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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

August 01, 2024

‌#ParisOlympics2024: #RafaelNadal and #CarlosAlcaraz lose their men's doubles match against #RajeevRam and #AustinKrajicek
US Fed Meeting Highlights: Dow rallies 400 points as Federal Reserve chair Jerome Powell says September rate cut could be on the table
CNBC-TV18 Morning Call: Infosys gets ₹32,000 crore GST notice, Fed signals for a cut - CNBC TV18
From Infosys' ₹32,000 crore GST notice to Donald Trump questioning Kamala Harris, here are the top global and local updates on CNBC-TV18's morning call.
#CNBCTV18Market | #GIFTNifty higher, trading at a premium of more than 60 pts from Nifty Futures Wednesday close, indicates a start in the green for the Indian market
Wayanad Landslide Live: 167 people including 22 children dead, 200 injured, numbers likely to rise
Wayanad Landslide Live: Harrowing scenes of dead bodies in sitting and lying positions inside destroyed houses could be seen as rescue operations resumed in the landslide-devastated Mundakkai hamlet in Kerala's Wayanad district this morning. Track live updates…
Windfall Tax Revision | Windfall Tax on Crude cut to ₹4,600/tonne from ₹7,000/tonne w.e.f. August 1
Windfall Tax on export of Diesel, Petrol & ATF continue at nil
Meta shares jump after sales beat estimates on advertising growth - CNBC TV18
The Facebook and Instagram parent company reported sales of $39.1 billion for the quarter ended June 30, compared with analysts’ estimates of $38.34 billion.
Federal Reserve Chair Jerome Powell says that reduction in rates could be on the table on September, adds Q2 inflation readings have added to our confidence
[Kotak] Indus Towers: Rs26.4 bn buyback at Rs465/share; Bharti's stake to cross 50% post buyback
Rs26.4 bn buyback at Rs465/share; Bharti's stake to cross 50% post buyback
Indus Towers board has approved a buyback of ~56.8 mn shares (~2.11% stake) at Rs465/share (modest ~4% premium to CMP). The buyback would be a tender offer, with record date fixed as 9th Aug 2024.
Bharti Airtel has confirmed that it won’t tender its shares in the buyback and as a result, Bharti’s stake in Indus post buyback would just cross 50%. This will allow Bharti to have full majority (without paying a premium for control) and consolidate Indus Towers.
Our view: We believe, Indus Towers’ stock more than adequately prices in the benefits of potential recovery in Vodafone Idea’s fortunes. We have a REDUCE rating on Indus Towers with FV of Rs350/share and we would recommend tendering the shares in the upcoming buyback.
SUMMARY OF FED DECISION (7/31/24):
1. Fed leaves rates unchanged for 8th straight meeting
2. Fed reiterates no rate cuts until confident inflation is moving to 2%
3. Inflation has eased but remains "somewhat elevated"
4. Fed says there has been "some" further progress on inflation
5. Attentive to risks on both side of dual mandate
6. Unemployment rate has moved up but remains "low"
*News Headlines from Business News Agencies:*
*Business Standard*
April-June fiscal deficit at Rs 1.36 trillion, 8.1% of 2024-25 target
Indian Overseas Bank invites EoIs from ARCs for Rs 1,100 crore bad loans
Production growth in key infra sectors down to 4% in June, shows data
Bina Modi to recommend Samir's appointment to Godfrey Phillips Board: Court
Mankind Pharma Q1 results: Profit up 9.9% at Rs 543 cr; revenue rises 12%
DMRC to prepare project report for Indore-Ujjain, Pithampur metro corridors
Ind-Ra ups FY25 GDP growth forecast to 7.5% on expectation of high demand
BHEL Q1 results: Net loss widens to Rs 211.4 crore on higher expenses
PNB MetLife launches of Bharat Manufacturing Fund in ULIP segment
JSW Cement enters race to acquire promoter stake in Orient Cement
China's mfg activity seen extending decline for 3 straight month in July
