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BUSINESS

Glenmark Life Sciences Shares List at 4% Premium

Glenmark Life Sciences Ltd shares are listed at a 4 per cent premium. The stock had opened at Rs 751.10 apiece compared with its issue price of Rs720 a share. It touched a high and a low of Rs 768.75 and Rs 737.35, respectively.

The initial public offering (IPO), at a price band of Rs 695-720 per share, was subscribed over 44 times. The offer consisted of a new issue of Rs 1,060 crore worth of shoes and an offer for sale (OFS) of up to 63 lakh shares by promoter Glenmark Pharma.

At the upper end of the IPO price band, Glenmark Life Sciences Ltd. was offered at 25.09 times its FY21 earnings, analysts said. “Given the company’s leadership in select high-value non-commercialized APIs in chronic therapeutic areas, cost leadership, strong management, strong balance sheet, growing business, high RoNW of 46.71 per cent in the fiscal ended March 31, 2021, and reasonable valuations; (we are positive on the firm,” brokerage firm Anand Rathi said in a note to its investors.

Glenmark Life Sciences, a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, was incorporated in the year 2011 and is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes.

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BUSINESS

Marico Q3 Earnings; Declares Interim Dividend 

Ali Waghbakriwala

Marico Ltd on Friday, 31 January, announced its quarterly earnings for the October-December quarter. 

For the quarter ended 31 December, the company reported a 4.2% year-on-year (YoY) increase in consolidated net profit to Rs 399 crore compared to Rs 383 crore reported in the same quarter of the previous fiscal year. 

The revenue from operations for the quarter under review stood at Rs 2,794 crore, marking a 15% YoY growth against Rs 2,422 crore reported in the same quarter last year. 

Domestic Revenue Performance:

Revenue increased 17% YoY to Rs 2,101 crore, driven by price hikes in core portfolios to counter rising input costs. Among sales channels, modern trade (MT) and e-commerce (including Quick Commerce) posted strong double-digit volume growth, while general trade (GT) remained stable.

Category Highlights:

  • Saffola Edible Oils maintained stability, recording low-single-digit volume growth despite a sharp increase in vegetable oil prices. The brand’s revenue surged 24%, supported by recent pricing interventions.
  • The Foods segment delivered 31% YoY value growth, nearing Rs 1,000 crore annualised revenue (ARR) in Q3. Saffola Oats posted double-digit growth, while newer franchises performed well.
  • Premium Personal Care continued its strong momentum, fueled by digital-first brands like Beardo, Just Herbs, and Plix. The segment surpassed expectations, reaching Rs 600 crore ARR in Q3. Beardo remains on track to achieve double-digit EBITDA margins this year.

International Business:

  • Bangladesh achieved 20% constant currency growth (CCG), showcasing resilience despite macroeconomic challenges.
  • MENA (Middle East & North Africa) reported 35% CCG, with broad-based growth across the Gulf region and Egypt.
  • South Africa recorded 17% CCG, with strong performance in the Hair Care and Health Care segments.
  • Southeast Asia had a muted quarter.
  • NCD and exports grew 15% YoY

On the operating front, the earnings before interests, taxes, depreciation, and amortisation (EBITDA) increased by 4% to Rs 533 crore against Rs 513 crore. The EBITDA margins contracted by 210 basis points to 19.1% in Q3FY25 compared to 21.2% during Q3FY24.

Moreover, the Board of Directors of the company declared an interim dividend of Rs 3.5 per share and has set 7 February 2025 as the record date. 

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BUSINESS

Bharat Electronics Secures Orders Worth Rs 531 Crore

Ali Waghbakriwala

State-owned Bharat Electronics Ltd announced on 28 January that they had secured new orders worth Rs 531 crore since the company’s last filing on 13 January this year. 

BEL announced that its significant orders since 13 January include an advanced composite communication system for ships, communication equipment, medical electronics, electro-optics, active radar homing heads for missiles, classroom jammers, spares, and related services.

With these new orders, BEL’s total order intake for the current financial year has reached Rs 10,893 crore, which is less than 50% of its full-year target.

The PSU, which was recently added to the Nifty 50 index, has set an order inflow target of Rs 25,000 crore for this financial year.

BEL is a diverse, multi-technology organization specializing in the design, manufacturing, and supply of products and systems across various domains, including radars, missile systems, military communications, naval systems, electronic warfare and avionics, electro-optics, tank electronics, gun system upgrades, and electronic fuzes within the defence sector. 

As of 31 September 2024, the Government of India held a 51.14% stake in the company.

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BUSINESS

Tata Projects to Complete Constructing of Micron’s Semiconductor Plant 

Ali Waghbakriwala

Tata Projects announced on 28 January that the construction of Micron Technology’s semiconductor assembly and test facility in Sanand, near Ahmedabad, will be completed by the end of 2025.

