Stocks to watch: Vodafone Idea, IRCTC, JSW Steel, HUDCO, Orchid Pharma, Power Grid Corp

Vodafone Idea: The company reported a narrowed loss of ₹6,434 crore for the quarter ended June 2024, down from ₹7,674 crore the previous year. Revenues shrunk marginally to ₹10,508 crore from ₹10,606 crore. The company is in talks with lenders to secure debt funding of ₹35,000 crore for network expansion. The company has a total of 210 million subscribers as of June, with 126.7 million being 4G subscribers.

Hero MotoCorp: The world’s largest two-wheeler company is set to release its earnings report for the first fiscal quarter of FY25 on August 13. Analysts expect robust volume growth and premiumization trends to help the company’s sales rise by double-digits. The company is anticipated to record a 20 percent year-on-year increase in revenue, reaching ₹10,520 crore.

RVNL, Vodafone Idea, Dixon Technologies (India), Oil India, Oracle Financial, Prestige Estates and Zydus Lifesciences: MSCI India Index will include seven new stocks in its August reshuffle. Stocks of companies like RVNL, Vodafone Idea, Dixon Technologies (India), Oil India, Oracle Financial, Prestige Estates and Zydus Lifesciences are expected to be included in the index, while Bandhan Bank will be excluded from the index. The changes will be implemented as of the close of August 30, 2024. HDFC Bank shares will see an increase in its weightage in the MSCI indices in two tranches. After the August round of weightage increase, HDFC Bank is likely to attract inflows worth $1.5 billion.

Wipro: The company announced the resignation of its chief technology officer, Subha Tatavarti, effective August 16. Tatavarti, who joined Wipro in March 2021 from Walmart Inc, is leaving to pursue opportunities outside the company. Wipro has not yet announced Tatavarti’s replacement.

Indian Railway Finance Corporation: IRFC reported a 1.64% rise in net profits at ₹1,576.83 crore for the April to June quarter of the financial year 2024-25. The company’s revenue from operations increased by 1.37% to ₹6,765.63 crore for the first quarter of the financial year 2024-25.

Yes Bank: Sumitomo Mitsui Banking Corporation (SMBC) is in talks to acquire a 51% stake in Yes Bank Ltd. SMBC’s global CEO, Akihiro Fukutome, is expected to meet with officials from the RBI and SBI to discuss the potential acquisition. The deal is valued at about $5 billion. State-owned SBI, which currently owns a 23.99% stake in Yes Bank, has been looking to reduce its holding since a three-year lock-in period expired last year.

Apollo Hospitals Enterprise: The company is set to release its April-June earnings on August 13. The company’s revenue is expected to grow around 15% from the previous fiscal’s ₹4,418 crore to ₹5,072 crore. Net profit is expected to surge 72% to ₹287 crore, up from ₹166.60 crore in the corresponding quarter last year.

Bharti Airtel: The company is set to acquire a 24.5% stake in British Telecom Group Plc through its subsidiary, Bharti Televentures UK Ltd. The equity will be bought from Altice UK, which holds a 24.5% stake in BT. The funds were not connected to Bharti Airtel or any of its subsidiaries, Bharti Enterprises clarified. The transaction will be executed in two phases, with 9.99% of BT being bought immediately and the remaining 14.51% after regulatory clearances. The deal’s value was not disclosed, but Altice’s 24.5% stake in BT was worth about £3.2 billion based on the last closing price on the London Stock Exchange.

National Mineral Development Corporation: NMDC reported a consolidated net profit of ₹1,970.8 crore for the June quarter, rising 19% from ₹1,652.2 crore in the year-ago period, amid increased realisations. The company’s consolidated revenue from operations was flat at ₹5,414.2 crore in the quarter ended June 30.

JSW Steel: The company plans to acquire a controlling stake in an Australian miner for $170 million to secure the supply of coking coal, a key raw material that is scarce in India. The company’s board approved to pay $120 million for a 66.67% stake in M Res NSW HCC Pty Ltd. An additional payout of $50 million by 2030 will cover part of a deferred payment to be made by the miner.

Housing and Urban Development Corporation: HUDCO posted a 25.2% jump in net profit to ₹557.8 crore and an 11.2% growth in net interest income to ₹724.7 crore on a YoY basis.

Orchid Pharma: The company saw a significant surge in net profit by 212.2% to ₹29.4 crore and a 33.6% rise in revenue to ₹244.4 crore. Other income also jumped to ₹7.6 crore.

Credit Access Grameen: India’s largest microlender may soon have a new owner with its Dutch promoter looking to exit. The Netherlands-based CreditAcccess India B.V., which holds a 66.56% stake, is seeking a valuation of around $2.7 billion for the microfinancier.

Axis Bank: The Delhi High Court has instructed the Securities and Exchange Board of India and the Reserve Bank of India to accelerate their investigation into alleged fraudulent practices by Axis Bank in the sale and purchase of shares in Max Life Insurance. The court rejected a petition by former Rajya Sabha member Subramanian Swamy, who had sought the establishment of a committee to investigate these allegations.

