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Sensex, Nifty Set For Muted Open; HDFC Twins, Deepak Nitrite, Hero Moto, M&M In Focus

  • HDFC Bank, HDFC: Stock exchanges give nod for HDFC Bank-HDFC merger. Observation letters of ‘no adverse observations’ from BSE and ‘no objection’ from NSE for HDFC Bank – HDFC merger.

  • HDFC: The company’s profit on sale of investment on account of the Corporation’s 10% stake sale in HDFC Capital Advisors during quarter ended June 30 was Rs 184 crore. Gross income from dividend for the quarter was Rs 687 crore. Pursuant to the buyback option embedded in the home loan arrangement between the company and HDFC Bank, the company assigned loans to HDFC Bank amounting to Rs 9,533 crore.

  • CSB Bank: The company’s Q1FY23 Business Update showed that advances grew 2.1% QoQ (15% YoY) to Rs 16,333 crore. Gold advances grew 8.2% QoQ to Rs 7,099 crore. Non-gold advances fell 2.1% QoQ to Rs 9,233 crore. Deposits rose 0.4% QoQ while CASA improved to 35.1% from 33.7% QoQ.

  • IDFC First Bank: The company’s Q1FY23 Business Update showed that advances grew 6.7% QoQ & 21% YoY to Rs 1,37,685 Cr. Retail business represents 65.7% of the overall funded assets as of June 30, 2022 and Commercial business (CV, Business Banking etc.) constitutes 7.8% of the total funded assets. Mortgage business including home loans grew by 32% on a Y-o-Y basis and constituted 37.5% of the retail book. Deposits grew by 9.8% QoQ & 21% YoY and CASA improved to 50.3% vs QoQ 48.4%.

  • Avenue Supermarts (Dmart): The company reported Q1FY23 standalone sales of Rs 9,806.89cr Vs YoY Rs 5,031.75cr (+95%) QoQ Rs.8606cr (+14%). As Q1 of FY21 and Q1 of FY22 both were disrupted due to Covid, comparing it with Q1FY20 the sales has grown at 19.2% CAGR in last 3 year in Q1FY23. Share is trading at PE of 68 FY24 EPS.

  • Karnataka Bank: The company reported YoY Advances growth of 12.59% in Q1FY23.

  • Deepak Nitrite: The company carried our restoration steps and submitted stability certificates to government with respect to fire incident at Nandeswari plant. Gujarat Pollution Control Board has issued directions revoking the closure order and allowed the company to operate a part of the plant, 50% of consented capacity of Nitro section.

  • Hindustan Zinc: The company shared its Q1FY23 business update in which Mined Metal Production came at 252 kilo tonnes vs 295 kilo tonnes QoQ (-15%) and 221 kilo tonnes YoY (+14%). Sequentially it was lower on account of lower ore production at mines & overall metal grades. Integrated metal and zinc production rose 10% YoY eah while lead production rose 11%.

  • Hero MotoCorp: The company’s sales rose 3.34% YoY to 4,84,867 units in June. Domestic motorcycle sales rose 4.5% YoY to 4,61,421 units. Domestic scooter sales fell 15% to 23,446 units. Exports fell 29.3% to 21,657 units.

  • TVS Motor: The company registered a growth of 22% in June 2022 with sales of 308,501 units. Exports rose 8% to 114,449 units. Total two-wheelers sales grew 23% to 293,715 units. Three-wheeler sales grew by 7% to 14,786 units. Domestic sales include sales of EV that recorded its highest ever sales of 4,667 units, a 77% growth over May 2022.

  • Endurance Technologies: The company has acquired 51% of the share capital in Maxwell Energy Systems for Rs 135 crore. Balance 49% stake will be purchased in a phased manner in five tranches, spread over the next five financial years.

  • Bharat Forge: The company has completed the acquisition of JS Autocast Foundry at an enterprise valuation of Rs 489.63 crore.

  • Mahindra & Mahindra: The company sold 54,096 vehicles in June 2022. The domestic passenger car sales grew 59% year-on-year to 26,880 units in June 2022. Exports rose 7% to 2,777 units.

  • Eicher Motors: The company’s total motorcycle sales rose 44% to 72,594 units in June 2022. Domestic sales rose 43% to 61,407 units. Exports rose 54% to 11,142 units.

  • Mazagon Dock Shipbuilders: The company launched Fuel Cell Electric Vessel prototype, FCEV MD. It is the first hydrogen boat prototype which has been conceptualized and developed by the company Ltd. with Tata Advanced Systems and Vijai Marine Services as technology partners.

  • Muthoot Finance: It has received permission from the Reserve Bank of India to open 150 new branches.

  • Brigade Enterprises: WTC Trades & Projects, a wholly owned subsidiary of the company has acquired 63% stake in Tandem Allied Services for Rs 51.03 crore.

  • MCX: Chief Regulatory Officer Sanjay Golecha resigned with effect from June 30.

  • National Fertilizers: The total fertilizer sale rose 47% yoy in April-June 2022. It reported total sale of 15.56 lakh MT compared to 10.62 lakh MT in the corresponding period of last year.

  • NMDC: The company’s sale of iron ore fell 40.25% yoy to 1.9 MT in June and production fell 13.75% to 2.57 MT.

  • Jaiprakash Associates: The company has defaulted on loans of Rs 3,091 crore as on May 31.

  • Metropolis Health: The company has received NCLT approval for merger of Bokil Golwilkar Metropolis Healthcare, Desai Metropolis Health Services, Patel Metropolis Healthcare, Lab One Metropolis Healthcare Services, Micron Metropolis Healthcare, R. V. Metropolis Diagnostic & Health Care Center, Raj Metropolis and Sudharma Metropolis Health Services with the company.

  • Asian Granito: Future Ceramic, a wholly owned subsidiary of the company, commenced work on the large format glazed vitrified tiles plant at Morbi.

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