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Stocks to Watch Today | ITC, Bank of Baroda, Rain Industries, and others in news today – Moneycontrol

By Kalpana Warrier on August 1, 2022

Stocks to Watch: Check out the companies making headlines before the opening bell.

Results on August 1: ITC to be in focus ahead of its June quarter earnings today. Besides ITC, UPL, Zomato, Arvind, Bajaj Consumer Care, Barbeque-Nation Hospitality, Carborundum Universal, Castrol India, Escorts Kubota, Eveready Industries India, Indo Count Industries, Kansai Nerolac Paints, Max Financial Services, Prudent Corporate Advisory Services, Punjab & Sind Bank, The Ramco Cements, RateGain Travel Technologies, Thyrocare Technologies, Triveni Turbine, and Varun Beverages will declare their June quarter earnings on August 1.

Bank of Baroda: Bank of Baroda Q1 profit jumps 79.4% YoY to standalone profit to Rs 2,168 crore, net interest income grows 12%. The public sector lender reported 79.4% year-on-year growth in standalone profit at Rs 2,168 crore for the quarter ended June 2022, despite fall in other income and pre-provision operating profit. The significant decline in bad loans provisions aided the bottom line. Net interest income grew by 12% YoY to Rs 8,838.4 crore in Q1FY23, with credit growth at 18 percent and 10.9 percent YoY increase in global deposits.

Bank of Baroda: The public sector lender reported a 79.4 percent year-on-year growth in standalone profit at Rs 2,168 crore for the quarter ended June 2022, despite fall in other income and pre-provision operating profit. The significant decline in bad loans provisions aided the bottom line. Net interest income grew 12 percent YoY to Rs 8,838.4 crore in Q1FY23, with credit growth at 18 percent and 10.9 percent YoY increase in global deposits.

IDFC First Bank: IDFC First Bank reports Q1 profit at Rs 474.33 crore against net loss, net interest income rises 26%. The bank recorded highest-ever standalone profit of Rs 474.33 crore in Q1FY23, against a loss of Rs 630 crore in corresponding period of the previous fiscal. The increase in core operating income and fall in provisions aided the profitability, with the sequential growth in profit at 38 percent. Net interest income grew by 26% to Rs 2,751.1 crore YoY during the quarter, with 39 bps YoY improvement in net interest margin at 5.89 percent for the quarter. But there was 38 bps decline in net interest margin on a sequential basis.

IDFC First Bank: The bank recorded highest-ever standalone profit of Rs 474.33 crore in Q1FY23, against a loss of Rs 630 crore in the corresponding period of the previous fiscal. The increase in core operating income and fall in provisions aided the profitability, with the sequential growth in profit at 38 percent. Net interest income grew 26 percent to Rs 2,751.1 crore YoY during the quarter, with 39 bps YoY improvement in net interest margin at 5.89 percent for the quarter. But there was 38 bps decline in net interest margin on a sequential basis.

Dr Reddy's Laboratories: Dr Reddy's Labs enters into licensing agreement with Slayback Pharma to obtain exclusive rights for eyedrop. The pharma major entered into a licensing agreement with Slayback Pharma to obtain exclusive rights in the first-to-file ANDA for the private label version of Lumify in the US. Lumify is an over-the-counter (OTC) eyedrop that can be used to relieve redness of the eye due to minor eye irritations. The agreement also provides Dr Reddy’s exclusive rights to the product outside the US.

Dr Reddy’s Laboratories: The pharma major entered into a licensing agreement with Slayback Pharma to obtain exclusive rights in the first-to-file ANDA for the private label version of Lumify in the US. Lumify is an over-the-counter (OTC) eyedrop that can be used to relieve redness of the eye due to minor eye irritations. The agreement also provides Dr Reddy’s exclusive rights to the product outside the US.

Rain Industries: Rain Industries Q2 profit grows 184% YoY to Rs 668.50 crore driven by healthy top line, operating performance. Revenue grows 52%. The company recorded a 184 percent year-on-year increase in consolidated profit at Rs 668.50 crore for the quarter ended June 2022, driven by healthy top line and operating performance. Revenue grew by 52 percent to Rs 5,540.6 crore due to solid growth in average blended realisation for carbon and advanced material sales, though volumes declined. Operating profit grew by 78.5% to Rs 1,210.5 crore during the same period.