ITC: The company has signed a new property at Pushkar in Rajasthan to be operated under the Welcomhotel brand. The company has partnered with SRK Hospitality Pvt Ltd for the 96-rooms hotel which is expected to open in 2026.

Hindustan Copper: The company reported a two-fold rise in consolidated net profit at ₹113.40 crore for the quarter ended June 30, 2024. The company had posted a net profit of ₹47.28 crore in the year-ago period. The consolidated income of the company during the April-June period rose to ₹500.44 crore over ₹384.73 crore in the year-ago period.

Zetwerk: The contract manufacturing marketplace has appointed automobile and engineering industry veteran Vinod Kumar Dasari to its board of directors. Dasari is currently serving as an Operating Partner at private equity firm Advent International.

TVS Motor Company: The company has allocated ₹2,200 crore for this financial year, with half of the outlay going towards capital expenditure and the rest for product development, new launches, and marketing expenses.

Power Grid Corporation: The company has won a transmission project in Rajasthan under tariff-based competitive bidding. The project involves establishing the transmission system associated with the ‘Additional Transmission System for Evacuation of Power from Bhadla-III PS as Part of Rajasthan REZ Phase-III Scheme (20 GW)’.

Berger Paints India: The company has implemented three price hikes since June, which are expected to boost its ‘value’ growth to around 5% in the second quarter ending September 2024. The company plans to double its turnover to ₹20,000 crore by 2029.

Hindustan Copper: The company posted a 140% spike in net profit to ₹113.4 crore and a 33% growth in revenue to ₹493.6 crore on a YoY basis.

G R Infraprojects: The company has received a Letter of Intent from REC Power Development and Consultancy for a transmission scheme for the integration of Tumkur-II REZ in Karnataka, valued at ₹53.77 crore.

KPI Green Energy: The company has launched its Qualified Institutions Placement on August 12, with the floor price fixed at ₹983.24 per share.

Hindustan Zinc: The company issued a clarification on a report of the company doling out ₹6,000 crore in special dividend to its shareholders this month. The company stated that any such decision is under the power of the Board of Directors of the Company and the Company has not yet submitted any such proposal to the Board.

Aadhar Housing Finance: The company is looking to slow down its business in Bihar, West Bengal, Jharkhand, and Orissa due to rising delinquencies. The company may think of adding a private sector bank as a partner for its co-lending business.

Oberoi Realty: The company said the National Company Law Tribunal has approved its resolution plan for Nirmal Lifestyle Realty, and it will pay ₹230 crore to the creditors of the bankrupt firm. The company would also subscribe to 100% equity share capital of NLRPL for ₹1,00,000, making it a wholly-owned subsidiary of the company.

BEML: The company plans to commence the work related to export of Vande Bharat and metro trains as early as next year. The firm aims to grow the present 4% exports to 10% in the near future.

63 Moons Technologies: The company reported a loss of ₹11.5 crore and a 66.3% drop in revenue to ₹38.7 crore on a YoY basis.

Olectra Greentech: The company reported a 34.2% growth in net profit at ₹24.3 crore and a 45.3% rise in revenue to ₹313.9 crore. Other income increased to ₹3.06 crore and the share of associates turned profitable at ₹3.55 crore. The board re-appointed Venkateswara Pradeep Karumuru as the Managing Director of the company for three years effective July 29.

Camlin Fine Sciences: The company reported a loss of ₹34.7 crore and a 5.7% decline in revenue to ₹395.8 crore on a YoY basis.

Kotak Mahindra Bank: The company’s wholly-owned subsidiaries, Sonata Finance and BSS Microfinance, have approved a Scheme of Amalgamation of Sonata with BSS. The scheme is subject to approval from shareholders, creditors, and the National Company Law Tribunal (NCLT).

Aditya Birla Sun Life AMC: The company’s chief financial officer and key managerial personnel, Parag Joglekar, has resigned effective September 13 to pursue career opportunities elsewhere.

Asian Hotels (North): The company has appointed Preeti Gandhi as chairperson and Krishna Kumar Acharya as a whole time director, designated as an executive director, effective August 12.

Marico: The company’s manufacturing operations in Bangladesh have resumed at a normal scale, with improving market conditions and the retail sales force and distributors functioning since last week.

Saregama India: The company saw foreign portfolio investor Amansa Holdings buy a 0.78% stake at an average price of ₹480 per share, while Hill Fort India Fund LP sold a 1.06% stake at an average price of ₹480.1 per share.

SpiceJet: The company faces a setback as two French engine lessors, Team France 01 SAS and Sunbird France 02 SAS, rejected an offer by chairman and managing director Ajay Singh to pledge his shares as collateral for the airline’s outstanding liabilities. The lessors have demanded disclosure of Singh’s assets and given SpiceJet 15 days to make alternative arrangements, ground and return the three engines in question.