Toyota to set up mfg plant in Maharashtra; likely to invest Rs 20k cr
*Economic Times*
Thales-Garuda alliance seeks to propel India as a global drone hub by 2030
Boeing posts bigger loss as defense business struggles to turn around
Indian outbound tourism likely to reach $55,388.41 million by 2034: FICCI-Nangia Report
Ather Energy to sign long-term battery supply contract with Amara Raja
Mumbai property market sustains record-breaking streak with best-ever July
India’s semiconductor industry to grow to $109 billion by 2030: MoS IT tells Lok Sabha
NSE launches India’s first website for passive funds
Credit slows down across sectors in June except loans to corporates and housing
Attero launches e-waste recycling platform 'Selsmart' for consumers
CRISIL reports healthy 13-14% revenue increase for India’s dairy industry this fiscal year
Radisson Hotel Group launches new Meetha by Radisson stores in Borivali and Bandra
*Mint*
Structural reforms bolster India’s macro stability, says Morgan Stanley
M&M Q1 Results: Net profit drops 5% to ₹2,612 crore, revenue rises 12% YoY
Godrej Properties clocks ₹8,637 cr of sales booking in June quarter
Intel to cut thousands of jobs to cut costs, bounce from flat earnings: Report
India’s Akasa Air eyes flights to Asia’s tourist hotspots
Gold demand in India expected to be 750 tonnes in 2024: WGC India CEO Jain
Adidas sees improving business trends as it pushes ahead with transition
Riju Raveendran has raised ₹158 crore to repay BCCI, Byju's tells NCLAT
SpiceJet delays June salaries after defaulting on provident fund dues: Report
Above-normal rains to support 5% farm output growth this year: Niti Aayog member
Investors eye 12% returns from SGBs redemption on August 5: Report
Piyush Goyal Asks Indian Industry to Cooperate Amid FTA Talks
Stocks in News post Market closure
Srestha Finvest Ltd : The Board approved and recommended for sub-division of Company’s 1 Equity Share of Face Value of Rs. 2/- each into 2 Equity Shares of Face Value of Re. 1/- each.
TECHNVISION VENTURES LTD : Registration Now Open For Solix’s SOLIXEmpower 2024 Conference, In Partnership With University Of California San Diego.
Rail Vikas Nigam Limited : Ministry of Railways, Government of India, has conveyed that Shri Vinay Singh (DIN: 03324677) will complete five years tenure as Director (Project)/ RVNL on 31.07.2024. Therefore, Ministry of Railways has decided that pending approval of the Competent Authority, Shri Vinay Singh will continue to hold the post of Director (Project)/ Rail Vikas Nigam Limited, beyond 31.07.2024 and, until further order, in accordance with extant instructions of the DoP&T .
Sansera Engineering : Company entered into an MoU with the Government of Karnataka for the acquisition of 55 acres of Industrial Land at Harohalli, Bengaluru.
Zydus Wellness Limited : Heinz India Private Limited merged with Zydus Wellness Products Limited , a wholly owned subsidiary Company, has received an Order in Form DRC-07 from the Office of The Principal Commissioner, Central GST and Central Excise Commissionerate, Shimla, alleging short payment of tax amounting to ₹ 22.42 million along with applicable interest and penalty under section 74 for FY 2017-18 to 2019-20.
Barbeque-Nation Hospitality Ltd : Board approved further acquisition of 270 Equity Shares constituting 4.14% Paid-up Share Capital, having face value of Rs.100/- each, of Red Apple Kitchen Consultancy Private Limited (“Red Apple”), a Subsidiary of the Company, through secondary acquisition i.e., from the existing Shareholders of Red Apple (i.e. from Mr. Balasubramanian Goudhaman and Mr. Jean Michel Marcel Jasserand) for a total consideration ofRs.10,01,82,690.
WARDWIZARD INNOVATIONS & MOBILITY LIMITED : The Company has executed the engagement letter with Ernst & Young LLP to provide the Investor Relations Consulting Services with effect from 01st August, 2024.