Rain Industries: The company recorded a 184 percent year-on-year increase in consolidated profit at Rs 668.50 crore for the quarter ended June 2022, driven by healthy top line and operating performance. Revenue grew by 52 percent to Rs 5,540.6 crore due to solid growth in average blended realisation for carbon and advanced material sales, though volumes declined. Operating profit grew 78.5 percent to Rs 1,210.5 crore during the same period.

Zee Entertainment Enterprises: Zee Entertainment Enterprises-Sony Pictures merger receives no objection letters from BSE, NSE. The company has received no objection letters from BSE and National Stock Exchange of India, for the proposed Composite Scheme of Arrangement amongst Zee Entertainment, Bangla Entertainment, and Culver Max Entertainment (formerly Sony Pictures Networks India). These observation letters permit the company to file the Composite Scheme of Arrangement with National Company Law Tribunal, Mumbai.

Zee Entertainment Enterprises: The company has received no-objection letters from BSE and National Stock Exchange of India, for the proposed Composite Scheme of Arrangement amongst Zee Entertainment, Bangla Entertainment, and Culver Max Entertainment (formerly Sony Pictures Networks India). These observation letters permit the company to file the Composite Scheme of Arrangement with National Company Law Tribunal, Mumbai.

Yes Bank: Yes Bank to raise Rs 8,898.47 crore from Carlyle Group and Advent by selling 10% stake each. The bank is going to raise Rs 8,898.47 crore from The Carlyle Group and Verventa Holdings (affiliate of Advent) by selling 10% stake each. The board of directors has approved to allot 369.61 crore equity shares at a price of Rs 13.78 per share and 256.75 crore warrants exchangeable into equity shares, at a price of Rs 14.82 per share, through preferential allotment on a private placement basis, which is subject to approval of shareholders and RBI. The Carlyle Group and Verventa Holdings (affiliated of Advent) will pour in money into the bank against 184.8 equity shares each and 128.37 crore warrants each.

Yes Bank: The bank is going to raise Rs 8,898.47 crore from The Carlyle Group and Verventa Holdings (affiliate of Advent) by selling 10 percent stake each. The board of directors has approved the allotment of 369.61 crore equity shares at a price of Rs 13.78 per share and 256.75 crore warrants exchangeable into equity shares, at a price of Rs 14.82 per share, through preferential allotment on a private placement basis, which is subject to approval of shareholders and RBI. The Carlyle Group and Verventa Holdings (affiliated of Advent) will pour in money into the bank against 184.8 equity shares each and 128.37 crore warrants each.

Cipla: Cipla Q1 profit drops 4% YoY to Rs 686 crore. EBITDA falls 15% YoY. Revenue declines 2.3%. The pharma company recorded a 4% year-on-year decline in consolidated profit at Rs 686 crore for the quarter ended June 2022 as EBITDA fell by 15% YoY to Rs 1,143 crore and revenue fell by 2.3% to Rs 5,375 crore in the same period. India business declined 8.4% to Rs 2,483 crore and North America business grew by 15.5% to Rs 1,199 crore in Q1FY23.

Cipla: The pharma company recorded a 4 percent year-on-year decline in consolidated profit at Rs 686 crore for the quarter ended June 2022 as EBITDA fell by 15 percent YoY to Rs 1,143 crore and revenue fell by 2.3 percent to Rs 5,375 crore in the same period. India business declined 8.4 percent to Rs 2,483 crore and North America business grew by 15.5 percent to Rs 1,199 crore in Q1FY23.

CARE Ratings: CARE Ratings Q1 profit jumps 22.4% to Rs 14.14 crore, revenue grows 11% to Rs 54.57 crore. The rating agency recorded a 22.4% year-on-year growth in consolidated profit at Rs 14.14 crore for the quarter ended June 2022 on operating income and top line growth. Revenue during the quarter rose by 10.9 percent YoY to Rs 54.57 crore. The consolidated numbers included CARE Ratings and its four subsidiaries.

CARE Ratings: The rating agency recorded a 22.4 percent year-on-year growth in consolidated profit at Rs 14.14 crore for the quarter ended June 2022 on operating income and top line growth. Revenue during the quarter rose by 10.9 percent YoY to Rs 54.57 crore. The consolidated numbers included CARE Ratings and its four subsidiaries.

CEAT: CEAT to make further investment of Rs 3.5 crore in Greenzest Solar. The company has entered into First Amendment Agreement with Greenzest Solar Private Limited, for making a further investment Rs 3.5 crore in Greenzest, which is into captive power generation projects and development of renewable energy. Upon completion of the investment, the total holding of the company in Greenzest shall be 27.52%.

