Stocks to watch: LIC, Eicher, Concor, Garden Reach, ABB India, Nazara, Biocon

Life Insurance Corporation: LIC of India reported a 9% rise in Q1FY25 consolidated net profit to ₹10,544 crore. Total income increased to ₹2,10,910 crore, with first-year premium rising to ₹7,470 crore and renewal premiums to ₹56,429 crore. Net income from investments rose to ₹96,183 crore. LIC’s market share increased to 64.02%, and assets under management (AUM) grew to ₹53,58,781 crore. LIC’s office in Bangladesh has partially resumed operations amid ongoing challenges.

Eicher Motors: The company reported a 20% rise in Q1FY25 consolidated net profit to ₹1,101 crore, driven by favourable commodity prices, inventory benefits, and positive volume growth in the Royal Enfield (RE) segment. Total revenue from operations increased by 10.2% to ₹4,393 crore. EBITDA rose 14.1% to ₹1,165.5 crore, with a margin of 26.5%. Royal Enfield sold 2,27,736 motorcycles in Q1FY25, slightly up from the previous year. VECV, another division of Eicher Motors, reported revenue of ₹5,070 crore and profit after tax of ₹319 crore.

Container Corporation of India: State-run CONCOR reported a 14% rise in net profit to ₹3.17 billion ($38 million), driven by growing volumes in its export/import (EXIM) segment. Total revenue increased by 6.4% to ₹23.25 billion, with EXIM revenues rising by 9%. The EXIM segment, recovering after two years of sluggish performance, helped CONCOR regain market share from private operators. Analysts noted that dedicated freight corridor (DFC) connectivity from Gujarat ports to Delhi hinterlands would aid CONCOR’s EXIM segment. Higher rail freight costs led to a 5.3% increase in total expenses.

Steel Authority of India: SAIL reported a 61% year-on-year fall in consolidated net profit to ₹81.78 crore for Q1FY25, amid weaker domestic steel prices due to increased competition from China. Consolidated revenue from operations stood at ₹23,997.8 crore, down 1%. Standalone net profit plunged 92.3% to ₹11 crore from ₹150 crore. Revenue from Salem Steel plant fell 14%, and Bokaro steel plant revenue dipped 22.4%, while Bhilai and Rourkela steel plants saw revenue increases. The profit was impacted by lower Net Sales Realization (NSR) and exceptional items.

Garden Reach Shipbuilders and Engineers: GRSE reported a 13% increase in net profit to ₹87 crore for Q1FY25, driven by a 34% rise in revenue from operations to ₹1,010 crore. Earnings per share improved to ₹7.6. Despite profit growth, the net profit margin contracted to 8.64%. GRSE signed MoUs with various companies to strengthen technical capabilities and achieve self-reliance in underwater surveillance.

Bharat Forge: The company reported a net profit of ₹269.4 crore for Q1FY25, below expectations due to an exceptional loss of ₹146 crore. Revenue for the quarter was ₹2,338 crore, up 10% YoY. EBITDA increased 18.7% to ₹651.3 crore, with margins expanding by 200 basis points to 28%. Bharat Forge secured new orders worth ₹980 crore across various sectors. The Defence business reported a 147% jump in revenue to ₹642 crore, with an executable order book of ₹5,400 crore.

ABB India: The company reported a 50.3% YoY increase in net profit at ₹443.5 crore for Q2FY24. Revenue from operations rose 12.8% to ₹2,830.9 crore. EBITDA jumped 55.6% to ₹542.5 crore, with an EBITDA margin of 19.2%. Profit before tax was ₹594 crore for the quarter. The company has a strong order backlog of ₹9,517 crore and declared an interim dividend of ₹10.66 per share.

Biocon: The company reported a 550.5% increase in Q1FY25 net profit to ₹659.7 crore, driven by a ₹1,057.3 crore gain from a transaction in its Biologics business. Revenue from operations rose 8.3% to ₹2,613.4 crore. Biocon’s Biologics business entered a deal with Eris Lifesciences for the sale of its business in March 2024. The company recommended a final dividend of ₹0.5 per equity share, subject to shareholder approval.

IRCON International: The company posted a 19% increase in consolidated net profit to ₹224 crore, up from ₹187.36 crore last year. Revenue from operations declined 17% to ₹2,287 crore from ₹2,763.84 crore, reflecting a ₹477 crore reduction year-over-year. EBITDA rose 13.3% to ₹357 crore with a 15% margin. Standalone total income fell to ₹2,278 crore from ₹2,693 crore, and standalone revenue from operations decreased to ₹2,180 crore from ₹2,626 crore. Standalone profit after tax increased by 9.2% to ₹177 crore from ₹162 crore.

