Stocks to watch: Hindustan Zinc, SpiceJet, Ola Electric, Borosil, MTNL, Glenmark Pharma

Hindustan Zinc, Vedanta: The company plans to distribute a second interim dividend for FY25, with the board meeting scheduled for August 20, 2024. The record date for determining shareholder eligibility is 28 August. HZL aims to distribute a special dividend payout of ₹8,000 crore. Separately, the company's promoter, Vedanta will be selling a 3.17% stake in Hindustan Zinc through an offer-for-sale (OFS) from August 16-19. The OFS will have a base size of 1.22% with an option to sell an additional 1.95% stake in case of oversubscription. The floor price has been fixed at ₹486 per share.

Glenmark Pharmaceuticals: The company reported a net profit of ₹340.27 crore for Q1FY25, more than doubling from ₹149.9 crore in the same period last year. The company’s total revenue from operations increased by 7% to ₹3,244.2 crore. Operating income rose by 34% to ₹588 crore, with an EBITDA margin of 18.1%.

SpiceJet: The company reported a net profit of ₹158.6 crore for Q1FY25, a 19.7% decrease from the previous year. Revenue fell by 14.7% to ₹1,708.24 crore as the airline reduced its operations. Despite leading the industry with a 91% domestic load factor, the airline faced financial challenges, including unpaid leases and delayed salaries. Separately, the company's promoter Ajay Singh plans to dilute his stake to raise ₹3,000 crore. The Delhi High Court also ordered SpiceJet to ground three leased engines due to unpaid rentals.

Ola Electric Mobility: The company reported a widened net loss of ₹347 crore for Q1FY25, up from ₹267 crore last year, due to increased finance costs and total expenses. Revenue rose 32.3% YoY to ₹1,644 crore. EBITDA loss stood at ₹205 crore, slightly improved from ₹218 crore last year. Ola Electric also unveiled its first electric motorcycle on August 15 at the ‘Sankalp 2024’ event.

Borosil: The company reported an 86% year-on-year increase in net profit to ₹9.3 crore for Q1FY25. Revenue from operations rose 23.1% to ₹216.8 crore. EBITDA jumped 47.2% to ₹29 crore, with an EBITDA margin of 13.4%. Sales in the glassware segment increased by 42.2% to ₹55.7 crore, while non-glassware sales grew by 20.3% to ₹85.1 crore. Opalware sales also rose by 15.0% to ₹76.1 crore.

Tata Steel: The company has acquired 115.92 crore shares worth $182 million ( ₹1,528.24 crore) of its Singapore-based subsidiary, T Steel Holdings Pte, in a strategic move to enhance its international presence and operational efficiency.

Hinduja Global: The company reported a substantial increase in net profit to ₹165.6 crore, up from ₹14.9 crore year-over-year. Revenue grew by 3.7% to ₹1,091.9 crore, compared with ₹1,133.5 crore previously. EBITDA surged by 78.3% to ₹16.7 crore, compared to ₹76.8 crore year-over-year. However, the margin decreased to 1.5% from 6.8%.

Sun Pharmaceuticals Industries: The company announced an agreement to acquire over 5% stake in Delaware-based Pharmazz Inc. for up to $15 million. The investment will be made in two tranches, with the first $7.5 million this month and the remaining by February 2025. Sun Pharma will also receive exclusive rights to license ‘Sovateltide’ for marketing in certain Emerging Market countries. Pharmazz, an Illinois-based biopharmaceutical company, develops drugs for acute cerebral ischemic stroke and hypovolemic shock, with both products approved in India.

EID Parry (India): The company reported a 15.5% YoY decline in net profit to ₹91.3 crore for Q1FY25, down from ₹108 crore in the same period last year. Revenue from operations dipped 4% to ₹6,747.6 crore. EBITDA fell 27.7% to ₹483 crore, with margins at 7.2%, down from 9.5% last year. Standalone revenue rose to ₹751 crore, but the standalone loss after tax was ₹79 crore, compared to a profit of ₹46 crore last year.

Power Mech Projects: The company has received an order worth ₹114.30 crore from Coastal Energen for the operation and maintenance of the 1,200 MW (2*600 MW) Mutiara Thermal Power Plant in Melamaruthur, Tamil Nadu, effective October 1.

