Catch a glimpse of the market movers ahead of the opening bell on November 9, 2023:
Biocon: Biocon Biologics, a subsidiary of Biocon, has inked a definitive agreement with Eris Lifesciences to sell its dermatology and nephrology branded formulations business units in India through a slump sale. The total transaction value for this divestment amounts to Rs 366 crore, with more than 120 employees from these units set to transition to Eris upon closing, expected by the end of November 2023.
Tata Power Company: Tata Power has reported an 8.8 percent year-on-year increase in consolidated net profit, reaching Rs 1,017.4 crore for the quarter ending September FY24. This boost is attributed to other income and reduced tax costs, with revenue from operations surging to Rs 15,738 crore, a 12.2 percent increase from the previous year, primarily driven by higher revenue in its core businesses of generation, transmission, and distribution.
Mazagon Dock Shipbuilders: This state-owned shipbuilding company has delivered an impressive 55.6 percent year-on-year growth in consolidated profit, tallying Rs 333 crore for the July–September period of FY24. This growth is fueled by other income and robust operating figures, with consolidated revenue from operations also rising by 7.4 percent to Rs 1,827.7 crore compared to the same period last year. The company has also announced an interim dividend of Rs. 15.34 per share.
Bharat Heavy Electricals (BHEL): The state-owned power equipment maker has reported a consolidated net loss of Rs 238.1 crore for the quarter ending September FY24, a stark contrast to the profit of Rs 12.1 crore during the same period in the previous fiscal year. This downturn can be attributed to weak operating performance and a decrease in topline revenue from operations, which declined by 1.5 percent year-on-year, reaching Rs 5,125.3 crore in Q2 FY24.
Pidilite Industries: The adhesives, sealants, and construction chemicals manufacturing company has seen a 36 percent year-on-year growth in consolidated profit, reaching Rs 458.5 crore for the quarter ending September FY24. This growth is driven by robust operating numbers following a decrease in input costs, while revenue from operations increased by 2.2 percent year-on-year, reaching Rs 3,076 crore for the quarter. Pidilite also announced its intention to establish a lending business to provide credit within its domain ecosystem, primarily in the form of small-value retail loans to support business growth.
United Spirits: The beverage alcohol company reported a 37 percent year-on-year decline in standalone profit, which stood at Rs 341.3 crore for the July–September period of FY24. This decline is due to a high base year with exceptional gains, while standalone revenue from operations fell by 1.4 percent year-on-year to Rs 2,864.7 crore for the quarter.
Bata India: The footwear company posted a 38 percent year-on-year decline in consolidated profit, totaling Rs 34 crore for the July–September period of FY24. This decline is attributed to expenses related to a voluntary retirement scheme, although operating numbers remained strong. Revenue from operations also dipped by 1.3 percent to Rs 819 crore compared to the same period in the previous fiscal.
Oil India: The state-owned oil and gas exploration company reported an 81 percent year-on-year decline in standalone profit, reaching Rs 325.3 crore for the quarter ending September FY24. This decline is influenced by an exceptional loss, while revenue from operations increased by 15.1 percent year-on-year to Rs 5,342.4 crore.
Welspun Corp: The pipe solutions company has reported a consolidated profit of Rs 384.7 crore for the quarter ending September FY24, a significant turnaround from the loss of Rs 56.6 crore in the year-ago period. This turnaround is attributed to strong topline and operating numbers, with revenue from operations surging by 107 percent year-on-year to Rs 4,059.5 crore in Q2 FY24.
Birla Corporation: The MP Birla Group’s company reported a consolidated profit of Rs 58.4 crore for the July-September period of FY24, marking a significant turnaround from a loss of Rs 56.5 crore in the same period last fiscal. This positive shift can be attributed to several factors, including the Mukutban ramp-up, cost-saving initiatives, premiumization, and optimizing the power and fuel mix, all of which were supported by a decrease in fuel prices. Additionally, revenue from operations increased by 14.3 percent year-on-year to reach Rs 2,286 crore in Q2 FY24.
Gujarat Alkalies & Chemicals: The company posted a consolidated net loss of Rs 18.4 crore for the quarter ending September FY24, contrasting with a profit of Rs 60.5 crore during the year-ago period. This downturn is a result of weak topline and operating numbers, with consolidated revenue from operations plunging by 13.8 percent year-on-year to Rs 971.3 crore in Q2 FY24.
Shree Renuka Sugars: The sugar company recorded a net loss of Rs 205.6 crore for the quarter ending September FY24, widening from the loss of Rs 141.6 crore in the corresponding fiscal period last year, partially due to higher input costs. However, consolidated revenue from operations showed growth, increasing by 16.8 percent year-on-year to Rs 2,554.7 crore during the quarter.
PI Industries: The agri-sciences company reported a net profit of Rs 480.5 crore for the July-September period of FY24, marking a substantial 44 percent increase compared to the same period last year. This growth is supported by a 20 percent year-on-year increase in revenue from operations, reaching Rs 2,117 crore, while EBITDA saw a 28 percent growth, reaching Rs 553.4 crore in Q2 FY24.
Power Finance Corporation: The state-run company recorded a 22.8 percent year-on-year increase in consolidated net profit, reaching Rs 4,833 crore for the quarter ending September FY24. During the same period, revenue from operations also showed growth, increasing by 15.8 percent to Rs 22,391 crore from Rs 19,336 crore.
SJS Enterprises: Renowned investor Ashish Kacholia has divested 1.6 lakh equity shares, equivalent to a 0.51 percent stake in the aesthetics products manufacturing company, through an open market transaction at an average price of Rs 653.22 per share, totaling over Rs 10 crore. As of September 2023, Kacholia held a 3.23 percent stake in the company.
Gujarat Narmada Valley Fertilisers & Chemicals (GNFC): The company reported a 23.5 percent year-on-year decline in consolidated profit, amounting to Rs 182 crore for the quarter ending September FY24, primarily impacted by a lower topline. Revenue from operations also fell by 19.6 percent year-on-year, reaching Rs 2,080 crore during the quarter. GNFC’s board members have approved a proposal to buy back 5.46 percent of the shares at Rs 770 per share, amounting to Rs 652 crore.
Endurance Technologies: The auto component manufacturer recorded a 17.5 percent year-on-year growth in consolidated profit, totaling Rs 154.55 crore for the July–September period of FY24, driven by a robust operating performance. Revenue from operations also increased by 7.8 percent year-on-year, reaching Rs 2,545 crore in Q2 FY24.
HEG: The graphite electrode maker reported a consolidated net profit of Rs 96 crore for the July–September period of FY24, representing a significant 43.2 percent decline compared to the year-ago period. Revenue from operations grew by 2.6 percent, reaching Rs 614.2 crore during the same period. HEG has successfully completed its expansion project, increasing capacity from 80,000 tonnes to 100,000 tonnes per year. This expansion project, costing Rs 1,200 crore and taking 3 years to complete, marks a significant milestone for the company.
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