BackStocks to Watch: Coal India, BPCL, Adani Power, Glenmark Pharma, Zee
JSW Energy, Akzo Nobel India, Amara Raja Batteries, Ashok Leyland, Bajaj Electricals, Biocon, CMS Info Systems, Dishman Carbogen Amcis, Dixon Technologies (India), NMDC, TTK Healthcare, and Unichem Laboratories are among companies set to announce quarterly earnings today
PremiumNew Delhi: Following are the top 10 stocks that could be in focus on Tuesday:
Coal India: The state-owned miner has inked an agreement with its non-executive workers over the revision of wages. Coal India said that a 19% minimum guaranteed benefit on emoluments including basic salary, variable dearness allowance, special duty allowance and attendance bonus, and a 25% increase in allowances have been agreed upon. Around 281,000 employees of CIL and SCCL who were on the rolls of the company as on 1 July 2021 would be the beneficiaries of the new wage agreement.
BPCL: Bharat Petroleum Corporation Ltd (BPCL) has reported a 159% surge in its standalone net profit for the March ended quarter at ₹6,478 crore. Revenue from operations rose 8% year-on-year to ₹1.33 trillion. Sequentially, net profit zoomed 230% from ₹1,960 crore during October to December. The board of the company has recommended a dividend of ₹4 per equity share of face value of ₹10 each for FY23.
Adani Power: Will contest an order issued by the Registrar of Companies (RoC), Ahmedabad, imposing penalty on three senior executives for alleged breaches connected to related party transactions over three years till FY20. The RoC had in an order issued on 16 May imposed penalty on three senior executives of Adani Power, including chairman Gautam Adani.
Glenmark Pharma: A clutch of large private equity funds have expressed initial interest acquiring stake active pharmaceutical ingredients developer and manufacturer Glenmark Life Sciences, a subsidiary of pharma major Glenmark Pharmaceuticals. The likes of KKR, Blackstone, BPEA EQT and PAG are likely to have shown interest in the proposed transaction. Glenmark Pharma which holds an 82.85% stake in Glenmark Life is looking to reduce its debt via stake sale. The firm's net debt was at ₹2,615 crore as of December 2022.
Telecom firms: India's largest telecom operator Reliance Jio, part of Mukesh Ambani's Reliance Industries Ltd, added 30.5 lakh mobile subscribers in March, accelerating its momentum of February, while Vodafone Idea lost 12.12 lakh wireless users during the month, according to data released by telecom regulator TRAI. Sunil Mittal-led telecom company Bharti Airtel onborded 10.37 lakh mobile subscribers in March, raising its subscriber base to 37.09 crore in March from 36.98 crore in February.
Zee Entertainment Enterprises: The Mumbai bench of the National Company Law Tribunal has directed the National Stock Exchange and BSE to reconsider their respective initial approvals for the Zee-Sony merger and issue updated no-objection certificates before the next hearing, posing fresh obstacles for the proposed merger of the media companies. In September 2021, Zee entered into an agreement with Sony Pictures Networks India, a subsidiary of Japan’s Sony Corp, for a merger that would create the country’s largest media and entertainment company, with standalone revenues of $2 billion.
Shree Cement: Has reported a consolidated net profit of ₹525.77 crore in the March quarter, down 20% from ₹657.24 crore a year ago. On a sequential basis, however, net profit surged 86.4% over the previous quarter’s ₹282.07 crore. The bottomline surpassed the ₹438.5 crore consensus estimate of analysts polled by Bloomberg.
JSW Steel: The steelmaker has said that NCLT-Mumbai has approved ₹621 crore resolution plan submitted by its subsidiary JSW Steel Coated Products Ltd (JSWSCPL) for debt-laden National Steel and Agro Industries Ltd (NSAIL). JSW Steel through JSWSCPL proposes to acquire 100% equity shareholding in NSAIL. The acquisition of NSAIL is proposed to be completed within 30 days from the effective date as contemplated in the resolution plan.
Reliance Power: Has made a ₹1,200 crore one-time settlement (OTS) proposal to the lenders of its subsidiary Vidarbha Industries Power Ltd (VIPL) to settle its debt. As per the proposal, the company has offered to pay around ₹1,200 crore in upfront cash to the lenders which include Axis Bank, SBI, Bank of Baroda, PNB, Canara Bank, and Bank of Maharashtra. The outstanding loan of the company as on 31 March 2022 is around ₹2,200 crore.
Aditya Birla Fashion: Reported its first quarterly loss in nearly two years, as surging expenses outweighed demand for its apparel and lifestyle products. The company posted a consolidated net loss of ₹187 crore for the fourth quarter ended 31 March, from a profit of ₹43.59 crore a year ago, citing initial operating losses in unit TMRW and new ethnic businesses. Total expenses jumped 40% to ₹3,178 crore, outpacing the growth in revenue from operations, which rose 26% at ₹2,880 crore.
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