Stocks To Watch: Asian Paints, PTC India, Muthoot Finance, REC, Canara Bank & More

On Thursday 15th February hot stocks like Canara Bank, REC, Muthoot Finance, Glenmark Pharmaceuticals and Crompton Greaves Consumer Electricals are likely to be in focus of the market watchers.

Canara Bank

The bank announced on Wednesday that it has raised Rs 2000 crores Non-Convertible, Taxable, Perpetual, Subordinated, Fully Paid Up, Unsecured Basel III Compliant Additional Tier 1 Bonds of face value Rs. 1 crore each at a coupon of 8.40 %.

REC

The entire shareholding of Pachora Power Transmission Limited, consisting of 50,000 equity shares, is currently held by REC Power Development & Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited (REC). On February 14, 2024, RECPDCL transferred all of its assets and liabilities, including all of its shares, at par value to M/s GR Infraprojects Limited, the successful bidder chosen through a tariff-based competitive bidding process.

Muthoot Finance

The company's Board of Directors approved on Wednesday the issuing of Redeemable Non-Convertible Debentures through a public offering for a maximum value of Rs. 6,000 crores, to be issued in one or more tranches as the Board of Directors may choose. Additionally, the company declared that the Board has approved the issuing of Redeemable Non-Convertible Debentures through private placement for an aggregate amount of Rs. 10,000 crores, to be issued in one or more tranches as the Board of Directors may choose.

Glenmark Pharmaceuticals

For the third quarter that ended on December 31, 2023, Glenmark Pharmaceuticals Ltd. recorded a net loss of Rs. 330.8 crore on Wednesday, February 14. Glenmark Pharmaceuticals reported a net profit of Rs 290.7 crore for the same period the previous year, according to a regulatory filing from the company. Compared to the same time in the previous fiscal year, when revenue from operations was Rs 3,100 crore, the company's revenue from operations dropped 19.1% to Rs 2,506.7 crore in Q3FY24. In comparison to the gain of Rs 473.9 crore during the same time in the previous fiscal year, EBITDA recorded a loss of Rs 208.8 crore in the third quarter of the current fiscal year.

PTC India

Comparing Q3FY24 to Q3FY23, consolidated Profit Before Tax (PBT) was Rs 130.86 crores as opposed to Rs 141.82 crores. Comparing Q3FY24 to Q3FY23, the consolidated Profit After Tax (PAT) was Rs 97.04 Crores as opposed to Rs 104.48 Crores. The company's EPS dropped from Rs 3.10 in Q3FY23 to Rs 2.68 in Q3FY24. 14,932 MUs were traded in Q3FY24 as opposed to 15,530 MUs in Q3FY23. In contrast to 3.09 paisa per unit, the core margin was 3.43 paisa per unit.

Crompton Greaves Consumer Electricals

India's top manufacturer of consumer durables, Crompton Greaves Consumer Electricals Ltd, released its consolidated and standalone financial statements for the third quarter that ended on December 31, 2023. PBT was Rs. 126 Cr, EBITDA was Rs. 147 Cr, and standalone revenue was Rs. 1,458 Cr for the quarter. The quarter's total revenue was Rs. 1,693 Cr, EBITDA was Rs. 150 Cr, and PBT was Rs. 112 Cr.

Commenting on the CGCEL's performance, Promeet Ghosh, MD & CEO, said, "We are on track in Crompton 2.0 journey for its next phase of growth. For the second consecutive quarter, we have delivered industry leading ECD growth. With revenue growth in Q3, our lighting business has started to turnaround with continued improvement in profitability. We continue to deliver on profitability even as we increase our investments in brand spends, innovation and talent."

Aditya Birla Fashion and Retail

The company reports a 16% YoY increase for the quarter, with sales of Rs. 4167 Cr., mostly from new business ventures. While the EBITDA margin was 14.5% this quarter compared to 13.0% the previous year, the consolidated EBITDA for the quarter was Rs. 605 Cr, up 29% YoY from Rs. 467 Cr in Q3FY23. Comparing Q3FY24 to Q3FY23, the company's consolidated net loss was Rs 108 Cr, while its net profit was Rs 11 Cr.

Asian Paints

In order to acquire the majority stake in Harind in a staggered manner over the next five years, the company entered into Share Purchase Agreements and other definitive documents with Aapex Power and Industries Private Limited, Dr. Swapan Ghosh and others (existing shareholders), and Harind Chemicals and Pharmaceuticals Private Limited on October 20, 2022.

It has been notified that the firm has purchased 51% of Harind's equity share capital from Aapex for a value of Rs. 14.28 crores (instead of the previously agreed upon consideration of Rs. 12.75 crores) after meeting the prerequisite requirements for the acquisition of the first tranche. Harind and Nova Surface-Care Centre Private Limited, a fully owned subsidiary of Harind, have so joined the company as subsidiaries. The company would pay the current shareholders compensation determined by mutual agreement before acquiring the second tranche of 19% and the third tranche of 20% from them in a phased manner.