Stocks in Focus on July 24: Biocon, Yes Bank, Axis Bank to Max Financial; here are expected newsmakers of the day

Stocks in Focus on July 24: Domestic equity benchmarks ended near the day's high on Thursday, July 23, 2020, supported by firmness in banks stocks and index heavyweight Reliance Industries. Trading was volatile due to weekly expiry of index options. The barometer index, the S&P BSE Sensex, rose 268.95 points or 0.71% at 38,140.47. The Nifty 50 index climbed 82.85 points or 0.74% at 11,215.45. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Friday, July 24, 2020. List of such five stocks:

Triggers: There are certain events, like Results today, Dishman Carbogen, SC hearing & Japan markets shut, which can create positive/negative reactions in the markets. Find them in detail:

Results to be declared today: Asian Paints, ITC, JSW Steel, Zee Entertainment (Q4FY20), Ambuja Cements, Atul, GHCL, Schaeffler India, TCI Express, Kamat Hotels (Q4FY20), Lakshmi Machine Works, CG Consumer, CCL Products, Wendt, Chennai Petroleum, Welspun India, Coromandel International, Jayshree Tea (Q4FY20) will announce their financial results of the respective quarter’s today.

Dishman Carbogen: Today is the last date for the buyback which opened on Monday. The buyback price was fixed at Rs 150 per share. The buyback size was Rs 72 crore. 
SC Hearing: Next hearing on the matter of sales of BSIV vehicles will be heard in the Supreme Court today. 

Japan Markets Shut: Japanese markets will remain closed today. 

See Zee Business Live TV streaming below:

Results: These companies, namely Biocon, AU Small Finance Bank, Bank of Maharashtra, Mphasis, Zenar Tech, ABB India, Agro Tech, have reported their financial results after the market hours on Thursday. Find in details:

Biocon: The biopharmaceutical company on Thursday reported a 28.5% year-on-year (YoY) decline in consolidated profits at Rs 153 crore for the quarter ended on June 30, 2020. It posted a consolidated net profit of Rs 214 crore in the same quarter in the last financial year. Consolidated revenue from operations grew 14.6% to Rs 1,671.3 crore against the revenue of Rs 1,458.9 crore posted last year. EBITDA stood at Rs 413.3 crore, down 5.5% from Rs 437.5 crore of last year. The margins contracted to 24.7% in Q1FY21 from 30% of Q1FY20. Profitability for the quarter was impacted due to higher R&D spend, lower profit share in the Biosimilars business, and lower profitability in the Research Services segment.
 
AU Small Finance Bank: The scheduled commercial bank on July 23, 2020, reported a 5.8% year-on-year growth in profit at Rs 201 crore for the quarter that ended on June 30, 2020. It posted a net profit of Rs 190 crore in the same quarter last year. Net Interest Income (NII) rose 30.4% to Rs 515.7 crore from last year’s Rs 395.6 crore. Provisions and contingencies increased by 475.6% YoY to Rs 181.3 crore in Q1FY21, as against Rs 31.51 crore in Q1FY20. Gross NPA increased to 1.69% in Q1FY21 from Q4FY20’s GNPA of 1.68%. Net NPA declined to 0.62% in Q1FY21 from 0.81% in Q4FY20. Complete Moratorium has been availed by 11% of our borrowers by value on Gross Advances as on June 30, 2020.

Bank of Maharashtra: The state-owned Bank of Maharashtra on Thursday reported a 24.7% year-on-year rise in standalone profit after tax to Rs 101 crore for the quarter ended on June 30, 2020. It posted a net profit of Rs 81 crore in the corresponding quarter last year. Net Interest Income (NII) grew 9.1% YoY to Rs 1087.9 crore in Q1FY21 against Rs 996.8 crore posted in Q1FY20. Provisions and contingencies decreased by 33.9% QoQ to Rs609 crore in Q1FY21, as against Rs910 crore in Q4FY20. On the YoY basis, it declined 33.9% to Rs 609 crore of Q1FY21 from Rs 921 crore posted in Q1FY20. Gross NPA declined to 10.93% QoQ in Q1FY21 from 12.81% in Q4FY20. Net NPA was reported at 4.10% in Q1FY21 and it stood at 4.77% in Q4FY20. Total deposit grew by 10.1% YoY and gross advances grew by 4%. 24% of Customers availed moratorium of term loans as announced by RBI. 