Eimco Elecon (India) Limited : MS Mining Private Limited has decided to reduce the awarded orders by INR 23.18 Crore (excluding GST) by reducing the deliveries pertaining to FY2025-26.
Bharat Forge Limited : Kalyani Strategic Systems Limited (“KSSL”), a wholly-owned subsidiary of the Company has been granted defence license by the Department for Promotion of Industry & Internal Trade, for manufacture of various defence products at its Jejuri unit.
eMudhra Limited : The acquisition of 86.8% interest in TWO95 International Inc., USA has been completed on July 31, 2024.
PHOENIX TOWNSHIP LIMITED : Board meeting to be held on August 05, 2024 shall inter-alia consider the proposal for raising of funds
Uttam Sugar Mills Ltd. : The Uttam Sugar Mills Limited has acquired 52.90% stake in Uttam Distilleries Limited (ItUDL") on 30.07.2024 and resulting in making Uttam Distilleries Limited as subsidiary Company of Uttam SugarMills Limited.
JK LAKSHMI CEMENT LTD. : Board approved Composite Scheme of Amalgamation and Arrangement amongst JK Lakshmi Cement Ltd. , Udaipur Cement Works Ltd. , Hansdeep Industries & Trading Company Ltd., Hidrive Developers and Industries Pvt. Ltd.
Exicom Tele-Systems Limited : Exicom Powers Solutions B.V. was incorporated on January 08, 2024, as a wholly-owned subsidiary of the Company, with an issued capital of Euro 100,000.
CENTRAL BANK OF INDIA : Central Bank of India has entered into a strategic Co-Lending Partnership with M/s. Shriram Finance Limited to offer MSME Loans at competitive rates, subject to compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBI).
We Win Ltd : Award of Work Order for Appointment of an Agency for Operating the Assam Power Distribution Company Limited (APDCL) Customer Call Centre.
IFGL Refractories Ltd. : Kindly be informed that as a part of Phase 3 expansion plan of Company’s Visakhapatnam manufacturing facility, a new Plant for manufacture of Magnesia Carbon, Alumina Magnesia Carbon & Alumina SiC Carbon bricks has been set up and inaugurated 31st July, 2024, by Company’s Managing Director, Mr James Leacock McIntosh and Director and Chief Executive Officer India, Mr Arasu Shanmugam. This state of art new Plant with cutting edge technology, built involving capital outlay of about Rs 100 crores with Initial Capacity of 9,000 MT per annum is likely to generate revenue of Rs 70 Crores. Plant Capacity will be enhanced to 24,000 MT per annum in a year’s time with further capital outlay of about Rs 3 Crores.
Sakuma Exports Limited : Company has fixed Saturday, August 10, 2024 as the record date for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus shares by the Company.
Jost’s Engineering Company Limited : Board meeting to be held on Aug 7th 2024,The proposal to sub-divide/split of the Equity Shares of the Company.
Kaynes Technology India Limited : The Company and Kaynes Singapore have entered into a joint venture agreement for acquisition of 54% stake in Sensonic Austria, around 04.00 P.M. (IST) on July 31, 2024. The acquisition is subject to receipt of the approval under Investment Control Act of Austria.
Thomas Cook (India) Limited : Board Approved Further investment in Indian Horizon Marketing Services Limited, wholly owned subsidiary of the Company,upto an aggregate value of INR 2,50,00,000 , by way of subscribing to the rights issue / further issue of capital in one or more tranches offered by it.
GE Power India Limited : Company has received the purchase orders from Torrent Power Limited and NTPC Limited totaling to INR 3.83 crores
Tata Steel: The company will set aside Rs 17,347 crore as contingent liability in its financial statements, following a recent Supreme Court judgement that upheld the state government's power to levy cess on minerals. Besides, the steel maker's consolidated net profit rose 75% in the June quarter of fiscal 2025 but missed analysts' estimates as exceptional items weighed
Infosys: The company is under a GST intelligence scanner for alleged evasion of over Rs 32,000 crore. Responding to the allegation, the company said it paid all its GST dues and is fully in compliance with the central and state regulations on this matter
IT Stocks: IT stocks will be in focus at the back of the FOMC meeting.
