Stocks To Focus: Yes Bank, Zydus Lifesciences, Kesoram Industries, SBI, Tata Elxsi, Sula Vineyards
Stocks to watch on July 11, 2024: The Sensex and Nifty benchmarks are expected to open optimistically on Thursday following positive gains in global markets. The GIFT Nifty futures also indicate a positive start, trading 40 points higher than Nifty 50 futures at 24,395. On Thursday morning, Asia-Pacific markets exhibited strength, with Japan’s Nikkei 225 surpassing 42,000 for the first time, driven by the US big tech rally and optimism over Federal Reserve rate cuts, which also boosted other Asia-Pacific markets. Japan's Nikkei 225 rose by 0.75 percent to 42,147 levels, with the broader Topix index climbing 0.60 percent. South Korea's Kospi surged by 0.77 percent, while the small-cap Kosdaq gained 0.19 percent.
Yes Bank: First Abu Dhabi Bank PJSC is reportedly considering making a bid for a stake in India’s Yes Bank Ltd. The potential stake could amount to around $5 billion, according to sources familiar with the matter. The Middle Eastern lender is evaluating the possibility of acquiring up to a 51% share in YES Bank. The sources requested anonymity as the discussions are confidential.
Zydus Lifesciences: The company has announced that it received tentative approval from the US FDA to market diroximel fumarate delayed-release capsules, 231 mg (Vumerity delayed-release capsules). These capsules are indicated for the treatment of relapsing forms of multiple sclerosis (MS) in adults.
Kesoram Industries: The BK Birla Group firm reported a net loss of Rs 62 crore for the first quarter ending June 30, 2024. This is an increase from the net loss of Rs 32.4 crore in the corresponding quarter of the previous year. Additionally, the company’s revenue from operations declined by 12% to Rs 879 crore, compared to Rs 999 crore in the same period last fiscal year.
SBI: The country's largest lender has successfully raised Rs 10,000 crore at a coupon rate of 7.36% through its sixth infrastructure bond issuance. The issuance received an enthusiastic response from investors, garnering bids exceeding Rs 18,145 crore. This led to the issuance being oversubscribed by approximately 3.6 times against the base issue size of Rs 5,000 crore.
Tata Elxsi: The design and technology services firm reported a 3% year-on-year decline in net profit, amounting to Rs 184.1 crore for the first quarter ending June 30, 2024, compared to Rs 188 crore in the corresponding quarter of the previous year. Sequentially, the net profit for the quarter fell 6.5% from Rs 196.9 crore in the March quarter to Rs 184.1 crore.
Sula Vineyards: The wine producer reported a 9.7% increase in net revenue, rising to Rs 129.6 crore compared to Rs 118.2 crore in the same period last year. This growth was primarily driven by the company’s own brands, which saw a 2.7% increase in revenue, reaching Rs 104.4 crore, up from Rs 101.6 crore year-on-year.
Bartronics India: Kinex India Private announced on Wednesday that it will divest 13,500,000 equity shares of the company, each with a face value of Rs 11. This sale represents 4.43% of Bartronics India’s share capital. The divestment is scheduled for July 11, 2024, for non-retail investors, and July 12, 2024, for both retail and non-retail investors.
Power Grid Corp: The state-owned company announced its plans to borrow up to Rs 16,000 crore during the financial year 2025-26. The decision was made by the Board of Directors during their meeting on July 10, 2024. The funds will be raised through various sources, including domestic bonds.
Mahindra & Mahindra: The company has announced that it does not expect any significant impact on its finances. Demand for the XUV700 remains strong, with new bookings in June increasing by 23% compared to May. The company also clarified that there is no concern about unsold inventory, contrary to reports by certain news channels and newspapers.
Shalby: The company has obtained a lease order for the property of Asha Parekh Hospital, which is located in Santacruz, Mumbai, for a period of 30 years. This represents the company's entry into the healthcare sector in Santacruz, where it intends to build a new healthcare facility with over 175 beds.
Oriental Rail: Oriental Rail Infrastructure has secured orders worth 
19.33 crore from the Rail Coach Factory (RCF) in Kapurthala as part of the Indian Railways project. The contract involves the production and delivery of 194 sets of seats for LHB GS coaches and 96 sets of seats and berths for LHB SCN coaches.
19.33 crore from the Rail Coach Factory (RCF) in Kapurthala as part of the Indian Railways project. The contract involves the production and delivery of 194 sets of seats for LHB GS coaches and 96 sets of seats and berths for LHB SCN coaches.
