Stocks in news: ICICI Bank, BHEL, UltraTech, PNB, IndusInd, DRL, IndiGo, IDFC First and HZL

Indian headline indices posted solid gains during the trading session on Friday amid a host of positive global cues and select buying. The BSE Sensex rallied 1,292.92 points, or 1.62 per cent, to end the week at 81,332.72. NSE's Nifty50 soared 428.75 points, or 1.76 per cent, to close at 24,834.85. Here are the stocks that may remain under spotlight before the opening bell on Friday, July 26, 2024:

Q1 results today

Bharat Electronics, Adani Total Gas, Colgate-Palmolive (India), Hindustan Petroleum Corporation, Indian Bank, ACC, Adani Wilmar, KEI Industries, Vedant Fashions, Whirlpool of India, Pfizer, Kansai Nerolac Paints, Jindal Saw, Data Patterns (India), Arvind, Quess Corp and more will announce their earnings for the June 2024 quarter later today.

Corporate actions today

Shares of Automotive Axles, Birla Corp, Deepak Nitrate, Fairchem Organics, Info Edge (India), Orient Cement, DB Corp, EIH Associated Hotels and more will trade ex-dividend today. The rights of Nirman Agri Genetics will open today, where 11 shares are being offered for 29 equity shares.

ICICI Bank

The private sector reported a net profit of Rs 11,059.1 crore for the first quarter of fiscal year 2025, up 14.6 per cent YoY. The bank's net interest income came in at Rs 19,552.9 crore, 7.3 per cent up YoY. The gross non-performing asset of the lender came in at 2.15 per cent.

UltraTech Cement

The cement major has received board approval for the acquisition of a 32.72 per cent stake in India Cements at a price of Rs 390 per share. The cost of acquisition is Rs 3,954 crore. In addition, it announced an open offer for an additional 26 per cent stake in India Cements at Rs 390 per share, which is a 4 percent premium over Friday's closing price.

IndusInd Bank

The private lender reported a consolidated profit after tax (PAT) of Rs 2,171 crore for the quarter ended June 30, 2024, up by 2 per cent YoY. The net interest income (NII) grew by 11 per cent YoY to Rs 5,408 crore, while the net interest margins (NIM) were stable at 4.25 per cent in Q1 FY25.

Maruti Suzuki India

The carmaker has received a final assessment order with a total tax demand (including interest) of Rs 779.2 crore. It has also received a Show Cause Notice for the initiation of penalty proceedings concerning this order. Maruti will be filing an appeal before the Income Tax Appellate Tribunal.

Dr Reddy's Laboratories

The pharma major announced that its June quarter profit after tax fell 0.8 per cent YoY to Rs 1,392 crore while revenue jumped 13.9 per cent to Rs 7,673 crore. The Hyderabad-based drug player's board also approved a split of equity shares in the ratio of 1:5, which means that 1 existing share will split into 5.

NPTC

Power generation major NTPC reported that its Q1FY25 net profit jumped to Rs 4,511 crore, up 11 percent year-on-year. The consolidated revenue for the April-June quarter rose 13.5 per cent YoY to Rs 44,419.2 crore.

Power Grid Corporation of India

The state run utility player posted a 3.52 per cent rise in its consolidated net profit to Rs 3,723.92 crore for the June quarter, mainly on account of higher income. During the quarter, its total income rose to Rs 11,279.59 crore from Rs 11,257.60 crore in the April-June quarter of the preceding 2023-24 fiscal.

Bharat Heavy Electricals

The capital goods players has received a letter of intent (LOI) from Damodar Valley Corporation (DVC) for setting up the 2x800 MW Koderma Phase-II thermal power station at Koderma in Jharkhand on an EPC basis. The contract is worth Rs 10,000 crore.

