Stocks To Watch: Infosys, Vedanta, Bank of Maharashtra, Torrent Power, Adani, L&T Tech
India's stock benchmark snapped a three session losing streak on Tuesday as investors assessed positive economic data and the ongoing earnings season. The S&P BSE Sensex rose 0.76% to 52,769.73, and the NSE Nifty 50 Index advanced 0.76% to 15,812.35. ICICI Bank Ltd. contributed the most to the index gain and had the largest move, increasing 2.9%.
India’s consumer prices rose slower-than-expected in June, which allows the country’s inflation-targeting central bank to stay focused on supporting economic growth. With earnings season underway, investors will turn their attention to Infosys’s results that are expected to be posted today.
Stocks To Watch
Vedanta, Hindustan Zinc: Announced production results for Q1FY22. Mined metal production for the quarter was 221,000 tonnes, up 9% as compared to Q1FY21 on account of higher ore production largely at Rampura Agucha mines (RAM) and Zawar mines. This was partially offset by lower overall metal grades. In comparison to Q4FY21, it decreased by 23%, mainly due to lower ore production at Sindesar Khurd & Rampura Agucha mines due to operators' absenteeism in April & May in light of second wave of Covid-19. Integrated metal production was 236,000 tonnes for Q1 FY22, up 17% as compared to Q1 FY21 in line with higher availability of mined metal and down 8% as compared to Q4 FY21 on account of lower mined metal production. Integrated zinc production was 188,000 tonnes, up 20% as compared to Q1FY21 and down by 4% as compared to Q4 FY21, integrated lead production was 48,000 tonnes for Q1 FY22, up 9% as compared to Q1 FY21 and down 21% as compared to Q4 FY21.
Authum Investment and Infrastructure: Appointed Amit Dangi, whole time director of the company as regular chairperson of the board with immediate effect.
Schaeffler: Jürgen Ziegler, non-executive non-independent director of the company has tendered his resignation effective from July 21 on account of other professional commitments.
Beekay Steel Industries: Launched a new product -- Beekay Turbo 550 Max Interlocking TMT Bars manufactured at its Parwada Unit at Visakhapatnam, Andhra Pradesh.
Torrent Power ended FY21 with a revenue of Rs 12,314 crore, down 10% from Rs 13,818 crore in FY20. Ebitda fell 3% from Rs 3,734 crore to Rs 3,607 crore. Ebitda margin improved slightly from 27% to 29%. Chairman Samir Mehta said the company’s distribution franchisee business was impacted significantly due to the pandemic, while there was limited impact on the generation and licensed distribution business. Post lockdown and subsequent disruptions, it said the economic revival has resulted in an increase in demand for electricity in all its distribution areas, with demand in Q4FY 21 at higher levels than the comparable quarter of previous year.
Gujarat State Petronet: Appointed Rajiv Kumar Gupta, IAS as director on the board of the company.
Zuari Agro Chemicals: Single super phosphate plant of the company in Mahad has resumed its operations with supply of raw materials having been tied up with a supplier. Nitrogen, phosphorus and potassium A plant has been shut down due to unavailability of raw materials.
Sadbhav Infrastructure Projects: India Ratings has downgraded the credit rating of the company to BBB+ from A-.
Coromandel International: Crisil revised the rating for the company's long term bank loan facilities from ‘stable’ to ‘positive’.
Clariant Chemicals: Continued operations reported sales of Rs 688.41 crore for FY21, a decline of 4.4%. Of the total sales revenue for the year under review, 35% is contributed by exports. The company has resumed operations in a phased manner and during the quarter ended September 30, 2020, operations have gradually come back to normalcy.
NBCC (India): Informed that the company has secured a total business of Rs 206 crore in the month of June, 2021.
Bank of Maharashtra: Approved the floor price of Rs 24.89 per equity share for its qualified institutional placement.
Shriram Transport Finance: Approved and allotted 1,300 senior secured rated, listed, principal protected market linked, redeemable, non-convertible debentures of face value of Rs 10 lakh each on private placement basis. Issue size is of Rs 85 crores plus green shoe option of Rs 50 crores.
