Buzzing Stocks : Vodafone Idea, HCL Infosystems, L&T Finance Holdings, Vedanta, Avenue Supermarts and others

Buzzing Stocks

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Buzzing Stocks : Check out the companies making headlines before the opening bell today, on April 4, 2024.

These companies (Vodafone Idea, HCL Infosystems, L&T Finance Holdings, Vedanta, and Avenue Supermarts) were all listed among the “Stocks to Watch” or “Stocks in the News” for today, April 4th, 2024,

However, the news snippets don’t provide in-depth information about specific developments for each company. Here’s a breakdown of what we might be able to find with further research:

  • Vodafone Idea: This stock might be interesting due to the recent shareholder approval for a Rs 20,000 crore fundraising, which could potentially benefit telecom gear vendors.
  • HCL Infosystems: News articles might discuss analyst opinions or trading strategies for this stock.
  • L&T Finance Holdings: Keep an eye out for any recent announcements, partnerships, or financial results related to L&T Finance.
  • Vedanta: Vedanta might be in the news for reasons related to commodity prices, production updates, or any ongoing projects.
  • Avenue Supermarts (DMart): Look for news articles about DMart’s sales figures, store expansions, or industry trends that might affect the company.

To understand why these specific companies are being watched, you can search for them on financial news websites or business news channels. They might mention:

  • Recent company announcements (earnings reports, new products, etc.)
  • Industry trends that could affect the company
  • Analyst ratings or recommendations

By following the financial news for these companies, you’ll get a better idea of why they are being watched and how their stock prices might be impacted.

Vodafone Idea : The telecom operator said the board of directors will be meeting on April 6 to consider the issuance of equity or convertible securities on a preferential basis to one or more promoter group entities for Rs 2,075 crore.

Vedanta: Aluminium producer Vedanta Aluminium has expanded its alumina refining capacity to 3.5 million metric tonnes per year (MTPA). It has commissioned a 1.5 MTPA capacity alumina refinery in Lanjigarh, Odisha, which is part of the company’s new 3 MTPA facility. This will take the overall nameplate capacity at the Lanjigarh refinery from an existing 2 MTPA to 5 MTPA.

HCL Infosystems: The company has received a final arbitration award in the arbitration filed by the company against the Government of the National Capital Territory of Delhi (GNCTD) for the recovery of dues against setting up and maintaining a wireless secured communications network (TETRA). The monetary relief has been awarded in favour of the company as per the arbitral award of Rs 4.5 crore, along with interest at 8 percent per annum from the date of the award until payment. The counterclaims worth Rs 163 crore filed by the GNCTD against the company have also been disallowed.

Avenue Supermarts: The D-Mart operator has recorded standalone revenue at Rs 12,393.46 crore for the quarter ended March FY24, growing 19.9 percent over Rs 10,337.12 crore in the year-ago period. The total number of stores stood at 365 at the end of March 2024.

Sun Pharmaceutical Industries: Dheeraj Sinha is appointed as Executive Vice President and Chief Information Officer of the company, with effect from April 3. Sinha replaced Anil Rao, who ceased to be the Chief Information Officer because of his resignation due to personal reasons.

Poonawalla Fincorp: The non-banking finance company has reported the highest ever disbursements during Q4 FY24 at Rs 9,680 crore, growing 52 percent YoY and 11 percent QoQ. Disbursements in Q4 FY23 stood at Rs 6,371 crore and Rs 8,731 crore in Q3 FY24. Assets under management grew by 54 percent YoY and 13 percent QoQ to Rs 24,800 crore as of March 2024. The company continued to have ample liquidity of Rs 3,600 crore as of March 2024.

Indiabulls Housing Finance: The housing finance company has raised $350 million through the allotment of senior secured social bonds due in 2027. The said bonds are expected to be listed on the India International Exchange (IFSC).

L&T Finance Holdings: The retail loan book at the end of Q4FY24 is estimated at around Rs 80,010 crore, growing 31 percent over a year-ago period, while retail disbursements during the quarter at Rs 15,030 crore increased by 33 percent YoY. Retailization of the portfolio is estimated at around 94 percent at the end of Q4 FY24, against 75 percent in the same period last fiscal.

KEC International: The infrastructure EPC major has received new orders of Rs 816 crore across its various businesses, including orders for supply of towers in the United States of America, setting up steel plants in Northern India, and plants for carbon derivatives in Eastern India.

