BackStocks to Watch: Zee, Tata Coffee, HeidelbergCement, SJVN, V-Mart
ICIC Lombard, Gujarat Fluorochemicals, L&T Technology Services, HFCL, Tata Communications, and KPTI Technologies will be in focus as they declare their September quarter earnings today.
PremiumHere is the list of the top 10 stocks that will be in focus today:
Zee Entertainment: Invesco Developing Markets Fund will sell a 5.51% stake in Zee Entertainment Enterprises Ltd (ZEEL) in a block trade that will fetch the investor as much as $169.5 million, according to deal terms seen by Mint. The block trade will see Invesco offload over half of its stake in Zee Entertainment, which stood at 10.14% as of 30 June, held through OFI Global China Fund LLC.
HeidelbergCement India: HeidelbergCement India Ltd on Monday reported a decline of 88.23% in its net profit to ₹7.01 crore in the second quarter ended September 30, 2022, citing lower sales volume. The company had reported a net profit of ₹59.56 crore in the year-ago period, HeidelbergCement India said in a BSE filing. Its total revenue from operations was down 12.21% to ₹506.05 crore during the quarter.
Tata Coffee: Tata Coffee registered a 172% year-on-year growth in consolidated profit at ₹147 crore for the quarter ended September FY23. This was driven by improved performance of plantation and instant coffee businesses and one-time exceptional income on disposal of a non-core property. Consolidated revenue increased by 31% YoY to ₹718.3 crore during the quarter led by higher realisations in all businesses.
SJVN: State-owned SJVN on Monday said its arm SJVN Green Energy and Assam's power distribution company APDCL have inked a pact to form a joint venture to set up 1,000 MW floating solar projects worth ₹6,000 crore in Assam. According to the statement, the MoU has been inked for developing 1,000 MW floating solar power projects in Assam by incorporating a joint venture company in the presence of the state chief minister Himanta Biswa Sarma.
V-Mart Retail: Mumbai-listed value retail chain V-Mart Retail Ltd has signed a definitive agreement to acquire LimeRoad, a social commerce platform LimeRoad.com. Through the transaction, as per a press statement, both parties will leverage each other’s strength to deliver emerging fashion trends to at least 5 crore digital-first shoppers. V-Mart has committed to invest a total of ₹150 crore into the Tiger Global-backed LimeRoad over a period of 2-3 years.
SpiceJet: Aviation regulator DGCA on Monday directed embattled SpiceJet to carry out an analysis of engine oil samples from its Q400 fleet and other inspections, days after one of its planes made an emergency landing at Hyderabad airport due to smoke in the cabin. The Directorate General of Civil Aviation (DGCA) has also asked the carrier to conduct an inspection of the bleed-off valve screen and housing for evidence of oil wetness.
PTC India: BSE Ltd has warned state-run power trading firm PTC India and its subsidiary PTC India Financial Services (PFS) that it may transfer its stocks to the trade-to-trade (T2T) category after they failed to meet disclosure and listing norms. In a notice dated 12 October, the exchange said if the firms fail to comply by 19 October, their scrip would be downgraded with effect from 25 October. BSE said the scrips will be transferred to “‘Z’ / ‘ZP’/ ‘ZY’/ ’MT’ group with effect from 25 October
ONGC: Public service undertaking firm Oil and Natural Gas Corporation (ONGC) is mulling to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east as it seeks to retain a 20% share in the asset. Earlier in October 2022, Russian President Vladimir Putin had issued a decree to establish a new operator for the ExxonMobil-led project and authorised the Kremlin to decide whether foreign shareholders could retain stakes in Sakhalin 1.
Biocon: Biocon Biologics has entered into a strategic out-licensing agreement with the Japanese pharmaceuticals company, Yoshindo Inc., for commercialising bUstekinumab and bDenosumab, two of its biosimilar assets in the pipeline, in the Japanese market. As part of the agreement, Yoshindo will get exclusive commercialisation rights in Japan for bUstekinumab and bDenosumab, developed and manufactured by Biocon Biologics, for an addressable market opportunity of over $700 million.
NTPC: State-run power giant NTPC has inked a pact with Mitsubishi Heavy Industries and its arm Mitsubishi Power India to demonstrate the feasibility for hydrogen co-firing blended with natural gas at NTPC's Auraiya gas power plant. Under this MoU, both companies will collaborate to carry out the study and identify key actions for introducing hydrogen co-firing at NTPC Auraiya gas-based combined cycle power plant, it stated.
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