Stocks to watch: Adani Group, L&T, TechM, Reliance Ind, REC, BPCL

Adani GroupAdani Group plans to hire one of the “big six” global accounting firms to evaluate its corporate governance and audit practices following allegations of fraud by US short-seller Hindenburg, people with direct knowledge of the matter said. said two people. Independent audit will be commissioned after completion of group flagship Adani Enterprises Ltd. A follow-on public offering of Rs 20,000 crore and legal options will be decided based on that, said the people on condition of anonymity.

L&T: Larsen & Toubro Ltd’s consolidated net profit was up 24% from a year ago 2,553 crore in the third quarter of 2022-23. Even after adjusting for one-offs, recurring net profit remained at 2,456 crore, increasing by 20% compared to a net profit of Rs. 2,055 crore a year ago. in one-off 97 crore following disinvestment of the Mutual Fund business, however, this was offset by a one-time charge on account of re-measurement of bulk loan assets of the Financial Services segment.

Tech Mahindra: Tech Mahindra became the second large-cap IT services firm in India to report a decline in net profit in the December quarter. Its profit fell 5.3% on an annual basis 1,296.6 crore from 1,368.5 crores a year ago. Profit rose 0.9% sequentially. The third quarter has been a seasonally weak period for the IT services sector. However, HCL Tech, Tata Consultancy Services, Wipro and Infosys reported double-digit growth in profit. TCS and Infosys reported 11% and 13.4% growth in profit after tax, while midcap IT firms such as Cyient and Coforge also saw profit growth in the high teens.

Reliance Industries: Sephora and Reliance Retail Ltd have abandoned talks to form a retail partnership for the Indian market with the French multi-brand beauty product chain, deciding to continue their existing alliance with Arvind Fashion Ltd, people familiar with the matter said. said two people. Mint first reported last September that Reliance Retail was in advanced talks to acquire master franchise rights for luxury goods retailer LVMH Moët Hennessy Louis Vuitton-owned Sephora for the Indian market. This would have given India’s biggest retailer Reliance a foothold in the fast-growing domestic market for premium beauty products.

KEC International: Infrastructure engineering, procurement and construction company KEC International on Monday said that it has received new orders 1,131 crore in its various businesses. The transmission and distribution (T&D) business of the RPG Group company has bagged orders for projects in India, Africa and the US, the company said in a statement. This includes 220 kV and 132 kV GIS and AIS substations, transmission lines and underground cabling in India; 330kV Power Transformer Station Project in Africa; Supply of towers in the United States and large tower supply orders in Mexico, secured by our subsidiary SAE Towers.

rec: Leading infrastructure finance company REC Limited (formerly Rural Electrification Corporation Limited) is a Maharatna PSU. The company has today declared its 3rd Quarter Earnings along with Interim Dividend for FY 2022-23. REC said in a stock exchange filing today that its board of directors has approved the declaration of second interim dividend @ 3.25 per equity share 10/- each for the financial year 2022-23. Approved in the meeting held on 30th January, 2023. Further, the record date for the said Interim Dividend is Thursday, February 9, 2023.

BPCLState-owned oil marketing company Bharat Petroleum Corporation Limited (BPCL) on Monday reported a consolidated net profit of Rs. 1747.01 crore for the December quarter of FY 2022-23, down 36.67% 2,758.89 crores a year ago. On a standalone basis, the company’s net profit fell 31% year-on-year 1959.58 crore during the third quarter. Revenue from operations for the nine-month period April-December 2022 was Rs. 4,00,053.74 crore vs Rs. 3,09,040.48 crore for the same period last year, it added.

vodafone idea: The company had earlier informed the stock exchanges through a regulatory filing that its board will meet on January 31, 2023, to approve the preferential issue of optionally convertible debentures (OCDs) to ATC Telecom Infrastructure Pvt Ltd. The telecom operator has said in the filing that the meeting on January 31 is to “take shareholders’ approval” for the preferential issue. On November 21, the shareholders of Vodafone Idea reportedly approved the issuance of OCDs 1,600 crore to ATC Telecom Infrastructure on a preferential basis to clear the dues.

Welspun IndiaTextiles maker Welspun India Ltd on Monday announced a brand licensing agreement with The Walt Disney Company for the Europe, Middle East and Africa region. The license will give Welspun the right to design, develop, manufacture and distribute a full line of home textile products leveraging Disney’s extensive franchises and characters across the Disney, Pixar, Marvel and Lucas brands. Welspun India Limited is part of the $2.3 billion Welspun Group. It manufactures home textiles such as towels and bedsheets, among other products.

IIFL Finance: IIFL Finance on Monday reported a 37 percent rise in net profit 423 crore in the three months to December on higher advances. Total income increased by 30 percent on an annual basis 1,339.4 crore in the third quarter of the current financial year, the company said in a statement. The city-based company said growth in core products of gold loan and home loan stood at 25 per cent and 24 per cent, respectively. The microfinance book grew by 55 per cent, while loans against assets and digital loans grew by 14 per cent and 3 per cent, respectively.