InterGlobe Aviation

The budget carrier reported a 11.7 per cent YoY fall in its first-quarter profit for the ongoing financial year 2024-25 at Rs 2,728.8 crore as against Rs 3,090.6 crore in the year-ago period. The parent company of IndiGo clocked a 17.3 per cent YoY rise in revenue to Rs 19,570.7 crore in the June 2024 quarter.

IDFC First Bank

The private sector lender reported that its June quarter standalone net profit fell 11 per cent YoY to Rs 680.65 crore due to increased provisions in JLG (joint liability group) business due to floods in Tamil Nadu. Its net interest income (NII) during the quarter rose 25.4 per cent to Rs 4,695 crore while interest income jumped 28 per cent to Rs 8,789 crore

Colgate Palmolive India

The FMCG has received a final assessment order for Assessment Year 2020-21, demanding Rs 248.7 crore for transfer pricing-related issues. The company will be filing an appeal before the Income Tax Appellate Tribunal against the said order. There is no impact on the financial operations or any other activities of the company due to this order.

REC

The state-run player reported a net profit of Rs 3,442.5 crore, rising 14.7 per cent YoY. The company's net interest income (NII) surged by 31.5 per cent YoY Rs 4,479.2 crore. The gross non-performing assets (GNPA) ratio improved to 2.61 per cent, from 2.71 per cent sequentially.

Monarch Networth Capital

The integrated financial services firm listed on exchanges announced fundraising and issued bonus shares. The company has secured an equity fund raise of Rs 300 crores at Rs 560 per share through preferential allotment and the board has approved a 1:1 bonus issue of shares for its investors, as per a company stock filing.

Hindustan Zinc

The metal miner has received an order from the Assessment Unit, Income Tax Department (NFAC) for the Assessment Year 2013-14, demanding Rs 1,884.3 crore on July 25. It has already filed an application for rectification of mistakes on July 26 and is hopeful of a favourable outcome from the said rectification application.

Punjab National Bank

The public sector lender reported a net profit of Rs 3,252 crore for the quarter ended June 30, 2024, up 159 per cent on a yearly basis. The bank's net interest income came in at Rs Rs 9,504.3 crore, 10.2 per cent up YoY. The gross non-performing asset of the lender was at 4.98 per cent versus 5.73 percent last quarter.

Glenmark Life Sciences

The pharma player has been issued with a closure notice for its Ankleshwar facility by the Gujarat Pollution Control Board (GPCB). GPCB has ordered the company to deposit interim environmental damage compensation as determined by GPCB and to submit a bank guarantee of Rs 15 lakh for compliance assurance at the time of revocation.

Biocon

The USFDA conducted the cGMP and pre-licensing inspection at Biocon Biologics’ facilities in Bengaluru during July 15-26. At the close of the inspection, the regulator issued a Form-483 with 10 observations: one across the four drug substance facilities, seven across the two drug product facilities, and two on the analytical quality control laboratories.

Godawari Power and Ispat

The metal company has received permission from the Chhattisgarh Environment Conservation Board for setting up a 2 million ton pellet plant for the expansion of iron ore pelletisation capacity from 2.7 to 4.7 MTPA. The pellet plant is proposed to be financed from internal accruals of the company and is expected to be commissioned by Q1FY26.

Manappuram Finance

The gold and microfinancing company has received intimation from its subsidiary company and its service vendor (Manappuram Comptech and Consultants) about a potential fraud perpetuated by an employee. The estimated quantum of the potential fraud is Rs 20 crore. It has appointed KPMG to conduct a detailed analysis of the fraud.

Jubilant Pharmova

The pharma company has received an order from the Income Tax Department for FY20, raising a tax demand of Rs 38.13 crore on its subsidiary Jubilant Generics due to mistakes apparent from records apart from certain transfer pricing adjustments.

Laxmi Organic Industries

The specialty chemical player has received an Assessment Order from the Income Tax Department for the assessment year 2020-21, demanding Rs 26.27 crore for the income tax return filed for FY 2020-21. It believes the claim under the said assessment order is not maintainable and is in the process of preferring an appeal and rectification against the order.

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