Stocks to watch, L&T Technology Services, GAIL, Punjab and Sind Bank, Exide Industries, RBL Bank, Happiest Minds, Azad Engineering, Rashi Peripherals and more, these are the stocks to watch for today.
L&T Technology Services | The company reported a 4.1% decline in its December 2024 quarter net profit to ₹322.4 crore due to a narrowing of profit margins. The Mumbai-headquartered company had reported a net profit of ₹336.2 crore in the October-December period last year and ₹319.6 crore in the preceding September quarter. Its revenues jumped 9.5% year-on-year to ₹2,653 crore in the December quarter from ₹2,422 crore in the year-ago period.
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GAIL | State-owned gas utility announced a settlement agreement with SEFE Marketing & Trading Singapore Pte Ltd in connection with pending arbitration proceedings. The settlement, finalised today, involves SEFE Marketing paying $285 million to GAIL (India), marking a resolution to the dispute. The agreement also includes the withdrawal of the arbitration proceedings before the London Court of International Arbitration.
Punjab and Sind Bank | State-owned bank reported a 146.72% year-on-year (YoY) jump in net profit at ₹282 crore for the third quarter that ended December 31, 2024. In the corresponding quarter of the previous fiscal, Punjab & Sind Bank posted a net profit of ₹114.3 crore. Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 27%, coming at ₹938.7 crore against ₹739.2 crore in the corresponding quarter of FY24.
Exide Industries | Battery maker announced that it has invested ₹149.99 crore in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This brings Exide’s total investment in EESL to ₹3,302.23 crore. The investment was made by subscribing to 4.17 million equity shares of EESL at ₹10 per share, with a premium of ₹26 per share. EESL, which was incorporated in March 2022, is focused on manufacturing and selling lithium-ion battery cells, modules, and packs for India’s electric vehicle market and stationary applications.
RBL Bank | Private sector lender announced the appointment of Soma Sankara Prasad as an additional non-executive independent director for a term of four years, effective today, January 15, 2025. The decision was approved at the meeting of the board of directors held today, following recommendations from the Nomination and Remuneration Committee. The appointment is subject to shareholder approval.
Happiest Minds | IT firm announced a strategic collaboration with Coca-Cola Beverages Vietnam to develop generative AI (GenAI) solutions aimed at enhancing organisational productivity and operational efficiency. As part of its GenAI business services (GBS), Happiest Minds worked closely with Coca-Cola’s strategic team during a discovery phase to understand business requirements and design targeted solutions.
Azad Engineering | The company has signed a long-term supply agreement with GE Vernova International LLC, USA, to deliver complex rotating and stationary airfoils for advanced gas turbine engines. These critical components will be used in advanced gas turbine engines, addressing the global power generation industry’s demands. The six-year contract, valued at $112 million (approximately ₹960 crore), marks a key development in Azad Engineering’s relationship with GE Vernova.
Rashi Peripherals | Information and communications technology products distributor announced plans to acquire a 70% equity stake in Satcom Infotech Private Ltd. Satcom is a prominent distributor specialising in cybersecurity solutions. With this acquisition, Rashi Peripherals aims to strengthen its position as a comprehensive ICT solutions provider in India. With this strategic investment, RP Tech aims to leverage Satcom’s established expertise in the cybersecurity domain to introduce new brands and forge meaningful partnerships.
First Published: Jan 15, 2025 9:32 PM IST
