Stocks To Watch: Rail Vikas Nigam, Hindustan Zinc, BoM, MOIL, LIC & More

Hot companies like LIC, Hindustan Zinc, Bank of Maharashtra, Hero MotoCorp, and Maruti Suzuki are among the top 10 stocks that market observers are likely to be keeping an eye on on Wednesday, January 3, 2024.

Hindustan Zinc

The Vedanta group company Hindustan Zinc announced on Tuesday that higher mined metal grades and higher ore production at Rampura Agucha & Sindesar Khurd Mine contributed to a 7 per cent rise in the company's mined metal output, which reached 2,72,000 tonnes in the December quarter. Compared to the same period last year, the output of refined metals grew by 1% to 2,59,000 tonnes in the third quarter.

Because of the pyro operations in lead mode to maximise silver output, as previously noted, the company's refined lead production was at 56kt, up 21% YoY and down 1% QoQ. "Saleable silver production was 6.3 moz, up 22% YoY in line with lead metal production. It is up 9% QoQ in line with lead metal production and higher WIP accumulation in base period," said the company in a statement.

Bank of Maharashtra

The state-owned Bank of Maharashtra (BoM) said on Tuesday, January 2, that its total business for the third quarter of FY24 was Rs 4.35 lakh crore, a 19% rise over the same period last year. According to a regulatory statement by the bank, total deposits for the quarter were Rs 2.46 lakh crore, a spike of 18% year on year (YoY) from Rs 2.08 lakh crore.

The current account savings account (CASA) percentage decreased somewhat from 52.50% to 50.19% YoY; nonetheless, the bank continued to maintain a robust CASA deposit of Rs 1.23 lakh crore in Q3, which represents a 12.70% rise compared to Rs 1.09 lakh crore in the same time in the previous fiscal year. Its gross advances reached Rs 1.88 lakh crore up by 20.28% YoY from Rs 1.56 lakh crore.

Jubilant Pharmova

The proposal to invest and enter into a Power Purchase Agreement, Security Subscription, and Shareholders Agreement with O2 Renewable Energy XVI Private Limited (O2 Renewable), a wholly-owned subsidiary of O2 Energy SG Pte. Limited, Singapore, for the acquisition of renewable energy power (electricity) generated from the Captive Generating Plant (CGP), has been approved by the Fund Raising Committee of Jubilant Pharmova Limited.

The arrangement aims to satisfy the captive requirement as specified by the Electricity Rules, 2005 and provide access to renewable electricity up to 16.34 MW through the captive arrangement. This would save energy costs and assist the company's production site in Nanjangud, Karnataka, in satisfying its green energy requirements.

Maruti Suzuki

In December 2023, Maruti Suzuki India revealed a 1.28 per cent decrease in overall sales, with 1,37,551 units sold. In the previous year, the company reported 1,39,347 units sold overall in the same month. According to a statement from Maruti Suzuki India, total domestic sales, which include passenger/commercial vehicles, and third-party supplies, were 1,10,667 units in the December 2023 month compared to 1,17,551 units in the same period last year, a decrease of 5.86 per cent. According to Maruti Suzuki, the company's exports in December 2023 were 26,884 units, up from 21,796 units in December 2023.

Rail Vikas Nigam

M/s KRDCL-RVNL JV has received a major order from CAO-CN-ERS-Engineering for the upgradation/redevelopment of Varkala Sivagiri Railway Station for a cost of Rs 123.36 Cr.

PNB Housing

India Ratings and Research (Ind-Ra) upgraded the company's nonconvertible debentures (NCDs) from "IND AA" to "IND AA+" with a stable outlook, according to a statement from PNB Housing Finance. Additionally, the Ind-Ra NCDs limit has been split between bank loans and NCDs, with the bank loans receiving a "IND AA+" rating.

Hero MotoCorp

Hero MotoCorp declared that from January to December, it sold over 54.99 lakh units. Compared to the same period (January-December 2022), when it sold 52.47 lakh units, this is a gain of 5%. In December 2023, 393,952 motorcycles and scooters were dispatched by the company. Hero MotoCorp stated in December 2023 that it has strengthened its leadership team by appointing two senior executives, Rachna Kumar as Chief Human Resources Officer (CHRO) and Vivek Anand as Chief Financial Officer (CFO) under the authority of Hero MotoCorp CEO Niranjan Gupta.

LIC

Life Insurance Corporation of India (LIC) said that it has received a demand order for GST payment, along with interest and penalty of Rs 806 crore. An order of demand and penalty notice for GST for the fiscal year 2017-18 was received, the insurer stated in a filing. Its demand for payment totals more than Rs 806 crore and includes Rs 3,65,02,67,702 GST, Rs 4,04,77,06,418 in penalty, and Rs 36,50,35,206 in interest. "Corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines," said LIC in a statement.

MOIL

In December 2023, MOIL recorded an output of 1.85 lakh MT, a 31% increase YoY, marking the highest monthly production of manganese (Mn) ore ever recorded. With a production of 12.73 lakh MT of manganese ore, the firm has demonstrated a spectacular rise of 41% YoY in the current fiscal year until December 2023. With sales of 11.01 lakh MT of manganese ore during the first nine months of FY'24, the firm maintained an amazing growth of 40% on the sales front as well.

MOIL completed 11,482 meters of core drilling in December 2023 alone, the most monthly core drilling that the company has ever completed since its founding. MOIL completed core drilling of 60,870 meters between April and December of 2023, more than double y-o-y.

Brigade Enterprises

For an amount of Rs. 7.32 Cr., the company acquired an additional 4.53% stake in the equity shares of BCV Developers Private Limited, a subsidiary of the Company, from its current Joint Venture Partner shareholders. As a result, the company's shareholding in BCV Developers Private Limited has grown from 62.51% to 67.04% after acquiring additional shares of 12,91,519 (4.53%).