News Update July 7

Kotak Mahindra Bank

The bank’s subsidiary Kotak Securities has entered into an agreement to buy a 9.96 percent stake in Kredent InfoEdge Pvt Ltd for Rs 10 crore.

Mahindra & Mahindra

The company will buy a 31.2 percent stake in ReNew Sunlight Energy for Rs 16.07 crore

Titan Company

The company recorded revenue growth of around 117 percent (excluding bullion sales), in Q1FY22. Jewellery division grew by around 107 percent (excluding bullion sales), compared to last year, primarily due to zero sales in April of last year. Watches and wearables division grew by around 280 percent, EyeWear division grew by around 117 percent, YoY. 

NMDC

The government’s 7 percent stake sale in NMDC got off to a good start on Tuesday, with institutional investors putting in bids worth over Rs 3,700 crore. 

Bajaj Auto

The company has reduced the price of Dominar 250 bike by Rs 16,800 to Rs 1,54,176 (ex-showroom Delhi)

Sobha

The company achieved a total sales volume of 8,95,539 square feet of super built-up area valued at Rs 682.9 crore in Q1FY22 against 6,50,400 square feet of super built-up area valued at Rs487.7 crore sold in Q1FY21

RBL Bank

The bank’s total deposits in Q1FY22 grew by 21 percent YoY to Rs 74,480 crore and gross advances increased by 2 percent to Rs 58,755 crore

TVS Motor Company

The company has launched a 125 cc scooter NTORQ 125 Race XP priced at Rs 83,275 (ex-showroom, Delhi)

Tata Power

The company’s shareholders approved the re-appointment of its Chairman Natarajan Chandrasekaran as director of the firm

Mastek

Hiral Chandrana has been appointed as the Global Chief Executive Officer of Mastek Group. 

Gillette India 

The company appointed Gautam Kamath as Chief Financial Officer and Additional (Executive) Director effective August 1 

Tata Motors

The auto major issued an unexpected profit warning. Volumes at Jaguar Land Rover could come under a cloud for the rest of the current quarter due to supply shortages of semiconductors which has only become worse. Tata Motors has already lost 30,000 units in the Junę quarter only preceded by a loss of 7,000 units in the March quarter.

State Bank of India

The bank will auction two non-performing accounts (NPAS) next month to recover dues of over Rs 313 crore, according to a notice by the lender. The two accounts be put up for e-auction on August 6 are Bhadreshwar Vidyut Pvt Ltd (BVPL) with a loan outstanding of Rs 262.73 crore and GOL Offshore Ltd with Rs 50.75 crore dues. 

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