Stocks to Watch: Maruti Suzuki, Tata Motors, Adani Power, Emami, NBCC, and More
Here's a quick overview of the stocks likely to be in the spotlight during today's trading session:
Indian Oil Corporation (IOCL): V. Satish Kumar, who has served as the Director of Marketing since October 2021, has now taken on additional responsibilities as the Chairman of IOCL. This change comes after Shrikant Madhav Vaidya completed his term as Chairman. Kumar has also held the additional charge of Director of Finance for a year starting in October 2022, a period marked by geopolitical challenges, including the Ukraine war.
Reliance Capital: Lenders of the beleaguered Reliance Capital Ltd (RCAP) have accused IndusInd International Holdings Ltd (IIHL) of employing delaying tactics that are stalling the resolution plan's implementation. However, IIHL, a Hinduja Group entity, has denied these allegations, insisting that it is following due process. IIHL emerged as the successful bidder for Reliance Capital's acquisition and has dismissed the claims as false, viewing them as an attempt to disrupt the resolution process.
PVR INOX: The multiplex chain PVR INOX has announced plans to close down 70 underperforming screens in FY25 as part of its strategy to drive profitable growth. According to its latest annual report, the company aims to exit these non-performing screens to improve profitability. Additionally, PVR INOX is exploring the monetization of non-core real estate assets in cities like Mumbai, Pune, and Vadodara. Despite the closures, the company plans to add 120 new screens in FY25.
Maruti Suzuki: Maruti Suzuki India reported a nearly 3.9 percent decline in sales for August 2024, with a total of 181,782 units sold, down from 189,082 units in August 2023. Domestic sales were particularly impacted, dropping 8.4 percent to 143,075 units from 156,114 units in the same month the previous year. The company also exported 26,003 units in August 2024.
Tata Motors: Tata Motors reported an 8 percent decrease in sales for August 2024, with 70,006 units sold compared to 76,261 units in the same period last year. The company's commercial vehicle sales saw a significant drop of 15 percent, totaling 27,207 units in August 2024, compared to 32,077 units in August 2023. Passenger vehicle sales also declined by 3 percent year-on-year, with 44,142 units sold in August 2024 compared to 45,513 units in the previous year.
Adani Power: Adani Power Ltd has approached the Supreme Court seeking a refund of â¹280 crore from the Himachal Pradesh government concerning the 969-megawatt Jangi Thopan Power Project in Kinnaur district. The company is contesting a Himachal Pradesh High Court decision that overturned an earlier ruling favorable to Adani Power's refund claim. The Supreme Court bench, comprising Justices M.M. Sundresh and Aravind Kumar, is expected to hear the case shortly.
Emami: Kolkata-based FMCG giant Emami has acquired the remaining 49.6 percent stake in Helios Lifestyle, the parent company of the premium male grooming brand 'The Man Company.' This acquisition makes Emami the full owner of Helios Lifestyle, which had been a subsidiary since Emami held a 50.4 percent stake. Harsha V Agarwal, Vice Chairman & MD at Emami, highlighted the strategic value of this acquisition, emphasizing that it aligns with the company's goal to explore new growth opportunities in emerging consumer segments driven by digitalization.
Eicher Motors: Royal Enfield motorcycle sales witnessed a 5 percent decline in August 2024, with total units sold dropping to 73,629 compared to 77,583 in the same period last year. Exports also saw a slight dip, falling 2 percent to 8,006 units from 8,190 units. On the commercial vehicle front, VE's sales increased by 1 percent to 6,543 units, up from 6,476 units a year ago. While domestic sales for VE commercial vehicles rose by 2 percent to 6,028 units, exports experienced a significant decrease of 23.25 percent, dropping to 255 units from 332 units in the corresponding period.
NBCC India: The board of directors at NBCC India has approved a bonus share issue, offering one bonus share for every two equity shares held. The record date for this bonus issue has been set for October 7.
Krishna Institute of Medical Sciences: The company has completed the acquisition of a 100 percent equity stake in Chalasani Hospitals, Visakhapatnam, for a total consideration of Rs 28 crore. Established in 1995, Chalasani Hospitals is a 200-bed facility.
TVS Motor Company: TVS Motor Company saw its total sales surge by 13 percent in August 2024, reaching 3,91,588 units compared to 3,45,848 units in the same period last year. Two-wheeler sales jumped 14 percent to 3,78,841 units, while exports rose 14 percent to 99,976 units. Additionally, electric vehicle sales increased by 4 percent, totaling 24,779 units compared to 23,887 units in the year-ago period.
HDFC Asset Management Company: Life Insurance Corporation of India (LIC) has reduced its stake in HDFC AMC from 4.91 percent to 2.88 percent between July 1 and August 29.