Wipro: The company has secured a multi-year contract with global automotive supplier MAHLE to upgrade its IT infrastructure with hybrid cloud solutions.
IDBI Bank: Fairfax, NBD Emirates, and Kotak Mahindra Bank are said to be on the final list of bidders and have cleared RBI’s fit and proper checks, NDTV Profit reported.
Shriram Finance: The company executed a Master Agreement for loan co-lending to MSME borrowers under the co-lending scheme with the Central Bank.
Vedanta: The company received approval from BSE and the National Stock Exchange of India to split into six independent listed companies.
Bharat Forge: Subsidiary Kalyani Strategic Systems has received a defence license for the manufacture of various defence products at its Jejuri unit in Maharashtra. This will allow the company to participate in potential future defence programmes
JK Lakshmi Cement: The board approved the composition of the scheme of amalgamation and arrangement amongst the company, Udaipur Cement Works, Hansdeep Industries & Trading Company, Hidrive Developers, and Industries.
TATA POWER: CO UNIT SIGNS POWER DELIVERY AGREEMENT WITH TATA STEEL LTD TO SET UP 70 MW GROUP CAPTIVE SOLAR PLANT IN MAHARASHTRA
BANK OF BARODA CALL
• Global advances grew 8.1% in Q1
• Organic retail lending grew by 20.9%
• Bank of Baroda net NPAs 0.69%, slippage ratio 1.05%
• Seeking to reduce dependence on high-cost bulk deposits
• Focus on retail lending to remain high
• FY25 guidance deposit growth 10-12%, advances growth 12-14%
Shortfall in target of deposits, credit will be covered in Sep. quarter
• Will continue to work on fee business
• Operating profit lower in Q1, will focus on increasing this Treasury income led to lower operating profits
• Targeting recoveries of over 10,000 cr
• Trending of NPAs will be downwards
• Want to maintain base level LCR at 120%
• Bank of Baroda NIM is 3.18%
• RBI guidelines on LCR will not Impact us over 12-13% Looking to raise ₹7,500cr of Tier 1 and 2 capital
• Looking to increase share of retail loan book Looking to lower cost to income ratio
• Many channels were opened in a graded manner following lift of ban on Bobworld
• Bank of Baroda: looking at Nainital Bank divestment, OFS in a possible IPO of India First
• Bob Cards is not on the Block
• Process for Nainital Bank sale going on, will make an announcement soon
BULK DEAL ALERT:
Graphite India
QUANT MUTUAL FUND
Sold 14,50,000 shares @ Rs.520.03-
Infosys gets GST demand for alleged tax evasion of Rs 32,000 Crore
IT stocks in focus as Infosys under investigation for alleged GST evasion - CNBC TV18
Following the development, the American depositary receipts (ADRs) of IT giant Infosys Ltd. ended 2.5% lower on NYSE.
