Stocks to Watch: Adani Enterprises, Britannia, Maruti, Syngene, LIC, TVS | Mint – Mint

Adani Enterprises: Adani Enterprises on 1 February announced that its board has decided not to go ahead with the fully subscribed Follow-on Public Offer (FPO). The company aims to protect the interest of its investing community by returning the FPO proceeds and withdrawing the completed transaction, it said in a stock regulatory filing. The following action by the firm has been taken citing the rout in the shares of Adani Group companies. Meanwhile, markets regulator SEBI is examining the rout and looking into any possible irregularities in the recent share sale by its flagship company, reported Reuters.

Britannia Industries: FMCG major Britannia on Wednesday reported a 152% in consolidated net profit to ₹932.40 crore. This is against a net profit of ₹369.18 crore, the company regulatory filing said. The consolidated revenue from operations rose by 16% to ₹4,101.49 crores as against ₹3,530.70 crore in the corresponding quarter last fiscal. Britannia said that the net profit includes an exceptional gain (net of tax) of Rs. 359 crores, due to a joint venture with Bel SA and the consequent sale of a 49% equity stake in its subsidiary, Britannia Dairy Private Limited and fair valuation of the residual stake of 51%.

LIC/HDFC Life/SBI Life: The Budget has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top lines by 10-12 per cent. Leading private life insurer HDFC Life’s chief executive Vibha Padalkar told PTI that she stares at a 10-12% hit on the company’s top-line with the Budget proposal to tax life products having annual premiums of over ₹5 lakh. She also fears that the increased tax exemption bracket of ₹7 lakh and the steep reduction in the maximum surcharge on the affluent to 39% from 42.74% earlier may nudge them to spend more and save less.

Jubilant Foodworks: Jubilant Foodworks Ltd (JFL), which operates fast-food chains Domino’s Pizza and Dunkin’ Donuts, on Wednesday reported a decline of 39.66 per cent in its consolidated net profit at ₹80.36 crore for the third quarter ended December 31, 2022. The company had posted a consolidated net profit of ₹133.19 crore in the October-December quarter of the previous fiscal, Jubilant Foodworks Ltd (JFL) said in a regulatory filing. Its revenue from operations during the quarter was up 10 per cent to ₹1,331.81 crore as against ₹1,210.77 crore in the year-ago period.

Syngene International: Drugmaker Biocon Ltd on Wednesday divested 10% stake in its research arm Syngene International for ₹2,240 crore through open market transactions. The buyers of the shares include — Government of Singapore, Abu Dhabi Investment Authority, Monetary Authority of Singapore, ICICI Prudential Mutual Fund, Morgan Stanley Asia Singapore Pte and Norges Bank on account of the government pension fund global, among others. According to the block deal data available with the BSE, Biocon, the promoter of Syngene International, sold a total of 4,00,00,000 shares, amounting to a 9.96% stake in the company.

Maruti Suzuki/Tata Motors/M&M: Car sales in 2023 got off to a good start with auto majors such as Maruti Suzuki, Tata Motors, M&M Ltd, TKM, Kia India and Hyundai, reporting growth in vehicle sales numbers in January. However, MG Motor and Honda saw a decline in their sales volume during the same period. Total domestic passenger vehicle sales were at 1,55,142 units as compared to 1,36,442 units in the corresponding period the previous year, a growth of 14%, it added.

Tata Chemicals: Tata Chemicals on Wednesday reported a 21.42 per cent growth in consolidated net profit during the December quarter at ₹425 crore. The company’s net profit stood at ₹350 crore during the corresponding period of the previous fiscal, it said in a regulatory filing. Revenue from operations of the company grew by 32.05 per cent at ₹4,148 crore during the quarter under review compared to ₹3,141 crore in the same period last year.

Ashok Leyland: Hinduja group flagship Ashok Leyand on Wednesday reported a multi-fold jump in its profit after tax at ₹361 crore for the third quarter ended December, aided by robust sales. The company had posted a profit after tax of ₹6 crore in the October-December quarter of the previous fiscal. Revenues for the quarter stood at ₹9,030 crore over ₹5,535 crore in the year-ago period, the company said in a statement. Ashok Leyland said its domestic Medium and Heavy Commercial Vehicle volume rose to 28,221 units, up 69 per cent, over the same period last year.

TVS Motors: Two-wheeler and three-wheeler maker TVS Motor Company registered sales of 275,115 units in January 2023, as per data released on Monday. The sales rose by 3 per cent as the company registered sales of 266,788 units in the year-ago period. Its two-wheeler sales registered a growth of 4% increasing to 264,710 units in January 2023 from 254,139 units in the year ago aided by 29 per cent growth in domestic two-wheeler to 216,471 units in January 2023 from 167,795 units in January 2022, said TVS Motor.

Raymond: Raymond Ltd on Wednesday reported a decline of 4.42% in its December quarter net profit at ₹96.60 crore, mainly on account of a one-time tax hit. The company had posted a net profit of ₹101.07 crore during the October-December period of the previous fiscal, Raymond said in a regulatory filing. Its revenue from operations rose 17.61% to ₹2,168.16 crore during the quarter under review, as against ₹1,843.39 crore in the year-ago period. According to Raymond, it has recorded the “highest-ever revenues in a quarter”.

Mahindra Logistics: Mahindra Logistics Ltd (MLL) on Wednesday said its profit after tax was flat at ₹1 crore in the December quarter. The company’s Profit After Tax (PAT) was ₹12 crore without the impact of its Rivigo acquisition, according to a statement. In September last year, it announced the acquisition of the B2B express business of Rivigo. The deal was completed in November 2022. However, the revenue grew 17% at ₹1,330 crore during the quarter under review from ₹1,136 in the year-ago period, the company said.