Market Focus Stocks: Religare, Paytm, Adani Green Energy, Crompton Greaves, NMDC, Nabard
The Indian benchmark equity indices are expected to open on a weak note on Thursday, February 15, 2024, following weak cues from global peers. At 7:30 AM, Gift Nifty futures were quoted at around 21,999, indicating a possible gap-up of around 70 points on the Nifty50 index.
Religare Enterprises: The battle for control of Religare Enterprises has taken a new turn, with the Securities and Exchange Board of India (SEBI) seeking the Insurance Regulatory and Development Authority of India (IRDAI)'s views on Religare's insurance unit issuing stock options to Rashmi Saluja. Saluja chairs both companies, and SEBI has written to IRDAI for its detailed comments on the grant of Care Health Insurance Ltd stock options to Saluja. Depending on the outcome of its investigation into the stock options issue, SEBI will set out its observations or conditions for approving the Burmans' open offer, as stated in the letter.
One97 Communication: Paytm's parent company has confirmed that it received notices from the Enforcement Directorate (ED), requesting information about customers who have conducted business with its group companies. In a filing to the stock exchanges, the Vijay Shekhar Sharma-led company stated that it has provided the necessary documents and information to the investigating agency. “The company and its associate have continued to provide such information, documents and explanations to the authorities as is being required by them," said the company. The Economic Times reported that the Enforcement Directorate (ED) has launched an investigation into Paytm Payments Bank over possible breaches following a referral from the Reserve Bank of India (RBI).
Adani Green Energy: The AGEL company is planning to develop a 30 GW renewable energy plant in Khavda, India. When completed, it will be the world's largest, capable of generating approximately 81 billion units of electricity annually. This amount of electricity will be enough to power around 16.1 million homes and prevent approximately 58 million tonnes of CO2 emissions each year. On February 14th, the company announced plans to expand its operational portfolio to 9,029 MW and its total portfolio to 20,844 MW. The Khavda RE park currently has 551 MW of solar capacity in operation, making it the world's second-largest solar photovoltaic (PV) plant.
Crompton Greaves Consumer Electricals: Crompton Greaves Consumer Electricals, a company based in India, has reported its financial results for the third quarter ended December 2023. The company's net profit declined by 3.1 percent to Rs 85.45 crore in the quarter under review, compared to Rs 88.19 crore in the corresponding period a year ago. However, the company's revenue from operations increased by 11.63 percent to Rs 1,692.69 crore in the quarter under review, compared to Rs 1,516.21 crore in the year-ago period. The total expenses of CGCEL increased by 12.22 percent to Rs 1,596.90 crore in the December 2023 quarter. The company's total consolidated income surged by 11.17 percent to Rs 1,709.36 crore.
NMDC: The state-owned company posted a 62 percent rise in consolidated net profit at Rs 1,469.73 crore in the December quarter, compared to a net profit of Rs 903.89 crore in the year-ago period, the mining company said in an exchange filing. Its total income surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year ago. NMDC's expenses stood at Rs 3,516.78 crore in the third quarter of the current fiscal as against Rs 2,693.01 crore a year ago. The board of the company also approved an interim dividend of Rs 5.75 per equity share for FY24 and fixed February 27 as the record date for the purpose.
Nabard: The national developmental bank reported a 34 percent YoY rise in net profit at Rs 4,495 crore for the December 2023 quarter, compared to a PAT of Rs 3,345 crore in the year-ago period. The bottom line expansion was led by a margin increase of 18 basis points to 1.53 percent, a marginal improvement in gross bad loans at 0.27 percent and zero net Non-Performing Assets (NPAs). Total income of the bank rose 25 percent to Rs 35,503 crore in the quarter from Rs 28,463 crore in the corresponding quarter last year.
SpiceJet: The low-cost airline, SpiceJet, has stated in the Delhi High Court that it is willing to return a leased engine to its lessor, Engine Lease Finance BV, which is based in Brussels, Belgium. The talks between the two parties failed to result in a settlement, and the airline has offered to bear the cost of returning the engine. The court has instructed both SpiceJet and the lessor to identify a third-party agency to assess the engine's condition before it is transported back to Brussels. In line with the Aircraft Engine General Agreement, the engine must be kept in its current condition for inspection. However, both parties have yet to nominate a third-party agency for the inspection. The case will be heard again on Monday.
Glenmark Pharmaceuticals: The pharmaceutical company has reported a standalone loss of Rs 20.40 crore in Q3FY24, as compared to Rs 430.53 crore in the corresponding quarter of the previous year Q3FY23, according to a filing made by the company on the stock exchange. Glenmark's revenues witnessed a decline of 38.4 percent YoY and amounted to Rs 1,304.16 crore, as compared to Rs 2,118.99 crore in the corresponding quarter of the previous year. The EBITDA for this quarter stood at Rs 144.4 crore, as compared to Rs 474 crore in the previous corresponding quarter.
BGR Energy Systems: The company's losses have increased to Rs 691.38 crore in the December quarter compared to the same period last year, mainly due to higher expenses. As per a BSE filing, the company's consolidated net loss was Rs 59.22 crore in the quarter ending on December 31, 2022. Total expenses increased to Rs 1,031.38 crore in the quarter from Rs 334.29 crore in the same period last fiscal year. However, the total income has also risen to Rs 472.68 crore in the quarter from Rs 258.02 crore in the same period last year.
Gland Pharma: The pharmaceutical company announced its financial results for the December quarter on Wednesday. The company's consolidated Profit After Tax (PAT) for the period was Rs 192 crore, which is a decrease from Rs 232 crore in the same period last year. However, the company's revenue from operations increased significantly to Rs 1,545 crore, compared to Rs 938 crore in the year-ago period.