#CNBCTV18Market | SUV growth to be well ahead of industry, current valuation appears attractive given 16% core EPS CAGR over FY24-27: Nomura On M&M
#CNBCTV18Market | In Europe, Netherland operations turned positive EBITDA after 6 quarters, UK business continued to make EBITDA losses: Jefferies On #TataSteel
#CNBCTV18Market | MS maintains Equal-weight call on Bk of Baroda, says, Q1 asset quality trends in retail were slightly weak – both remain key to monitor
#CNBCTV18Market | In a tough quarter, co posted impressive results, consensus earnings estimate upgrades to drive outperformance: MS On #Maruti
Beat The Street | Stock Market News
#CNBCTV18Market | Jefferies raises target on Maruti, says, Q1 EBITDA & recurring PAT rose 36-39% YoY & were 11-12% above estimates
Raise FY25-27 EPS by 1-3%; tax cut on hybrids is an upside risk, Jefferies adds
Windfall Tax Revision | Windfall Tax on Crude cut to ₹4,600/tonne from ₹7,000/tonne w.e.f. August 1
Windfall Tax on export of Diesel, Petrol & ATF continue at nil
Federal Reserve Chair Jerome Powell says that reduction in rates could be on the table on September, adds Q2 inflation readings have added to our confidence
Q1FY25 EARNINGS
Good – Tata Steel, Coal India, GE T&D, Ugro Capital, Puravankara, IIFL Securities, Pricol, Selan Exploration, Aster DM
Inline – Sundaram Fasteners, Fino Payments, Sasken, Sonata Software, Stylam, Prestige
Weak – Teamlease, KRBL, Relaxo, JK Cement, Nuvoco, Indo Star, Bank of Baroda, Phoenix Mills
Tata Steel Review Jefferies
Buy, TP Rs 195
1Q EBITDA rose 29% YoY (+1% QoQ) & 7% above JEFe led by better-than-expected performance of non-TSE subsidiaries
Netherland operations turned +ve EBITDA after 6 qtrs, but UK biz continued to make EBITDA losses 1Q net debt rose 6% QoQ
Tata Steel Review MS
EW, TP Rs 145
Beat on consolidated EBITDA was led by better-than-expected performance in domestic & "other" businesses Kalinganagar expansion timelines on track
Key to watch: Management update on UK biz transitio
Net debt moved up to Rs822bn
BOFA ON ZEE
Maintain Underperform; Hike target price to Rs 134 from Rs 132
In-line revenues, but cost control levers lead to margin uptick
Expect H2 recovery; FCCB raise in tranches over long term
Maintain Underperform rating as we see risk-reward as unfavorable
MACQUARIE ON MANKIND
Maintain Neutral with target price of Rs 2300
Q1FY25 in line; FY25 guidance maintained
Improvement in gross margin was more than offset by an increase in staff costs and other expenses
Company expecting the gross margin to cool off in coming quarters
BERNSTEIN ON AMC & INSURANCE
• SBI Life - Initiate Outperform with target price of Rs 2270
• Max Financial - Initiate Outperform with target price of Rs 1350
• HDFC Life Initiate Outperform with target price of Rs 810
• LIC - Initiate Market-perform with target price of Rs 1190
• ICICI Pru Life - Initiate Underperform with target price of Rs 590
• Policy Bazaar - Initiate Outperform with target price of Rs 1720
HDFC AMC - Initiate Outperform with target price of Rs 4950
• Nippon AMC - Initiate Market-perform with target price of Rs 680 OND
• Marching on the financial product evolution
INVESTEC ON MARUTI
• Maintain Hold; Hike target price to Rs 13260 from Rs 13000
Operational beat driven by margins
• Moderation in industry growth led by high base
• Managment though flagged industry growth moderating to 5% YoY growth in FY25
•Listing of Hyundai in India would provide another pure PV play for investors
INVESTEC ON M&M
• Maintain Buy; Hike target price to Rs 3220 from Rs 3100
• Strong growth momentum to continue
• Operational beat, earnings upgrade to continue
• Think M&M's valuation is supportive led by EBITDA CAGR of 20%, EPS upgrade cycle, EV preparedness and strong ROIC
UBS ON BANK OF BARODA
• Maintain Neutral; Hike target price to Rs 290 from Rs 285
• Beat driven by lower than expected credit costs
• Domestic loans/deposits declined sequentially
• Management reduce their credit cost guidance to <0.75% previous <1%
MACQUARIE ON CROMPTON CONSUMER
