06 April 23
FII & DII DATA
FII Net BUY - 475.81cr
DII Net SELL - 997.08cr
10 April 2023
Stocks In News, Share Market News
Edible oil volumes are flat year-on-year for the March quarter, while value declines in the mid-teens. Overall, the company saw revenue decline in the high-single-digit. Food & FMCG business saw value growth of 60 percent and volume growth of 40 percent year-on-year. The company said that the supply of imported edible oils has been smoother during the March quarter. Prices have also cooled off from historically high levels. The oil business has been a drag due to lower demand from bakery and frying industry. The company also said that wheat prices are normalising
Sobha
Records best-ever quarterly sales in the March quarter. Bengaluru sees flat sales year-on-year, NCR sees a dip, while Kerala sees good growth. Sobha's share of sales value increased by 26 percent year-on-year to Rs 1,207 crore. Sales volume also increased by 8 percent to 1.47 million square feet. Realisations increased by 13.6 percent year-on-year to Rs 9,898 per square feet. The company also launched its first project in Hyderabad.
Shyam Metalics
Overall Sponge Iron sales volume declined 12.3 percent year-on-year for the March quarter to 1.38 lakh tonnes, while on a sequential basis, it increased by 15.1 percent. Average realisation per tonne increased 3.6 percent from the December quarter, while it fell by 9.5 percent from the year-ago period. Steel Billets sales volumes increased by 14.4 percent from last year, but realisations fell by 4.1 percent
Power Grid
The committee of directors on investment on projects have approved investment for Transmission System for evacuation of power from Rajasthan REZ Ph-IV (Part-1) [Bikaner complex]- Part-E” at an estimated cost of Rs. 146.66 crore. The project is expected to be commissioned by May 2024. The company has also commissiond certain projects in NCT of Delhi.
Titan
A low base contributes to 23 percent year-on-year increase in the company's jewellery segment revenue, which is the majority revenue contributor overall. In its March quarter business update, Titan said that the base quarter saw the jewellery segment grow only by 1.3 percent due to Omicron-led disruptions. However, the non-jewellery businesses saw strong growth during the quarter. The watches business grew 41 percent, emerging businesses grew by 84 percent, while Taneria saw revenue triple from last year. Overall, standalone revenue in the March quarter grew by 25 percent.
Oil India, ONGC, IGL, MGL, GAIL, Gujarat Gas
The government accepted suggestions of the Kirit Parikh panel, said that APM gas prices will now be announced every month and will be pagged at 10 percent of the international price of the Indian crude basket. Floor price for the same will be $4/mmBtu, while ceiling will be $6.5/mmBtu. The ceiling will be maintained for financial year 2024 and 2025, post which it will see increase of $0.25/mmBtu. No change in pricing formula for difficult fields like KG-D6 basin. Following the move, MGL and IGL have cut CNG prices by Rs 8 and Rs 6 per kg respectively. Adani Total Gas has also cut prices by up to Rs 8.13 per kg. GAIL has also cut CNG prices by Rs 6-7 per kg. IIFL believes that the decisions will hurt realisations for ONGC and OIl India by 24 percent for financial year 2024.
CreditAccess Grameen
Disbursals for the March quarter increase by 23.8 percent year-on-year to Rs 7,171 crore. They are up 48 percent on a sequential basis. Assets Under Management up by 26.7 percent year-on-year and 18.25 percent quarter-on-quarter to Rs 21,032 crore. Disbursal-to-AUM ratio is at 45.3 percent. Average ticket size up 12.3 percent year-on-year to Rs 48,798. Number of clients is flat compared to the December quarter.
Tata Motors
Total global sales increase 8 percent during the March quarter to 3.61 lakh units, including the Jaguar Land Rover. Global wholesale passenger vehicle sales grew by 10 percent to 1.35 lakh units during the March quarter. JLR wholesales for the March quarter grew 19 percent sequentially to 95,000 units.
Goldman Sachs upgraded Tata Motors to buy from neutral in order to factor in the improving JLR outlook. It also raised its price target on the stock to Rs 550 from Rs 480, implying a potential upside of 26 percent from current levels.
Alkem Labs
The USFDA conducted a Good Manufacturing Practices (GMP) and pre-approval inspection at the company's API manufacturing facility in Ankleshwar, Gujarat, between April 3-7. No form-483 was issued at the end of the inspection.
