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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX was trading 0.09% lower at 19,208.50, signalling that Dalal Street was headed for muted start on Tuesday.
Japanese markets were mixed after a report said that the Bank of Japan (BOJ) could further tweak its yield-curve control. The Nikkei 225 index fell 0.15% and the Topix rose 0.22%. Chinese markets fell after data showed that the country’s manufacturing activity contracted in October. The CSI 300 index dropped 0.72% and the Hang Seng slumped 1.35%.
The Indian rupee was little changed and closed at 83.25 against the US dollar on Monday.
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Stocks in News Today
Tata Motors: The automaker said a three-member arbitration tribunal has ruled in its favour to recover Rs 766 crore with interest at 11% per annum from September 1, 2016, till actual recovery thereof from the West Bengal Industrial Development Corp. (WBIDC) on account of loss of capital investments, with regard to the automobile manufacturing facility at Singur (West Bengal), according to its exchange filing. The company will be entitled to recover a sum of Rs 1 crore towards cost of the proceedings WBIDC.
TVS Motor Company: The two-wheeler maker recorded a standalone net profit at Rs 536.55 crore for the quarter ended September FY24, rising 31.7% YoY in Q2FY24. Revenue from operations increased by 12.8% YoY to Rs 8,145 crore during the quarter under review. Its Ebitda grew 22% YoY to Rs 900 crore and margin for the quarter was 11%, compared to 10.2% in the year-ago period. Its total sales volume rose 5% YoY to 10.74 lakh units. Motorcycle sales grew by 3%, and scooter sales registered a 10% growth and the company exported 2.39 lakh two-wheeler units in the quarter.
DLF: The company’s consolidated revenue was up 3.5% at Rs 1,348 crore in Q2FY24 as against Rs 1,302 crore in Q2FY23. Consolidated Ebitda was up 6% at Rs 462 crore in Q2Fy24 as against Rs 437 crore in Q2FY23. The company reported a net profit of Rs 622 crore, 30% from Rs 477 crore in the corresponding period last fiscal. The higher profit was due to continued higher demand across all segments and positive outlook on the housing cycle. The company’s new sales bookings during the quarter ended September 2023 stood at Rs 2,228 crore.
Marico: The FMCG company a 17% YoY growth in its consolidated net profit to Rs 353 crore in Q2FY24 as against a net profit of Rs 301 crore in the year-ago period. Revenue from operations declined marginally to Rs 2,476 crore in the quarter under review from Rs 2,496 crore in the corresponding quarter of last fiscal. The company reported a volume growth of 3% in the domestic market and constant currency growth of 13% in the international business. The company’s board has approved an interim dividend of Rs 3 per equity share and the record date will be November 7. The interim dividend will be paid to all eligible shareholders on or before November 29. The company’s Ebitda for the quarter stood at Rs 497 crore, while margins were at 20%.
LT Foods: The company reported a 64.86% rise in consolidated net profit to Rs 157.26 crore in Q2FY24 as against a net profit of Rs 95.4 crore in the year-ago period. The increase in profit was driven by expansion in domestic and foreign markets. Its revenue from operation increased 14.66% to Rs 1,977.78 crore during the quarter under review from Rs 1,724.83 crore in the same period last fiscal. Its total expenses during the reported quarter surged 11.94% to Rs 1,792.33 crore.
Blue Star: The air conditioning manufacturer reported a 66% increase in consolidated net profit to Rs 70.77 crore in Q2FY24 as against a net profit of Rs 42.64 crore in the year-ago period. Its revenue from operations during the quarter under review rose 19.47% to Rs 1,890.40 crore compared to Rs 1,582.29 crore in the year-ago period. Its total income in the reported quarter was Rs 1,903.36 crore. Revenue from the electro-mechanical projects and commercial air conditioning segment rose 12.1% YoY to Rs 1,077.21 crore during the quarter.
Spandana Sphoorty Financial: The financial services company reported a 127.3% jump in net profit to Rs 125 crore in Q2FY24 driven by business expansion and higher earnings. It reported a net profit of Rs 55 crore in the year-ago period. Its income during the September quarter grew 106% YoY to Rs 640 crore. Its net interest margin for the quarter was at 14.1%, up 113 basis points over the year-ago quarter. The lender’s gross NPA ratio fell to 1.40% at the end of September against 1.63% during the quarter ended June 2023.