Nazara Technologies: The company acquired UK-based Fusebox Games for ₹228 crore. Fusebox, known for interactive story-based games, reported ₹87 crore in revenue and ₹11.7 crore in EBITDA in 2023. Nazara has approximately ₹900 crore in cash reserves for further acquisitions. The company also received an LOI for acquiring Smaaash Entertainment and recently acquired DeltiasGaming.Com.

Vedanta: The company has put its plan to sell its steel business on hold after a $1 billion share sale eased financial pressure. The sale was intended to raise about $2.5 billion to reduce debt. Environmental and regulatory concerns deterred potential bidders. Vedanta entered the steel business in 2018 by acquiring a 90% stake in ESL Steel Ltd. The company may revisit the sale later.

Page Industries: The company reported a rise in first-quarter profit to ₹165 crore, up from ₹158 crore last year, driven by strong demand for athleisure products. Revenue from operations rose 4% to ₹1,278 crore. Input costs fell 10% to ₹260 crore, but total expenses rose 4%. The EBITDA margin contracted to 19% from 19.4%. The company flagged subdued consumption growth but sees early signs of recovery.

Sobha: The company’s consolidated net profit plunged 50% YoY to ₹6.06 crore in Q1FY25 from ₹12.05 crore last year. The company posted a revenue of ₹669 crore in Q1, down from ₹901 crore in Q1 FY24. Collections from homebuyers increased by 14% to ₹1,546 crore. Quarterly sales stood at ₹1,874 crore, up 28% YoY. Sobha launched four new residential projects with a total saleable area of 3.04 million sq ft. The company’s debt reduction continued for 15 consecutive quarters with a debt-equity ratio of 0.47.

HUDCO: State-run Housing & Urban Development Corporation (HUDCO) plans to raise up to $1 billion through external commercial borrowing (ECB) in FY25, part of its projected ₹35,000 crore ($4.17 billion) borrowing. The company aims to reduce funding costs through diverse sources, including FCNR, ECB, and bonds. This increased borrowing aligns with the government’s plan to build 30 million affordable homes under the Pradhan Mantri Awas Yojana (PMAY) scheme, with HUDCO expected to finance a significant part of the ₹7.8 trillion required by states.

Power Finance Corporation: PFC secured a loan of 25.5 billion Japanese yen (around ₹147 crore) from Japan Bank for International Cooperation (JBIC) for a wind energy project. This long-term loan is part of JBIC’s GREEN initiative and is co-financed by Sumitomo Mitsui Banking Corporation and other Japanese banks. JBIC will also provide a guarantee for the portion of the loan co-financed by these private financial institutions. The loan proceeds will finance the 300.3 MW wind energy project of Ostro Kannada Power Private Ltd (OKPPL) in Karnataka.

Oil India: The company reported a 9.1% YoY decline in Q1 standalone net profit to ₹1,466.8 crore compared to ₹1,613.4 crore in the same period last year. Revenue (excluding excise duty) rose 17.7% to ₹5,331.9 crore from ₹4,531.2 crore.

Gujarat State Petronet: The company’s consolidated Q1 net profit grew 21.3% YoY to ₹526.5 crore compared to ₹434 crore in the same period last year. Revenue increased 15% to ₹4,727 crore from ₹4,108.3 crore earlier.

Va Tech Wabag: The company reported a 10.5% YoY increase in consolidated Q1 net profit to ₹54.8 crore compared to ₹49.6 crore in the same period last year. Revenue rose 13.3% to ₹626.5 crore from ₹552.8 crore.

Bharat Rasayan: The company’s consolidated Q1 net profit surged 508.2% YoY to ₹43.1 crore compared to ₹7.09 crore in the same period last year. Revenue grew 18% to ₹282.2 crore from ₹239.2 crore.

Astral: The company reported a 0.5% YoY increase in net profit at ₹120.4 crore for Q1FY25. Revenue from operations climbed 7.8% to ₹1,383.6 crore. EBITDA increased 5.9% to ₹213.8 crore, with an EBITDA margin of 15.5%. Astral launched Astral Paints in Gujarat and Karnataka and achieved a decade-high gross profit percentage of 40.55%. Consolidated cash and bank balances stood at ₹552.8 crore.

India Shelter Finance Corporation: The company reported a 78% jump in June quarter net profit to ₹83.3 crore against ₹46.9 crore last year, backed by 38% business expansion. The company’s assets under management rose to ₹6,509 crore at the end of June. The mortgage lender operates out of 236 branches in 15 states and focuses on providing affordable home loans and loans against property in Tier 2 and 3 geographies in India. The company’s return ratios remain healthy at 5.6% RoA and 14.3% RoE.