According to Amit Agrawal, Project Director at Tata Projects, 60% of the work on India’s first semiconductor plant is complete, with the remaining construction expected to conclude by the end of this year.

Spanning nearly 50 acres in the Sanand industrial area, the facility’s construction began in July last year. Tata Projects is building this Assembly, Testing, Marking, and Packaging (ATMP) plant for Micron.

Amit Agrawal, project director of Tata Projects, said, “We will hand over this facility to Micron by December 2025 after finishing civil work, mechanical, electrical and plumbing work along with engineering-related tasks as per the designs given by Micron. The final call to commence the plant will be taken by Micron.”

In June 2023, the Gujarat government entered into a Memorandum of Understanding with Micron to establish a $2.75 billion semiconductor assembly and testing facility in Sanand.

Micron stated that the project is expected to generate approximately 5,000 direct jobs and an additional 15,000 indirect employment opportunities once the facility becomes operational.

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BUSINESS

Tata Power Subsidiary Secures Rs 455 Crore Contract 

Ali Waghbakriwala

Tata Power Company Ltd. declared on Monday, 27 January, that its subsidiary, Tata Power Renewable Energy Ltd. (TPREL), has been given a Rs 455-crore contract by Maharashtra State Power Generation Company Ltd. (MSPGCL).

Tata Power Renewable Energy’s solar manufacturing division, TP Solar Ltd, stated that the agreement calls for the supply of 300 MWp of ALMM-certified solar modules for the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0 project.

This momentous agreement demonstrates TP Solar’s standing as a trustworthy supplier of premium solar modules in India. This year, the ALMM-certified modules are expected to be distributed to numerous places throughout Maharashtra. A competitive e-reverse auction (eRA) was used to determine the award, which is a component of MSPGCL’s bigger 750 MWp tender.

TP Solar operates India’s largest single-location solar cell and module production facility in Tirunelveli, Tamil Nadu. The state-of-the-art plant has 4.3 gigawatts (GW) of capacity per cell and module, and it contains open spaces to accommodate future expansion.

Tata Power committed around Rs 4,300 crore through its subsidiary TPREL to construct this facility. The manufacture of solar cells and modules will become self-sufficient as a result of this significant step toward indigenizing the solar value chain.

Using cells built in India, the plant manufactures DCR modules and ALMM-certified modules. It is equipped with cutting-edge TOPCon and Mono PERC equipment.

“This initiative aligns with the company’s commitment to supporting India’s vision for a net-zero carbon future with local manufacturing capabilities while reinforcing its leadership in the solar rooftop and utility-scale segments,” it added.

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BUSINESS

JSW Group Looking to Invest Rs 2,600 Crore 

Ali Waghbakriwala

The JSW Group announced on Monday its plan to invest Rs 2,600 crore in developing and operating two copper mines and establishing a copper concentrator plant in Jharkhand. This initiative marks the group’s entry into the copper business, aligning with its strategy for diversification and growth.

The project includes bringing the two mines into operation and constructing a copper concentrator plant, with a total estimated investment of Rs 2,600 crore. Once fully operational, the mines will have a production capacity of 3 MTPA. Partial operations are expected to commence in the second half of the 2026-27 financial year (H2 FY27).

In its regulatory filing, the company said, “This strategic move marks JSW Group’s entry into the mining of non-ferrous metal sector, in keeping with its vision to diversify and meet the increasing demand for essential metals across high-growth sectors.”

The company added, “The JSW Group secured the MDO contract through a competitive bidding process of the copper mines of HCL for 20 Years and further extendable for next 10 years.”

As per the agreement, JSW will oversee the development of the mines, including capital investment and operational management, as well as the installation of a concentrator plant with the same capacity. In exchange, Hindustan Copper Limited (HCL) will offer technical support and receive a share of the revenue generated from the project.

Parth Jindal of JSW Group said, “Venturing into non-ferrous metals, particularly copper, is a strategic move for the JSW Group. The increasing demand for copper in sectors such as electric vehicles (EVs), renewable energy infrastructure, construction, electronics, telecommunications and healthcare presents a significant opportunity. India is currently a major importer of copper concentrate; therefore, by developing domestic copper resources, we aim to support the country’s industrial growth and reduce dependency on imports.”

JSW Group’s foray into copper mining highlights its dedication to driving India’s industrial progress and fostering self-sufficiency in essential resources. By tapping into domestic copper reserves, the company aims to bolster the country’s infrastructure growth and technological innovation and shift toward sustainable energy solutions.

Headquartered in Mumbai, JSW Group has an extensive footprint spanning industries such as steel, energy, cement, infrastructure, paints, automobiles, defence, mining, venture capital, and sports.

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