Barbeque-Nation Hospitality: ICRA has upgraded the credit rating for the company’s bank facilities on a long-term scale to A- (stable). On the short-term scale, the rating assigned is A2+.
IFB Industries: Released its annual report. The company posted a net revenue from operations at Rs 2,800 crore, up 6.2%. Profit before tax increased by 74.2% year-on-year to Rs 2,322.4 crore. The company said it achieved success despite a bleak performance in first quarter due to shut down on account of Covid-19. It added that the increase in margin is largely on account of favourable product mix, price hike, reduction in material cost, scheme cost and overheads.
Cholamandalam Financial Holdings: Ended FY21 with a total income stood at Rs 13,905 crore and profit after tax of Rs 1,764 crore. The NBFC subsidiary, Cholamandalam Investment and Finance Company closed the year with disbursements of Rs 26,043 crore and business assets under management of Rs 69,996 crore. Profit after tax grew by 44% to Rs 1,515 crore.
Indian Bank: Received requisite prior approval of RBI for exercise of call option on bank's Outstanding Basel III Tier 2 Bonds Series I aggregating to Rs 600 crore.
Adani Enterprises: Adani Airport Holdings, a wholly owned subsidiary, has taken over the management control of Mumbai International Airport Limited from the GVK Group.
Skipper: Acuite has rated the company’s long-term bank facilities as A- (stable) and short-term bank facilities as A2+.
NIIT recorded a revenue of Rs 949.5 crore in FY21, up 7% year-on-year from Rs 889.2 crore. Ebitda more than doubled to Rs. 175.3 crore. Chairman Rajendra Pawar said it ssee a positive upswing in the future across all businesses. He said the strong balance sheet and liquidity position coupled with the opportunities opened up by large-scale digital disruption, have positioned NIIT as a leader in the spaces addressed by their corporate learning and skills and careers businesses.
Scheduled Earnings: Infosys, L&T Technology Services, 5Paisa Capital, Craftsman Automation, Dodla Dairy, Hatsun Agro Product, Raghav Productivity Enhancers, Tinplate Company of India.
Pledge Share Details
JSW Holdings: Promoter Siddeshwari Tradex revoked a pledge of 89,000 shares on July 9.
Steel Strips Wheels: Promoter Dheeraj Garg revoked a pledge of 1.5 lakh shares on July 12.
Record Date Final Dividend: Syngene International, Salasar Techno Engineering
Ex-Date Final Dividend: Tinplate Company of India, Mahindra EPC Irrigation, Laxmi Organic Industries, Moksh Ornaments, UPL, Zydus Wellness, Wendt (India), Rane Engine Valve, Bank of India
Price Band Revised From 10% To 5%: Vascon Engineering
Price Band Revised From 20% to 10%: Aditya Birla Money, Goodluck India, Vardhman Holdings
Move Into Short-Term ASM Framework: Vardhman Holdings, SML Isuzu, Poddar Housing and Development, Hindcon Chemicals, Equitas Holdings, Steel Strips Wheels
Move Into Long-Term ASM Framework: Siyaram Silk Mills, Visaka Industries, Worth Peripherals
Move Out Of Short-Term ASM Framework: BSEL Infrastructure Realty, Happiest Minds Technologies
Stocks That May React To Earnings
Mindtree (Q1FY22, Consolidated, QoQ)
Revenue up 8.6% to Rs 2,291.7 crore vs Rs 2,109.3 crore
Ebitda up 0.4% to Rs 464.5 vs Rs 462.6 crore
Profit after tax up 8.2% to Rs 343.4 crore vs Rs 317.3 crore
Tata Metaliks (Q1FY22, Consolidated, QoQ)
Revenue down 8.7% to Rs 603 crore vs Rs 660.8 crore
Profit up 26% to Rs 94.72 crore vs Rs 75 crore
Securities that continue to be in the ban list: Granules India, Vodafone Idea, Nalco, NMDC, PNB and SAIL.
Securities added to ban list: Sun TV
Securities removed from the ban list: Indiabulls Housing Finance
Tinplate Company of India, Mahindra EPC Irrigation, Laxmi Organic Industries, Moksh Ornaments, UPL, Zydus Wellness, Wendt (India), Rane Engine Valve, Bank of India