Stocks to Monitor: APSEZ, Maruti, Hero Moto, Cochin Shipyard, REC, Puravankara

Stocks to watch on Monday, June 3, 2024: Indian benchmarks Sensex and Nifty are set for a strong opening on Monday. This is due to the Exit Poll data showing a significant win for the NDA in Lok Sabha polls and a higher-than-expected GDP growth rate of 7.8 percent for the fourth quarter of FY24. The GIFT Nifty futures indicate a strong start, quoting 643 points higher than Nifty50 futures at 23,343 levels. In Asia, markets also opened higher on Monday morning, with Japan's Nikkei 225 up 1.17 percent and the broad-based Topix index increasing by 1.15 percent. South Korea’s Kospi rose by 1.48 percent, while the small-cap Kosdaq increased by 0.40 percent.

Adani Ports and Special Economic Zone: Adani International Ports Holdings Pte Ltd (AIPH), a subsidiary of Adani Ports and Special Economic Zone Ltd (APSEZ), has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania.

Maruti Suzuki India: The company's total sales decreased by 2 percent to 174,000 units in May, while domestic sales increased by 3.7 percent to 157,000 units. Domestic passenger vehicle sales saw a slight increase of 0.2 percent. Exports declined significantly by 34.4 percent, but total production increased by 7.2 percent. Additionally, Maruti reduced prices of its auto gear shift variants by Rs 5,000 per unit, effective from June 1.

Hero MotoCorp: The company's sales volume dropped by 4.1 percent to 4.98 lakh units in May, with domestic sales decreasing by 5.7 percent. However, there was a significant increase of 67.3 percent in exports.

Cochin Shipyard: Udupi Cochin Shipyard, a subsidiary of Cochin Shipyard, has secured an order from Ocean Sparkle Limited, an Indian tug operator under Adani Harbour Services, to build three Azimuth Stern Drive (ASD) Tugs with a 70-ton bollard pull capacity.

REC: The company’s board has approved raising the borrowing limit in foreign currency to $24 billion from $20 billion. The overall borrowing limit in Indian rupees was retained at Rs 6 lakh crore.

Puravankara: The company has acquired 12.75 acres of land in Patlipada on Ghodbunder Road, Thane. The land has an estimated potential carpet area of 18.20 lakh sq ft and a potential Gross Development Value (GDV) of Rs 4,000 crore over the project lifecycle. 

Deepak Nitrite: The company has announced that its subsidiary, Deepak Chem Tech Ltd, will acquire a 100 percent stake in Narmada Thermal Power Private Ltd for a cash consideration of Rs 61.65 crore. The acquisition is expected to be completed by June 30th.

Tata Steel: The company is facing industrial action from approximately 1,500 employees based at Port Talbot and Newport Llanwern in Wales. The steelworkers' union, Unite the Union, has announced plans to proceed with the industrial action in protest against Tata Steel's job cuts associated with the closure of old blast furnaces.

Mahindra and Mahindra: The company experienced a 16.7 percent increase in total sales volumes, reaching 71,682 units in May. Passenger vehicle sales surged by 31 percent, and tractor sales went up by 9 percent. Tractor exports showed a remarkable 85 percent growth.

Praj Industries: The company's net profit increased by 4.3 percent year-over-year to reach Rs 91.9 crore for the fourth quarter of FY24. The revenue from operations also saw a 1.5 percent increase, totaling Rs 1,018.6 crore. Additionally, the EBITDA rose by 20.9 percent to Rs 130.8 crore, resulting in an EBITDA margin of 12.8 percent. During the quarter, the company secured new orders worth Rs 924 crore, leading to a consolidated order backlog of Rs 3,528 crore as of March 31, 2024.

NMDC: The company recorded a 37 percent year-over-year decrease in total iron ore production to 2.34 million tonnes in May 2024, with iron ore sales declining by 22 percent year-over-year to 2.82 million tonnes.

Tata Motors: The company's total sales in May grew by 2.4 percent to 76,766 units. Both domestic sales and commercial vehicle sales increased by 2 percent, while passenger vehicle sales also saw a 2 percent increase.

Ahluwalia Contracts: The company has been awarded a Rs 2,157 crore contract from India Jewellery Park, Mumbai, for the construction and development of Gems & Jewellery Park in Mahape, Navi Mumbai. Additionally, it has won a Rs 88.15 crore contract from Daffodil Hotel.

TVS Motor Company: The company's total sales increased by 12 percent to 3.70 lakh units in May. 2-wheeler sales rose by 13 percent, electric vehicle sales went up by 4 percent, and exports surged by 27 percent. However, 3-wheeler sales decreased by 8.8 percent.

PNC Infratech: The company announced on May 31st that its subsidiary, PNC Kanpur Highways, has received Rs 390.62 crore from the National Highways Authority of India (NHAI). This payment is part of a settlement agreement under the Government of India’s ‘Vivad Se Vishwas II (Contractual Disputes)’ Scheme. It marks a significant resolution of contractual disputes between NHAI and PNC Kanpur Highways.

