Tag: Buzzing Stocks

Here’s why IRB Infrastructure stock rose 19% on Monday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IRB Infrastructure’s stock made headlines on Monday, as the company’s private Infrastructure Investment Trust (InvIT) won an arbitration claim against the National Highways Authority of India (NHAI).

The arbitration decision pertains to the Yedeshi-Aurangabad NH211 BOT project, owned by IRB Infrastructure Trust, the private InvIT associated with the company.

The arbitral tribunal has instructed NHAI to compensate IRB Infrastructure Trust with nearly ₹1,720 crore, inclusive of interest. Additionally, the construction period for the project will be extended by 689 days.

The benefit to IRB Infra comes in the form of receiving compensation for the time and cost overruns experienced as an Engineering, Procurement, and Construction (EPC) contractor.

Furthermore, CLSA has issued a note on IRB Infra, highlighting the outperformance of infrastructure development stocks compared to indices in the past three years. They anticipate this trend to continue for another year, attributing it to robust traffic trends on most toll roads.

CLSA also sees potential opportunities arising from the government’s asset monetization plans for roads. They have adjusted the target price for IRB Infra’s stock to ₹63 per share, considering earnings per share (EPS) upgrades resulting from new project wins.

Closing at ₹60.80 on Monday, IRB Infra’s stock witnessed an impressive gain of 19.92%. The Mumbai-headquartered company boasts a market capitalisation of ₹36,445 crore and has yielded returns of around 126% in the last six months.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Welspun Corp in back to back deals: Stock rises after Nauyaan Shipyard acquisition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Welspun Corp surged as much as 5.5 percent on Tuesday as the company announced that it had acquired the entire share capital of Nauyaan Shipyard Private Ltd. The company deals with shipbuilding, shippers, ship-owners, repairers, re-fitters, fabricators etc.

The company said in an exchange filing that the acquisition had been completed at a value consideration of Rs 1 lakh to make it a wholly owned subsidiary and a special purpose vehicle for investment in the field of Marine Fabrication.

The stock of Welspun Corp was trading 2.8 percent at Rs 274.6 on BSE at 12:08 am.

Welspun, earlier in June, had announced that the company was continuously evaluating suitable opportunities for both organic and inorganic expansions, which have synergies with our business and mentioned the new business areas that were being evaluated, which among others, included Marine Fabrication.

Welspun said in the exchange filing that Nauyaan Shipyard has no material assets or liabilities.

The company had also bagged an order for a supply of 1,256 km or 100,000 MT (approximately) of high-frequency induction welding pipes for a carbon capture pipeline project in the United States a day earlier.

“The pipes for this order will be produced from our Little Rock plant in the US, and the same will be executed in FY23‐24,” the company had said in an exchange filing. Companies like Chevron, DOW, Exxon Mobil, GAIL, and Qatar Petroleum feature among Welspun Corp’s clientele.

Catch latest market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rice stocks bear the brunt as India bans export of broken variety, levies duty on non-basmati

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of major rice companies — Kohinoor Foods, KRBL, Chaman Lal Setia Exports, and LT Foods — extended losses on Friday, September 9, after India placed an export ban on broken rice from September 9. The government has also imposed a 20 percent export duty on non-basmati rice from September 9.

At the time of writing, shares of LT Foods were 4.3 percent down, while the stock of Kohinoor Foods was trading 3.3 percent lower. KRBL and Chaman Lal Setia were down 2.6 percent and 2.2 percent, respectively. 

In a notification dated September 8, the ministry prohibited exports of broken rice from September 9. The ministry has also listed conditions under which the consignments of broken rice would be allowed for one week starting Friday.

Unmilled and husked brown rice will also be subject to a 20 percent export duty. Semi-milled or totally milled rice, other than parboiled and basmati rice, will also be subject to the 20 percent tariff.

The government has excluded parboiled and basmati rice from the export duty, which will come into effect from September 9.

India — the world’s biggest rice exporter — is implementing strategies to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting.

This year’s loss of rice production is estimated to be 10 to 12 MT.  Total rice sowing fell by 38.06 LHa this year, with many areas seeing deficient rainfall.

Catch latest market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Power shares hit new 52-week high on deal to buy DB Power

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Adani Power, a part of the Gautam Adani-led conglomerate, gained 5 percent on Monday, hitting a new 52-week high in an otherwise weak market after the company said it will acquire DB Power Ltd’s thermal power plant in Chhattisgarh’s Janjgir Champa district.

