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LIC Housing Finance Falls 13% on Disappointing September Quarter Results

LIC Housing plunged on disappointing second-quarter net profit despite lower provisions.

In Wednesday’s intra-day trade, LIC Housing Finance shares plunged 13% to Rs 349.10 on the BSE on the back of heavy volumes after the company reported an unsatisfactory set of numbers for the September quarter (Q2FY23).


At 09:32 am, the stock traded 11% lower at Rs 356.20, compared to a 0.19% weakening in the S&P BSE Sensex. The average trading volumes at the counter soared over five-fold today. A collective 10.2 million shares changed hands on the NSE and BSE.

LIC Housing Finance’s Net Interest Income (NII) declined by 0.8% to Rs 1,163 crore in the quarter reported from Rs 1,173 crore a year ago. Its net interest margin also weakened to 1.8% in Q2FY23 from 2.0% a year ago. There appears to be a one-off in the interest income and total expenditures, leading to a decline in NII.


However, the company reported a 23% year-on-year hike in the net profit at Rs 304.97 crore in Q2FY23, predominantly due to a decay in provisions. It posted a net profit of Rs 247.86 crore in Q2FY22.


The firm’s gross Non-Performing Assets (NPA) declined to 4.91% as of September 2022 from 5.14% a year ago. The net NPAs were also down to 2.83% from 2.98% at the end of September 2021. The provision coverage ratio was virtually flat at 43.65% against 43.86%.


The total loan portfolio was up 10% YoY at Rs 2.62 trillion. Out of this, individual home loans produced 15%. Stage 3 exposure on default was at 4.90% vs 5.14% and 4.96% as on June 30, 2022.


Meanwhile, on October 31, LIC Housing Finance informed that the Reserve Bank of India has compulsory a penalty of Rs 5 lakh on the company on 21st October for non-compliance with certain requirements of ‘The Housing Finance Companies (NHB) Directions, 2010’.

NHB had scrutinised LIC Housing Finance’s financial position as on March 2020 and instituted that the company was unsuccessful in making the floating charge in favour of its depositors on a portion of the assets contributed by it “in terms of Section 29B of the NHB Act, and non-registration of such custody with the Registrar of Companies”.

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Bartronics Shares Hit 5% Upper Circuit on Inking MoU with PTW Group

Ali Waghbakriwala

Bartronics Ltd shares hit the 5% upper circuit on Wednesday, 8 January, after the company announced signing a Memorandum of Understanding (MoU) with PTW Group for establishing a semiconductor unit in India. 

In its regulatory filing, the company said, “The proposed merger of PTW and Bartronics aims to establish production, refurbishing, and training facilities in India to meet the growing demands of the semiconductor industry. Additionally, it will support R&D, manufacturing, workforce training, and international collaborations, aligning with India’s goal of becoming a global semiconductor hub.”

The company added that the new facilities are planned to help establish new fabs in India, offering training programs on semiconductor production, processes and equipment, and establishing local production and refurbishment of Semicon equipment. 

The signing of the MoU happened in Hyderabad after a meeting with Telangana’s Minister of Information and Technology, Sridhar Babu Duddilla. 

The minister said that the Singapore-based firm had shown their willingness to invest Rs 1,000 crore in Telangana’s upcoming Fourth City, proving that the city has an abundant source of skilled talent pool, which is essential for semiconductor manufacturing along with an ecosystem that boasts the industry to flourish. 

The company was founded in 1990 and provides IT services based on biometrics, barcodes and more.

At 3:23 pm, the shares of Bartronics were trading 1.57% higher at Rs 23.94 on NSE.

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MARKETS

Exicom Tele Shares Hit 5% Upper Circuit on EV Charging Expansion Plan 

Ali Waghbakriwala

Shares of Exicom Tele Systems Ltd hit a 5% upper circuit on 8 January after the company announced signing a Memorandum of Understanding (MoU) with Mufin Green Infra Limited, a provider of turnkey project solutions for EV charging infrastructure. 

