Top Stocks to Watch: Grasim, SBI, Dabur India, L&T Finance, Lupin, RBL Bank
Grasim Industries: The company has announced the price for its upcoming Rs 4,000 crore rights issue at Rs 1,812 per share. The rights issue will be open for subscription from 17 January to 29 January. The record date for determining the eligible shareholders is scheduled for 10 January. The company intends to issue up to 2.2 crore shares to its promoters and the promoter group.
State Bank of India: The largest lender in the country has successfully concluded the placement of "The Green Notes," senior unsecured floating rate notes worth $250 million. These notes have been issued as part of the bank's $10 billion medium-term note programme and have a maturity date of 29th December 2028. The issuance was carried out through a private placement facilitated by the bank's London branch. The Green Notes are rated BBB- by S&P and have been listed on the India International Exchange. These notes have been issued on a floating rate basis of 1.20% above SOFR.
L&T Finance Holdings: Has completed the merger of subsidiaries, L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee, with itself. With this merger, all the lending businesses will be housed under one entity i.e., L&T Finance Holdings. Separately, the company reported estimated retail disbursements at Rs 14,500 crore for Q3FY24, a growth of 25% on YoY, while the retail loan book at the end of Q3FY24 is pegged at Rs 74,750 crore, growing 31% YoY.
Dabur India: Demand trends witnessed "sequential improvement" in the December quarter, although rural growth continued to lag urban growth, homegrown FMCG major Dabur India said in a business update. The company expects to register "mid to high single-digit growth during Q3 FY24" in its revenue. International business is expected to register double-digit growth in constant currency terms, led by good momentum in the MENA region.
Lupin: The pharma major has received tentative approval from the US FDA for its abbreviated new drug application for Dapagliflozin and Saxagliptin tablets, available in 5 mg/5 mg and 10 mg/5 mg strengths. Dapagliflozin and Saxagliptin tablets are indicated as adjuncts to diet and exercise to improve glycemic control in adults with type 2 diabetes.
Power Finance Corp: Power Finance Corp has raised its market borrowing programme under different debt segments to Rs 1.5 trillion from Rs 80,000 crores for FY24.
RBL Bank: The private sector bank has reported a 13% year-on-year (YoY) growth in its total deposits, which now stand at Rs 92,743 crore for the quarter that ended in December. Among these deposits, retail LCR deposits have grown by 16% YoY to Rs 41,209 crore. Meanwhile, the bank's gross advances have also increased by 20% YoY to Rs 81,870 crore. This growth was driven by a 32% YoY rise in retail advances and a 6% YoY increase in wholesale advances during the quarter.
Utkarsh Small Finance Bank: Reported a 30.8% YoY growth in its gross loan portfolio to Rs 16,408 crore for the quarter ended December. Total deposits increased 17.6% YoY to Rs 15,111 crore during the quarter.
Jupiter Wagons: Has received an order worth Rs 473 crores from the defence ministry for manufacturing and supply of 697 boggie open military wagons.
Waaree Renewable Technologies: The company's board of directors will meet on January 20th to discuss the proposal of a stock split for the equity shares.