NBCC (India): The company's subsidiary HSCC (India) secured a ₹528.21 crore order from the Directorate of Medical Education and Research in Haryana. The order involves procuring bio-medical equipment and hospital furniture for Pt. Deen Dayal Upadhayaya University of Health Sciences in Karnal. NBCC also reported a 38.5% YoY increase in net profit to ₹107.2 crore and an 11.3% rise in revenue to ₹2,144.2 crore for Q1FY25. The company recently won orders worth nearly ₹720 crore and a ₹15,000 crore order from the Srinagar Development Authority.

Hindustan Aeronautics: The company reported a 76% YoY increase in net profit to ₹1,435 crore for Q1FY25, aided by an 80% jump in other income to ₹737 crore. EBITDA grew by 13% to ₹993.7 crore, with margins expanding to 22.8%. However, there are concerns about meeting delivery timelines for the Tejas Light Combat aircraft and reduced engine deliveries from General Electric.

Motisons Jewellers: The company plans to raise ₹170 crore through a preferential issue of shares to support long-term business growth. The Jaipur-based company will issue up to one crore fully convertible warrants at ₹170 each, convertible into equity shares within 18 months. The board also approved increasing the authorized share capital to ₹125 crore.

MTNL: The company reported a 7.8% year-on-year decline in revenue to ₹183.9 crore for Q1, while net loss narrowed to ₹773.5 crore. The PSU telecom company posted an unchanged EBITDA loss of ₹150 crore. MTNL announced the sale of its stake in Mahanagar Telephone (Mauritius) and its JV with STPI. The company also approved a service agreement with BSNL for 10 years. The government is considering handing over MTNL’s operations to BSNL due to MTNL’s high debt.

PSP Projects: The company announced securing multiple projects worth ₹654.67 crore. The largest order, valued at ₹484.02 crore, is for civil and structural work at Sanand, Gujarat, to be completed in 14 months. Another project worth ₹102 crore is for construction in Ahmedabad, to be completed in 10 months. The company also won smaller orders totaling ₹67.65 crore, bringing its total order inflow to ₹889.98 crore this fiscal year.

PTC India: The company’s board will decide on the appointment of a full-time chairman and managing director (CMD) after Rajib Kumar Mishra’s removal. Interim CMD Manoj Jhawar stated that the board is addressing the matter. SEBI had restrained Mishra from holding any board or key managerial position due to corporate governance lapses. Despite an increase in net profit, PTC India’s trading volumes remained stagnant in Q1FY25. The company is exploring opportunities to increase volumes while maintaining healthy margins.

Shriram Properties: The company reported a 5% increase in consolidated net profit to ₹17.46 crore for Q1FY25, driven by higher income. Total income rose to ₹210.90 crore from ₹157.17 crore in the previous year. The company appointed Ravindra Kumar Pandey as CFO and elevated Rajesh Yashwant Shirwatkar as Deputy CFO. Shriram Properties reported sales volumes of 0.70 million square feet and sales values of ₹376 crore.

Adani Power: The company reaffirmed its commitment to supplying electricity to Bangladesh, stating that a recent amendment to power export rules does not affect its existing contract. The amendment allows connectivity to the Indian grid but does not obligate India to buy electricity. Adani Power’s 1,600 MW Godda plant in Jharkhand is contracted to export 100% of its power to Bangladesh. The amendment enables Adani to supply electricity to the domestic market, mitigating political risks in Bangladesh.

Panacea Biotec: The company has developed India’s first indigenous tetravalent dengue vaccine, DengiAll. The phase three clinical trial began with the first participant vaccinated at Pandit Bhagwat Dayal Sharma Post Graduate Institute of Medical Sciences, Rohtak. The trial will involve over 10,335 healthy adult participants across 19 sites in 18 states and union territories. The vaccine, developed in collaboration with ICMR, aims to address the complex challenge of achieving efficacy for all four dengue serotypes.

