Stocks To Watch
Tata Consultancy Services: Announced plans to expand its operations in Arizona, by investing over $300 million by 2026 and hiring more than 220 employees by 2023.
KRBL: Informed that operations at its unit situated at Dhuri, Sangrur, Punjab will resume as normal as per Supreme Court’s July 13 order.
Apar Industries: Released its annual report. The company ended FY21 with revenues 14% lower at Rs 6,388 crore. Profit after tax, however, grew nearly 20% to Rs 161 crore. Chairman Kushal Desai said that despite multiple COVID-19 waves hitting plant operations, logistics and both domestic and global demand, the company’s return on equity for FY21 was up 106 bps year-on-year to 12.5%, driven by 42% reduction in finance cost.
Craftsman Automation: Company has terminated joint venture agreements signed in 2007 with Mitsubishi Corporation, Tokyo, MC Machinery Systems, USA, Mitsubishi Corporation India and Mitsubishi Corporation Technos, Japan. The joint venture was for selling electric discharge machines and laser cutting machines. Craftsman said the termination was to focus on the increasing needs of the primary business and it won’t have any impact on the company.
Rossari Biotech: ICRA has assigned a long-term rating of AA- (stable) to its fund-based working capital facilities and unallocated limit facilities. A short-term rating of A1+ has been assigned to its non-fund based limit facilities.
SeQuent Scientific: Received EU’s good manufacturing practices approval for its tablets dosage manufacturing line in Turkey.
Amara Raja Batteries: High Court of Andhra Pradesh, at a hearing on July 12, 2021, has extended the interim suspension of closure orders from Andhra Pradesh Pollution Control Board for the company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District, Andhra Pradesh.
Tata Communications: Appointed Krishnakumar Natarajan as additional director (Independent) to the board for a term of five years.
Mrs Bectors Food Specialities: Released its annual report. The company said it recorded 16% growth in revenues and a 52% and 138% growth in Ebitda and profit after tax, respectively, for the year. It said this was a factor of both increased product volumes as well as strategic price realisation enhancements. It said the company focused on starting its cookies line at the Rajpura, Punjab factory in the first quarter, with a capacity of 300 MT per month. It is also expanding a bakery line and bread line at our Greater Noida, Uttar Pradesh, facility which is due to start commercial operations in the third quarter of the current financial year.
Marico: Announced a strategic investment in Apcos Naturals Private Limited with an acquisition of 60% equity stake for an undisclosed consideration. This equity stake will be acquired over a period of two years.
Spandana Sphoorty Financial: Crisil assigned the company’s proposed long term bank loan facility of Rs 3,500 crore a rating of A (stable).
Pidilite: Released its annual report. The company's net sales reported flat growth, excluding Pidilite Adhesives which declined by 2.4%. Its Ebitda grew by 6.5% and profit after tax grew flat. The company said there remains an uncertainty around the duration of the pandemic and the resultant impact on consumer sentiment and demand. Input inflation may continue during the current year as well and it said it is taking necessary steps to mitigate the impact of inflation through appropriate pricing and cost control measures. It added that the slower growth of the Indian economy and stress in sectors, such as construction, could impact the performance of the company and overseas subsidiaries, by virtue of their relatively smaller size, remain vulnerable to the political and economic uncertainties of their respective countries.
Lupin: Vertex sues Lupin to block copies of cystic fibrosis drug
Dilip Buildcon: Reports accident at Andhra Pradesh project site; says casualties, injuries reported