Adani Wilmar
Edible oil volumes are flat year-on-year for the March quarter, while value declines in the mid-teens. Overall, the company saw revenue decline in the high-single-digit. Food & FMCG business saw value growth of 60 percent and volume growth of 40 percent year-on-year. The company said that the supply of imported edible oils has been smoother during the March quarter. Prices have also cooled off from historically high levels. The oil business has been a drag due to lower demand from bakery and frying industry. The company also said that wheat prices are normalising
Sobha
Records best-ever quarterly sales in the March quarter. Bengaluru sees flat sales year-on-year, NCR sees a dip, while Kerala sees good growth. Sobha's share of sales value increased by 26 percent year-on-year to Rs 1,207 crore. Sales volume also increased by 8 percent to 1.47 million square feet. Realisations increased by 13.6 percent year-on-year to Rs 9,898 per square feet. The company also launched its first project in Hyderabad.
Shyam Metalics
Overall Sponge Iron sales volume declined 12.3 percent year-on-year for the March quarter to 1.38 lakh tonnes, while on a sequential basis, it increased by 15.1 percent. Average realisation per tonne increased 3.6 percent from the December quarter, while it fell by 9.5 percent from the year-ago period. Steel Billets sales volumes increased by 14.4 percent from last year, but realisations fell by 4.1 percent
Power Grid
The committee of directors on investment on projects have approved investment for Transmission System for evacuation of power from Rajasthan REZ Ph-IV (Part-1) [Bikaner complex]- Part-E” at an estimated cost of Rs. 146.66 crore. The project is expected to be commissioned by May 2024. The company has also commissiond certain projects in NCT of Delhi.
Titan
A low base contributes to 23 percent year-on-year increase in the company's jewellery segment revenue, which is the majority revenue contributor overall. In its March quarter business update, Titan said that the base quarter saw the jewellery segment grow only by 1.3 percent due to Omicron-led disruptions. However, the non-jewellery businesses saw strong growth during the quarter. The watches business grew 41 percent, emerging businesses grew by 84 percent, while Taneria saw revenue triple from last year. Overall, standalone revenue in the March quarter grew by 25 percent.
Oil India, ONGC, IGL, MGL, GAIL, Gujarat Gas
The government accepted suggestions of the Kirit Parikh panel, said that APM gas prices will now be announced every month and will be pagged at 10 percent of the international price of the Indian crude basket. Floor price for the same will be $4/mmBtu, while ceiling will be $6.5/mmBtu. The ceiling will be maintained for financial year 2024 and 2025, post which it will see increase of $0.25/mmBtu. No change in pricing formula for difficult fields like KG-D6 basin. Following the move, MGL and IGL have cut CNG prices by Rs 8 and Rs 6 per kg respectively. Adani Total Gas has also cut prices by up to Rs 8.13 per kg. GAIL has also cut CNG prices by Rs 6-7 per kg. IIFL believes that the decisions will hurt realisations for ONGC and OIl India by 24 percent for financial year 2024.
CreditAccess Grameen
Disbursals for the March quarter increase by 23.8 percent year-on-year to Rs 7,171 crore. They are up 48 percent on a sequential basis. Assets Under Management up by 26.7 percent year-on-year and 18.25 percent quarter-on-quarter to Rs 21,032 crore. Disbursal-to-AUM ratio is at 45.3 percent. Average ticket size up 12.3 percent year-on-year to Rs 48,798. Number of clients is flat compared to the December quarter.
Tata Motors
Total global sales increase 8 percent during the March quarter to 3.61 lakh units, including the Jaguar Land Rover. Global wholesale passenger vehicle sales grew by 10 percent to 1.35 lakh units during the March quarter. JLR wholesales for the March quarter grew 19 percent sequentially to 95,000 units.
Goldman Sachs upgraded Tata Motors to buy from neutral in order to factor in the improving JLR outlook. It also raised its price target on the stock to Rs 550 from Rs 480, implying a potential upside of 26 percent from current levels.
Alkem Labs
The USFDA conducted a Good Manufacturing Practices (GMP) and pre-approval inspection at the company's API manufacturing facility in Ankleshwar, Gujarat, between April 3-7. No form-483 was issued at the end of the inspection.
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