Federal Bank: The bank said, as per provisional numbers, gross advances grew by 20 percent to Rs 2,12,758 crore in the March FY24 quarter, with retail credit book growing by 25 percent and wholesale credit book rising by 15 percent. The retail-to wholesale ratio is 56:44, respectively. Total deposits reached Rs 2,52,583 crore, growing 18.4 percent over the same period last fiscal. The CASA ratio declined 3.3 percent YoY and 1.2 percent QoQ to 29.4 percent in the March FY24 quarter.

Suryoday Small Finance Bank: The bank has reported advances of Rs 8,650 crore for the quarter ended March FY24 (including inter bank participatory certificates (IBPC) of Rs 400 crore), growing 14 percent over the previous quarter and 41 percent over the year-ago period. Disbursements at Rs 2,340 crore increased by 31 percent QoQ and 39 percent YoY, while deposits grew by 20 percent QoQ and 50 percent YoY to Rs 7,775 crore for the quarter. The CASA ratio has improved by 1.6 percent QoQ and 3 percent YoY to 20.1 percent in Q4 FY24. The disbursements in FY24 of over Rs 6,900 crore increased by 36 percent compared to FY23 on continued momentum in Vikas Loan as well as retail assets disbursements.

RBL Bank: The private sector lender has recorded deposits at Rs 1,03,454 crore for the quarter ended March FY24, growing 22 percent over the year-ago period and 12 percent over the previous quarter, as per provisional numbers. Advances for the quarter stood at Rs 85,640 crore, increasing 19 percent YoY and 5 percent QoQ. Retail advances grew 29 percent YoY, while wholesale advances grew 7 percent YoY for the quarter, and within wholesale, commercial banking grew at 17 percent YoY. The mix of retail and wholesale advances was approximately 58:42.

Union Bank of India: The bank’s DIFC Dubai branch has arranged for a syndicated term loan of $500 million, including a green shoe of $100 million, in two tranches with a tenure of 3 years and 5 years. This is the first syndicated term loan raised by the bank at the overseas center. Under this facility, the bank has drawn $100 million under Tranche A as of April 3.

Edelweiss Financial Services: Foreign investor CLSA Global Markets Pte Ltd. has bought 2,72,10,507 equity shares (equivalent to 2.88 percent of paid-up equity) in the company via open market transactions. These shares were purchased at an average price of Rs 69.16 crore, valued at Rs 188.18 crore. However, foreign portfolio investor The Pabrai Investment Fund IV LP was the seller in this deal, offloading 2,72,08,207 equity shares at an average price of Rs 69.15 per share, amounting to Rs 188.14 crore.

Som Distilleries and Breweries: The company has received approval from the board of directors for a stock split. The existing equity shares of face value Rs 5 each of the company will be subdivided into equity shares of face value Rs 2 each. This will increase the participation of retail investors and the liquidity of the company’s shares.

GMR Power and Urban Infra: The company, along with Shree Naman Developers, has incorporated a joint venture company, namely Portus Ventures, to carry out the design, operation, and maintenance of the superstructures on the land parcels at the Mumbai International Airport (MIAL) site. The company has subscribed for 26 percent of the total paid-up capital of the JV company for Rs 26,000.

Aurionpro Solutions: The company opened its qualified institution placement (QIP) issue on April 3. The floor price has been fixed at Rs 2,103.68 per share.

Royal Orchid Hotels: Subsidiary Royal Orchid Mumbai has signed an agreement with Masa Hotels to run and operate Hotel Masa, which has 300 keys.

Brigade Enterprises: The Bengaluru-based real estate developer has signed a joint development agreement with United Oxygen Company to develop a ‘Grade A’ office space in East Bengaluru. The project will have a leasable area of 3 lakh square feet and a gross development value of around Rs 340 crore.

Trust Fintech: The company will list its equity shares on the NSE Emerge on April 4. The final issue price has been fixed at Rs. 101 per share. Its equity shares will be available for trading in the trade-for-trade surveillance segment.

GE Power India: The company has received two contracts worth Rs 775 crore from Jaiprakash Power Ventures. The contract worth Rs 490.5 crore will be executed within 33 months, and the second contract worth Rs 284.4 crore will be executed in 30 months.

Gufic Biosciences: The company has incorporated a wholly owned subsidiary, Veira Life FZE, in Dubai, UAE. The subsidiary will conduct the business of marketing, distribution, and sale of pharmaceutical products.

Punjab & Sind Bank: Arnab Goswamy has been appointed as Chief Financial Officer (CFO) of the bank with effect from April 3. Prior to joining Punjab & Sind Bank, he was associated with Bandhan Bank as Vice President.

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