Installing EV chargers and setting up infrastructure for EV charging are two aspects of the MoU’s development of EV charging solutions. The alliance will focus on customers such as Charge Point Operators, bus operators, state utilities, and other end users in order to accelerate EV adoption with charging solutions. 
 
Mufin Green Infra Limited, a branch of Mufin Green Finance, a well-known supplier of green finance solutions in India, provides EV charging infrastructure. 

Under the terms of the Memorandum of Understanding, Exicom will manufacture and provide EV charging hardware in compliance with industry standards and future-ready needs to support the EV ecosystem. The hardware will be loaded with Exicom’s proprietary software, which puts efficiency and ease first. Exicom will provide technical support, maintenance services, warranty coverage, and digital solutions. 
 
In its regulatory filing, the company said, “Both Exicom and Mufin Green Infra Limited will leverage their present and new customers for the success of the collaboration. Furthermore, as a strategic partner of Exicom, Mufin Green Infra Limited will be installing EV charging stations & Buses /Fleet charging hubs as per customer requirements. They will also onboard new B2B customers to develop state of the art EV charging infrastructure while ensuring compliance with regulatory guidelines for environmental, electrical and safety requirements.”

Throughout the whole EV charger value chain, Exicom, an Indian producer of EV charging and critical power solutions, offers a broad selection of products in both the AC and DC charger categories.

At 1:23 pm, the shares of Exicom Tele shares were locked 5% higher at Rs 250.09 on NSE.

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MARKETS

Ola Electric Shares Slumped 5% as SEBI Issues a Warning Letter 

Ali Waghbakriwala

Shares of Ola Electric Mobility Ltd were trading in the red and 5% lower on Wednesday, 8 January, after the Securities and Exchange Board of India (SEBI) issued an administrative warning to the EV player for violating disclosure laws.

On social networking site X, formerly known as Twitter, Ola Electric’s Chairman and Managing Director, Bhavish Aggarwal, had shared information about the company’s plans to grow fourfold before the declaration was made with the exchanges.

Bhavish Aggarwal wrote, “Taking the Electric revolution to the next level this month. Going from 800 stores right now to 4000 stores this month itself. Goal to be as close to our customers as possible.”

The post was published on X at 9:58 am on 2 December 2024. However, SEBI observed that the firm disclosed the information on the stock exchanges later in the day at 1:36 pm on BSE and 1:41 pm on NSE.

The regulator’s rules state that “the listed entity shall first disclose to the stock exchange(s) all events or information which are material in terms of the provisions of this regulation as soon as reasonably possible and in any case not later than… twelve hours from the occurrence of the event or information, in case the event or information is emanating from within the listed
entity.”

However, SEBI reports that it was observed that the stock exchanges were neither initially notified of the previously indicated information nor were they made aware of it as soon as it was technically feasible.

The regulator added, “By making the aforesaid announcement first on a social media platform instead of disseminating it on the stock exchanges, [Ola Electric has] failed to take into consideration the interest of all [its] stakeholders and follow [its] obligations in letter and spirit.”

“The above violations have been viewed very seriously. You are hereby warned and advised to be careful in the future and to improve your compliance standards to avoid recurrence of such
instances, failing which appropriate enforcement action may be initiated,” the letter further stated.

“You are also advised to take corrective steps, place this communication and the corrective steps taken before your Board of Directors and disseminate a copy of this communication on the stock exchanges that you are listed on,” SEBI said.

Ola Electric said in an exchange filing that there are no financial consequences to this warning.

At 12:49 pm, the shares of Ola Electric were trading 2.31% lower at Rs 77.33 on NSE.

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MARKETS

KEC International Shares Soar 4% on Bagging New Orders 

Ali Waghbakriwala

Shares of KEC International Ltd soared 4% on 8 January after the company announced securing new orders worth Rs 1,136 crore across its different business verticals. 