• Maintain Outperform with target price of Rs 511
• Q1: Good quarter with healthy revenue beat
• Premiumisation and margin focus
• Lighting segment seeing some recovery in volumes; price decline seen in the ום sou last few quarters has stabilised now
• Second-consecutive quarter of Crompton delivering better- thanexpected earnings
GOLDMAN SACHS ON CEMENT
• ACC - Maintain Sell; Cut target price to Rs 2440 from Rs 2500
• Ambuja - Maintain Neutral; Cut target price to Rs 665 from Rs 695
• Profitability and volumes slightly below peers, focus on capacity expansion
• Cost benefits might be delayed, as additional capacities gradually ramp-up
Tata Steel Review CLSA
U-P, TP Rs 135
Consol adjusted 1Q Ebitda of Rs69bn ahead est on better non-core Ebitda
India biz Ebitda of Rs13,670 in line, while Europe losses fell to $28/t (4Q: US$38/t) as Netherlands returned to +ve Ebitda
Net debt increased to Rs822bn
UBS on Zee Ent
Neutral, TP Rs 180
Q1: EBITDA surprise driven by cost efficiencies
Ad rev remains subdued with +3% YoY
Subs rev saw 9% YoY (+4% QoQ, 2% above UBSe) Zee5 rev were soft
Movies rev grew by c70% YoY
Management confident of reaching 18-20% EBITDA margin target by FY26
Zee Ent Review CLSA
Hold, TP Rs 150
1Q consol rev of Rs21.3bn above est., although ad rev declined 3% YoY due to cricket & elections
Zee’s India subscriptions was up 10% YoY, with +ve surprise led by movies rev
1Q margin up 5ppts to 12.8% & Ebitda jumped 75% YoY to Rs2.7bn
MS ON MARUTI
(CMP: 13,115.80)
MAINTAIN BUY
TARGET: 15,145
In A Tough Quarter, Co Posted Impressive Results
Trailing Underperformance Vs Nifty Auto, Relatively Lower Multiples
Consensus Earnings Estimate Upgrades To Drive Outperformance
JEFFERIES ON MARUTI
(CMP: 13,115.80)
MAINTAIN BUY
TARGET: 15,200
Q1 EBITDA & Recurring PAT Rose 36-39% YoY & Were 11-12% Above Estimates
Q1 EBITDA & Recurring PAT Growth Led By Better-than-expected ASP And Margin
PV Ind Growth Has Moderated From 27% YoY In FY23 Το 8% In FY24 & To Just 3% In Q1
Co's CNG Portfolio Is Performing Well
Co Continues To Face Headwind Of Industry Demand Shifting To SUVs
Raise FY25-27 EPS By 1-3%; Tax Cut On Hybrids Is An Upside Risk
MS ON BANK OF BARODA
(CMP: 254)
MAINTAIN EQUAL-WEIGHT
TARGET: 280
Q1 Showed Slow Balance Sheet Growth Amid High LDR
Q1 Asset Quality Trends In Retail Were Slightly Weak - Both Remain Key To Monitor
Positives Were Good Profitability And Improved Balance Sheet Strength
Valuation At 0.9x FY26 Book Keeps Us Equal-Weight
NOMURA ON M&M
(CMP: 2,908)
MAINTAIN BUY
TARGET: 3,417
SUV Growth To Be Well Ahead Of Industry
Q1 Average Selling Prices Miss But Better Margin Vs Consensus
Success Of Thar Roxx + BEVs & Rural Revival Key Catalysts
Current Valuation At 14x FY26 EV/EBITDA (Adjusted For Subsidiaries), Vs Peers At 15-22x
Current Valuation Appears Attractive Given 16% Core EPS CAGR Over FY24-27F
Bharat Forge
subsidiary company KSSL has been granted defence license for manufacturing of various defence products at its Jejuri unit.
IFGL Refactories
A new Plant for manufacture of Magnesia Carbon, Alumina Magnesia Carbon & Alumina SiC Carbon bricks (hereon Bricks) has been set up and inaugurated
Capital outlay of about Rs 100 cr
Likely to generate revenue of Rs 70 cr
GODREJ INDUSTRIES LIMITED
Board Meeting to be held on 07-Aug-2024 to consider and approve Fund raising
WIPRO
Secures Contract to enhance MAHLE’s IT Infrastructure with Hybrid Cloud Solutions . The multi-year engagement aims to improve MAHLE’s business agility and compliance-MAHLE, a global au
CG Consumer Electricals
Company has been granted patent for an invention titled “Multistage Load Demand-Dependant Adaptive Power Management System For Charging Battery Using Pv Solar Cell”. for 20 years
+
Launched 3 products in various category in domestic market
RHI MAGNESITA INDIA LIMITED
search was undertaken at the premises of RHI Magnesita India Limited in Rajasthan by additional commissioner
Co says no impact
Sansera Engineering Limited
Entered in to a MOU with Karnataka Govt for acquisition of 55 acres of industrial land in Bengaluru .
