Pre Market Report: Headline indices may open with minor losses; RIL, Torrent Pharma, PNB Housing Finance in news

Reliance Industries (RIL): The conglomerate is nearing a cash-and-stock deal to buy Walt Disney Co’s India operations, Bloomberg reported citing people familiar with the matter. Disney may sell a controlling stake in its Disney Star business valued at around $10 billion. Reliance views the assets at between $7 billion and $8 billion. The said acquisition is likely to be announced as early as next month. 

Torrent Pharmaceuticals: The drugmaker reported a 23.7% YoY increase in consolidated profit at Rs 386 crore for the quarter ended September. The company reported net profit of Rs 312 crore during the corresponding period of previous year. Revenues rose 16% YoY to Rs 2,660 crore during Q2FY24, compared to Rs 2,291 crore in Q2FY23. Its India business increased by 18% YoY to Rs 1,444 crore, while its US business fell 15% to Rs 248 crore.

PNB Housing Finance: The housing finance company reported a 46% YoY rise in net profit at 383 crore for the quarter endede September 30, as against a net profit of Rs 263 crore in the year-ago quarter. Its operating profit for the period was 5% lower at Rs 552 crore compared to its operating profit of Rs 583 crore in the year-ago period. Its net interest margin stood at 3.95%, lower by 19 basis points YoY. Its net interest income rose by 2% at Rs 661 crore. The lender’s gross advances grew by 5% YoY to Rs 60,852 crore at the end of September. Retail loans grew by 12% to Rs 58,471 crore

Mahindra Holidays and Resorts India: The company reported a consolidated profit after tax (PAT) of Rs 21.43 crore for the quarter ended September 2023 as against a PAT of Rs 41.4 crore in the corresponding period of the previous financial year. Its revenue from operations during the July-September quarter stood at Rs 655.27 crore, as against Rs 598.36 crore in the year-ago period, it said. The company’s total expenditure also rose to Rs 636.32 crore, from Rs 574.65 crore a year ago. Arun Nanda resigned as the chairman of the company’s material subsidiary Holiday Club Resorts Oy, Finland (HCR), with effect from October 20 and the company appointed CP Gurnani as the chairman of the board of HCR.

Adani Ports and SEZ: The company incorporated a wholly owned subsidiary company, Udanvat Leasing IFSC, for Rs 2.5 crore. Udanvat will be engaged in the business of owning and leasing aircraft.

NHPC: The state-owned company has achieved a milestone by daylighting the head race tunnel (HRT) of Parbati-II HE project (800 MW) in Himachal Pradesh. This breakthrough has been achieved in the longest face of the HRT having a length of 13.118 km. The project is expected to be completed by the end of September 2024.

Lupin: The company received the United States Food and Drug Administration’s approval for its abbreviated new drug application for Fluconazole tablets to market the generic equivalent of Diflucan tablets of Pfizer in the United States. Fluconazole tablets had an estimated annual sales of $43 million in the US, as per IQVIA MAT July 2023, and it will be manufactured at Lupin’s Pithampur facility in India.

Power Mech Projects: The company’s fundraising committee has approved raising capital up to Rs 350 crore via QIP. The company will allot 9.02 lakh equity shares at an issue price of Rs 3,881.17 apiece, which is at a discount of Rs 204.27 per equity share.

Tech Mahindra: The company’s US unit has approved divesting 30% holding in Avion Networks Inc. for a consideration of $50,000, and the divestment is to be completed by October 31.

Llyods Metals and Energy: The company informed that Mahendra Singh Mehta was appointed as an additional independent director of the company for a term of five years.

Mahindra Logistics: The company posted a consolidated loss of Rs 16 crore for the July-September period of FY24 as against a profit of Rs 11 crore in the same period last year. Revenue stood at Rs 1,365 crore, up 2.9% over a year-ago period, while Ebitda fell 20.6% to Rs 54 crore in the reported quarter.

Krishna Institute of Medical Sciences: The company’s subsidiary, KIMS Hospital Enterprises Pvt., has acquired an additional 12.09% equity stake in Kondapur Healthcare for Rs 24.11 crore. with this acquisition, the company’s total equity stake in Kondapur Healthcare now stands at 37.18%.

KPI Green Energy: The company received an order from Sustainable Spinning and Commodities Pvt. for executing the Wind-Solar Hybrid Power Project for 4.20 MW capacity, comprising 4.20 MW wind and 3.60 MW solar capacity.

Vedanta: The mining firm said the board of directors has approved the appointment of Ajay Goel as Chief Financial Officer of the company, with effect from October 30. Sonal Shrivastava has resigned from the post of Chief Financial Officer of the company with effect from October 24 due to personal reasons.

Alok Industries: The textile manufacturing company has posted a consolidated net loss of Rs 174.8 crore for the quarter ended September FY24, narrowing from a loss of Rs 191.5 crore in the same period last year. Revenue from operations dropped 20 percent YoY to Rs 1,359 crore during the quarter.

Bharat Heavy Electricals (BHEL): The Appointment Committee of the Cabinet (ACC) has approved the appointment of Koppu Sadashiv Murthy as Chairman and Managing Director (CMD) of BHEL. Murthy was the Executive Director of BHEL.

Trident: The company said that Vinod Kumar Goyal has been appointed as the CEO of the company’s yarn business.

Signatureglobal (India): The company has signed an agreement for acquiring a land parcel measuring approximately 25.75 acres in Gurugram, Haryana, for the development of a group housing project.

Shoppers Stop: The company has invested an additional Rs 5 crore in the preference share capital of its wholly owned subsidiary, Global SS Beauty Brands by way of subscription to the rights issue of an additional 500 non-cumulative optionally convertible preference shares of Rs 1 lakh each.