Stocks to Watch Today: Tata Steel, ACC, L&T Infotech, Tata Elxsi, and Others

Nifty futures on the Singapore Exchange traded 121.5 points, or 0.72 per cent higher at 17,051.50, signaling that Dalal Street was headed for a positive start on Wednesay. Here are stocks in news

Results Today

Angel One, Glenmark Life Sciences, Tata Elxsi, ICICI Securities, JTL Infra, Reliance Industrial Infrastructure, Ellora Trading, HCKK Ventures, Indbank Merchant Banking Services, and Ind Bank Housing will release quarterly earnings on April 20.

ACC

The cement major recorded a 30 percent YoY decline in Q1CY22 profit at Rs 396 crore as operating income dropped 26 percent to Rs 635 crore due to a significant fuel cost increase. Revenue increased by 2.6 percent year-on-year to Rs 4,322 crore in March 2022 quarter, while cement sales volume dropped to 7.71 million tonnes, from 7.97 million tonnes YoY.

Larsen & Toubro Infotech

The IT services company registered a 4 percent sequential growth in profit at Rs 637.5 crore led by higher other income and revenue also grew by 4 percent QoQ to Rs 4,301.6 crore in Q4FY22. The company won 4 large deals with net new TCV (total contract value) of over $80 million. The dividend for financial year 2021-22 was Rs 30 per share.

Tata Steel

The homegrown steel major has inked a pact with Australia-based mining services provider Thiess to offer mine technical services in areas such as exploration, resource evaluation and mine planning in India and abroad.

Future Enterprises

The debt-ridden company said it has defaulted on payment of Rs 29.33 crore as interest on non-convertible debentures (NCDs). The due date for payment was April 18. This is the third default by the Kishore Biyani-led Future group firm this month.

Future Retail

The electronic voting process for shareholders of the debt-ridden firm ended on Tuesday evening ahead of the meetings of the shareholders and creditors to approve the sale of the company’s retail assets to billionaire Mukesh Ambani’s Reliance Retail despite opposition from e-commerce major Amazon and an insolvency petition from its lenders.

HBL Power Systems

Banyantree Growth Capital, LLC offloaded a 2.55 percent equity stake in the company via open market transactions during April month. With this, its shareholding in the company stands reduced to 5.9 percent, down from 8.45 percent earlier.

Benares Hotels

Profit for the quarter ended March 2022 grew by 196 percent year-on-year to Rs 3.03 crore with EBITDA rising 68 percent to Rs 5.8 crore YoY, while revenue increased by 46.3 percent to Rs 16.12 crore in the same period. The company has announced a dividend of Rs 10 per share, which is subject to the approval of the shareholders.

Insecticides (India),

The company has received the patent for an invention entitled ‘Novel Granules and its pesticidal compositions’, from Patent Office, The Government of India. This is valid for 20 years.

Punjab & Sind Bank

The company in a BSE filing said the NPA accounts – SREI Infrastructure Finance with outstanding dues of Rs 510.16 crore and SREI Equipment Finance with outstanding dues of Rs 724.18 crore — have been declared as fraud. The bank has reported the same frauds to the RBI. Further, the accounts have been fully provided for.

Mahindra Lifespace Developers

The company’s subsidiary Mahindra World City Developers has received a Rs 102 crore income tax notice. The amount included interest of Rs 43.1 crore against the return of income filed for the assessment year 2016-17 by Mahindra World.

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