Procter & Gamble Hygiene & Health Care: The FMCG company has reported a 36% YoY growth in net profit at Rs 211 crore for the quarter ended September FY24 as against Rs 154 crore in the year-ago period. Revenue from operations increased by 9% YoY to Rs 1,138 crore in the quarter under review from Rs 1045 crore in the year-ago period. Ebitda jumped 33.1% to Rs 285 crore in the quarter ended September 2023 from Rs 214 crore in the year-ago period.
Filatex India: The company’s consolidated revenue fell 4.8% to Rs 1,108 crore in Q2FY24 from Rs 1,163 crore in Q2FY23. Consolidated Ebitda was up 16.4% at Rs 54 crore in Q2FY24 as against Rs 46 crore in Q2FY23.Consolidated net profit dropped 8.2% to Rs 23 crore in Q2FY24 from Rs 25 crore in Q2FY23. Meanwhile, the company’s board has approved expansion project for manufacturing recycling ships with a capacity of 20,000 TPA from polyester waste including textile waste in all forms. The estimated cost of this expansion is projected is about Rs 150 crore which will be financed from term Loans and internal accruals. The production is expected to commence around June 2025.
Castrol India: The company’s consolidated revenue rose 5.5% to Rs 1,183 crore in Q2FY24 as against Rs 1,121 crore in Q2FY23. Consolidated Ebitda rose 4.4% to Rs 269 crore in Q2FY24 from Rs 257 crore in Q2Fy23. Consolidated net profit was up 3.9% to Rs 194 crore in Q2FY24 as against Rs 187 crore in Q2FY23.
APL Apollo Tubes: The structural steel tubing company has recorded a 35% YoY growth in consolidated net profit at Rs 202.9 crore for the July–September period of FY24 as against Rs 150 crore in the year-ago period. Ebitda rose 40.2% to Rs 325 crore in Q2FY24 from Rs 232 crore in Q2FY23. Revenue from operations grew by 16.65% to Rs 4,630 crore compared to Rs 3969 crore in the corresponding period last fiscal.
Power Grid Corp: The company has acquired Beawar Dausa Transmission through tariff based competitive bidding for aggregate value of nearly Rs 21.37 crore subjected to adjustment. The project entails establishment of new 765/400kV substation at suitable location near Dausa and 400kV & 765kV D/C Transmission Lines traversing in the state of Rajasthan and associated bay extension works.
Gulf Oil Lubricants: The company said in an exchange filing that its has completed the acquisition of 51% controlling stake in Tirex and consequently Tirex has become a subsidiary of the Company with effect from October 30, 2023.
JK Cement: The company plans to acquire equity shares of four companies under the captive power plant model through Special Purpose Vehicle (SPV) and the renewable power generated by SPVs will be sourced by the company for its captive consumption.
Chemplast Sanmar: The company said that its custom manufactured chemical division signed Letter of Intent (LOI) with global agrochemical innovator to manufacture a new pipeline Active Ingredient. The LOI covers a period of 5 years and commercial supplies are expected to start from CY2025.
DCM Shriram: The company will set up sugar plant at Loni, Uttar Pradesh to increase capacity by 2100 TCD to 9400 TCD. The investment required for the new plant is Rs 189 crore which will be financed through internal accrual and debt.
Colgate Palmolive: The company has received a Transfer Pricing Order of Rs 170 crore for AY 2021-22 from Income Tax Authority disallowing some international transaction. The company said it will make an application before the Dispute Resolution Panel.
Prism Johnson: The company said its greenfield tile production plant at West Bengal with capacity of 6.3 MSM per annum has commenced operations. The total tile production capacity of H&R Johnson (India) division will increase from 61 MSM p.a. to 67 MSM p.a.
Bajaj Hindusthan Sugar: The company has received Rs 1361 crore in the respective escrow account maintained exclusively for cane price payment for each of its 14 sugar units from Uttar Pradesh Power Corporation. The said amount is paid to the cane growers towards the cane payment arrears for the sugar season 2022–23.
PSP Projects: The company has received orders worth Rs 200.25 crore that entails construction of Chocolate Plant (Phase III) for a MultiNational Company in Sanand, construction of commercial complex in GIFT City, and development of Kalamkhus Campus in Gujarat. With this development, the total order inflow for FY24 amounts to Rs 958. 63 crore.