Stocks to watch today: Shares of firms like Indus Towers, Tata Steel, Hero MotoCorp, Tech Mahindra, and others will be in focus in Thursday’s trade
Apositive open is likely for the domestic equity markets on Thursday amidst mixed global cues. At 7:40 am, the SGX Nifty quoted 17,903 levels, up over 50-odd points.
Results Today
SBI Cards, Indus Towers, Tata Chemicals, REC, Aditya Birla Sun Life AMC, Balaji Amines, V-Guard, Anupam Rasayan, PNB Housing Finance among many others will report the July-September quarter (Q2FY23) results on Thursday, October 27.
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Stocks to Watch
Zee Entertainment
Sony India and Zee Entertainment plan to sell three Hindi channels like Big Magic, Zee Action, and Zee Classic to address anti-competitive concerns that arise out of their proposed merger. The broadcasters submitted their proposal to the Competition Commission of India (CCI), which gave conditional approval on October 4.
Tata Steel
The company inked pact with American carmaker Ford to supply zeremis green steel from their Netherlands-based plant as the unit shifts to hydrogen-based steel making. Zeremis carbon lite steel is 100 per cent carbon neutral, hence, makes Ford the first customer to offtake the green steel that Tata Steel plans to produce via hydrogen route.
Hero MotoCorp
The two-wheeler maker entered agreement with Terrafirma Motors Corporation (TMC) for assembly and distribution of vehicles. TMC will set up an assembly facility of 29,000 square metres in its existing principal manufacturing facility situated in Laguna City and will start its operations in the second half of fiscal year 2024.
Glenmark Pharmaceuticals
The USFDA has issued an import alert for Glenmark Pharma’s manufacturing plant at Baddi. This means that the drugs manufactured at the Baddi plant can be detained without any physical examination. The management said that it will co-operate with the US health regulator to resolve the import alert at the earliest.
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Dabur
The FMCG major plans to invest Rs 325.87 crore in its Indore plant in Madhya Pradesh. The management said that the work for capacity addition would be completed in the next 1.5 years, and production would start in March 2024. The capex is being financed through internal accruals.
Tech Mahindra
The board of the company is scheduled to meet next week on November 1 to mull proposal for interim dividend payment for the current fiscal year. The company has fixed November 10 as the record date to determine the members, who will be entitled to receive the interim dividend, if it gets approved by the board.
IIFL Finance
The company reported 36 per cent rise in consolidated net profit at Rs 397 crore in Q2FY23 from Rs 292 crore, in the year-ago period. Total income, too, climbed to Rs 2,051.4 crore in Q2FY23 from Rs 1,713.3 crore in Q2FY22.
Telecom stocks
Communications Minister Ashwini Vaishnaw said that the telecom companies must raise the 5G towers installation per week to at least 10,000 per week from the current 2,500 per week. Around 8,000 towers is ready to help telcos scale the 5G infrastructure, however, the speed of 5G roll-out needs to be maintained.
J&K Bank
According to reports, the public sector lender will put up around Rs 960 crore non-performing assets to sale, in order to improve its balance sheet. The bank aims to complete the sale of NPA process to National Asset Reconstruction Company Limited (NARCL) by end of this month.
Gland Pharma
The company saw 20.1 per cent decline in consolidated net profit to Rs 241.2 crore in Q2FY23 from Rs 302.08 crore, in the year-ago quarter. The consolidated revenue from operations was flat at Rs 1,044.4 crore in Q2FY23 from Rs 1,080.4 crore in Q2FY22.
Century Textiles
The company clocked 59.38 per cent rise in consolidated net profit at Rs 69.97 crore in Q2FY23 from Rs 43.9 crore in Q2FY22. Total income from operations, too, rose to Rs 1,242.11 crore from Rs 1,034.27 crore in the corresponding period of the previous year.
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