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EquityPandit

EquityPandit
MARKETS

Sula Vineyards Shares Plummet 6% on Weak Q4 Earnings 

The profit of the company took a toll due to the rising cost of raw materials.

Shares of Sula Vineyards Ltd were trading in the red on 9 May after the company announced its quarterly earnings for January-March. The shares crashed 6%, making it the biggest single day drop of the company’s shares since August 2023.

India’s biggest winemaker reported a 4.2% year-on-year decline in its net profit at Rs 13.6 crore during the quarter from Rs 14.2 crore reported in the same quarter of the previous fiscal year. The profit of the company took a toll due to the rising cost of raw materials, including grapes, sugar, and yeast. 

However, the company’s revenue during the quarter stood at Rs 131.7 crore, marking a 10% YoY increase from the same quarter last year. 

The earnings before interest, tax, depreciation, and amortisation (EBITDA) margins contracted to 25.3% during the quarter from 26.4% recorded in Q4FY23. 

Rajeev Samant, CEO of Sula Vineyards, said that wine tourism is their top priority, and they are expanding fast. 

The board of directors have also recommended a final dividend of Rs 4.50 per share. 

At 12:26 pm, the shares of Sula Vineyards were trading 6.85% lower at Rs 504.80 on NSE. 

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MARKETS

Welspun Corp Bags Rs 2,400 Crore Coated Pipe Orders in the US, Shares Trade Flat

Dhruva Kulkarni

Shares of Welspun Corp Ltd are trading flat after touching a day’s high of Rs 831.95 on 17th March, despite the firm announcing on Monday, 17th March, that it has received new orders worth Rs 2,400 crore to supply coated pipes for natural gas pipeline projects in the US.

The company said the orders will mostly be executed in FY 2026 and 2027.

Welspun Corp’s consolidated order book now exceeds Rs 20,000 crore with this order.

Last month, the company secured Rs 3,000 crore in US pipeline orders, including large HSAW and HFIW Pipes contracts.

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Welspun Corp’s net profit surged 127% in the December quarter to Rs 674.7 crore from Rs 297.9 crore last year.

Revenue fell 23.9% to Rs 3,613.5 crore from Rs 4,749.7 crore in the previous fiscal. EBITDA dropped 6.1% to Rs 434.4 crore, but the EBITDA margin improved to 12% from 9.8% last year.

At 11:31 AM, the shares of Welspun Corp were trading 0.14% lower at Rs 808.95 on NSE.

Stay Ahead with Welspun Corp. Ask the Analyst.

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MARKETS

Zydus Life Gets USFDA Nod for Eluxadoline Tablets, Shares Up 1.5%

Dhruva Kulkarni

Shares of Zydus Lifesciences Ltd rose 1.5% to touch a day’s high of Rs 901.30 on 17th March after the firm announced that it had received final approval from the US Food and Drug Administration (USFDA) to manufacture Eluxadoline Tablets, 75 mg and 100 mg.

Eluxadoline is a mu-opioid receptor agonist used in adults to treat irritable bowel syndrome with diarrhoea.

As stated in an exchange filing, Zydus Lifesciences Ltd will manufacture Eluxadoline Tablets, 75 mg and 100 mg, at its SEZ facility in Ahmedabad.

Zydus was among the first ANDA applicants to submit a substantially complete application with a paragraph IV certification for Eluxadoline Tablets, 75 mg and 100 mg.

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With this approval, the company is eligible for 180 days of shared generic drug exclusivity for Eluxadoline Tablets, 75 mg and 100 mg.

Eluxadoline tablets recorded annual sales of $243.7 million in the US. Zydus now has 419 approvals and has filed 483 ANDAs since FY 2003-04, as of 31st December 2024.

At 11:04 AM, the shares of Zydus Life were trading 1.34% higher at Rs 894.90 on NSE.

Wondering About Zydus Life? The Analyst Has Answers.

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MARKETS

Stocks in Focus: GR Infraprojects, KEC International, Shilpa Medicare, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, were trading higher by 133 points at 22,577.5, indicating that the domestic benchmark indices are likely to make a positive start on Monday.

On Thursday, 13 March, Domestic benchmark indices S&P BSE Sensex slipped by 200.85 points or 0.27% and settled at 73,828.91 while the Nifty50 traded 0.33% lower by 73.3200 points, settling at 22,397.20.

Here are some stocks that are likely to remain in focus on 17 March.

GR Infraprojects: The company has emerged as the lowest bidder for a project worth Rs 4,262.78 crore by the National Highways Authority of India for constructing the Agra-Gwalior greenfield road across Uttar Pradesh, Rajasthan, and Madhya Pradesh.

KEC International: The company has announced securing new orders worth Rs 1,267 crore through its transmission & distribution and cable businesses. With the inflow of these new orders, the company’s total order book stood at over Rs 23,300 crore, 

Shilpa Medicarec: The Unit-2 of Shilpa Pharma Lifesciences, a wholly-owned subsidiary of the company, was inspected by the US Food and Drug Administration (USFDA) and concluded with inspection with zero observations. 

Welspun Specialty Solutions: The company has announced securing a purchase contract worth Rs 231.78 crore from Bharat Heavy Electricals for supplying 4,050 tonnes of stainless steel seamless boiler tubes, which has to be executed over a period of 13 months. 

Tejas Networks: The company has announced receiving Rs 123.45 crore from the Department of Telecom as incentives for fiscal year 2024 under the Product Linked Incentives (PLI) scheme for telecom and networking products. 

Galaxy Surfactants: The Board of Directors of the company have approved an interim dividend of Rs 18 per share of the current fiscal year and has set 20 March as the record date for the payment of this dividend. 

Zydus Lifesciences: The company has secured final approval from the USFDA to manufacture Eluxadoline tablets, 75 mg and 100 mg. The Eluxadoline tablets are used to treat irritable bowel syndrome with diarrhoea. 

Brigade Enterprise: The company has announced the launch of a residential project at Yelahanka, Bengaluru, called ‘Brigade Eternia’, which spans 14.65 acres and will have a revenue potential of Rs 2,700 crore.

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MARKETS

Stocks Under F&O Ban: Steel Authority of India, Hindustan Copper, and Others

Ali Waghbakriwala

Under the futures and options (F&O) segment, five stocks were banned from trade on Monday, 17 March, by the National Stock Exchange (NSE). The securities banned for the F&O trade are BSE Limited, Manappuram Finance, Hindustan Copper, IndusInd Bank, and Steel Authority of India.  

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

BSE Ltd, Manappuram Finance, and Hindustan Copper were retained on the list from Thursday as the open interest as a percentage of the MWPL of its F&O contracts stood at 88.2%, 85.5%, and 95.3%, respectively. 

IndusInd Bank derivative contracts’ open interest was 119.1% of its MWPL on 17 March, compared to 93.5% for Steel Authority of India. 

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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