Buzzing Stocks | Chennai Petroleum, PFC, CSB Bank, Indus Towers, and others in news today - Moneycontrol
Stocks to Watch: Check out the companies making headlines before the opening bell.
Results on October 27: Indus Towers, Aditya Birla Sun Life AMC, SBI Cards and Payment Services, PNB Housing Finance, REC, Tata Chemicals, Anupam Rasayan India, Balaji Amines, Latent View Analytics, Lloyds Steels Industries, CE Info Systems, PC Jeweller, Supreme Petrochem, Tamilnad Mercantile Bank, Vaibhav Global, and V-Guard Industries will be in focus ahead of quarterly earnings on October 27.
Chennai Petroleum Corporation: The company has recorded a 99% sequential decline in standalone profit at Rs 27.88 crore for the quarter ended September FY23, impacted by windfall tax on exports. Revenue declined nearly 17% QoQ to Rs 22,894 crore for the quarter. The Government of India on July 1 levied duties on export of petroleum products at the rates notified on fortnightly basis, which have been reduced in the refinery transfer pricing. This has resulted in lower revenue and profitability for the quarter, the company said in a BSE filing.
Power Finance Corporation: HDFC Mutual Fund through its several schemes sold 2.07% stake in the company via open market transactions on October 21. With this, its shareholding in PFC reduced to 6.94%, down from 9.01% earlier.
Route Mobile: The company said its board has approved to provide the corporate guarantee in favour of Standard Chartered Bank for term loan facility proposed to be taken by subsidiary Route Mobile (UK) up to $15 million. The corporate guarantee will be treated as a contingent liability for the company.
Trident: The company said it has completed new solar power project of 8.87 MWp at Budhni in Madhya Pradesh. With this, it has commissioned both the phases comprising of Phase-I of 5.48 MWp and Phase II of 3.39 MWp solar power plants, for captive use. The company is moving towards a greener planet as the Group aims to use renewable and clean energy for reducing carbon emission.
CSB Bank: Maybank Securities Pte Ltd acquired 26,39,673 equity shares (or 1.5% stake) in the private sector lender via open market transactions at an average price of Rs 232.3 per share. However, Nomura Singapore which held 1.84% shareholding in the bank as of September 2022 was the seller for shares in a transaction on October 25. Apart from this bulk deal, SBI Mutual Fund on October 21 had acquired additional 1.78% shareholding in the bank, raising total stake to 7.21% from 5.42% earlier.
Punjab Alkalies & Chemicals: Quant Mutual Fund bought 45,56,962 equity shares or 1.88% stake in the company through open market transactions at an average price of Rs 79 per share. However, investor Paramone Concepts has offloaded 21 lakh shares in the company at an average price of Rs 79.18 per share.
IIFL Finance: The company reported a 36 percent year-on-year growth in consolidated profit at Rs 397 crore for the quarter ended September FY23, driven by topline as well as operating performance. Revenue from operations grew by 21% to Rs 2,023 crore compared to year-ago period.
Hero MotoCorp: The world's largest two-wheeler maker is set to commence its operations in the Philippines. Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, announced partnering with Hero. Terrafirma will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in Philippines.
Gland Pharma: The pharmaceutical company has reported a 20% year-on-year decline in profit at Rs 241.2 crore for quarter ended September FY23, dented by weak topline as well as operating performance. Revenue for the quarter fell 3% to Rs 1,044.4 crore compared to year-ago period, impacted by lower business from India and Rest of World, while core markets (US, Europe, Canada and Australia) recorded 3% YoY growth.
Dabur India: The company has announced acquisition of 51% stake in Badshah Masala for Rs 587 crore and the balance 49% stake will be acquired after five years. Badshah Masala is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. Dabur ended the second quarter of FY23 with consolidated profit of Rs 490.1 crore, down 3% compared to year-ago period. Despite the strong headwinds, consolidated revenue at Rs 2,986.5 crore increased 6% YoY for the quarter ended September FY23.
Ahluwalia Contracts (India): The company has secured orders for construction work of Amity Campus Hyderabad (Telangana) from Ritnand Balved Education Foundations worth of Rs 60 crore and construction of civil, structural and external development work of Muthoot Hospital from Muthoot Hospital worth of Rs 43 crore. The order inflow during the FY23 stood at Rs 3,114.72 crore, till date.
Zydus Lifesciences: The company has received approval from the United States Food and Drug Administration (USFDA) to market Micafungin for injection in the US. Micafungin is indicated to treat variety of fungal infections. It is also used to prevent fungal infections in patients who are having a stem cell transplant. The drug will be manufactured at the group’s injectable manufacturing facility at Jarod in Gujarat.
Century Textiles and Industries: The company recorded consolidated profit at Rs 70 crore for the quarter ended September FY23, up 118% over profit of Rs 32 crore reported in year-ago period despite higher power & fuel cost, driven by strong operating performance. Revenue during the quarter grew by 20% YoY to Rs 1,242 crore aided by pulp and paper business.
PCBL: PCBL has reported a 4.6% year-on-year decline in consolidated profit at Rs 116.5 crore for the quarter ended September FY23, dented by higher input cost. Revenue for the quarter at Rs 1,628 crore increased by 52.5% compared to year-ago period.
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