Market Commentary - Stock Alert
L&T, Tata Motors, Union Bank of India, IRCTC to be watched As on : 26-Jul-23  08:06

L&T: The EPC major's consolidated net profit climbed 46.47% to Rs 2,493 crore on 33.55% rise in revenue from operations to Rs 47,882.37 crore in Q1 FY24 over Q1 FY23. The consolidated order book of the group was at Rs 412,648 crore as on 30 June 2023, with international orders having a share of 29%.

Meanwhile, the company's board has approved a share buyback of upto Rs 10,000 crore at a price not exceeding Rs 3,000 per equity share through tender offer route. The company plans to buyback up to 3.33 crore equity shares, representing 2.4% of the fully paid up equity share capital of the company.

Tata Motors: The auto major reported a consolidated net profit of Rs 3,202.80 crore in Q1 FY24 as against a net loss of Rs 5,006.60 crore recorded in Q1 FY23. Total revenue from operations jumped 42.12% YoY to Rs 1,02,236.08 crore in the quarter ended 30 June 2023.

Further, the board has approved a scheme of arrangement for reduction of capital of the company by way of cancellation of the entire 'A' ordinary (DVR) shares of the company and issuance and allotment of the ordinary shares. Upon effectiveness of the scheme, the company shall issue 7 fully paid up new ordinary shares of face value of Rs 2 for every 10 'A' ordinary shares of face value of Rs 2 as a consideration for the reduction and cancellation of 'A' ordinary shares.

Union Bank of India: The bank has embarked on Project Sambhav, a Digital Transformation project powered by state-of-art Digital Business Platform which aims at creating a Digital Bank within Bank through building omni channel capabilities, data driven hyper personalization with capabilities to cross sell & up sell, STP journeys and Open Banking capabilities for integration of service across partnership.

UTI Asset Management Company: The company's consolidated net profit rose 154% to Rs 234 crore on 53% rise in total income to Rs 468 crore in Q1 FY24 over Q1 FY23.

IRCTC: IRCTC is running two Bharat Gaurav Tourist Train to cover Ram Katha at the Jyotirlingas across India. The journey spans approximately 11,000 kilometers, covering 8 states, and takes devotees to 12 Jyotirlinga temples, three sacred Dhams, and the Tirupati Balaji temple.

Satin Creditcare Network: The meeting of the board of directors of the company is scheduled on 28 July 2023to consider and approve the fund raising proposal by way of issuance of listed/unlisted, secured/unsecured, non-convertible debenture on private placement basis.

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