India Daybook – Stocks in News

*JK Cement:* Board approved acquisition of 100 percent shareholding in Toshali Cement (Positive) *HUL:* Company eyes acquisitions in masstige beauty segment (Positive) *Adani Group:* Repays loans worth $2.65 billion, completes prepayment (Positive) *Wipro:* Company said its dynamic digital signage solution, Wipro VisionEDGE, will power Bowling Center TV (Positive) *BL Kashyap:* Company has secured new order worth Rs 147 crore (Positive) *HG Infra:* Company has received the letter of acceptance from north central for a project worth Rs 677 crore (Positive) *IndiGo:* Company aims to carry 100 million passengers in the year ending March 2024 (Positive) *GE T&D:* The company has got shareholders' approval through a postal ballot notice to appoint Sandeep Zanzaria as MD (Neutral) *Vedanta:* Vedanta Iron Ore Karnataka has partnered with Volvo CE to deploy zero-emission electric off-road machines (Neutral) *Maruti Suzuki:* Company has started work on two solar power plants at facilities. (Neutral) *Bank of Baroda:* Bank launches facility for cash withdrawals using UPI on its ATMs (Neutral) *SBI:* Board to consider raising funds in FY24 via issuance of debt instruments on June 9 (Neutral) *Godrej Consumer:* Board appoints Aasif Malbari as CFO w.e.f. August 10 (Neutral) *Wipro:* Board okays buyback of shares worth Rs 12,000 crore at Rs 445 apiece (Neutral) *IEX:* May overall volume of 8,251 MU, up 8% (YoY) (Neutral) *SBI Cards:* Board approves raising funds up to Rs 3,000 cr via NCDs (Neutral) *R Systems:* Public Shareholder Bhavook Tripathi Sold 3.30% Stake or 39 Lakh Shares (Neutral) *Muthoot Capital:* Shares will start trading on mainboard of NSE from today (Neutral) *HIL:* Promoter sold 11,20,000 shares of company, Plutus Wealth bought 13,15,000 shares (Neutral) *Vijaya Diagnostics:* Promoter sold 11,82,100 shares of company (Negative)

Biocon

Biocon: USFDA has concluded a Surveillance and Pre-Approval Inspection of Biocon's Oral Solid Dosage Formulations Manufacturing facility with No Observations

Zydus Lifesciences

Zydus Lifesciences: The US Food and Drug Administration (USFDA) has closed the inspection of the company's animal health drug manufacturing facility in Ahmedabad, with nil observations. The USFDA inspected the plant from May 30 to June 2.

Wipro:

Wipro: The IT services company has fixed June 16, 2023 as the record date for determining the entitlement and the names of equity shareholders who are eligible for the buyback offer. On April 27, the company received approval from the board for the share buy back worth up to Rs 12,000 crore, at a price of Rs 445 per share.

Tech Mahindra

The IT company said subsidiary Comviva Technologies along with the company’s step-down subsidiary Comviva Technologies BV agreed to sell 0.04 percent and 99.96 percent shareholding in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda. The buyer is Druid Internet Systems Comércio E Serviços Ltda. The transaction is expected to be completed by August 2023. The company will exit the product line without impacting its customers being served, it said.

Zydus Lifesciences

The U.S. FDA inspection of the company’s animal health drug manufacturing facility at SEZ, Ahmedabad was closed with nil observations.

Tata Chemicals

The company signed an MoU with the Government of Gujarat to set up a 20 GW capacity lithium-ion cell manufacturing giga factory with an investment of Rs 13,000 crore, the state government said in a statement. The company will reorganise its U.S. operations to rationalise the number of intermediate entities.