PI Industries: SEBI has exempted PI Industries’ promoters from making an open offer under the the country's takeover regulations. The exemption follows the promoters’ plan to transfer shares to three trusts to streamline succession. The trusts will hold 16.21% of the shares, while the promoters will retain 29.87%. Public shareholders will continue to hold 53.9%. SEBI’s decision was based on the promoters’ assurance that the trusts are a mirror image of their holdings, with no change in ownership or control.

Mazagon Dock Shipbuilders: The Navratna PSU defence company reported a consolidated net profit of ₹696 crore for Q1FY25, a 121% increase from ₹314 crore in the same period last year. Total income rose nearly 10% to ₹2,628 crore, with revenue from operations at ₹2,357 crore. Mazagon Dock is in advanced talks to acquire additional Kalvari-class submarines for the Navy, potentially sealing a ₹35,000-crore deal.

Suprajit Engineering: The company announced a buyback of up to 15 lakh fully paid-up shares at ₹750 per share, a 38% premium to its closing price. The buyback, worth ₹112.5 crore, will be conducted via the tender offer route. The record date for the buyback is August 27, 2024. Suprajit Engineering reported a 15.1% growth in Q1 net profit to ₹38.1 crore, with revenue increasing by 8.1%. EBITDA rose 21% to ₹86.3 crore, with margins expanding by 120 basis points to 11.7%. The company has previously issued bonus shares and split its equity shares.

REC: The company has established a new wholly-owned subsidiary, Rajasthan IV 4B Power Transmission Ltd, to enhance power infrastructure in Rajasthan’s Renewable Energy Zone (REZ). The subsidiary, incorporated on August 14, 2024, will facilitate the evacuation of 3.5 GW of power from Rajasthan’s REZ Phase-IV, Part B. Initially under REC Ltd’s ownership, the company will be transferred to the successful bidder through the Tariff Based Competitive Bidding process. REC recently reported a 16% YoY increase in net profit for Q1FY25, reflecting its growth in the power sector.

Pitti Engineering: The company reported a significant increase in its Q1 consolidated profit, which soared by 47.1% to ₹20.5 crore, compared to ₹13.97 crore in the same period last year. The company’s revenue also saw a substantial growth of 32.1%, reaching ₹382.8 crore, up from ₹289.8 crore. Additionally, other income rose to ₹3.9 crore from ₹0.9 crore.

KNR Constructions: The company posted a strong performance in Q1, with its consolidated net profit jumping by 24.6% to ₹166 crore, compared to ₹133.2 crore in the previous year, driven by strong operating numbers. The company’s revenue saw a slight increase of 0.4%, reaching ₹985 crore, up from ₹981 crore.

Max India: The company reported a net loss of ₹27 crore, compared to a loss of ₹12.2 crore year-over-year. Revenue decreased by 34.9% to ₹26.5 crore, down from ₹40.7 crore previously.

Sakthi Sugars: The company experienced a sharp decline in its Q1 consolidated net profit, which plunged by 30% to ₹57.9 crore, down from ₹82.5 crore in the previous year. Despite this, the company’s revenue grew by 5.5%, amounting to ₹393.6 crore, compared to ₹373.2 crore.

Polyplex Corporation: The company reported a turnaround in its Q1 consolidated results, with a net profit of ₹97.1 crore, compared to a loss of ₹10.3 crore in the same period last year. The company’s revenue increased by 8%, reaching ₹1,685.6 crore, up from ₹1,560.5 crore. Other income also saw a significant rise, amounting to ₹25.92 crore, compared to ₹12.42 crore.

Shanti Educational Initiatives: Foreign portfolio investor LGOF Global Opportunities sold a 1.24% stake in Shanti Educational Initiatives at an average price of ₹127.4 per share.

Relicab Cable Manufacturing: SK Growth Fund sold a 4.02% stake in Relicab Cable Manufacturing at an average price of ₹138.29 per share.

Kiri Industries: Griffin Growth Fund VCC acquired a 1.4% stake in Kiri Industries at an average price of ₹334.1 per share, with LTS Investment Fund being the seller.

NDL Ventures: Legends Global Opportunities (Singapore) Pte bought a 0.68% stake in NDL Ventures at an average price of ₹97.87 per share from New Leaina Investments.