed at Rs 79 per share.

Lemon Tree Hotels: The company has signed franchise agreement for upcoming hotel in Vadodara, Gujarat under the Company’s brands – ‘Keys Select by Lemon Tree Hotels’. The hotel will feature 45 well-appointed rooms with other amenities and it is expected to be operational by FY26.

Bajaj Electricals: The company has received a service contract worth Rs 347.29 crore from Power Grid Corp and the project is expected to be completed within 15 months from the date of issue Letter of Acceptance. The scope of work includes 765 kV new transmission line of 109 km at Bhadla, Rajasthan.

Mahanagar Gas (MGL): The company informed that it has entered into a Joint Venture Agreement with Baidyanath LNG Private Limited (BLNG) to incorporate a Private Limited Company in India. MGL and BLNG shall subscribe the initial share capital of JVC in the ratio of 51:49. The JV will be involved in the business of LNG.

Himadri Speciality Chemical: The company has registered a standalone net profit of Rs 101 crore in Q2FY24, up 246.2% YoY. Revenue fell 5.1% YoY to Rs 1,005 crore in the reported quarter.

Syngene International: The company reported a 14% YoY growth in profit at Rs 117 crore in Q2FY24 and revenue from operations rose 18.5% YoY to Rs 910 crore during the reported quarter.

ITI: The company said that Electromagnetic Compatibility Laboratory (EMC Lab) at Bengaluru has received an accreditation from National Accreditation Board for Testing and Calibration Laboratories (NABL) in the field of Electrical Testing.