CEAT: The company has entered into a First Amendment Agreement with Greenzest Solar Private Limited, for making a further investment Rs 3.5 crore in Greenzest, which is into captive power generation projects and development of renewable energy. Upon completion of the investment, the total holding of the company in Greenzest shall be 27.52 percent.

State Bank of India: State Bank of India to sell entire stake in HDFC Venture Capital, to HDFC. The country's largest lender signed an agreement for sale of entire 97,500 equity shares held in HDFC Venture Capital, to HDFC. The cash consideration will be Rs 9.75 lakh and the transaction is expected to be completed by August 11.

State Bank of India: The country’s largest lender signed an agreement for sale of entire 97,500 equity shares held in HDFC Venture Capital, to HDFC. The cash consideration will be Rs 9.75 lakh and the transaction is expected to be completed by August 11.

3i Infotech: 3i Infotech Q1 loss narrows to Rs 1.52 crore, from Rs 7.87 crore loss in Q1FY22. Revenue growy 12.1% YoY. The consolidated loss by the company narrowed to Rs 1.52 crore in the quarter ended June 2022, from loss of Rs 7.87 crore in Q1FY22 and loss Rs 3.9 crore in Q4FY22, aided by foreign exchange gain of Rs 12.8 crore. Revenue from operations grew by 12.1% YoY to Rs 179.22 crore during the quarter and the sequential increase in top line was 2 percent.

3i Infotech: The consolidated loss by the company narrowed to Rs 1.52 crore in the quarter ended June 2022, from loss of Rs 7.87 crore in Q1FY22 and loss Rs 3.9 crore in Q4FY22, aided by foreign exchange gain of Rs 12.8 crore. Revenue from operations grew by 12.1 percent YoY to Rs 179.22 crore during the quarter and the sequential increase in top line was 2 percent.

GMR Infrastructure: GMR Infrastructure narrows Q1 loss to Rs 113 crore. Total income increases 62.3 YoY. The company posted consolidated loss at Rs 112.99 crore for the quarter ended June 2022, narrowed from loss Rs 180.08 crore in same period last year. Total income grew by 62.3 YoY to Rs 1,641.4 crore during the quarter. Delhi Airport and Hyderabad Airport exhibit strong recovery of international traffic at ~79% and 87% of pre-Covid levels respectively as post removal of restriction on scheduled international flights, various international carriers resumed flights and added capacity to various Indian destinations.

GMR Infrastructure: The company posted consolidated loss at Rs 112.99 crore for the quarter ended June 2022, narrowed from loss Rs 180.08 crore in same period last year. Total income grew by 62.3 YoY to Rs 1,641.4 crore during the quarter. Delhi Airport and Hyderabad Airport exhibit strong recovery of international traffic at 79 percent and 87 percent of pre-Covid levels respectively as post removal of restriction on scheduled international flights, various international carriers resumed flights and added capacity to various Indian destinations.

Nilkamal: Nilkamal reports significant growth in Q1 at Rs 28.63 crore. Revenue grows 50.3% YoY. The company reported 1,604% year-on-year growth in consolidated profit at Rs 28.63 crore for the quarter ended June 2022 due to low base in year-ago period that impacted by second Covid wave. Revenue grew by 50.3% YoY to Rs 739.94 crore during the same period.

Nilkamal: The company reported 1,604 percent year-on-year growth in consolidated profit at Rs 28.63 crore for the quarter ended June 2022 due to low base in year-ago period that impacted by second Covid wave. Revenue grew by 50.3 percent YoY to Rs 739.94 crore during the same period.

JSW Energy: JSW Energy arm's 1,080 MW power plant at Barmer retains access to uninterrupted supply of lignite for operations. Subsidiary JSW Energy (Barmer) owned 1,080 MW power plant at Barmer retained access to uninterrupted supply of lignite for its operations. The Rajasthan Government informed Barmer Lignite Mining Company Limited (BLMCL) that it is in receipt of ex-post facto- previous approval from the Central Government for transfer of two lignite mining leases (Kapurdi and Jalipa in Rajasthan) from Rajasthan State Mines and Minerals Limited (RSMML) to BLMCL with effect from the date of transfer of the said mining leases and accordingly, the previous letters issued by the Rajasthan Government directing BLMCL to stop mining operations at the two lignite mines stand withdrawn.

