Market Commentary - Stock Alert
Stocks in News: RIL, Titan Company, Tata Steel, Ideaforge Technology and more As on : 07-Jul-23  08:41

Reliance Industries (RIL): The National Company Law Tribunal, Mumbai Bench (NCLT), has sanctioned the Scheme of Arrangement between RIL and its shareholders and creditors & Reliance Strategic Investments Limited. The company and Reliance Strategic Investments Limited will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments Limited.

Titan Company: The company recorded revenue growth of 20% YoY for Q1 FY24 with all key consumer businesses exhibiting double digit growth in the quarter. Jewellery Division rose 21 % YoY in Q1 FY24.

Tata Steel: Tata Steel India crude steel production stood at 5.01 million tons in Q1 FY24, , with a growth of 2% YoY primarily driven by ramp up at Neelachal Ispat Nigam Limited. Production was lower QoQ on planned maintenance shutdowns. Deliveries at 4.8 million tons were higher by 18% on YoY basis, driven by rise in domestic deliveries.

NTPC: Unit-2 of 660 MW capacity of Stage-I (3 x 660 MW) of Barh Super Thermal Power Project in Bihar, has successfully completed trial operation and consequently included in the installed capacity of NTPC. With this, installed capacity of NTPC and NTPC group has become 57038 MW and 73024 MW respectively.

Ideaforge Technology: Shares of the company will debut on the bourses today, 7 July 2023. The issue price has been fixed at Rs 672 per share.

Sobha: The realty firm reported achieved sale value of Rs. 1465 crore in Q1 FY24, up by 27.9% compared to Q1 FY23. Average price realization was Rs. 10,506 per sft in Q1 FY24, registering growth of 24.6% compared to Q1 FY23 and 6.1% compared to previous quarter Q4FY23.

Indian Hotels: The hospitality firm signed 11 hotels and opening 5 new hotels across destinations in Q1 FY24. With the company's current portfolio of 270 hotels, the company remains well poised to achieve its vision of 325+ hotels by 2025.

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