Stocks to Watch: HDFC Bank, Tech Mahindra, RBL, MCX, Alembic Pharma

By siliconindia  |  Monday, 21 October 2024, 09:34:23 AM IST

Stocks to Watch: HDFC Bank, Tech Mahindra, RBL, MCX, Alembic Pharma
Indian shares were bound to have a flat opening on Monday even as the international markets presented an upward trend. GIFT Nifty Futures moved downwards at 7:35 AM with about 21 points, trading at 24,928, which suggests a flat to negative opening.
Major bourses in Asia-Pacific markets bounced back in the light of China's decision of cutting loan prime rate. The People's Bank of China reduced the one-year LPR to 3.1% and the five-year LPR to 3.6%. Japan's Nikkei 225 rose by 0.16%, while the South Korean Kospi grew by 0.6% and Australia's S&P/ASX 200 rose by 0.7%. On Wall Street, US stock futures managed a slight rise, with Dow futures rising by 0.1%, and S&P 500 and Nasdaq 100 futures by 0.13% and 0.16%, respectively. The S&P 500 and Dow rose to record highs on Friday. The S&P 500 gained 0.85%, the Dow by 0.96%, while the Nasdaq Composite also 0.80% stronger.
Stocks to Watch on Monday
HDFC Bank: The private lender has posted a Q2 FY2024-25 profit growth of 5.3% year-on-year to ₹16,821 crore. Its net interest income also rises 9.9% to ₹30,107.9 crore. Gross NPA increased to 1.36 percent while net NPA rose to 0.41 percent from a year ago. The bank's provisions decreased on a year-on-year basis but increased on a quarter-on-quarter basis. Now, it will sell shares worth ₹10,000 crore in HDB Financial Services, by an IPO, and has already sold a 91% stake in HDFC Education.
RBL Bank: The bank saw a 24% year-on-year decline in profit at ₹223 crore despite a 9% rise in NII. Net NPA was at 0.79% while gross NPA stood at 2.88%.
MCX: The company returned to profit at the consolidated level with net profit at ₹153.6 crore while revenues rose by 73% year-on-year to ₹285.6 crore. EBITDA stood at ₹179.4 crore.
Dalmia Bharat: Consolidated net profit fell 60.5% YoY at ₹49 crore; with a 2.09% YoY decline in revenue. EBITDA and margins also fell.
Oberoi Realty: Oberoi Realty, the real estate firm posted a 29% YoY growth to ₹589.4 crore. Revenue surged 8.4% YoY. EBITDA grew 27.5% year on year, and margins increased to 61.6% in Q2 FY2024-25.
Tata Consumer Products: The company posted a very minor growth in profits at 0.04% YoY at ₹359.3 crore. Revenue was up 12.9% YoY at ₹4,214.5 crore. EBITDA was up 16.6% and margins expanded to 14.9%.
UCO Bank: The bank posted a 50% YoY growth in profits at ₹602.7 crore as the NII saw an uptick of 20%. Gross NPA declined to 3.18%, with net NPA dipping to 0.73% on a QoQ basis.
Kotak Mahindra Bank: The lender clocked an 11.8 percent annual increase in profit to ₹3,343.7 crore; its NII increased 11.5 percent at ₹7,019.6 crore. Provision increased but net NPA moves into 0.43% QoQ, while gross NPA grew to 1.49%. The bank is acquiring the personal loan portfolio of Standard Chartered Bank India.
Tech Mahindra: The net profit rose by 46.8% q-o-q to ₹1,250.1 crore. Revenues went up by 2.4% q-o-q to ₹13,313.2 crore. EBITDA rose 16.2%. The company signed orders worth $603 million.
Jindal Saw: Profit grew 33.6% to ₹475.3 crore. Revenue increased by 1.9% y-o-y. EBITDA rose 13.7%, and the profit margin expanded to 16.4%.
Alembic Pharmaceuticals: The company received final approval for its abbreviated new drug application (ANDA) for Diltiazem Hydrochloride extended-release capsules in strengths of 120 mg, 180 mg, and 240 mg for the treatment of hypertension.
Canara Bank: The assets and liabilities of Canara Bank Tanzania have been sold off to Exim Bank Tanzania by the Bank of Tanzania due to the winding up of Canara Bank Tanzania.
KPIT Technologies: The fundraising through equity shares or other instruments will be placed before the board for their consideration on October 23. The wholly owned step-down subsidiary, PathPartner Technology GmbH in Germany has been compulsorily wound up from October 2.
JSW Steel: JSquare Electrical Steel Nashik, a subsidiary of JSW JFE Electrical Steel, has entered into a share purchase agreement for acquiring the entire equity stake in thyssenkrupp Electrical Steel India for ₹4,051.4 crore.
JM Financial: The Reserve Bank of India has lifted a restriction it had placed on subsidiary JM Financial Products, allowing the company to start financing again based on shares and debentures, which have been restricted since March 2023.
Godrej Properties: Acquires a 3-acre land parcel in Ahmedabad for premium residential development with a projected booking value of ₹1,300 crore.
Dodla Dairy: The company has acquired 35.23 acres of land in Dharashiv, Maharashtra towards establishing a new plant.
Garden Reach Shipbuilders & Engineers: The company has received letter of intent from Ministry of Defence for designing, developing, constructing, equipping, testing and supplying one Acoustic Research Ship (ARS) contract of Rs 491 crore.
Board outcome - 21st October: The board of directors will meet on October 21 to decide the issuance of equity shares, debentures, warrants, preference shares, or any other equity-linked instruments.
Star Cement: Vinit Kumar Tiwari, chief executive officer of the company, resigned citing personal reasons and quit the company on October 18.
MOIL: Signed a draft joint venture agreement with Madhya Pradesh State Mining Corporation (MPSMCL) for exploration and mining activities including value added project with board and Government approval.

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