JSW Energy: JSW Steel subsidiary JSW Energy (Barmer) owned 1,080 MW power plant at Barmer retained access to uninterrupted supply of lignite for its operations. The Rajasthan government informed Barmer Lignite Mining Company Limited (BLMCL) that it is in receipt of ex-post facto- previous approval from the Central Government for transfer of two lignite mining leases (Kapurdi and Jalipa in Rajasthan) from Rajasthan State Mines and Minerals Limited (RSMML) to BLMCL with effect from the date of transfer of the said mining leases and accordingly, the previous letters issued by the Rajasthan Government directing BLMCL to stop mining operations at the two lignite mines stand withdrawn.

Torrent Pharmaceuticals: Torrent Pharmaceuticals Q1 profit increases 7.3% YoY to Rs 354 crore, revenue grows 10% YoY. The company recorded a 7.3% year-on-year growth in consolidated profit at Rs 354 crore for the quarter ended June 2022 as revenue grew by 10% YoY to Rs 2,347 crore and EBITDA increased by 5.2% to Rs 712 crore in the same period, with India revenue growing 14% to Rs 1,245 crore.

Torrent Pharmaceuticals: The company recorded a 7.3 percent year-on-year growth in consolidated profit at Rs 354 crore for the quarter ended June 2022 as revenue grew by 10 percent YoY to Rs 2,347 crore and EBITDA increased by 5.2 percent to Rs 712 crore in the same period, with India revenue growing 14% to Rs 1,245 crore.

Metro Brands: Metro Brands reports Q1 profit Rs 105.78 crore against net loss. Revenue rises 287% YoY to Rs 508 crore. The company reported consolidated profit of Rs 105.78 crore for the quarter ended June 2022, against loss of Rs 12.13 crore in same period last year. Revenue grew by 287% YoY to Rs 508 crore for the June FY23 quarter. The year-ago quarter was impacted by second Covid wave.

Metro Brands: The company reported consolidated profit of Rs 105.78 crore for the quarter ended June 2022, against loss of Rs 12.13 crore in same period last year. Revenue grew by 287% YoY to Rs 508 crore for the June FY23 quarter. The year-ago quarter was impacted by second Covid wave.

Indian Bank: Indian Bank Q1 profit grows 3% to Rs 1,213 crore, net interest income increases 13% YoY. The bank registered a 3% YoY growth in standalone profit at Rs 1,213 crore for the quarter ended June 2022 as provisions remained elevated at Rs 2,219 crore that declined 13.3% YoY, and other income that fell by 12% YoY. Net interest income increased by 13% YoY to Rs 4,534 crore and operating profit rose by 4% YoY to Rs 3,564 crore during the quarter.

Indian Bank: The bank registered a 3 percent YoY growth in standalone profit at Rs 1,213 crore for the quarter ended June 2022 as provisions remained elevated at Rs 2,219 crore that declined 13.3 percent YoY, and other income that fell by 12 percent YoY. Net interest income increased by 13 percent YoY to Rs 4,534 crore and operating profit rose by 4 percent YoY to Rs 3,564 crore during the quarter.

Nazara Technologies: Nazara Technologies Q1 profit grows 22% to Rs 16.5 crore as revenue surges 70% to Rs 223 crore. Mobile gaming company Nazara Technologies reported more than 22% year-on-year growth in its consolidated net profit at Rs 16.5 crore for the quarter ended June 2022, backed by strong revenue growth. Revenue during the quarter surged 70% to Rs 223.1 crore compared to the corresponding period of the last fiscal. The sequential growth in the bottom line was 237% and it was a 27.4% increase in the top line for the June FY23 quarter.

Nazara Technologies: Mobile gaming company Nazara Technologies reported more than 22% year-on-year growth in its consolidated net profit at Rs 16.5 crore for the quarter ended June 2022, backed by strong revenue growth. Revenue during the quarter surged 70 percent to Rs 223.1 crore compared to the corresponding period of the last fiscal. The sequential growth in the bottom line was 237 percent and it was a 27.4 percent increase in the top line for the June FY23 quarter.

