Stocks in news: YES Bank, Ola Electric, SBI, Tata Steel, Hindustan Zinc, PNB and SpiceJet

Indian benchmark indices settled marginally higher on Wednesday following a volatile trading session. Rich valuations and muted global cues kept the traders cautious. BSE Sensex rose 149.85 points, or 0.19 per cent, to end the day at 79,105.88. NSE's Nifty50 added merely 4.75 points, or 0.02 per cent, to close at 24,143.75 for the day. Here are the stocks that may remain under spotlight before the opening bell on Friday, August 16, 2024:
 

Corporate actions today: Shares of Jamshri Realty will trade ex-split in 1:100 ratio, while the rights issue of AF Enterprises will open today. Shares of Apollo Hospitals, Bata India, Astral, Bharti Hexacom, Coal India, CONCOR, Electrosteel Castings, Godawari Power, Macrotech Developers, Page Industries, Power Grid, Rossari Biotech, Thomas Cook and more will trade ex-dividend today.
 

SBI, PNB: The Karnataka government has decided to sever all its ties with India’s largest public sector lender State Bank of India (SBI) and the Punjab National Bank (PNB) over financial frauds that led to embezzlement of public money. The move announced through a circular dated August 12, 2024, follows allegations of fund misappropriation involving employees of these lenders.
 

Tata Steel: The Tata Group owned metal player has acquired 115.92 crore ordinary equity shares of its subsidiary, T Steel Holdings, for $182 million (Rs 1,528.24 crore). Post this acquisition, T Steel Holdings will continue to be a wholly owned subsidiary of the company.
 

Glenmark Pharmaceuticals: The drug maker reported a more than two-fold growth in first-quarter profit, helped by strong demand for its drugs and a marginal decrease in costs. It reported consolidated profit before exceptional items and taxes of Rs 462 crore ($55 million) for the quarter ended June 30. Revenue from operations rose 8 per cent YoY to Rs 3,244 crore.
 

YES Bank: The private lender informed that it has received a redemption amounting to Rs 63 crore from a single trust in the security receipts portfolio.
 

Ola Electric Mobility: The recent stock market debutant's net loss for the quarter ended June 30, 2024 widened by 30 per cent YoY to Rs 347 crore. However, the pure-play EV major's revenue from operations rose 32 per cent YoY to Rs 1,644 crore. The Bhavish Aggarwal-led company's Ebitda loss stood at Rs 205 crore in Q1FY25.
 

Hinduja Global Solutions: The business process management firm reported a multifold jump in net profit at Rs 165.6 crore for the first quarter that ended June 30, 2024, mainly due to sale proceeds of healthcare business received during the period. However, its revenue from operations dipped 3.7 per cent to Rs 1,091.9 crore.s
 

Hindustan Zinc: The metal miner's promoter and parent company Vedanta will be selling a 3.17 per cent stake in Hindustan Zinc through an offer-for-sale (OFS) from August 16-19. The OFS will have a base size of 1.22 per cent with an option to sell an additional 1.95 per cent stake in case of oversubscription. The floor price has been fixed at Rs 486 per share.
 

SpiceJet: The budget carrier reported a 20 per cent decline in its consolidated net profit at Rs 158 crore in the first quarter ended June 2024. The same stood at Rs 198 crore in the last year period. Its revenue from operations in the reporting period fell 15 per cent YoY to Rs 1,708 crore. It clocked an operating profit of Rs 393 crore for the Q1, underpinned by an Ebitda of Rs 401 crore.
 

Max India: The holding company's revenue saw a significant decrease of 34.8 per cent YoY to Rs 26.5 crore, while the net loss for the quarter more than doubled to Rs 26.97 crore for the reported quarter.
 

Power Mech Projects: The civil construction company has received an order worth Rs 114.30 crore from Coastal Energen. The order involves the operation and maintenance of a 1,200 MW (2*600 MW) coal-based thermal power plant, namely Mutiara Thermal Power Plant, owned by Coastal Energen at Melamaruthur, Tamil Nadu, for one year, effective October 1.
 

Suprajit Engineering: The auto component maker's net profit rose 15.16 per cent to Rs 38.14 crore in the quarter ended June 2024 as against Rs 33.12 crore during the previous quarter ended June 2023. Its sales rose 8.12 per cent to Rs 734.86 crore in the quarter ended June 2024 as against Rs 679.68 crore in the year ago period.
 

Pitti Engineering: The industrial products player reported a net profit in the June quarter at Rs 21 crore, up 47 per cent YoY, on the back of strong demand. The revenue was up 33 per cent to Rs 387 crore, while ebitda increased 33 per cent YoY to R 56 crore.