Stocks To Watch Today: IDFC First Bank, AU SFB, HFCL, Yes Bank, Adani Green Energy & More

On 30th October 2023, Yes Bank, Adani Green Energy, IDFC First Bank, Greenlam Industries and HFCL are among the hot stocks that are likely to gain the attention of market watchers today.

IRB Infrastructure Developers

The National Highways Authority of India (NHAI) has sent a Letter of Award to IRB Infrastructure Trust for the project of tolling, operation, maintenance, and transfer of the Four-Lanier Lalitpur-Sagar-Lakhnadon section of NH-44 in the states of Uttar Pradesh and Madhya Pradesh, from km 99.005 to km 415.089 (TOT Bundle 12).

For a revenue-linked concession period of 20 years, the Trust will pay NHAI an upfront concession fee of Rs. 4,428 crores. The project's award would increase IRB's order book by Rs. 3,900 Crs., of which Rs. 600 Crs. will go towards EPC and the remaining Rs. 3,300 Crs. will go towards O&M operations.

Greenlam Industries

In Q2FY24, the company's net revenues were recorded at Rs. 603.6 crores, representing a YoY rise of 16.5%. The company's total laminate business expanded by 15.7% in volume terms and 12.7% in value terms on a year-on-year basis during the quarter that ended on September 30, 2023. In Q2FY24, its net profit was reported at Rs. 39.4 crores, growing by 34.9% on a YoY basis, while its EBIDTA recorded at Rs. 75.6 crores, growing by 40.8% on a YoY basis during the quarter under review.

Hi-Tech Pipes

According to the company, revenue from operations jumped by 25% to Rs. 746.00 crore in Q2FY24 from Rs. 598.52 crore in Q2FY23. This rise was primarily due to a rise in sales volume, improved sales realisation, and higher sales of value-added products. Compared to Q2 FY23's 0.85 lakh tonnes, its total sales volumes climbed by 17.45% to 1 lakh tonnes during the quarter under review, driven primarily by increasing demand for value-added products and steel tubes/structural steel products. From Rs. 23.57 crore in Q2FY23 to Rs. 26.75 crore in Q2FY24, EBITDA climbed by 13.49%.

IDFC First Bank

On Saturday, the bank said its net profit for Q2-FY24 grew 35% YOY from Rs. 556 crore in Q2-FY23 to Rs. 751 crore in Q2-FY24 driven by strong growth in core operating income. Core Operating Profit for the bank improved significantly from Rs. 1,052 crore in Q2-FY23 to Rs. 1,456 crore in Q2-FY24, a 38% YoY growth. From Rs. 3,002 crore in Q2-FY23 to Rs. 3,950 crore in Q2-FY24, its Net Interest Income (NII) climbed 32% YoY. According to the bank, from Rs. 3,947 crore in Q2FY23 to Rs. 5,326 crore in Q2-FY24, its Core Operating income jumped by 35%. According to IDFC First Bank, its Net Interest Margin for Q2-FY24 was 6.32%, whereas it was 5.83% in Q2-FY23 and 6.33% in Q1-FY24.

AU Small Finance Bank

According to the bank, its Pre-provisioning operating profit (PPoP) jumped by 30% year on year to Rs 648 crore in Q2'FY24 from Rs 499 crore in Q2'FY23. In Q2'FY24, the bank made a net profit of Rs 402 crore, up 17% year on year from Rs 343 crore in Q2'FY23. From Rs 1,083 crore in Q2'FY23 to Rs 1,249 crore in Q2'FY24, the bank's Net Interest Income (NII) jumped by 15% YoY. In Q2 of FY24, the bank's Net Interest Margin (NIM) was 5.5%. In Q2FY24, the Return on Equity (ROE) was 13.9%, while the Return on Asset (ROA) was 1.7%.

Shalby

Compared to Rs 201.8 crore during the same period in the previous financial year, Shalby's revenue climbed by 17.9% to Rs 238 crore in the second quarter of the current fiscal year. In the September 2023 quarter, Shalby's consolidated net profit jumped by an astounding 50% year on year to Rs 27.6 crore from Rs 18.4 crore during the same period in the previous year. EBITDA, or earnings before interest, taxes, depreciation, and amortization, for Shalby was Rs 52.7 crore in Q2FY24, 42% more than it was in the September quarter of the previous fiscal year, which was Rs 37.1 crore.

HFCL

HFCL Limited (HFCL) debuted its novel Intermittently Bonded Ribbon (IBR) Cable, which has a high fiber count, during the current India Mobile Congress on Saturday at Pragati Maidan in New Delhi, India. With the help of HFCL's new 1728-high fiber count IBR cable product, telcos and enterprises will be able to extend FTTH capabilities, construct 5G network infrastructure more quickly, and meet the growing need for high-capacity networks, especially from data centers.

Yes Bank

On November 28, 2022, Yes Bank acquired 9.9% of the equity share capital of J.C. Flowers Asset Reconstruction Private Limited (JC Flowers ARC). The bank's stake in JC Flowers ARC was lowered from 9.9% to 5.01% based on certain corporate actions. However, in accordance with the share subscription and purchase agreement, the bank has recently acquired additional shares in JC Flowers ARC so as to reinstate the Bank's stake to 9.9%. On Saturday, the bank made an acquisition of 24,643,558 equity shares of JC Flowers ARC at INR 29.68 per equity share, having a face value of Rs 10/- at a premium of INR 19.68 per equity share, for an amount aggregating to Rs 731,420,804/-.

Adani Green Energy

The company is scheduled to release its quarterly results today for the quarter ended 30th September 2023. A 150 MW solar power plant had recently been fully commissioned by the company's subsidiary, Adani Solar Energy Jaisalmer Two. Adani Green Energy now has 8,404 MW of operational renewable power capacity after the project was successfully put into service. The company's goal of 45 GW of capacity by 2030 is expected to be achieved by its whole renewable portfolio.