Sansera Engineering: The company reported a 10.8% YoY increase in net profit at ₹50.1 crore for Q1FY25, up from ₹45 crore in the same period last year. Revenue from operations rose 12.7% to ₹743.9 crore, while EBITDA increased 12% to ₹127.5 crore. EBITDA margin stood at 17.1%. Gross margins improved by 2 percentage points, but EBITDA margins remained flat due to higher employee and logistics costs. Net debt stood at ₹771.8 crore.

Phillips Carbon Black: PCBL reported an 8.1% YoY increase in net profit at ₹118 crore for Q1 FY25, up from ₹109 crore last year. Revenue from operations jumped 59% to ₹2,143.6 crore. EBITDA surged 70% to ₹358.2 crore, with an EBITDA margin of 16.7%. PCBL achieved its highest-ever sales volume at 1,53,918 MTPA, with Speciality Black sales volume up 33%. Export sales volume grew 56%, and green power generation increased 24% to 194 MU.

Caplin Point Laboratories: The company’s subsidiary received US FDA approval for Timolol Maleate Ophthalmic Solution. The drug, used for treating elevated intraocular pressure, has US sales of approximately $45 million. Caplin Point reported a 19.8% YoY growth in net profit at ₹124.92 crore for Q1 FY25, with revenue from operations rising 16.1% to ₹458.96 crore. Gross profit jumped 25.1% to ₹273.48 crore. EBITDA increased 23% to ₹170.37 crore, with an EBITDA margin of 35.7%. Free Cash Flow stood at ₹59 crore.

Multi Commodity Exchange of India: SEBI approved the appointment of Praveena Rai as MD & CEO of MCX. The appointment is subject to acceptance of the offer and shareholder approval. Praveena Rai, currently the COO of the National Payments Council of India (NPCI), has over 25 years of banking experience.

Wipro: The IT services company partnered with US-based Cyble to enhance enterprise cybersecurity risk management through AI-driven threat intelligence solutions. The collaboration integrates Cyble’s AI systems with Wipro’s security expertise to provide real-time threat intelligence, proactive attack surface management, and comprehensive risk assessments. This partnership aims to fortify businesses against advanced cyber threats and ensure early threat detection with effective responses.

Mahindra & Mahindra: The company received a GST notice over the use of the ‘Mahindra’ brand name by various group companies. The show-cause notice asks M&M why it should not pay GST on the services it provides to its subsidiaries by allowing them to use the flagship brand and logo for the 2017-2023 period. The notice raises questions about the GST authorities widening the interpretation of the law, applying the tax to “related party transactions” even when no consideration is exchanged. This scrutiny follows similar notices issued to several builders in Mumbai earlier this year.

Brightcom Group: The company’s statutory auditors, DP Sarda & Co, resigned citing “lack of required information” and “inadequate cooperation” from the company. The resignation letter listed several significant issues, including the absence of shareholder approval for the appointment of auditors and delays in quarterly reviews. The company has appointed a new statutory auditor, M/s Pradeep & Pradeep. The auditors expressed concerns about their ability to meet professional statutory obligations due to the lack of cooperation from the company.

GAIL India: The company has partnered with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) to optimize the operations of RRVUNL’s gas-based power plants in Rajasthan. Both entities will collaborate to establish around 1,000 MW of solar and wind projects.

Nexus REIT: Blackstone plans to sell 33 crore units of its REIT firm ‘Nexus Select Trust’ for nearly ₹4,500 crore through a block deal on the stock exchanges. Blackstone currently holds around a 43% stake in Nexus Select Trust, with the block deal expected to occur on Friday.

SJVN: SJVN Green Energy, a subsidiary of SJVN, has commissioned the 90 MW Omkareshwar Floating Solar Project, increasing SJVN’s total installed capacity to 2,466.50 MW.

Shriram Finance: The company has signed a co-lending agreement with Axis Bank to extend financial assistance and/or credit facilities for LAP loans and/or new commercial vehicle loans.

Protean eGov Technologies: Standard Chartered Bank has exited Protean by selling its entire 3.09% shareholding at an average price of ₹1,799.79 per share.

Utkarsh Small Finance Bank: The Reserve Bank of India has approved an increase in the authorized capital of Utkarsh Small Finance Bank from ₹1,500 crore to ₹2,000 crore, along with an amendment to the Memorandum of Association (MOA).

Apollo Micro Systems: Foreign portfolio investor Nexpact sold a 0.52% stake in the company at an average price of ₹111.95 per share.

JHS Svendgaard Laboratories: Venture capital fund Sixth Sense India Opportunities II offloaded 0.6% of shares in the company at an average price of ₹24.44 per share.

Gateway Distriparks: The company has received board approval for the appointment of Sundaram Aiyer as Chief Financial Officer, effective August 8.