SUMMARY
Stocks to Watch: Shares of IPCA Labs, Persistent Systems, HDFC Bank, M&M among others will be in focus today. Here are the top stocks to watch out for in trade on April 25 -
IPCA Labs | The board of IPCA Labs has entered into a definitive agreement to acquire a 33.38 percent stake in Unichem Laboratories for an aggregate consideration of Rs 1,034.06 crore. The acquisition will be done from one of the promoter entities at a price of Rs 440 per share. The price is a 12.8 percent premium to Monday's closing price.
Persistent Systems | The company' revenue from operations for the quarter ended March 2023 came at Rs 2,254.5 crore, up from Rs 2,169.4 crore in the preceding quarter. The company surpassed $1 billion in annual revenue. The board also recommended a final dividend of Rs 12 per equity share and a special dividend of Rs 10 per equity share of Rs 10 each for the financial year 2022-23.
LIC | State-owned company on Monday said the total premium collected for fiscal 2022-23 rose 16.67 percent to Rs 2.32 lakh crore from Rs 1.99 lakh crore. In terms of premiums collected, LIC continues to hold a market share of 62.58 percent as on March 2023. For fiscal 2023, LIC's premium growth is the second highest among its listed peers, with HDFC Life leading with 18.83 percent, SBI Life at 16.22 percent, and ICICI Prudential Life Insurance Company at 12.55 percent.
Century Textiles | The textile and paper manufacturing and export company on Monday reported a 68.8 percent year-on-year rise in the consolidated profit at Rs 145.27 crore for the fourth quarter that ended March 31, 2023. It had posted a profit of Rs 86.07 crore in the corresponding quarter of the previous financial year. The company reported revenue from operations of Rs 1,208.54 crore in the reported quarter against Rs 1,210.72 crore posted last year.
ICICI Prudential Life Insurance | India's tax authority has sent Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance show-cause notices for evading taxes since 2017, as part of a probe spanning 16 insurers and about $610 million in unpaid dues. India's tax authority has sent Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance show-cause notices for evading taxes since 2017, as part of a probe spanning 16 insurers and about $610 million in unpaid dues.
IndusInd Bank | Promoters of India's IndusInd Bank have received in-principal approval from the country's central bank to increase their stake in the private lender, the bank's chief executive said on Monday. The promoters have filled out a form to increase the stake and the due diligence process takes about 90-180 days as per the Reserve Bank of India (RBI) norms, CEO Sumant Kathpalia said during a call with media after reporting quarterly results.
HDFC Bank | The company received approval from the Monetary Authority of Singapore (MAS) to acquire 20 percent or more of shares in HDFC Investments-subsidiary Griha Pte. Griha Pte is a foreign step-down subsidiary of HDFC. On April 4, 2022, the HDFC board approved the said scheme while it had also received no objection or approval letters from RBI, SEBI, Competition Commission of India, and National Company Law Tribunal, Mumbai bench.
Mahindra Lifespaces | Real estate and infrastructure development business company on Monday informed that it has bagged a project to redevelop a residential society situated at Malad, (West), Mumbai. The project holds a revenue potential of Rs 850 crore. Commenting on the company’s second redevelopment project, Director Amit Sinha said, "We are happy to announce this addition to our society redevelopment portfolio. We foresee society redevelopment as an exciting opportunity for reputed real estate developers like Mahindra Lifespaces."
Crompton Greaves Consumer Electricals | Pumps and pumping equipment company on Monday said the board of directors have appointed and elevated Shantanu Khosla as the Executive Vice Chairman on the Board, and thereafter non-executive vice chairman. Khosla’s appointment is for one year from May 1, 2023, to April 30, 2024, and thereafter he shall assume the position of non-executive vice chairman till December 31, 2025, as per the terms approved by the Board, the company said in a statement.
M&M | The company on Monday revised the selling price of its 22.82 percent stake in Sanyo Special Steel Manufacturing India Private Limited (SSSMIPL) to Rs 455 per share from Rs 610 per share. M&M is selling its entire stake in Sanyo Special Steel Manufacturing India to Japan-based Sanyo Special Steel Co. Post sale of the stakes, the company will get Rs 158.12 crore from this stake sale of SSSMIPL and the transaction is expected to be completed by May 30, 2023.
Choice International | Financial services provider on Monday announced that it plans to expand its operations in North India by launching 10 new locations in the first half of the fiscal Year 2024. The move is aimed at strengthening its presence in the region and providing financial services to its customers, the company said in a statement.