Market Commentary - Stock Alert
L&T, Vedanta, Oberoi Realty, Aurobindo Pharma in focus As on : 20-Nov-23  08:41

Larsen & Toubro (L&T): L&T said that it has received a total penalty of Rs 238.95 crore from General Tax Authority of Qatar for variation in the income as declared by the company. The company said that the penalty levied is arbitrary and unjustified. Hence it has filed an appeal.

Vedanta: CRISIL Ratings has downgraded its ratings on the long-term bank facilities and debt instruments of the company to ?CRISIL AA-? from ?CRISIL AA? and placed these ratings on ?Rating Watch with Developing Implications? from ?Rating Watch with Negative Implications? while reaffirming the ratings on the short-term debt instruments of the Company at ?CRISIL A1+? and placing these ratings also on ?Rating Watch with Developing Implications?.

Oberoi Realty: Oberoi Realty has sealed a deal with Ireo Residences Company and other stakeholders to procure around 14.816 acres (59,956.20 square meters) of land in Sector 58, Gurugram, Haryana. The acquisition, valued at approximately Rs 597 crore, encompasses both financial considerations and area allocation for existing homeowners and other stakeholders.

Aurobindo Pharma: Aurobindo Pharma said that US FDA?s inspection at Telangana-based facilities of its wholly owned subsidiary APL Healthcare has concluded with zero observations and a classification of 'no action indicated' (NAI).

ESAF Small Finance Bank: The bank reported standalone net profit of Rs 140.12 crore in Q2 FY24, steeply higher from Rs 57.58 crore recorded in Q2 FY23. The bank?s total income stood at Rs 1,022.28 crore in Q2 FY24, registering a growth of 35.72% YoY.

Newgen Software Technologies: The company said that a meeting of the board of directors is scheduled to be held on 27 November 2023 to consider and recommend a proposal for declaration of bonus shares to the equity shareholders of the company.

Orissa Minerals Development Company (OMDC): OMDC has reported a net profit of Rs 1.92 crore in Q2 FY24 as against a net loss of Rs 6.53 crore in Q2 FY23. Net sales jumped to Rs 16.62 crore in the second quarter from Rs 5.20 crore recorded in the same period last year.

NBCC (India): The company has entered into the Memorandum of Understanding with Institute of the Chartered Accountant of India (ICAI) whereas the ICAI has agreed to award the work relating to ?Planning, Designing and Execution of ICAI?s Buildings & Renovation Works at various location in India? as deposit work on turnkey basis.

Electrosteel Castings: The company said that it will carry out repairs and maintenance of its blast furnace at its Khardah unit, west Bengal tentatively from 24 November 2023.

Kaynes Technology India: The company announced that its board has approved the raising of funds for an amount not exceeding Rs 1,400 crore.

Dalmia Bharat Sugar and Industries: The company has said that there is a disruption in operations at Kolhapur and Ninaidevi Units, in Maharashtra due to Farmer?s Sangathan Agitation.

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