Stocks to watch: Bajaj Finance, IDFC, DMart, RIL, IndusInd Bank, Vedanta, M&M Financial

A host of companies have come out with business updates on June quarter including Avenue Supermarts, Bajaj Finance, Vedanta and Mahindra & Mahindra Financial Services. Like the HDFC twins, IDFC and IDFC Bank have received merger approval from their respective boards. On the other hand Reliance Industries' telecom arn Reliance Jio has introduced an internet-enabled JioBharat feature phone priced at Rs 999. These stocks and many others will be in focus on Tuesday morning.

IDFC Ltd, IDFC First Bank

The boards of IDFC First Bank Ltd and IDFC Limited approved their merger proposal. The share exchange ratio for the amalgamation of IDFC Limited with IDFC First Bank shall be 155 equity shares of face value of Rs 10 of IDFC First Bank for every 100 equity shares of face value of Rs 10 of IDFC Limited. This comes days after Housing Development Finance Corp Ltd merged with HDFC Bank in a $40-billion deal, the largest in India's corporate history.

Avenue Supermarts Ltd (DMart)

Avenue Supermarts Ltd (DMart) on Monday said its standalone revenue grew 18.12 per cent year-on-year (YoY) to Rs 11,584.44 crore for the June quarter compared with Rs 9,806.89 crore in the sme quarter. The Radhakishan Damani-led company reported revenue of Rs 5,031.75 crore in the June quarter of 2021 and Rs 3,833.23 crore in the June quarter of 2020. In a brief BSE filing post market hours of Monday, DMart said the total number of stores stood at 327 at the end of June quarter.

Reliance Industries Ltd

Reliance Industries' telecom arm Reliance Jio has introduced an internet-enabled JioBharat feature phone priced at Rs 999 to facilitate the transition of 2G users to 4G network in India. JioBharat recharge plan starts at Rs 123 for 28 days, which is 30 per cent cheaper versus Vi/Airtel plan and offers 14GB data (7 times more than Vi/Airtel).

IndusInd Bank

The promoter of IndusInd Bank Ltd, IndusInd International Holdings Limited (IIHL), said its board approved raising up to $1.5 billion to increase its shareholding in the lender to 26% from the current 15% and fund Reliance Capital acquisition. Chairman of IIHL, Ashok P Hinduja, said: “This strategic decision opens boundless opportunities to expand IIHL’s business horizon in India and other global geographies, in the BFSI sector. IIHL’s aspirations will not be capital constrained as raising capital for IIHL is not an issue at all."

Bajaj Finance Ltd

Bajaj Finance Ltd said its assets under management (AUM) grew 32 per cent to Rs 2,70,050 crore as of June 30 compared with Rs 2,04,018 crore as of June 30, 2022. The NBFC recorded highest ever quarterly increase in its AUM of approximately Rs 22,700 crore in Q1FY24. Deposits book stood at approximately Rs 49,900 crore at June end against Rs 34,102 crore in the year-ago period, up 46 per cent. Customer franchise as of June 30 stood at 72.98 million compared with 60.30 million as of 30 June 2022. The NBFC recorded highest ever quarterly increase in its customer franchise of 3.84 million in Q1 FY24.

Mahindra & Mahindra Financial Services Ltd

Mahindra & Mahindra Financial Services said its June disbursement stood at Rs 4,250 crore, up 12 per ecnt YoY. The Q1FY2024 disbursements came in at Rs 12,150 crore registered a growth of 28 per cent YoY. Healthy disbursement trends during Q1FY2024 have led to business assets at Rs 86,600 crore, growth of 4.6 per cent over March 2023 and 28 per cent over June 2022. The Collection Efficiency (CE) stood at 96 per cent for June while it was at 94 per cent for the quarter.

Vedanta Ltd

The Anil Agarwal-led company said its alumina production at Lanjigarh refinery dropped 18 per cent YoY and 4 per cent sequentially. The cast metal aluminium production rose 2 per cent YoY to 579kt due to efficiency in the operations. In the case of Zinc India, Vedanta saw the highest-ever mined metal production in the first quarter at 257kt, up 2 per cent YoY on account of higher ore production, primarily at Rampura Agucha and Kayad mines, supported by improved mined metal grades and better mill recovery. In line with mine preparation activities being carried out every year in first quarter, mined metal production was down 15 per cent QoQ. Zinc International's overall production increased 1 per cent YoY and 9 per cent QoQ to 68kt.

Hero MotoCorp

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, and American motorcyclemaker Harley-Davidson launched their co-developed premium motorcycle – the Harley-Davidson X440 in India. The Harley-Davidson X440 becomes the first premium motorcycle to be introduced under the licensing agreement between the two brands

Biocon Ltd
Biocon Biologics, a subsidiary of Biocon Ltd, said HULIO injection, a biosimilar to Humira® (adalimumab), is now available to patents in the United States after five years of experience in Europe and two years in Canada. Biocon Biologics, which recently announced its acquisition of Viatris’ global biosimilars business, has secured multiple biosimilar approvals in the US, Europe, and over 100 countries across the globe.

Tanla Plaforms Ltd

Tanla Platforms Ltd has completed the acquisition of 100 per cent of the paid-up share capital of ValueFirst Digital Media Private Limited in terms of the share purchase agreement dated June 8, 2023. Pursuant to completion of this acquisition, VF Digital India becomes a wholly owned subsidiary of Tanla Platforms Limited with effect from July 3, 2023.

Greenlam Industries Ltd

CARE Ratings has assessed the bank facilities of the company and has re-affirmed the credit ratings of the said banking facilities.

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