Stocks to Watch: Check out the companies making headlines before the opening bell.
Results on July 26: Larsen & Toubro will be in focus ahead of June quarter earnings today. Larsen & Toubro, Asian Paints, Baid Finserv, Bajaj Auto, Tata Power Company, Union Bank of India, Aditya Birla Sun Life AMC, United Spirits, Ujjivan Small Finance Bank, UTI Asset Management Company, Greenlam Industries, Ramco Systems, Symphony, Sanofi India, Shoppers Stop, Apollo Pipes, EIH Associated Hotels, EPL, Ethos, KEI Industries, Mahindra EPC Irrigation, PNB Gilts, SIS, South Indian Bank, and TTK Healthcare will declare their June quarter earnings today.
Tata Steel: The company has reported nearly 13% year-on-year decline in consolidated profit at Rs 7,765 crore for the quarter ended June 2022, impacted by higher input cost and tax expenses. Revenue during the quarter increased by 18.6% YoY to Rs 63,430 crore during the quarter. Consolidated EBITDA stood at Rs 15,047 crore, despite the sharp rise in input costs especially coking coal and gas prices in Europe, down by 7 percent YoY.
Axis Bank: The private sector lender clocked 91% year-on-year growth in profit at Rs 4,125 crore driven by lower provisions, but other income fell 11% and pre-provision operating profit declined 5% YoY. Net interest income grew by 21% to Rs 9,384 crore during the same period.
Glaxosmithkline Pharmaceuticals: The company recorded a 8.3% year-on-year growth in profit (from continuing operations) at Rs 116.23 crore for the quarter ended June 2022. Revenue grew by 3.7% to Rs 745.10 crore during the same period, with good momentum across general medicines and vaccines during the quarter.
Lupin: The pharma company has received approval from US FDA for its abbreviated new drug application (ANDA), Azilsartan Medoxomil tablets, to market a generic equivalent of Edarbi tablets of Azurity Pharmaceuticals Inc, in the US. The product will be manufactured at Lupin’s facility in Nagpur, India.
Tech Mahindra: Constant currency revenue growth at 3.5% QoQ. The IT services provider reported a 24.8% sequential decline in consolidated profit at Rs 1,132 crore for the quarter ended June 2022 impacted by weak operating performance. Revenue grew by 4.9% QoQ to Rs 12,708 crore during the same period and EBITDA fell 10% QoQ to Rs 1,880 crore. Dollar revenue grew by 1.5% QoQ to $1,632 million and revenue growth in constant currency was 3.5% QoQ.
Sonata Software: The company said the board has approved a bonus issue of one equity share for every three equity shares held by the shareholders of the company as on the record date. The bonus issue of equity shares will be subject to approval by the shareholders. The company reported 24% year-on-year growth in consolidated profit at Rs 107.76 crore and revenue grew by 40.2% to Rs 1,778.86 crore YoY.
Sun Pharmaceutical Industries: Life Insurance Corporation of India has offloaded 4.8 crore equity shares or 2% stake in the company via open market transactions during May 17-July 22, 2022. With this, LIC’s stake in the company reduced to 5.02%, from 7.02% earlier.
PTC Industries: The company has announced the strategic acquisition of vacuum arc remelter (VAR) for manufacturing Titanium ingots under its wholly owned subsidiary Aerolloy Technologies (ATL). This facility is to be set-up in the 50 acres land allotted to ATL in Lucknow, node of the UP Defence Industrial Corridor. The company has already initiated the capex in the first phase which is underway and has acquired and set-up the vacuum arc remelter facility which is critical for manufacturing of titanium ingots from sponge (ore) with a total capacity 1,500 tonnes per annum.
Strides Pharma Science: The company said the Committee of Directors approved offering for subscription, on a private placement basis, up to 1,500 senior, secured, rated, unlisted, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each aggregating up to Rs 150 crore.
Tejas Networks: The company posted consolidated loss at Rs 6.64 crore for the quarter ended June 2022, against profit of Rs 7.55 crore for the corresponding period last fiscal. Revenue declined 12.8% to Rs 125.76 crore during the same period.
Tanla Platforms: The company reported a 4% year-on-year decline in profit at Rs 100.4 crore for the quarter ended June 2022, dented by weak operating performance. Revenue was strong, rising 27.7% to Rs 800.1 crore during the same period. EBITDA fell by 2.8% to Rs 130.70 crore and margin contracted to 16.3% from 21.5% in the same period.
Macrotech Developers: The real estate company has recorded a 69% year-on-year growth in profit at Rs 271.26 crore for the quarter ended June 2022, driven by strong topline growth. Revenue grew by 66.67% to Rs 2,675.75 crore in the same period. It was the best ever first quarter with Rs 2,814 crore of pre-sales from its India business.
Jindal Stainless: The company reported a 8% year-on-year growth in consolidated profit at Rs 329 crore on strong revenue growth. Revenue grew by 36% to Rs 5,474 crore, but EBITDA fell by 9% to Rs 549 crore during the same period.
Nath Bio-Genes (India): Investor Authum Investment & Infrastructure sold 20.39 lakh equity shares or 10.73% stake in the company via open market transactions on July 22. With this, its shareholding in the company stands reduced to 4.38%, down from 15.11% earlier.
Bheema Cements: Promoter Prasanna Sai Raghuveer Kandula proposed to sell 16,82,016 equity shares, representing 5.16% of the total paid-up capital of the company through offer for sale on July 26. The floor price for the sale will be Rs 75 per share.
Craftsman Automation: The company clocked a 135.3% year-on-year growth in consolidated profit at Rs 56.64 crore for the quarter ended June 2022, supported by higher topline and operating income. Revenue jumped 55.55% YoY to Rs 676.96 crore during the same period.
Astec Lifesciences: The company reported a 12.2% year-on-year decline in consolidated profit at Rs 11.40 crore for the quarter ended June 2022, dented by higher input cost. Revenue jumped 43.2% to Rs 184.26 crore during the same period.
Indian Energy Exchange: The company registered a 11.3% YoY growth in consolidated profit at Rs 69.13 crore for the quarter ended June 2022. Revenue grew by 8% YoY to Rs 98.35 crore during the same period.
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