Pre Market Report: GIFT Nifty indicates flat opening; Maruti Suzuki, SBI, Adani Energy Solutions in news

Maruti Suzuki India: The country’s largest passenger vehicles maker has recorded a 145.4% year-on-year growth in standalone profit at Rs 2,485.1 crore for the quarter ended June FY24, largely driven by higher sales, improved realisation, and higher non-operating income. Revenue grew by 22% YoY to Rs 32,327 crore in the quarter under review. Meanwhile, the car maker has approved terminating the contract manufacturing agreement with Suzuki Motor Gujarat Ltd. It exercised its option to acquire shares of Suzuki Motor Gujarat from Suzuki Motor Corporation.

State Bank of India (SBI): The country’s largest lender has raised Rs 10,000 crore via an infrastructure bond issue at a coupon rate of 7.54% and the tenor of these bonds is 15 years. The proceeds of bonds will be utilised to enhance long-term resources for funding infrastructure and affordable housing.

Adani Energy Solutions: The company which was earlier known as Adani Transmission posted an 8% rise in its consolidated net profit at Rs 181.98 crore in the June quarter due to higher revenues. The consolidated net profit was Rs 168.46 crore in the quarter ended on June 30, 2022. The total income of the company rose to Rs 3,772.25 crore during the quarter under review from Rs 3,249.74 crore a year ago. In terms of distribution business (AEML), it maintained supply reliability at 99.9 per cent (ASAI). Energy demand (units sold) was up 7.6 per cent YoY. Distribution losses were 4.85 per cent.

Power Grid Corporation of India: The state-owned electric services company registered a nearly 6% year-on-year decline in standalone profit at Rs 3,542.65 crore for the quarter ended June FY24, though the operating margin was dented by a lower topline. Revenue from operations during the quarter fell 0.1% to Rs 10,436.1 crore compared to the year-ago period.

Petronet LNG: The company’s consolidated revenue fell 18.3% to Rs 11,656.4 crore in Q1FY24 from Rs 14,263.8 crore in Q1FY23. The company’s net profit was up 13% YoY at Rs 819.3 crore in Q1FY24 as against Rs 724.8 crore in Q1FY23. Ebitda was up 11% YoY at Rs 1,181.7 crore in Q1FY24 as against Rs 1,064.8 crore in Q1FY23.

Bosch: The company’s consolidated revenue was up 17.32% at Rs 4,158.4 crore in Q1FY24 as against Rs 3,544.4 crore in Q1FY23. Consolidated net profit rose 22.39% to Rs 408.9 crore in Q1FY24 as against Rs 334.1 crore in Q1FY23. Ebitda surged 57.70% to Rs 532.4 crore in the quarter under review as against Rs 337.6 crore in the year-ago period.

Rail Vikas Nigam: The state-owned railway company has received Letter of Award (LOA) for two projects from Madhya Pradesh Poorv Kshetra Vidyut Vitran Company, in Jabalpur Company Area. The project cost is Rs 331.6 crore. The order is scheduled to be executed within 24 months.

Mahindra & Mahindra (M&M): The utility vehicle maker is setting up an electric vehicle battery testing facility at Mahindra Research Valley (MRV) in Chengalpattu and a crash test facility at Mahindra SUV Proving Track (MSPT) SIPCOT, in Cheyyar, in Tamil Nadu. The investment in the battery testing facility will be Rs 210 crore and Rs 290 crore in crash test lab construction.

Easy Trip Planners: The company has received board approval for the acquisition of 51% of the aggregate paid-up share capital in Guideline Travels Holidays India, Dook Travels, and Tripshope Travel Technologies in an all-stock deal. The consideration will be paid by issuing equity shares to the selling shareholders of the companies on a preferential basis. The board also approved the raising of funds, by way of issuance of equity shares in one or more tranches through preferential allotment.

