Stocks in Focus on April 29: Biocon, Carborundum, KPIT Tech, Tata Communications to Mutual Funds stocks; here are the 5 Newsmakers of the Day

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Equity Stocks markets extended the gains for the third consecutive session on Wednesday, April 28, 2021. Short covering was seen ahead of the monthly Future & Options (F&O) expiry tomorrow. The S&P BSE Sensex jumped 789.70 points or 1.61 per cent to 49,733.84. The Nifty 50 index gained 211.50 points or 1.44 per cent to settle at 14,864.55. But certain stocks came in the news after the market was closed. These stocks can impact the indices, when it reopens on Thursday, April 29, 2021. List of such five stocks:

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Review

Biocon + Carborundum + KSB + KPIT Tech + Tata Communications

Biocon: The biopharmaceutical company has reported an 86.3% year-on-year (YoY) rise in consolidated profit at Rs 296.7 crore for the quarter ended March 31, 2021 (Q4FY21). It had reported a net profit of Rs 167.5 crore in the same quarter of the previous financial year, i.e. Q4FY20. The adjusted profit stood at Rs 97 crore. The consolidated revenue from operations grew 18% to Rs 1,838.7 crore as compared to Rs 1,557.5 crore posted last year. The EBITDA stood at Rs 435.8 crore, up 36.8%, from Rs 318.6 crore posted last year. The margins improved to 23.7% in Q4FY21 from 20.4% posted in Q4FY20. The company said, its other income grew 225% to Rs 205.4 crore in the reported quarter as compared to Rs 63.1 crore posted last year. Besides, Bicara was classified as an Associate from a Subsidiary under IND-AS. Consequently, the investment in Bicara was fair valued resulting in a gain of Rs 160 Crore, which is reported under “Other income” for the quarter. The company had declared no dividend for FY21. Generic sales up 2.7% due to pricing pressure on both APIs and formulations while

Biosimilars sales up 53% as bPegfilgrastim and bTrastuzumab maintained a steady market share. Other important developments include the Board of Directors at its meeting approved stepping down of Mr. Anupam Jindal as the Chief Financial Officer and Key Managerial Personnel of the Company with immediate effect. It also approved the appointment of Mr. Indranil Sen, as the Chief Financial Officer and Key Managerial Personnel of the Company, according to the provisions of Section 203 of the Companies Act, 2013 with immediate effect. 

Carborundum Universal: It has reported a 2.5% YoY rise in consolidated profit at Rs 96.2 crore for the quarter ended March 31, 2021. It had posted a net profit of Rs 93.9 crore in the same quarter last financial year. The company said that it incurred an exceptional loss of Rs 14.4 crore. Consolidated revenue rose 27.4% YoY to Rs 756.6 crore as compared to Rs 594 crore posted last year. The EBITDA stood at Rs 158.5 crore, up 54.6% from Rs 102.5 crore. The margin improved to Rs 20.9% in Q4FY21 from 17.3% posted in Q4FY20. 

KSB Ltd: Industrial valve manufacturing company KSB has reported 3 times YoY rise in the consolidated profit at Rs 43.9 crore for the quarter ended March 31, 2021. It had posted a net profit of Rs 10.9 crore in the same quarter last year. Consolidated revenue from operations grew 48.5% to Rs 381.6 crore compared to Rs 257 crore posted in Q4FY20. EBITDA in the reported quarter stood at Rs 62 crore, which was 2.4 times up, from Rs 17 crore the company posted last year. The margin improved to 16.2% in Q4FY21 from 7% reported in Q4FY20. 

Tata Communications: The telecommunications company has reported a 3.3% quarter-on-quarter decline in the consolidated profit at Rs 299.2 crore for the quarter ended March 31, 2021. It had posted a net profit of Rs 309.4 crore in the quarter ended December 31, 2021. Consolidated revenue of the company fell 3.5% to Rs 4,073.3 crore as compared to Rs 4,222.8 crore reported in Q3FY21. EBIT stood at Rs 420.22 crore, down 14.1% from Rs 489.1 crore posted in the previous quarter. Sequentially, the margins dropped to 10.3% in Q4FY21 as compared to 11.6% posted in Q3FY21. The company has declared a dividend of Rs 14 per share for the financial year 2020-21.

