Stocks To Watch
Firstsource: Released its annual report. The company ended FY21 with revenue from operations up 24% to Rs 5,078 crore. Operating margins hit 11.8 and profit after tax was Rs 361.7 crore. Chairman Sanjiv Goenka said FY2021 has created a “solid foundation” for sustained progress and the forecast for the coming year includes significant recovery in the healthcare business as well as sustained growth in banking and the communications, media and tech sector.
Bandhan Bank: Advances rise 8% YoY to Rs 80,130 crore as of June 30, total deposits rise 28% YoY at Rs 77,340 crore
Indian Oil Corp.: Paradip Refinery hit by glitches, partial shutdown planned
Tata Motors: To consider Rs 500 crore bond issue on July 20
Pidilite: Appointed Sudhanshu Vats as Deputy Managing Director.
Reliance Industries, Justdial: Clarified that it won’t comment on Justdial acquisition reports. “The company evaluates various opportunities on an ongoing basis,” RIL said.
Xelpmoc Design and Tech: Issued 7.2 lakh shares for a sum of Rs 27 crores to Newport Asia Advisors Fund, Newport Asia Growth & Income Fund, Newport Asia Institutional Fund and Newport Asia Partners Fund
NMDC: Proposed to offer up to 89 lakh shares to the eligible employees of the company at a price Rs 165.50 per share in an offer for sale from July 16 to July 18.
BEML: Incorporated a wholly-owned subsidiary named BEML Land Assets Limited based on the concurrence given by the Ministry of Defence, Department of Investment and Public Asset Management and NITI Aayog for demerger of surplus land and assets of the company as part of strategic disinvestment process undertaken by the government.
Havells India: CARE Ratings has reaffirmed AAA rating to the company’s long-term bank facilities. It has reaffirmed the A1+ rating to its short-term bank facilities and commercial paper.
Mindspace Business Parks REIT: Crisil has assigned the following ratings to the bank’s instruments:
Long term Principal Protected Market Linked Debentures upto Rs 500 crore: AAAr/Stable 2
Long term Principal Protected Market Linked Debentures upto Rs 375 crore: AAAr/Stable 3
Non-Convertible Debentures upto Rs 200 crore: AAA/Stable
Non-Convertible Debentures upto Rs 300 crore: AAA/Stable
Corporate Credit Rating: AAA/Stable
Commercial Papers upto Rs. 250 Crores: A1+
Reliance Power: Made preferential allotment of 59.5 crore shares and 73 crore warrants at a value of Rs 10 per share convertible into equivalent number of equity shares to promoter Reliance Infrastructure.
Gati: Transferred its 69.79% equity holding in Gati Kausar to Mandala Capital on July 14, 2021. With this, Gati Kausar has ceased to be the company’s Subsidiary and also the company stands to have reduced its debt at a consolidated level by around Rs 105 crore.
Sona Comstar: Partnered with Israel’s IRP Nexus Group, a leading provider of cutting-edge electric powertrain solutions for e-mobility and iCreate (International Centre for Entrepreneurship and Technology) to invent a new powertrain, manufacture it and market it globally.
UPL: Released its annual report. Ended FY21 with revenue up 8% year-on-year at Rs 38,694 crore and profit up 32% at Rs 3,692 crore. Global CEO Jai Shroff said the company’s growth and margins are more satisfying because they were achieved in an environment that had the added challenges of high inflation and currency fluctuations that adversely impacted us. “We have been able to strengthen our Ebitda margin by 130 bps, a reflection of our growing contribution from value-added products and cost synergies arising out of the Arysta acquisition,” he said.
Earnings To Watch: Den Networks, GNA Axles, HDFC Asset Management Company, Justdial, L&T Financial Holdings