Sansera’s commitment to invest approximately INR 2100 Crores over a period of 3 – 5 years
ZEE-CONCAL
Expect FY25 margins to be meaningfully better than FY24
Deployment plans for the raised funds would be finalised shortly
Ad revenues to pick up in H2FY25 driven by the festive season, recovery in rural markets
Fairfax likely frontrunner for IDBI Bank stake acquisition
The central bank is said to have cleared the names of potential investors for IDBI Bank, with Fairfax India Holdings possibly emerging as the frontrunner to acquire a 60.7% stake. The fate of the other two bidders is unclear.
CHINA, INDIA AGREE TO MAINTAIN DIPLOMATIC AND MILITARY COMMUNICATION ON BORDER SITUATION - CHINESE FOREIGN MINISTRY
AMARA RAJA: CO TO ENTER INTO STRATEGIC AGREEMENT WITH ATHER ENERGY TO COLLABORATE FOR DEVELOPMENT AND SUPPLY OF NMC AND LFP LITHIUM-ION CELLS FOR TWOWHEELER BATTERY PACKS
TATA POWER: CO UNIT SIGNS POWER DELIVERY AGREEMENT WITH TATA STEEL LTD TO SET UP 70 MW GROUP CAPTIVE SOLAR PLANT IN MAHARASHTRA
CHINA, INDIA TO SPEED UP NEGOTIATION PROCESS ON BORDER SITUATION, CONTINUE TO MAINTAIN PEACE AND TRANQUILITY IN BORDER AREAS - CHINESE FOREIGN MINISTRY
IFGL Refactories
A new Plant for manufacture of Magnesia Carbon, Alumina Magnesia Carbon & Alumina SiC Carbon bricks (hereon Bricks) has been set up and inaugurated
Capital outlay of about Rs 100 cr
Likely to generate revenue of Rs 70 cr
WIPRO
Secures Contract to enhance MAHLE’s IT Infrastructure with Hybrid Cloud Solutions . The multi-year engagement aims to improve MAHLE’s business agility and compliance-MAHLE, a global au
CG Consumer Electricals
Company has been granted patent for an invention titled “Multistage Load Demand-Dependant Adaptive Power Management System For Charging Battery Using Pv Solar Cell”. for 20 years
+
Launched 3 products in various category in domestic market
RHI MAGNESITA INDIA LIMITED
search was undertaken at the premises of RHI Magnesita India Limited in Rajasthan by additional commissioner
Co says no impact
Sansera Engineering Limited
Entered in to a MOU with Karnataka Govt for acquisition of 55 acres of industrial land in Bengaluru .
Sansera’s commitment to invest approximately INR 2100 Crores over a period of 3 – 5 years
ZEE-CONCAL
Expect FY25 margins to be meaningfully better than FY24
Deployment plans for the raised funds would be finalised shortly
Ad revenues to pick up in H2FY25 driven by the festive season, recovery in rural markets
NUVOCO Management Says Premium products remain a key focus for the Company, with their share in trade volume reaching a record high of 40% in Q1 FY25.
The SAP unification program was successfully completed in line with the Company’s digital transformation journey, enabling us to streamline processes across the organization. Additionally, railway siding projects in Odisha and Sonadih are at an advanced stage of completion, which will further improve efficiency and profitability.
Looking ahead, the timing and pace of demand recovery will depend on the on-ground execution of infrastructure and housing projects. In the near term, headwinds primarily stem from the demand-supply imbalance and continued pricing pressure.
JK LAKSHMI CEMENT Q1 HIGHLIGHTS
Total Volume Flat (YOY)
NET DEBT TO EQUITY AT 1.75 X V 1.22 X (YOY(
CAPEX
The Company is expanding its Cement Grinding capacity at its Surat Grinding Unit from 1 .35 Million Tonnes to 2. 7 Million Tonnes. The Project is likely to cost Rs. 225 Crores to be funded through Term Loans from Bank ofRs. 150 Crore & the balance from Internal Accruals.