Shriram Finance: The company's board approved the reappointment of Umesh Revankar as Executive Vice Chairman for five years, starting 26 October 2024. Parag Sharma was promoted and re-designated as Managing Director & CFO, effective 1 June 2024.

Endurance Technologies: The company's subsidiary, Endurance Overseas Srl, Italy, acquired a 100 percent stake in Italy-based Ingenia Automation Srl for 3.6 million euros.

Punjab National Bank, Indian Bank: Both banks have increased their marginal cost of funds-based lending rate by 5 bps on various tenures, effective from June 1st and June 3rd, respectively.

Godfrey Phillips: Samir Modi, the executive director of Godfrey Phillips, has filed a complaint against his mother, Bina Modi, accusing her of instigating an attack on him. The incident took place during a board meeting on May 30, which further escalated the family dispute over the late KK Modi’s Rs 11,000-crore estate. Samir alleges that his mother's personal security officer assaulted him, resulting in a broken finger. Despite his injuries, he claims he was forced to participate in the meeting.

Escorts Kubota: The agri-machinery business division of Escorts Kubota reported that tractor sales slowed to 8,612 units in May, marking a 6.1 percent decline from the 9,167 units sold last year.

Titan: The company plans to expand its market share in the jewelry business by increasing its store count by nearly 40 percent to 1,250 across its jewelry brands by FY27. Additionally, the company outlined plans to triple volumes in emerging businesses such as wearables, women’s bags, and ethnic wear by FY27.

EaseMyTrip: The company is still not accepting bookings for the Maldives. Nishant Pitti, the company's CEO, confirmed this in response to a tweet from the Kerala Congress, which accused the company of resuming bookings. Pitti emphasized the company's nationalistic approach and questioned why the focus was only on them when other travel portals never stopped promoting the Maldives.

Kotak Mahindra Bank: S&P Global Ratings anticipates that Kotak Mahindra Bank will enhance its credit and funding profile in the next 12 months. The bank has achieved significant progress in technology enhancement over the past 18 months, including the appointment of a Chief Technology Officer.

MosChip Technologies: The company has been awarded a contract valued at Rs 509.37 crore from the Centre for Development of Advanced Computing (CDAC). The contract entails the development of a high-performance computing (HPC) System on a Chip (SoC) using 5nm technology.

Tata Motors: The company is planning to split its automotive business into two listed entities, which will enable the commercial vehicle vertical to become more agile and take advantage of global opportunities, according to the company’s Executive Director, Girish Wagh.

Canara Bank: The bank has received approval to raise up to Rs 8,500 crore this financial year through debt instruments. The bank plans to raise Rs 4,000 crore through Basel-III compliant Additional Tier-I bonds and Rs 4,500 crore through Tier-II bonds.

Cartrade: Tech TT Emerging Markets Unconstrained Fund bought a 1.16 percent stake in Cartrade Tech, while CMDB II sold around 3.97 percent stake in the company.

Suzlon Group: The company has secured a wind energy project of about 82 MW from Oyster Green Hybrid One Pvt Ltd. The company will install 26 wind turbine generators (WTGs), each having a rated capacity of 3.15 MW.

TBO Tek: The company reported a 64 percent rise in Q4 profit after tax at Rs 46 crore, with revenue jumped 31 percent to Rs 369 crore. For FY24, PAT stood at Rs 201 crore, up 31 percent, and revenue was recorded at Rs 1,393 crore, an increase of 35 percent. The gross transaction value during FY24 surged to Rs 26,536 crore, marking a 19 percent YoY growth.

MOIL: The company announced a significant increase in the prices of various grades of manganese ore and electrolytic manganese dioxide (EMD) from the midnight of May 31.

Caspian Corporate Services: The company reported a significant YoY revenue increase of 3,659.46 percent to Rs 24.44 crore in March 2024. Quarterly net profit also surged by 3,130.8 percent to Rs 4.43 crore, and EBITDA was up by 1,713.04 percent at Rs 4.17 crore.

Hindustan Adhesives: The company's revenue increased by 32.12 percent year-over-year to Rs 71.61 crore in March 2024. The quarterly net profit also surged by 265.05 percent to Rs 3.76 crore, and EBITDA was up by 93.22 percent at Rs 7.98 crore.

SEL Manufacturing Company: The company experienced an 87.73 percent year-on-year decline in revenue, amounting to Rs 28.01 crore in March 2024. Additionally, the company incurred a quarterly net loss of Rs 41.53 crore, with a negative EBITDA of Rs 6.35 crore.

Jet Freight Logistics: The company recorded a 2.46 percent year-over-year increase in revenue to Rs 98.31 crore in March 2024. Quarterly net profit also surged by 168.5 percent to Rs 2.67 crore, and EBITDA increased by 14.53 percent to Rs 5.28 crore.