Blue Star: The manufacturer of air conditioners, air purifiers and water coolers said the board of directors will meet on August 3 to consider the proposal for raising of funds. The fundraising will be via the issuance of equity shares, debts, warrants, or preference shares by way of a private placement.

Oberoi Realty: The company’s consolidated revenue was down 0.34% to Rs 909.97 crore in Q1FY24 from Rs 913.11 crore in Q1FY23. Its consolidated net profit was down 20.2% at Rs 321.64 crore in Q1FY24 as against Rs 403.08 crore in Q1FY23. Ebidta was down 3.74% at Rs 473.73 crore in Q1FY24 as against Rs 492.17 crore in Q1FY23. Meanwhile, the company has approved the merger of Oberoi Constructions Ltd., Oberoi Mall Ltd., and Evenstar Hotels Pvt. Ltd. with Oberoi Realty. However, Incline Realty Pvt. Ltd. will not be merged due to commercial reasons.

Larsen and Turbo (L&T): The conglomerate’s unit, L&T Realty Developers Ltd., incorporated a new wholly owned subsidiary, LH Residential Housing Ltd. The authorised capital for the new subsidiary stands at Rs 10 lakh. The company has incorporated LH Residential Housing for the development of real estate and infrastructural facilities.

SRF: The board has approved a project to setup a new and dedicated facility to produce advanced intermediates for Agrochemicals at Dahej, Gujarat. The project will be commissioned and capitalised at an aggregate cost of around Rs 256 crore.

PG Electroplast: The company has acquired 5,000 equity shares of Rs 10 each from Goodworth Electronics Private Ltd., a joint venture company between PG Electroplast and Jaina Marketing & Associates. Both parties now hold 50–50% stakes in the joint venture Company.

LIC Housing Finance: The mortgage lender said its Managing Director and Chief Executive Office, Y Viswanatha Gowd, has resigned from his post with effect from July 31.

Coromandel International: The company’s subsidiary, Coromandel Technology, has acquired 32.68% of the equity stake in Dhaksha Unmanned Systems. With this, the company’s total stake in Dhaksha Unmanned Systems have risen to 51.02%.

Prism Johnson: The company has acquired 1.38 crore equity shares of Raheja QBE General Insurance Company on a rights basis, aggregating to Rs 20.41 crore.

South Indian Bank: The private sector lender has received board approval for raising funds up to Rs 1,000 crore via issuance of equity shares through public issue, private placement, preferential issue, qualified institutional placement, further public offer, or rights issue. The board also approved fund raising up to Rs 500 crore via debt instruments.

KEI Industries: The power cables manufacturer reported said its consolidated revenue stood at Rs 1,782.57 in Q1FY24 crore as compared to Rs 1,565.41 crore in the same period a year ago. The company reported a net profit for the June quarter of FY24 at ₹121.38 crore, up 16.98% from Rs 103.76 crore in the same period of fiscal year 2023. Ebitda rose 16.38% YoY at Rs 162.99 crore in the quarter under review.

H.G. Infra Engineering: The company’s consolidated net revenues was up 22.18% YoY at Rs 1,351.16 crore in Q1FY24 as against Rs 1,105.90 crore in the year-ago period. Its Ebitda was also up 41% at Rs 280.72 crore in Q1FY24 from Rs 199.01 crore in the year-ago period. Consolidated net profit jumped 37.4% to Rs 150.4 crore in Q1FY24 from Rs 109.4 crore in Q1FY23.

JBM Auto: The auto parts company and electric bus maker said its Q1FY24 consolidated revenues was up 9.38% at Rs 946.22 crore as agaisnt Rs 865.03 crore in the eyar-ago period. Its consolidated net profit was up 16.7% YoY at Rs 30.28 crore in the quarter under review as against Rs 25.93 crore in the same period last fiscal. Ebitda was up 38.04% to Rs 115.45 crore in Q1FY24 from Rs 83.63 crore in Q1FY23.