Adani Power will acquire the 2×600 MW thermal power plant for Rs 7,017 crore.

The DB Power owned thermal power plant had a turnover of Rs 3,488 crore for FY 2021-22. The acquisition will help India’s largest private thermal power producer to expand its offerings and operations in the thermal power sector in Chhattisgarh.

Also Read: Adani Enterprises shares jump after ACC, Ambuja open offer announcement

“100 percent of the total issued, subscribed and paid-up equity share capital and preference share capital of DPPL. DPPL shall hold 100 percent of the total issued, subscribed, and paid-up equity share capital of DB Power on the closing date,” Adani Power said in an exchange filing.

“The initial term of the MoU shall be till completion of the acquisition on October 31, 2022, which may be extended by mutual agreement,” it added.

DB Power is engaged in the business of establishing, operating, and maintaining thermal power generating stations. The turnover of DB Power during last three financial years have been Rs 3,488 crore (for FY 2021-22); Rs 2,930 crore (for FY 2020-21) and Rs 3,126 crore (for FY 2019-20), respectively.

Adani Power earlier posted a 1,619 percent year-on-year jump in consolidated net profit at Rs 4,780 crore for the first quarter ended June. The company reported a consolidated total revenue of Rs 15,509 crore for the quarter, 115 percent from the corresponding period of the preceding fiscal year.

Catch latest market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Metropolis Healthcare shares fall after Vijender Singh relieved as CEO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of diagnostic chain Metropolis Healthcare Ltd fell as much as 1.4 percent to Rs 1,431.4 on Friday, a day after the company’s chief executive officer (CEO) Vijender Singh was relieved from the post. The stock has been losing for the last two days and has fallen 1.31 percent in the period.

While Singh’s last working day with the company was supposed to be November 30, 2022, the firm said in exchange filing that the company has agreed to release him from the position of CEO of the company and any other office or appointment held by him with effect from the closing of business hours of Wednesday (August 17, 2022) and to waive his balance notice period.

Singh had resigned from his position of the Chief Executive Officer on July 29, but was asked to continue till November 30, 2022.

The company said in its statement that it has appointed a Talent Search Agency for finding a suitable candidate for the position of CEO.

Prior to Metropolis Healthcare, Singh served as the chief operating officer of Dr Lal’s Pathlabs and has held executive positions at Bausch & Lomb and Ranbaxy Labs.

Reports suggest that the former diagnostic chain CEO has joined India-focused growth private equity firm Jashvik Capital as an operating partner.

Brokerage house Morgan Stanley has downgraded the rating to ‘equal-weight’ from ‘overweight’ on the shares of Metropolis with a target price of Rs 1,547, cut from Rs 2,211. According to MS, a focus on specialised tests and customer experience will provide a moat to the company’s business model.

FY23, FY24, and FY25 EPS estimates are cut by 15 percent, 11 percent and 11 percent respectively. These cuts reflect the expectation of slower growth and higher costs.

Catch latest market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Paint stocks gain as crude oil prices cool off — Asian Paints, Berger Paints, and Kansai Nerolac up 1-3%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of paint companies — Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel and Indigo Paints — extended gains on Wednesday, a day after global oil benchmark touched a six-month low mark, as a larger-than-expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession.

Shares of Kansai Nerolac Paints, rose 3.1 percent, and touched an intraday high of Rs 515 on Wednesday. Berger Paints stock jumped 1.3 percent, Asian Paints was 1.2 percent up, and Akzo Nobel and Indigo Paints were up  1.2 percent and 1.8 percent, respectively.

At 10:00 am, shares of Asian Paints and Indigo Paints were trading almost a percent higher while Akzo Nobel was almost half a percent up. Berger Paints was trading 1.1 percent higher.  The stock of Kansai Nerolac Paints was 1.8 percent up.

Oil rebounded from its six months low on Wednesday but stayed under the $100 a barrel mark. Brent crude futures jumped 3.9 percent to $95.95 a barrel and West Texas Intermediate (WTI) futures were 0.83 percent up at $87.25 a barrel.

Paint is manufactured using a significant amount of petroleum-based raw materials. The price of crude oil is proportionally related to the cost of paint manufacturing, and the price of paint has an inverse relationship with margins. The higher the crude oil prices, the higher the manufacturing costs, and lesser the margins.

