Stocks to Watch: Coal India, Eicher Motors, SAIL, Mazagon Dock Shipbuilders, Aurobindo Pharma
- Here are a few stocks likely to be in focus on Tuesday, February 13:
Coal India: The company reported a 17% increase in its consolidated net profit at ₹9,069 crore for the quarter ending on December 31, 2023, compared to ₹7,755 crore recorded in the corresponding period last year. Revenue from operations experienced a modest 3% year-on-year growth at ₹36,154 crore in Q3FY24, as opposed to ₹35,169 crore reported during the same period last year. The board has also announced a second interim dividend of ₹5.25 per share for FY24.
Eicher Motors: The company is likely to report robust Q3FY24 results, with solid double-digit net profit growth and high single-digit revenue growth, aided by strong sales volumes in Royal Enfield bikes and its commercial vehicles portfolio, when it announces its third-quarter results on Tuesday, February 13. According to analyst estimates, Eicher Motors is expected to announce a 29.49% YoY increase in consolidated net profit at ₹959.28 crore. Revenue is likely to have jumped 8.24% to ₹4,027.74 crore. EBITDA margin is also expected to rise by 319 bps to 26.19 percent.
Steel Authority of India: The PSU's consolidated net profit droppped 22% at ₹422.92 crore for the December quarter, compared to the ₹542.18 crore recorded in the same quarter last year. Revenue from operations for the quarter stood decreased 6% to ₹23,348.64 crore, from ₹25,042.10 crore a year ago, SAIL said in an exchange filing on February 12. Crude steel production in the quarter came in at 4.75 million tonne versus 4.71 million tonne reported in the same quarter last year. The public sector unit also declared an interim dividend ₹1 per equity share of ₹10 each.
Mazagon Dock Shipbuilders: The company saw its net profit jump 76% YoY to ₹592 crore in Q3FY24. Its revenue during the December quarter gained 30% YoY to ₹2,363 crore, while EBITDA increased 71% to ₹808 crore. Finance costs fell to ₹1.29 crore in the quarter from ₹1.48 crore in the previous year. Sub-contract expenses plunged to ₹143.81 crore from ₹224.69 crore in the corresponding quarter of the previous year. Other project-related expenses fell to ₹40.58 crore from ₹41.47 crore in the previous year. The company’s order book as of December 2023, stood at ₹38,389 crore.
Hindalco Industries: The company's subsidiary Novelis recorded a net income attributable to common shareholders of $121 million for the quarter ended December FY24, growing 10-fold over $12 million in the year-ago period. Net sales decreased 6% YoY to $3.9 billion for the third quarter of the fiscal year 2024, driven by lower average aluminium prices as shipments were in line with prior-year levels.
Aurobindo Pharma: The company anticipates a $20-million hit in the January-March 2024 quarter, due to a temporary pause of manufacturing and distribution activities at its crucial Eugia Unit-III formulation facility in Telangana, following certain red flags raised by the US drug regulatory agency FDA in the recently concluded inspections. The company said it is planning to resume manufacturing operations in a phased manner starting with non-aseptic lines. The FDA issued Form 483 with 9 observations against the facility at the conclusion of the inspection on February 2. The company, as an "abundant caution", put on hold manufacturing at certain lines. The company, in its earnings call on Monday, said the observations are related to certain gaps in the "aseptic process and documentation".
Dilip Buildcon: The construction and infrastructure development company registered a 3.3% year-on-year decline in consolidated profit at ₹107.4 crore despite healthy topline, and operating numbers. Revenue from operations during the quarter at ₹2,876.8 crore increased by 23.87% over a year-ago period.
Paytm: Reserve Bank of India (RBI) governor Shaktikanta Das on Monday ruled out any review of the central bank’s action against Paytm Payments Bank, saying the decision was taken after a lot of consideration and a comprehensive analysis of the lender’s functioning. The RBI on January 31, had directed PPBL to stop accepting deposits or top-ups in customer accounts, wallets, FASTTags and other instruments after February 29 citing large scale non-compliance of regulations and supervisory concerns. “At the moment let me say very clearly, there is no review of this decision," Das said at a press conference after a meeting of the RBI’s central board of directors. The meeting was also addressed by finance minister Nirmala Sitharaman.
Bandhan Bank: One of the Big Four accounting firm EY is conducting a forensic audit on a portion of Bandhan Bank’s loan book backed by government guarantees, two people aware of the development said. The audit was commissioned by the National Credit Guarantee Trustee Co. (NCGTC), a state-run entity that operates and manages various credit guarantee trust funds of the government. It will cover Bandhan Bank’s loans of around ₹23,000 crore. NCGTC has asked EY to check whether the bank used two different government guarantees for the same set of loans, find fake borrowers if any; identify window-dressing or evergreening of loans, and check whether the loans were ineligible for the government schemes.
Jindal Steel & Power: The company's environmental application to develop an iron-ore mine in South Africa at a cost of as much as $2 billion was rejected recently. The company will appeal the decision, Parshant Kumar Goyal, the general manager for mines and business development at Jindal Africa, said when called by Bloomberg. The application was refused due to “extensive gaps in the environmental impact assessment in the context of constitutional rights," All Rise, an environmental legal organization, said in a statement on Monday.
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