IGI Logo

Market Updates

The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty closed 9 points higher at 19,398 on wednesday.

Solara Active Pharma:

The company has agreed to raise funds through issue of equity shares of face value of Rs 10, not exceeding Rs 450 crore by the way of rights issue to eligible equity shareholders of the company.

DCB Bank:

Reserve Bank of India has approved Tata Asset Management to acquire aggregate holding of up to 7.5% of the paid-up equity capital of the bank through the schemes of Tata Mutual Fund. The approval is valid for a period of one year from the date of RBI letter.

Tata Power :

The company received a Rs 1,744 crore order to install and maintain 18.60 lakh meters in the Raipur area from Chhattisgarh State Power Distribution Company Ltd.

Adani Wilmar:

The company has estimated a volume growth of 25% in June quarter over the previous year, driven by strong demand in both food and edible oil categories. The sales value has declined reflecting the sharp drop in edible oil prices. The Food & FMCG segment recorded a volume growth of 20% and revenue growth of 30% to cross Rs 1,000 crore for the quarter on a standalone basis. The edible oil business grew 25% in volume terms and fell 15% in terms of value growth.

Life Insurance Corporation:

The company’s shareholding in India Cement has diluted to 3.83% from 5.88% of the paid-up capital of the company. LIC has divested its stake in India Cement through open market sale at an average price of Rs 191.59.

Quarterly Business Updates Q1 FY24:-

Marico:

Domestic volumes grew in low-single digits, with a minor volume drop in Parachute Coconut Oil- Consolidated revenue in the quarter declined in low-single digits- Gross margin is expected to expand materially on a YoY and QoQ basis- Expansion in operating margin is expected to drive double-digit growth in the bottom line- Expect a visible pickup from the coming quarter in primary volume growth.

Ujjivan Small Finance Bank:

Total deposits grew 44% year-on-year and 4% sequentially to Rs 26,655 crore in April-June. CASA rose 27% year-on-year to Rs 6,550 crore and the CASA ratio stood at 24.6%. Advances are up 31% year- on-year and 5% quarter-on-quarter to Rs 25,346 crore in the first quarter. Disbursement momentum continues to show strength with 22% year-on-year growth to Rs 5,280 crore, company said.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at http://www.aretesecurities.com/
SEBI Regn. No.: INM000012740

Above views are of the author and not of the website kindly read disclaimer