Money Times Talk

*IRCTC’* NP rose 30.41% to Rs.279 cr. on 39% higher revenue of Rs.965 cr. and it has also declared a final dividend. Add for the long term. Young Jonnavittula Ananth to steer fintech *Vedvaag Systems* into the lucrative Artificial Intelligence (AI) and Machine Learning (ML) from this fiscal FY24. Stock to deliver surprising returns. Buy. *Inox Winds* expects better days to return soon on the back of its strong order book, rising margins and government push to the industry. Add. *Sobha Ltd’s* Q4 NP grew to Rs.49 cr. Net sales grew 70.34% YoY to Rs.1,209.9 cr. Add for the long term. *Refex Industries:* Money Times had recommended this share four months back at Rs.226. It’s now around Rs.550. Some more steam is left. Hold for some more time. *JK Cement* is ramping up capacities and expects to grow faster than the industry as the new capacities are at optimum levels. Add *Healthcare Global’s* debts are declining on the back of greater influx of foreign business. It hopes to garner better margins, which will push up profits and the share price. Add. *Force Motors* posted a good Q4, representing a turnaround. Keep it on your radar. *NCC* management has denied rumors that Karnataka Govt. had cancelled the orders awarded to it and it continues to do well. Do not sell. *JBM Auto* is repeatedly trying to breach the Rs.800 barrier with strong volumes. A hundred rupees jump looks imminent. Add for the short term. *ONGC* to spend about Rs.1 trillion by 2030 to control carbon emission. A big positive. This Fortune 500 share must find place in every model portfolio. India's largest tractor manufacturer, *M&M,* to make lightweight tractors for heavy market share gains. Its exports grew 15% in FY23. Add. *Gravita India* is hovering around its all-time high of Rs.615. Any decisive breakout can take its price to Rs.675-677. Hold. *PFC* is reporting higher price and higher volumes. Intelligent buying is suggestive of a bonus in the near term. Buy. *Mazagon Dock Shipbuilders’* FY23 NP was Rs.1072 cr. and a final dividend of Rs.6.90 has been declared. It is sitting on an order book of Rs.38,755 cr. Add for the long term. *Coal India* has raised the price of non-coking coal by about 8% for June 2023. This profit accretive move merits an Add. Although *Suzlon Energy’s* Q4 revenue fell to Rs.1689 cr. YoY, it posted turnaround results with NP of Rs.280 cr. from a loss of Rs.204 cr. YoY. Its debt has sharply reduced to Rs.1180 cr. from Rs.5796 cr. last year. Add for the long term. *Ugro Capital* plans to raise Rs.295 cr. through NCDs for onward lending and business purposes. Add in small quantities. The upbeat commentary of *BHEL* management points to a brighter future on the back of its bulging export orders and execution capabilities. Add in small lots. *GMDC* notched FY23 EPS of Rs.38.33 from FY22 EPS of Rs.6.85. It also declared a dividend of Rs.9.10/share. Add for good returns. *Geekay Wires* notched 204% higher FY23 EPS of Rs.26, which may lead to FY24 EPS of Rs.45. Buy for 50% gain. *Chamanlal Setia* notched 82% higher FY23 EPS of Rs.22.8, which may lead to FY24 EPS of Rs.30. Buy for 50% gain. *Suraj Products* notched 62% higher Q4 EPS of Rs.6.7 and 10% higher FY23 EPS of Rs.22.8, which may lead to FY24 EPS of Rs.26+. Buy for 30% gain. *Mallcom (India)* notched FY23 EPS of Rs.50.2, which may lead to FY24 EPS of Rs.65. Heavy investment buying is seen in this counter with rising volumes. Buy for 20% gain. *Karnataka Bank* notched 171% higher Q4 EPS of Rs.11.1 and 132% higher FY23 EPS of Rs.37.7, which may lead to FY24 EPS of Rs.45. Buy for 50% gain. *Andhra Paper Mills* notched 169% higher Q4 EPS of Rs.38.7 and 274% higher FY23 EPS of Rs.131. Buy for 20% gain. *ITL Industries* notched 26% higher Q4 EPS of Rs.7.6 and FY23 EPS of Rs.24.1, which may lead to FY24 EPS of Rs.30. Buy for 30% gain. *IZMO* notched 38% higher Q4 EPS of Rs.6.2 and 25% higher FY23 EPS of Rs.15, which may lead to FY24 EPS of Rs.18+. Buy on dips.

Headlines from SIPfund.

*Economic Times* 📝 Godrej Properties hikes stake in two subsidiaries, gets complete control 📝 Bajaj Finserv to invest Rs 5k cr in Pune; will create 40k jobs, says Devendra Fadnavis 📝 88 pc wage payment under MNREGS done through Aadhaar Based Payment System in May: Govt 📝 World Bank's new chief Ajay Banga asks staff to 'double down' on development, climate efforts 📝 Swiss administration hit by cyber attack 📝 Food-delivery firms Zomato, Swiggy clock only 7% growth in biz during IPL: report 📝 Majority of EU countries against network fee levy on Big Tech: report *Business Standard* 📝 Train accident: Govt asks airlines to keep fares on Odisha flights in check 📝 FPIs invest Rs 43,838 cr in India in May, likely to continue in June 📝 RBI-MPC may lower inflation forecast marginally: BoB Chief Economist 📝 Less than 1 in 3 startups manage to raise follow-on funding: Study 📝 US Defence Secy Lloyd Austin to arrive in India for a 2-day visit on Sunday *Financial Express* 📝 Goa: Engagement group meet to discuss USD 1 trillion investment in start ups by 2030 📝 Future Lifestyle gets claims of Rs 2,156 cr from 12 creditors 📝 India Cements embarks on turnaround strategy 📝 Pakistan would not default on any sovereign commitments: Finance Minister Dar *Mint* 📝 Odisha train accident: LIC simplifies claim process for tragedy victims 📝 European Union formally notifies carbon tax at WTO 📝 India’s fossil fuel burn to surge as heatwave triggers peak power demand: S&P 📝 Next G20 health meeting to focus on global health priorities