Neeraj Joshi

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Stocks to watch-

◆ Power Grid Corp.: The company will consider raising up to Rs 12,000 crore via NCDs on a private placement basis in a board meeting on April 17.

◆ Patanjali Foods: The company said segmental volume in Q4 experienced mid-single-digit growth (YoY) and revenue from the edible oil segment in Q4 showed modest single-digit growth compared to the previous quarter.

◆ Reliance Power: The company has transferred its 45 MW wind power project located in Maharashtra to JSW Renewable Energy for a consideration of Rs 132.39 crore.

◆ Ami Organics: The company approved the raising of funds up to Rs 500 crore through QIP.

◆ Engineers India: The company signed an MoU with Detect Technologies for Al-based monitoring of construction sites.

◆ ISMT: The company received two orders worth Rs 343.7 crore from ONDC for the supply of casing pipes.

◆ Zuari Industries: NCLT gave the nod to merge Zuari Sugar and Power with the company.

◆ Bharti Hexacom: Sanjeev Kumar and Surajit Mandol resigned from the board effective today.

◆ Granules: U.S. FDA inspected at Andhra Pradesh facility between April 8-12 and ended with zero observations.

◆ Rail Vikas Nigam: The company received a letter of acceptance for works in connection with new line project of Araria - Galgalia of N.F. Railway. The project cost is Rs 95 crore.

◆ Zaggle Prepaid: The company signed an agreement with Eversub India to provide employee expense & benefits management platform Zaggle Save.

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Stocks to watch-

Tata Motors: The company reported JLR wholesales at 4 lakh units, up 25% YoY, for the end of FY 24, while JLR retail sales is up 22% at 4.3 lakh units and for the end of quarter fourth JLR wholesales stood at 1.1 lakh units, up 16% YOY, JLR retail sales at 1.1 lakh units, up 11% YoY.

Axis Bank: Bain Capital is looking to sell its entire stake in Axis Bank through a block deal.

Yes Bank: The company received Rs 244 crore from a single trust in the Security Receipts Portfolio after the sale of NPA Portfolio to JC Flower ARC in December 2022.

Gland Pharma: Shareholder Nicomac Machinery and RP Advisory Services plan to sell up to 4.9% stake in the company at a floor price of Rs 1,725 apiece which represents a discount of 7.34% from current market price.

Shilpa Medicare: The company has opened its qualified institutional placement and set the issue price at Rs 477.33 apiece which indicates a 10% discount to current market price. The QIP will result in equity dilution of 11.24% after the issue.

Sula Vineyards: The company recorded double- digit revenue growth in the fourth quarter as well as the whole of FY24. Net revenue grew by 10% YoY to Rs 131.8 crore in Q4, sales from own brands was up 9% at Rs 113 crore, and wine tourism stood at Rs 16.4 crore, up 31%. It also announced the acquisition of N D Wines.

Dilip Buildcon: The company received order worth of Rs 1,092 crore from Haryana Rail Infrastructure Development Corp on EPC mode.

Rail Vikas Nigam: The company has incorporated a subsidiary company "RVNL INFRA MIDDLE EAST" in Oman.

SJVN: The company's arm SJVN Green Energy signed a joint venture agreement with Assam Power Distribution Company to develop renewable energy projects, parks. The arm will hold 51% shareholding in joint venture company.

Paisalo Digital: The company will hold it board meeting on April 12 to consider fundraising through allotment of NCDs through Private Placement basis.

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Stocks to watch-

HDFC Bank: The bank announced a 55.4% year- on-year (YoY) increase in gross advances, reaching 25.08 lakh crore as of March 31, 2024. This is a significant rise from the ₹16.14 lakh crore reported as of March 31, 2023. On a sequential basis, the bank's advances grew by 1.6%, from ₹24.69 lakh crore in December 2023. The bank also reported substantial growth in its domestic retail loans, with a YoY increase of approximately 108.9% and a quarter-on-quarter (QoQ) increase of around 3.7%. In Q4FY24, HDFC Bank's deposits totaled approximately 23.80 lakh crore, marking a YoY increase of 26.4% and a QoQ increase of 7.5%. The bank's CASA deposits in the fourth quarter of FY24 rose by 8.7% to 9.09 lakh crore, up from 8.36 lakh crore as of March 2023. The sequential growth in CASA deposits was 8.8%.