KPIT Technologies: The software company has reported a 9.5% QoQ rise in the consolidated profit at Rs 47.1 crore for the quarter ended March 31, 2021. It had posted a net profit of Rs 43 crore in the previous quarter. Consolidated revenue grew 4.5% QoQ to Rs 540.3 crore as compared to Rs 517.2 crore posted in the previous quarter. EBIT stood at Rs 56.6 crore, up 15.3%, from Rs 49.1 crore posted in Q3FY21. Sequentially, the margin improved to 10.5% in Q4FY21 from 9.5% posted in Q3FY21. The company had declared a dividend of Rs 1.5 per share for the financial year 2020-21. 

 

PowerGrid InvIT IPO: PowerGrid Infrastructure Investment Trust (InvIT) IPO will open for subscription today. PowerGrid InvIT is looking to raise Rs 7,735 crore through the issue of which Rs 4994 crore will be the fresh issue and Rs 2,741 crore will be an offer for sale (OFS) of existing units. Units of PowerGrid InvIT will be sold in a price band of Rs 99-100 per unit, in a bid lot of 1,100 units per lot. This would translate to a minimum investment of Rs 1.1 lakh per investor. The issue has been reserved 75% for institutional investors and the remaining 25% for non-institutional investors. Besides, the company has raised Rs 3,481 crore from the anchor investors by allotting 34.8 lakh units at Rs 100 per units to them. The anchor investors include investors like SBI Mutual Fund, HDFC Mutual Fund, Tata AIG, ICICI Lombard, Fidelity, Edelweiss, and Sundaram Mutual Fund. 

 

Affle India QIP + SIS Buyback Update

Affle India: The board has approved the opening of QIP of the equity shares from April 28, 2021. The floor price for the issue is Rs 5,422.94 per equity share. The current market price of the shares is Rs 5,532 per share. A further meeting of the Fund Raising Committee will be held on May 4, 2021. 

SIS Ltd: The buyback of SIS Ltd for 18.18 lakh shares is scheduled to open on May 12, 2021, at Rs 550 per share. The buyback will close on May 27, 2021. 

UTI AMC / HDFC AMC / Nippon life in focus: Market regulator Securities and Exchange Board of India (SEBI) in a circular on Wednesday said that a minimum of 20% of the salary of the key employees of asset management companies (AMCs) to be in Mutual Fund units. As per the circular, a minimum of 20% of the salary/perks/ bonus/ non-cash compensation (gross annual CTC) net of income tax and any statutory contributions (i.e. PF and NPS) of the Key Employees of the AMCs shall be paid in the form of units of Mutual Fund schemes in which they have a role/ oversight. The compensation needs to be paid proportionately over 12 months on the date of payment of such salary/perks/bonus/non-cash compensation and such mutual fund units would be locked in for a minimum period of three years or tenure of the scheme, whichever is less, Sebi said. The regulator also said units allotted to the key employees will be subject to clawback in the event of a violation of code of conduct, fraud or gross negligence by them, as determined by SEBI. Upon clawback, the units will be redeemed and the amount will be credited to the scheme. The compliance with the provisions of this new framework will be ensured by the AMCs and monitored by the trustees. The circular will come into effect from July 1, 2021. The regulator added the modalities concerning the contribution of key employees in close-ended schemes and its applicability shall be provided in due course. 

Varun Beverages + Fund Action

Varun Beverages: It will decide on issuing bonuses with results on May 3, 2021.

Heritage Foods: Unifi Capital sold 4.33 lakh shares (0.93%) at Rs 367.48 per share. 

Essel Propack: Smallcap World Fund Inc sold 31.36 lakh shares (0.99%) at Rs 221.51 per share and sold another 31 lakh shares (0.98%) at Rs 221.50 per share.

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