CreditAccess Grameen: CreditAccess Grameen reports 588% YoY growth in Q1 profit at Rs 140 crore as impairment of financial instruments declined 46%. The microfinance institution recorded a 588.2% YoY growth in profit after tax at Rs 140 crore in Q1FY23 as impairment of financial instruments declined by 46.3% YoY to Rs 100.9 crore. Net interest income increased by 30.9% YoY to Rs 461.5 crore in the quarter ended June 2022. Pre-provision operating profit grew 33.9% YoY to Rs 290 crore and its portfolio rose by 23.3% YoY to Rs 15,615 crore in Q1FY23.

CreditAccess Grameen: The microfinance institution recorded a 588.2% YoY growth in profit after tax at Rs 140 crore in Q1FY23 as impairment of financial instruments declined by 46.3 percent YoY to Rs 100.9 crore. Net interest income increased by 30.9 percent YoY to Rs 461.5 crore in the quarter ended June 2022. Pre-provision operating profit grew 33.9 percent YoY to Rs 290 crore and its portfolio rose by 23.3 percent YoY to Rs 15,615 crore in Q1FY23.

VST Industries: VST Industries Q1 profit jumps 23.7% YoY to Rs 87.14 crore, revenue grows 9.15% YoY to Rs 401.82 crore. The company clocked a 23.7% YoY growth in profit at Rs 87.14 crore for the quarter ended June 2022, driven by operating income and other income. Revenue grew by 9.15% YoY to Rs 401.82 crore during the same period.

VST Industries: The company clocked a 23.7 percent YoY growth in profit at Rs 87.14 crore for the quarter ended June 2022, driven by operating income and other income. Revenue grew by 9.15% YoY to Rs 401.82 crore during the same period.

DLF: DLF Q1 profit jumps 36% YoY to Rs 470 crore with net sales bookings rising 101% YoY. The real estate developer reported a 36% year-on-year increase in profit at Rs 470 crore for the quarter ended June 2022. Consolidated revenue at Rs 1,516 crore grew by 22% YoY in the same period with net sales bookings rising 101% YoY to Rs 2,040 crore.

DLF: The real estate developer reported a 36% year-on-year increase in profit at Rs 470 crore for the quarter ended June 2022. Consolidated revenue at Rs 1,516 crore grew by 22% YoY in the same period with net sales bookings rising 101% YoY to Rs 2,040 crore.

Cholamandalam Investment and Finance Company: Cholamandalam Investment Q1 profit surges 73% YoY to Rs 565.66 crore as impairment on financial instruments drops 47% YoY. The company registered a 73% year-on-year growth in profit at Rs 565.66 crore for the quarter ended June 2022 as impairment on financial instruments dropped 47% YoY to Rs 298.62 crore for the quarter. Total income grew by 12% YoY to Rs 2,770.93 crore in Q1FY23.

Cholamandalam Investment and Finance Company: The company registered a 73% year-on-year growth in profit at Rs 565.66 crore for the quarter ended June 2022 as impairment on financial instruments dropped 47% YoY to Rs 298.62 crore for the quarter. Total income grew by 12% YoY to Rs 2,770.93 crore in Q1FY23.

JK Paper: JK Paper clocks 154% YoY growth in Q1 consolidated profit at Rs 264.23 crore, turnover grows 109%. The company clocked a 154% YoY growth in consolidated profit at Rs 264.23 crore for June FY23 quarter as total turnover grew by 109% to Rs 1,508 crore and EBITDA increased by 104% to Rs 458 crore during the quarter.

JK Paper: The company clocked a 154% YoY growth in consolidated profit at Rs 264.23 crore for June FY23 quarter as total turnover grew by 109% to Rs 1,508 crore and EBITDA increased by 104% to Rs 458 crore during the quarter.

Shilpa Medicare: USFDA clears Shilpa Medicare's advanced analytical characterization laboratory in Bengaluru. The US FDA has concluded Remote Record Review of company's Unit III, advanced analytical characterization laboratory at Dabaspet, Bengaluru without any objectionable conditions. The review was conducted during November 15-18. The facility is designed with advanced analytical equipment to provide testing services such as In-vitro Permeation testing, nitrosamine testing, elemental impurity testing, extractable & leachable testing, glass delamination testing etc.

Shilpa Medicare: The US FDA has concluded Remote Record Review of company’s Unit III, advanced analytical characterization laboratory at Dabaspet, Bengaluru without any objectionable conditions. The review was conducted during November 15-18. The facility is designed with advanced analytical equipment to provide testing services such as In-vitro Permeation testing, nitrosamine testing, elemental impurity testing, extractable & leachable testing, glass delamination testing etc.

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