Hero MotoCorp: The company announced on Thursday that it has been served a tax demand notice from the Income Tax Department. The notice amounts to a total of ₹605 crore, inclusive of interest, for six assessment years (FY14 to FY18 & FY20). On April 3, the company received assessment orders/demand notices dated March 30, 2024, related to the aforementioned six assessment years, as per an exchange filing by Hero MotoCorp. The received orders/notices pertain to six assessment years and amount to a tax demand of ₹308.65 crore, along with an interest of 296.22 crore. This demand is due to certain disallowances for the assessment years 2013-14 to 2017-18 and 2019-20, as stated by Hero MotoCorp.

Prestige Group: The real estate developer has acquired a 21-acre plot in Whitefield, a prime tech hub in Bengaluru, for a sum of ₹450 crore. The company plans to use this land for a residential project that will span around 4 million sq. ft and house 1,800 apartments. This acquisition marks the second major land deal for the Bengaluru- headquartered developer this year. Earlier in March, it had purchased a 62.5-acre plot in Indirapuram Extension, Ghaziabad, for ₹468 crore. Irfan Razack, the Chairman and Managing Director of Prestige Group, anticipates that this large-scale project will yield a Gross Development Value (GDV) of ₹4,500 crore.

RBL Bank: On Thursday, the private sector lender revealed a 22% year-on-year (YoY) and 12% quarter-on-quarter (QoQ) increase in its total deposits. The bank's gross advances also experienced robust growth, rising by 19% YoY and 5% over the previous quarter. Despite the strong performance, the CASA (current account savings account) ratio experienced fluctuations, standing at 35.2%, compared to 37.4% YoY and 33.8% QoQ. Retail advances surged by 29% YoY. Wholesale advances saw a growth of 7%, with commercial banking witnessing a 17% increase. The ratio of retail to wholesale advances remained approximately at 58:42.

Royal Orchid Hotels: Chander K. Baljee, chairman and managing director of Royal Orchid Hotels Ltd, said at the HICSA hospitality event that the company has entered into a contract to establish a 300-room five-star hotel at Terminal 2 of Mumbai Airport. The hotel, which is a minute's walk from the terminal, is slated to open its doors by the end of 2024. In the previous year, Royal Orchid Hotels, which also operates the Regenta Inn brand, had added three properties in Gurugram, Pune, and Goa to its portfolio through revenue-sharing agreements. Further, the company plans to introduce a new full-service hotel brand. However, Baljee chose not to disclose more information about this upcoming category.

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Stocks to watch-

◆ Axis Bank: Competition Commission has approved the proposed infusion of Rs 1,612 crore by company in Max Life Insurance.

◆ KEC International: The company secured orders worth Rs 816 crore across various businesses.

◆ L&T Finance Holdings: The company reported retail loan book at Rs 80,010 crore in the fourth quarter, up 31% YoY and retail disbursements at Rs 15,030 crore, up 33% YoY.

◆ Brigade Enterprises: The company signed a joint development agreement with United Oxygen to develop a 'Grade A' office space with a leasable area of 3.0 lakh square feet and the project has a gross development value of around Rs 340 crore.

◆ Avenue Supermart: The company's standalone revenue from operations stood at Rs 12,393.5 crore, up 19.9% YoY for the fourth quarter. Total number of stores was 365 as on March 31.

◆ Vodafone Idea: The board will meet on April 6 to consider shares issuance proposal of equity and/or convertible shares on preferential basis.

◆ Vedanta: Vedanta Aluminium has expanded its alumina refining capacity to 3.5 million tonne per annum.

◆ Suryoday Small Finance Bank: The company reported disbursements at Rs 2,340 crore, up 39% YoY in the fourth quarter, gross advances at Rs 8,650 crore, up 41% YoY and total deposits at Rs 7,775 crore, up 50% YoY.

◆ RBL Bank: The company reported total deposits at Rs 1.03 lakh crore up 22% YoY as on March 31 and gross advances at Rs 85,640 crore, up 5% YoY.

◆ GE Power: The company received orders worth Rs 774.9 crore from Jaiprakash Power.

◆ Thomas Cook: The company has inaugurated a new branch in Bhuj, Gujarat to capitalise on the strong and growing demand from Gujarat.

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