The company’s Transmission & Distribution (T&D) division has secured a 765 kV transmission line project in India from Power Grid Corporation of India (PGCIL).

In the transportation segment, the business received a notable order in the Train Collision Avoidance System (TCAS) domain under the Kavach initiative in India.

Furthermore, the oil and gas pipelines division won contracts for the design, supply, and construction of pipelines and related works from a leading public sector undertaking (PSU) in India.

Vimal Kejriwal, Managing Director and Chief Executive Officer of KEC International Ltd expressed his satisfaction, stating, We are thrilled with the multiple orders secured across various business verticals. The 765 kV order from PGCIL for green energy evacuation has significantly strengthened our T&D order book in India.

Vimal Kejriwal added, “Our Transportation business has strengthened its presence in the growing TCAS segment under ‘Kavach’ to enhance the safety of Indian Railways with world class technology.”

KEC International, a member of the RPG Group, is a leading global EPC company specializing in power transmission and distribution systems. The company has diversified its operations into railway infrastructure, cable manufacturing (spanning power, telecom, solar, and railways), civil construction focusing on industrial plants, warehouses, residential and commercial buildings, smart infrastructure, and renewable energy projects, particularly in the solar sector.

However, at 11:32 am, the shares of KEC International were trading 5.07% lower at Rs 1,069.90 on NSE.

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MARKETS

Stocks in Focus: Rail Vikas Nigam, NTPC, Ola Electric Mobility, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.18% higher by 42.50 points at 23,715.50, indicating that the domestic benchmark indices are likely to make a positive start on Wednesday. 

On Tuesday, 7 January, Domestic benchmark indices S&P BSE Sensex surged 234.12 points or 0.30% and settled at 78,199.11, while the Nifty50 traded gained 91.85 points or 0.39%, settling at 23,707.90.

Here are some stocks that are likely to remain in focus on 8 January.

Quarterly Results Today: Reliance Home Finance, Transformers and Rectifiers, Vivid Mercantile, and Adarsh Mercantile are some of the prominent companies set to announce their quarterly earnings for October-December. 

Rail Vikas Nigam: The company has announced the signing of a Memorandum of Understanding (MoU) with Dubai-based GBH International Contracting LLC to collaborate on infrastructure projects in the Gulf Cooperation Council (GCC) region.

NTPC: The company has announced the incorporation of a new subsidiary, NTPC Parmanu Urja Nigam Ltd, to lend to its nuclear energy ventures. In its filing, the company added, “NTPC PARMANU URJA NIGAM LIMITED has been incorporated on 07.01.2025 as a wholly owned subsidiary of NTPC Limited for undertaking Nuclear Energy Business.”

Ola Electric Mobility: The company has received an administrative warning from the Securities and Exchange Board of India (SEBI) for violation of disclosure rules.

Jindal Worldwide: The company has announced its plans to issue bonus equity shares to the ratio of 4:1 by offering four fully paid-up equity shares for every share held in the company. 

Dr Reddy’s Lab: The company has entered into an agreement to sell all the issued and outstanding membership interests in Dr Reddy’s Laboratories Louisiana LLC (DRLL), including the manufacturing facility of DRLL in Shreveport. 

REC Ltd: The company has shown its interest in selling bad loans worth Rs 2,848 crore in Corporate Power Ltd and has invited counterbids through a Swiss challenge auction that was initiated by an anchor bid of Rs 58.65 crore. 

CESC: The company has issued a Letter of Award to Purvah Green Power Private Limited, which is a company’s subsidiary, for a project to set up a 15- 15-megawatt (MW) wind-solar hybrid power project. 

Mankind Pharma: The company has pledged the remaining 56.31% in Bharat Serums & Vaccines, which is a subsidiary of the company, to Catalyst Trusteeship as the Common Security Trustee for the benefit of the (non-convertible debentures) NCD holders. 

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