Stocks to buy today: RIL, HUL among top 10 trading ideas by experts for 30 May 2023
Indian markets may consolidate on Tuesday following mixed global cues. The Sensex gained over 300 points with Nifty50 closing just below 18600 levels. India VIX rose 3.34% from 11.90 to 12.29 on Monday, indicating some consolidation in record-high index levels amid the start of the new series. Options data reveals a potential trading range of 18300 to 18800 zones, with minor call writing seen at 18700 to 18800 strikes, and put writing at 18400 to 18300 strikes. Several experts recommend short-term trades in select companies.
Eveready Industries cuts number of direct distributors to 1,000 from 5,000 earlier
Eveready Industries India has made changes to its distribution network, which involves trimming direct distributors from 5,000 to a more manageable and efficient 1,000. The change, however, will not affect business with the remaining manufacturers, and the others will continue business with the company as sub stockists.
McLeod Russel-IL&FS out-of-court settlement may lead to 60pc recovery
IL&FS Infrastructure Debt Fund (IIDF), part of the IL&FS group and a financial creditor of McLeod, has applied under a provision of the IBC against McLeod Russel India Ltd with the National Company Law Tribunal, Kolkata Bench. IIDF filed the petition against the company for default in payment of Rs 347.4 crore as on November 12, 2019, of which the principal amount is about Rs 252.66 crore.
Eveready Industries posts Rs 14.4 crore net loss in March quarter
Eveready Industries India Ltd reported a consolidated net loss of INR 14.39 crore ($1.9m) in Q4 2022, down from INR 38.41 crore in the same period 2021. Revenue from operations increased 18.62% YoY to INR 286.17 crore driven by growth in the company's three segments: batteries (21%), flashlights (25%) and lighting (26%). However, the company's net profit decreased 40.54% to INR 27.63 crore in FY23 from INR 46.47 crore in FY22, even as consolidated revenue from operations rose 10.02% YoY to INR 1,327.73 crore.
Q4 results this week: Tata Motors, L&T, Asian Paints, Vedanta, DLF and others
The March quarter earnings for IT companies have been disappointing, while the banking and finance sector has shown strong numbers. This week several significant companies such as Tata Motors, L&T, Asian Paints, DLF, Vedanta and Avenue Supermarts are releasing their March quarter report cards. On May 11, Eicher Motors, Aditya Birla Capital and ITI are set to release their reports. Meanwhile, Larsen & Toubro, Godrej Consumer Products and Dr Reddy's Laboratories will release theirs on May 10. Avenue Supermarts is set to release its report on May 13.
Naveen Jindal's Nalwa top bidder for McNally Bharat
Last month, lenders decided to hold a second-round challenge auction to maximise recovery since the offers in the first round were very low, said people cited above. In the first round, lenders had received the highest offer of Rs 319 crore, which was much below their expectations, one lender said. The second round saw nine bidding rounds between Nalwa Steel and BTL.
Eveready back on investor radar driven by improved growth prospects
The latest sale of 1% stake by the Burman family in Dabur, which fetched around Rs 1,000 crore, is viewed as a step towards increasing holding in Eveready to over 50% from 43%, which may also result in reducing debt
Mohit Burman on running Dabur, game plan for Eveready; what to do with Religare & more
“My tenure wont change the way business is run at Dabur; focus will be on newer categories. The business has not really grown in the last 10 years but we are going to be at least doing double digit growth from next year onwards. Dabur will continue innovating, launching new products and focussing on growing our distribution but not owning it.”
"Profit After Tax for Q2 was impacted adversely by a non-cash charge of unamortised front-end fees of a loan repaid during the quarter and an adjustment to deferred taxes. This will even out for the full year," the company said in its earning statement.
Eveready Industries Q1 net profit down 27.5 pc to Rs 21.85 cr
Battery and flashlights maker Eveready Industries India Ltd on Monday reported a decline of 27.48 per cent in its consolidated net profit at Rs 21.85 crore for the quarter ended June 30, 2022. The company had posted a net profit of Rs 30.13 crore in the April-June period a year ago, Eveready Industries said in a regulatory filing.
Anand Burman appointed chairman of Eveready Industries
The appointment was finalised by the Eveready board in a meeting held in Kolkata on Monday. Mohit Burman and Arjun Lamba, a close associate of the Burmans have been appointed as non-executive directors, he said. A formal announcement is expected soon.
As per a stock exchange filing made on Tuesday, the proposed appointment will be with effect from July 12 subject to approval of the shareholders. The company is likely to appoint the new chairman amongst these three directors in the next board meeting later this month or early next when Eveready announces its April-June quarterly earnings.
3 Burman family nominees, including Anand Burman appointed on Eveready board
The Burman Group, through its entities Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Chowdry Associates had increased stake in Eveready to 38.37 per cent and became promoters of the Kolkata-based firm.
Dabur's Burman family becomes official promoter of Eveready Industries
The investment firms of the Burman family entities had acquired a 14.55 per cent share of Eveready Industries from the open market in June and now collectively own a majority stake. Prior to this, the family already had acquired a 23.83 per cent stake in Eveready Industries.
Trade Spotlight | What should you do with Talbros Automotive Components, Sobha, Eveready Industries on Friday?
After short term correction, Talbros Automotive Components took support near 200 day SMA (Rs 413) and reversed sharply. Post reversal, in this week so far, it rallied over 15 percent and also formed a long bullish candle on weekly and daily charts.
Burmans acquired 14.3% stake in Eveready Industries via open offer
Confirming the development, Mohit Burman from the Burman promoter family said the open offer has concluded. “Our shareholding has now gone to 38.3%. We are happy with the outcome. We got 14.3% shares in the offer,” he said.
Stocks in the news: Infosys, Paytm, NTPC, Power Grid, BHEL and Sun Pharma
Divis Labs, BEL, SAIL, Zomato, Ramco Cements, Birlasoft, Graphite India, Vaibhav Global, HLE Glasscoat, Rupa and Company, Data Patterns, HG Infra Engineering are among the companies that will announce their Q4 earnings today.
Eveready Industries shareholders approve appointment of Suvamoy Saha as MD
Suvamoy Saha, erswhile Joint Managing Director of the company, was asked to assume the responsibilities as interim Managing Director after the resignations of former non-executive Chairman Aditya Khaitan and erstwhile Managing Director Amritanshu Khaitan on March 3, following an open offer from the Burman group for a controlling stake in the company.
Stocks in the news: Bajaj Finance, Century Textiles, HDFC Life, GMDC and Eros Media
Bajaj Finance, HDFC Life, AU Small Bank, Macrotech Developers, Schaeffler India, Tata Teleservices, Atul, NAM India, Sanofi India, Adiya Birla AMC and KPIT Tech are among the companies that will announce their March quarter results today.