Mphasis: The Bangalore-based IT services company Mphasis on Thursday reported a 22.1% quarter-on-quarter (QoQ) declined in consolidated profit at Rs 275 crore for the quarter ended on June 30, 2020. It posted a net profit of Rs 353 crore in the previous quarter that ended on March 31, 2020. Consolidated revenue from operations declined 2.5% to Rs 2,288 crore in Q1FY21 from Rs 2,346 crore posted in Q4FY20. EBIT stood at Rs 358 crore, down 6.3% from Rs 382 crore. The EBIT margin declined to 15.6% in Q1FY21 from 16.3% posted in Q4FY20. 

Zensar Technologies: The mid-size IT services company Zensar on Thursday reported a 5.5% quarter-on-quarter rise in consolidated profit at Rs 73.3 crore in the quarter ended on June 30, 2020. It posted a net profit of Rs 69.5 crore in the previous quarter that ended on March 31, 2020. Consolidated revenue from operations declined 2.6% to Rs 991.2 crore in Q1FY21 from a revenue of Rs 1,018 crore posted in Q4FY20. In dollar term, the revenue was down 7.1% at $13.1 crore in the quarter when compared to $14.1 crore posted in the previous quarter. EBIT stood at Rs 98.6 crore in June quarter, down 1.6% from Rs 100.2 crore posted in March quarter. The EBIT margins stood at 9.9% in Q1FY21 against margins of 9.8% posted in Q4Fy20. 

ABB India: The technology company, ABB India on Thursday reported a 76.4% year-on-year decline in profit at Rs 16.5 crore for the quarter ended on June 20, 2020. Its net profit stood at Rs 70 crore in the corresponding quarter last year. Revenue from operations declined 42.3% to Rs 986 crore against Rs 1,708 crore posted in the same quarter last year. EBITDA stood at Rs 24 crore, down 77.6% from last year’s Rs 107 crore. The margin has contracted to 2.4% from 6.3%. 

Agro Tech Foods: The company on Thursday reported a 78.6% year-on-year rise in consolidated profit at Rs 12.5 crore in the quarter ended on June 30, 2020. It posted a net profit of Rs 7 crore in the same quarter last year. Revenue from operations rose 2.9% to Rs 203.5 crore from Rs 197.7 crore posted last year. EBITDA stood at Rs 21.1 crore, up 44.5% from Rs 14.6 crore. The margins grew to 10.4% in Q1FY21 from margins of 7.4% posted in Q1FY20.

Spencers Retail: The board of directors of Spencers Retail on Thursday approved the issue of equity shares of the Company by way of a rights issue to eligible shareholders of the Company as on the record date for an amount not exceeding Rs 80 crore. The issue price has been set at Rs 75 per equity share. As per the decided rights entitlement ratio, 2 rights equity shares will be issued to eligible shareholders against 15 equity shares on the record date fixed on July 29. The issue will remain open from August 4, 2020, to August 18, 2020.

Yes Bank: The private lender in its clarification on FPO share allotment has said that the allotted shares may be credited to the Demat account by July 24, 2020. The shares can be obtained through a separate and temporary ISIN code. The shares with the temporary ISIN code will convert into the existing shares on Monday, July 27, 2020.

Axis/Max Financial: The Insurance Regulatory and Development Authority of India (IRDAI) has asked Axis Bank and Max Financial Services to make some changes to the value creation options that the two firms were exploring. IRDAI has asked them to factor in some alternate mechanisms subject to regulatory approvals. The two firms entered into an agreement in April whereby the lender would have increased its stake in life insurance company Max Life promoted by Max Financial Services.