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Market Commentary - Stock Alert
Kotak Mahindra, Foseco India, Rain Industries, RITES in focus As on : 26-Feb-24  08:57

Kotak Mahindra Bank: In respect of the proposed acquisition of the shares of Kotak Mahindra General Insurance Company (Kotak General) by Zurich Insurance Company Ltd (Zurich), the parties to the aforesaid transaction, viz., the Bank, Zurich and Kotak General have mutually agreed that Zurich will acquire 70% stake in Kotak General by way of a combination of primary and secondary acquisitions in a single tranche, for a total consideration of approximately Rs 5,560 crore.

Foseco India: Foseco India reported 33.14% jump in consolidated net profit to Rs 16.31 crore in Q4 FY23 as compared to Rs 12.25 crore in Q4 FY22. Revenue from operations declined 15.72% to Rs 122.32 crore in Q4 FY23 from Rs 105.70 crore recorded in the corresponding quarter previous year.

Rain Industries: Rain Industries reported a net loss of Rs 1,118.75 crore in Q4 FY23 as against net profit of Rs 89.52 crore in Q4 FY22. Revenue from operations declined 24.85% to Rs 4,100.58 crore in Q4 FY23 from Rs 5,456.81 crore recorded in the corresponding quarter previous year.

RITES: RITES said that Infomerics Valuation and Rating (IVR) has reaffirmed long-term rating on the credit facitilies of the company at 'IVR AAA? with a 'stable? outlook.

Aditya Birla Capital: Aditya Birla Capital announced that it has made an investment of Rs 50 crore in its wholly owned subsidiary, Aditya Birla Capital Digital (ADBCDL) on right basis.

Sanofi India: Sanofi India reported 5.19% jump in net profit to Rs 137.7 crore in Q4 FY24 as compared with Rs 130.9 crore in Q3 FY23. Revenue from operations increased 3.27% YoY to Rs 693.9 crore in Q4 FY24.

Skipper: Skipper said that it has received an order worth Rs 737 crore from Power Grid Corporation of India to construct transmission line.

Shakti Pumps (India): The company announced that it has received work order from Haryana Renewable Energy Department (HAREDA) for supply of 2,443 pumps under KUSUM‐3 scheme.

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