Market Commentary - Stock Alert
Auto stocks, Shree Cement, Paytm, JSPL in focus As on : 01-Feb-24  08:42

Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for January starting from 1 February 2024.

Shree Cement: Shree Cement reported 165% rise in net profit to Rs 734 crore on 20% rise in net revenue from operations to Rs 4901 crore in Q3 FY24 over Q3 FY23. Total sale volume increased YoY by 11% from 8.03 million tonnes to 8.89 million tonnes.

Jindal Steel & Power (JSPL): Jindal Steel & Power reported consolidated net profit of Rs 1928 crore as compared to net profit of Rs 518 crore in Q3 FY23. Gross revenue stood at Rs 13,698 crore in Q3 FY24 as compared to Rs 14,469 crore in Q3 FY23.

One 97 Communications (Paytm): The Reserve Bank of India (RBI), has directed Paytm Payments Bank (PPBL) that no further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after 29 February 2024, other than any interest, cashbacks, or refunds which may be credited anytime.

Indus Towers: US private equity giant KKR and top Canadian pension fund Canada Pension Plan Investment Board ( CPPIB) have reportedly launched a $465 million block deal in Indus Towers. KKR is looking to sell its complete stake in Indus Towers, which stands at 4.85% for $323 million while CPPIB wants to sell a 2.14% stake for $142 million.

Gujarat Gas: Gujarat Gas has signed Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Limited (HPCL) for mutual benefit of each other.

Glenmark Pharmaceuticals: Pfizer and Glenmark Pharmaceuticals have joined hands to launch abrocitinib, a first of its kind oral advanced systemic treatment for moderate‐to‐severe atopic dermatitis (AD), in India.

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