Stocks to watch: Godrej, Kotak Mahindra Bank, Jindal Stainless and more
Godrej Group Stocks | Family settlement agreement arrived at. Family members have also entered into a brand and non-compete agreement. Adi Godrej and his brother Nadir Godrej have retained control over Godrej Industries and its listed entities, while cousins Jamshyd and Smita will have control of the unlisted Godrej & Boyce along with its affiliates and a substantial land bank, including a prime property in Mumbai.Kotak Mahindra Bank | KVS Manian resigns as Joint Managing Director of Kotak Mahindra Bank with immediate effect, is likely headed to Federal Bank.Jindal Stainless | Announces strategic investments worth ₹5,400 crore in a three-pronged investment strategy. It will be a 49% partner in a Joint Venture for a 1.2 MTPA stainless steel melt shop in Indonesia. It will also expand its downstream capacity in Odisha’s Jajpur and acquire a 54% stake in Chromeni Steels in Mundra, Gujarat. This will increase the company’s melting capacity by over 40% to 4.2 MTPA.PB Fintech | Board approves proposal for divestment of 29.3% stake of Visit Health, held by Docprime Technologies Pvt. Ltd., a wholly-owned subsidiary for ₹76 crore. The company will continue to have a 8.2% stake in Visit Health. The board has also approved divestment of entire 100% shareholding and 82,759 Compulsorily Convertible Preference Shares of Visit Health held by Docprime for ₹2 crore. The company will acquire shares of Genesis Group Ltd., which holds a 49% stake in Genesis Insurance Brokers through a wholly-owned subsidiary for an aggregate consideration of ₹2 crore.Havells India | Net profit of ₹448.9 crore compared to CNBC-TV18 poll of ₹374 crore. Revenue up 12.1% to ₹5,434 crore. EBITDA margin at 11.7%, higher than poll of 10.3% and 10.9% year-on-year. Switchgear business saw decent growth despite higher base. Cables and wires maintained their growth momentum with continued infrastructure-led demand. ECD growth driven by summer-led demand. Lloyd progressing on journey towards growth and profitability.Indus Towers | Net profit up 32.5% to ₹1,853.1 crore. Revenue up 6.5% to ₹7,193.2 crore. EBITDA margin at 57% from 51%. The company said that it is in discussion with a “large customer” (Vodafone Idea) for revised payment plan with regards to outstanding dues. Receivables related to Vodafone Idea currently at ₹5,585.3 crore. Vodafone revenue recognised as monthly payment being made since January 2023.Sona BLW | Highest ever revenue, EBITDA, profit and revenue share from Battery Electric Vehicles in a quarter. Revenue up 19% from last year to ₹885 crore. Revenue share from Battery Electric Vehicles at 32%, while BEV revenue growth of 34% year-on-year. EVs programs contribute 79% to the net order book of ₹22,600 crore.Ambuja Cements | Results weak but volume growth better than expected. Realisations weak and part of the clinker shutdown hurt results. Power and fuel costs declined but other expenses remain elevated. EBITDA at ₹798 crore compared to CNBC-TV18 poll of ₹910 crore. Margin of 16.7% in-line with estimates. Volumes up 17.3% to 9.5 MT from 8.1 MT. Volumes higher than expectations of 9.25 MT.IndiaMART Intermesh | Revenue up 17.1% to ₹314.7 crore. Revenue growth momentum continues to slow from 20+% in the last three quarters. EBITDA margin at 28.1% from 24.6% last year. Paying subscriber addition remains around the 2,000. Declares final dividend of ₹20 per share.Wipro | Wins multi-million dollar deal to transform Nokia’s Digital Workplace Services. It will build bespoke AI-powered solution providing next-generation digital workplace support in a multi-year contract.Coal India | April Production up 7.3% to 61.8 MT compared to 57.6 MT last year. Offtake up 3.2% to 64.3 MT from 62.3 MT last year.Maruti Suzuki India | Third consecutive fall in sales month-on-month. Sales growth of 5% in April. Domestic growth slows to 1.3%, while exports recover.Eicher Motors | Weakness in CV sales continues, Royal Enfield sales below estimates of 84,000 at 81,870 units, up 12% year-on-year.TVS Motor | Strong wholesale numbers. Total sales growth of 25% to 3.83 lakh units. EV sales up 16% year-on-year.Tata Motors | PV sales under pressure, while CV sales are strong. Passenger Vehicles see low single digit growth of 2%. Electric Vehicle sales down 2% year-on-year. Total sales up 11% to 77,521 units.Escorts Kubota | Total tractor sales down 0.7% to 7,515 units. Domestic tractor sales down 1.2% to 7,168 units.
