Stocks To Watch Today: MCX, Oil India, ONGC, Birla Corp, Tata Power & More

Market observers' day-trading eye is anticipated to be focused on hot stocks such as Brigade Enterprises, PI Industries, Gujarat Narmada Valley Fertilisers & Chemicals Limited, Welspun Corp, and Tata Power on Thursday, November 9.

Star Housing Finance

The BSE-listed rural-focused retail home finance company Star Housing Finance Limited (Star HFL) has stated that its board has approved a capital raise of INR 60 crore, subject to shareholder approval, to support the company's development and expansion goals.

Through preferential allotment on a private placement basis, Star HFL will issue convertible warrants to a wide group of investors, including High-Net-Worth Individuals (HNIs), institutional investors, and a well-known family house. Star Housing Finance said in a stock exchange filing that it plans to use the capital to double its growth trajectory, bolster its brand presence, and attract top-tier talent to strengthen its leadership team, diversify its loan portfolio, invest in cutting-edge technology solutions, and intensify its market presence across critical regions.

MCX

The company said on Wednesday that, as compared to the same quarter of the previous year, the quarterly revenue from operations climbed by 30% to Rs. 165.11 crore in Q2FY24. MCX's total income for the quarter ended September 30, 2023, was Rs. 184.02 crore, up 10.72% from Rs. 166.21 crore for the quarter ended June 30, 2023. In the second quarter of FY23-24, operating income rose by 13.27% to Rs. 165.11 crore from Rs. 145.77 crore in Q1FY24.

Comparing the EBITDA of the September 30, 2023, quarter to the June 30, 2023 quarter, EBITDA dropped by 131% to Rs. (9.79) crore from Rs. 31.13 crore. Due in large part to payments made to a technology vendor, the PAT margin for the quarter that ended on September 30, 2023, was 10.36%, while the EBITDA margin was 5.32%. In comparison to the corresponding quarter ended June 30, 2023, Net Profit for the quarter ending September 30, 2023 dropped by 197% to Rs. (19.07) crore from Rs. 19.66 crore. In Q2 FY23-24, the average daily turnover (ADT) of futures and options rose significantly from Rs. 83,341 crore in the previous quarter to Rs. 1,04,636 crore, a 25.5% spike.

PI Industries

Manufacturer of agrochemicals PI Industries Ltd. announced on Wednesday, November 8, a 43.5% YoY boost to net profit for the second quarter ended September 30, 2023, totalling Rs 480.5 crore. PI Industries reported a net profit of Rs 335 crore for the same period the previous year, according to a regulatory filing from the company. Compared to Q2FY23, when revenue from operations was Rs 1,770 crore, the company's revenue from operations climbed by 19.6% to Rs 2,117 crore in Q2FY24. In comparison to Rs 431.9 crore in the year-ago quarter, EBITDA jumped by 27.7% to Rs 551.5 crore in the second quarter of the current fiscal year. In the quarter under review the EBITDA margin was 26.1% compared to 24.4% in the Q2FY23.

Gujarat Narmada Valley Fertilizers & Chemicals Limited

On Wednesday, the company approved the buyback of its fully paid-up equity shares having a face value of Rs 10 each, not exceeding 84,78,100 Equity shares representing 5.46% of the total equity shares in the paid-up equity capital of the Company as of March 31, 2023 at a price of Rs 770 per equity share payable in cash for an aggregate maximum amount not exceeding Rs 652,81,37,000.

Oil India

For the second quarter that ended on September 30, 2023, Oil India Ltd. announced a 79.8% quarter-on-quarter fall in net profit of Rs 325.3 crore on Wednesday, November 8. According to a regulatory declaration by the company, Oil India reported a net profit of Rs 73 crore for the first quarter of FY24. Total revenue for the quarter under review in the second quarter of the current fiscal year was Rs 5,342.3 crore, up 27.3% from Rs 4,531.1 crore in Q1FY24.

In the second quarter of this fiscal year, EBITDA climbed 6.9% to Rs 2,488.5 crore from Rs 2,328.9 crore in the previous quarter of FY24. In the second quarter of the current fiscal year, the EBITDA margin was 46.6%, down from 51.4% in Q1FY24. In comparison to 1.569 MMT for the same time in FY23, crude oil production climbed by 5.48% to 1.655 MMT for the half-year that ended on September 30, 2023. The company's natural gas production climbed by 8.72% in Q2FY24 compared to Q1FY24.

Welspun Corp

Consolidated revenue from operations for Q2FY24 and H1FY24 was reported by the company on Wednesday. It was Rs 4,059 crore, up 107% YoY, and Rs 8,129 crore, up 147% YoY, respectively. Its EBITDA grew by more than 10x and 6x to INR 501 crore and INR 920 crore, respectively, in Q2FY24 and H1FY24. In comparison to losses of INR 57 crore and INR 52 crore during the same periods the previous year, PAT for Q2FY24 and H1FY24 was INR 385 crore and INR 550 crore, respectively. In the current quarter, net debt decreased by INR 520 crore to INR 315 crore.

ONGC

The company on Wednesday announced that it has extended the additional charge of the post of Director (Strategy & Corporate Affairs) to Shri Arun Kumar Singh, Chairman for a period of one year w.e.f. 01.11.2023 or till the regular incumbent joins the post, or until further orders, whichever is the earliest.

Concord Control Systems

The company on Wednesday announced an investment to acquire 50% equity shares of Concord Lab to Market Innovations Private Limited on its incorporation. This will allow the company to diversify into other markets and investigate new avenues related to locomotives and railways.

Brigade Enterprises

Brigade Group announced Q2 FY24 earnings of Rs 134 crores after minority interest and Rs 1,408 crores in total revenue. In the real estate category, new bookings in Q2 FY 24 totalled 1.67 million square feet, valued at Rs 1,249 crores. Collections for Q2 FY 24 jumped by 15% to Rs 1,439 crores from Rs 1,244 crores in Q1 FY 24. Together, total revenue for the quarter under review was Rs 1,408 crore, EBITDA was Rs 366 crore, and profit after tax after minority interest was Rs 134 crore. The total amount collected in Q2 of FY24 was Rs 1,439 crores. For the following four quarters, 13 million square feet of new launches are planned, 11 million of which will be in the residential sector.

Birla Corp

On a consolidated basis, its cash profit for the quarter was Rs 221 crore, up 414% from the same period the previous year. Its net profit for the quarter was Rs 58 crore, compared to a net loss of Rs 56 crore during the same period last year. Due to unfavourable pricing conditions in several markets, the September quarter's consolidated revenue of Rs 2,313 crore increased 13.3% year on year. However, the quarter's realisation per tonne of Rs 5,062 was somewhat lower both sequentially and annually. On the other hand, volume sales increased 14.8% to 4.18 million tonnes (mt) in the September quarter compared to 3.64 mt in the corresponding period of the previous year.

Tata Power

On a year-on-year (y-o-y) basis, Tata Power announced on Wednesday that its consolidated net profit for the July-September quarter jumped by 8.79% to Rs 1,017.41 crore. The company had a net profit of Rs 935.18 crore for the same period in the previous fiscal year. Its revenue climbed by 9% to Rs 15,442 crore during the quarter under review.