The Company is also putting up a Railway Siding at its Durg Cement Plant at a Cost ofRs.325 Crores to be funded through a Debt of Rs. 225 Crores & the balance through Internal Accruals.
The Company is expanding the Clinker Capacity at its integrated Cement Plant at Durg in Chhattisgarh by putting up an Additional Clinker Line of 2.3 Million Tonnes Per Annum & Four Cement Grinding Units aggregating to 4.6 Million Tonnes Per Annum at Diu-g in Chhattisgarh and also Three Split Location Cement Grinding Units wifh aggregate Cement Grinding Capacity of 3.4 Million Tonnes Per Annum at Prayagraj in Uttar Pradesh, Madhubani in Bihar & Patratu in Jharkhand.
The Project is likely to cost Rs.2500 Crores & is proposed to be funded through Term Loans from Banks of Rs. 1750 Crores & the balance through Internal Accruals.
TanlaPlatforms appoints Abhishek Jain as CFO: Exchange Filing.
MADHUSUDHAN MASALA ; CO. TO RAISE 52 CR FUNDS FROM EQUITY ISSUE AND CONVERTIBLE WARRANTS AT RS 166/SHARE TO PROMOTER AND INVESTORS
Dabur to report Q1 earnings today, domestic volume growth seen b/w 5-6%
Major reservoirs in Karnataka have reached near danger marks.
Advisory is issues to residents to stay away from low-lying areas. The IMD has also raised alarms about potential landslides in 31 sub-divisions across the state.
Nifty closed @24,951 (+93.85) and Sensex @81,741 (+285.95) on Wednesday GIFT Nifty was trading at 25,092 (as of 7:30 a.m)
FIIs net sold equities in cash to the tune of Rs.3,462 cr whereas DIIs bought equities in cash worth Rs.3,367 cr on July 31 2024
Maruti Suzuki, reported a 48% y/y increase in consolidated net profit for 1QFY25 to Rs 3,760 cr on the back of strategic cost reductions, favourable commodity prices, and advantageous FX conditions
Mahindra Mahindra's (M& reported a 23 increase in adjusted profit in 1QFY25 to Rs. 2,613 cr. helped by an increase in sales of its sport utility vehicles ( a rebound in demand for tractors
Ambuja Cements reported a consolidated net profit of Rs 790 cr in 1QFY25 down 30% y/y against a profit of Rs. 1,135 cr in the year ago period
JK Lakshmi Cement reported a two fold rise in net profit at Rs 156 cr in 1QFY25 aided by lower expenses as compared to Rs 75 cr in 1QFY24 The Board also approved a scheme of arrangement to merge three of its subsidiaries
Coal India reported a 4 y/y increase in consolidated net profit at Rs 10,959 cr for 1QFY25 coal production increased by 8% y/y to 189 MT while offtake rose by 6%y/y to 198.5 MT
Mankind Pharma reported a 10% y/y rise in consolidated net profit for 1QFY25 at Rs 543 cr up from Rs 494 cr reported for the same period last year
Bank of Baroda reported increase in net profit by 9.5% y/y to Rs 4 458 cr in 1QFY25 on lower credit costs as compared to Rs 4,070 cr in the year ago period
Prestige Estates Projects reported a consolidated net profit of Rs 307 cr in 1QFY25 down 3% y/y
Star Health and Allied Insurance Company reported a 11% y/y increase in net profit at Rs 319 cr for 1QFY25 Gross Written Premium ( for the quarter stood at Rs 3 476 cr up 18% y/y
Aster DM Healthcare reported an adjusted consolidated profit from continuing operations at Rs 81cr in 1 QFY 25 up 81% y/y helped by higher occupancy during the flu season
Indian ADRs: Infosys (-2.1%), ICICI Bank (+0.8%), Dr Reddy’s Labs (+0.8%)

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