Catch latest market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Inox Leisure slips in trade despite best quarterly results

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Inox Leisure fell 2.8 percent despite the company announcing the best quarterly results for the first quarter of the financial year 2023.

The movie theatre company reported a consolidated net profit of Rs 57.1 crore, up from a net loss of Rs 122.3 crore in the corresponding quarter of the previous fiscal year.

Also Read: Macrotech Developers slips over 6% after Ivanhoe sells part stake via block deal

The company’s revenue from operations grew more than 20 times year-on-year as the industry was affected by the COVID-19 pandemic in the previous year. Revenue stood at Rs 582.3 crore, up from Rs 22.31 crore in the previous quarter.

The stock ended the day at Rs 586.65 per share on BSE, down 2.65 percent from its previous close. The stock has fallen after seven days of consecutive gain and underperformed the sector by 2.4 percent.

Also Read: Gujarat Gas shares slip by over 4% due to fall in June quarter profit

Brokerage CLSA maintained a ‘buy’ rating on the shares of Inox with a target of Rs 737.

Earlier this year, India’s biggest cinema exhibition brands – PVR and INOX Leisure – announced that they would merge their might to deliver an “unparalleled” consumer experience with a network of more than 1,500 screens.

Their joint statement indicated that the onslaught of over-the-top (OTT) or streaming platforms played a role in the consolidation.

Catch latest market updates with CNBCTV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bajaj Auto shares gain as CLSA says ‘buy’ on steady results and improving volume outlook

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Bajaj Auto rose almost a percent to Rs 3,912.25 in the early trade on Thursday after brokerage house CLSA maintained a “buy” rating on the stock on the back of steady results with an improving volume outlook.

CLSA, however, revised its target price to Rs 4,677, down from the previous target of Rs 4,774.

The automotive major’s stock was trading 0.1 percent up at Rs 3,882 at the time of writing. Shares of Bajaj Auto rose as much as 1.4 percent in the previous session.

Bajaj Auto reported a 10.6 percent year-on-year (YoY)  rise in net profit at Rs 1,173 crore for the first quarter ended June 30, 2022. Total income stood at Rs 8,005 crore, up 8.4 percent against Rs 7,386 crore in the corresponding period of the preceding fiscal year.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) jumped 15.9 percent to Rs 1,297 crore, and EBITDA margin stood at 16.2 percent in the first quarter.

Muted domestic demand coupled with a shortage of semiconductor chips in the two-wheeler segment led to an 8.21 percent decline in the company’s two-wheeler volume on a year-on-year (YoY) basis. Although the situation improved in the latter part as new supply sources were developed, Bajaj Auto said.

The company on Wednesday told CNBC-TV18 that the company has mitigated the issues arising due to semiconductor shortage through alternate sourcing and that the crisis is near its end.

“Our quarter one was defined by tremendous shortages on the semiconductor side, which we have now mitigated through broad-basing our sourcing and all those plans have now come into effect,” said Rakesh Sharma, ED, Bajaj Auto, in an interview with CNBC-TV18.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Quick Heal climbs 10% as company announces share buyback

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The shares of software company Quick Heal Technologies Ltd jumped as much as 9.8 percent to Rs 218.25 on Friday,  a day after the company’s board approved spending up to Rs 150 crore on share buyback.

The Indian multinational cybersecurity software company will buy back 50 lakh shares for Rs 300 per share.

At 10:14 am, the shares of Pune-based Quick Heal were trading 7.37 percent up at Rs 213.5. The stock had touched a 52-week high of Rs 318.9 in August 2021. The shares had hit 52-week low of Rs 141 on 21 June 2022.

Also Read: JSW Energy shares jump 5% as strong demand powers up profit, revenue

Quick Heal also reported its financial earnings for the period ended June 2022 on Thursday. The company reported a total income of Rs. 64.28 crore during the period ended June 30, 2022, as compared to Rs. 109.38 crore during the period ended March 31, 2022.

Net sales of the company stood at Rs 61.08 crore in June 2022, up 11.49 percent from Rs 54.78 crore in the same period last year. Quarterly net profit came in at Rs 0.18 crore in June 2022, down 97.09 percent from Rs 6.18 crore in June 2021.

EBITDA or earnings before interest, taxes, depreciation, and amortisation — a measure of a company’s overall financial performance — fell 63 percent to Rs 4.25 crore in June 2022 as against the same period last year.

Catch latest market updates with CNBCTV18.com’s blog 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow