Stocks in Focus on February 23: Mahindra CIE, Crompton Greaves, Sun Pharmaceutical, Hero MotoCorp, Thyrocare and many more

The domestic equity benchmarks recovered from steep losses in early trade and ended with modest cuts on Tuesday, February 22, 2022. The S&P BSE Sensex fell 382.91 points or 0.66% to 57,300.68. The Nifty 50 index lost 114.45 points or 0.67% to 17,092.20. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, February 23, 2022. List of such Stocks:

Q3FY22 Earnings

Mahindra CIE Automotive: The multi-technology automotive components supplier has reported a 28.4% YoY decline in the consolidated profit at Rs 80.1 crore for the quarter ended December 31, 2022, compared to Rs 111.9 crore posted in the year-ago quarter. Revenue from operation grew 5.5% YoY to Rs 2,064.2 crore against Rs 1,957.6 crore posted last year. EBITDA stood at Rs 202.2 crore, down 18.3% from Rs 247.5 crore posted last year. Margins down to 9.8% in Q3FY22 against 12.6% posted in Q3FY21. The company has reported an exceptional loss of Rs 12.8 crore. Besides, The Board of Directors of the company has recommended a second Interim Dividend of Rs 2.5 per share.
Elantas Beck India: The chemical manufacturing company has reported a 26.2% YoY decline in the net profit at Rs 16.6 crore for the quarter ended December 31, 2021, compared to Rs 22.5 crore posted in the year-ago quarter. Revenue from operation grew 23.3% YoY to Rs 145.5 crore against Rs 118 crore posted last year. EBITDA stood at Rs 21.75 crore, down 19.75% from Rs 27.1 crore posted last year. Margins contracted to 15% in Q3FY22 from 23% posted in Q3FY21. Besides, the Board of Directors of the company has recommended payment of a dividend of Rs 5 per equity share of Rs 10 each, for the year 2021.

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Stock in News

Crompton Greaves Consumer Electricals /Butterfly Gandhimathi: Crompton Greaves Consumer Electricals Ltd. ("Crompton") has signed definitive agreements with certain members of the promoter group of Butterfly Gandhimathi Appliances Ltd. ("Butterfly") to acquire upto 55% stake at Rs 1,403.00 per equity share, aggregating upto Rs1,379.68 crore. Crompton will also launch the mandatory open offer to the public shareholders of Butterfly, for acquiring upto 26% stake in Butterfly at a price of Rs 1,433.90 per equity share, aggregating up to Rs 666.57 crore; for an aggregate total consideration of upto Rs 2,076.63 crore. It will also buy certain Butterfly trademarks in allied and cognate classes from promoter group entities ("Trademarks") for a consideration of Rs 30.38 crore. Besides, the Board of Directors of the company has approved to enter into two separate agreements to acquire 9.12 acres of land from LLM Appliances Private Limited for a consideration of Rs 63 crore and 3.37 acres of land from Mr V. M. Balasubramaniam for a consideration of Rs 22 crore, located at Plot No. 143, Pudupakkam Village, Vandalur Kelambakkam Road, Kelambakkam, Chengalpettu, Tamil Nadu - 603103 ("Land Parcels"), respectively. The consideration for each of the Land Parcels has been determined taking into account valuation reports dated February 18, 2022, issued by K. V. Venugopal, Registered Valuer. The said Land Parcels are located adjacent to the registered office of Butterfly Gandhimathi Appliances Limited ("Butterfly"). The transaction will accelerate Crompton's long-term strategic goal of becoming a leading player in the small domestic appliances segment 

Sun Pharmaceutical: Taro Pharmaceuticals U.S.A., Inc., one of the wholly-owned subsidiaries of its subsidiary company, Taro Pharmaceutical Industries Ltd., has signed a definitive agreement to acquire three subsidiaries of the US-based Galderma, the world's largest independent dermatology company for $9 crore. Taro will acquire stakes in Galderma Holdings Inc., Alchemee, and The Proactiv YK. The agreement between Galderma and Taro includes Alchemee's business and assets around the world, including the Proactiv brand.

Hero MotorCorp: Hero MotoCorp and Bharat Petroleum Corporation Limited (BPCL) have collaborated to set up charging infrastructure for two-wheeled electric vehicles (EVs) across the country.

Carborundum Universal Ltd.: HDFC Midcap Opportunity Fund offloaded 1,10,800 shares, i.e., 0.06% equity shares of the company on February 18, 2022. With this, HDFC Midcap's holding has reduced to 5.59% from 5.65% in the company. 

Thyrocare: The Income Tax Appellate Tribunal (the 'ITAT') has decided in favour of the Company in the tax litigations with the Income Tax Department on non-deduction of TDS from the amount payable/paid by the Franchisees. The tribunal in its judgement has said that no income tax deduction at source is required on payment received from Franchisee. Income Tax Department had demanded deduction of tax at source on the money received from the franchise.

Wipro: Wipro Limited: The IT services provider Wipro on Tuesday announced that it has formed a joint go-to-market partnership with vFunction, a Palo Alto-based startup that has developed a scalable, AI-based technology platform for modernizing Java applications and accelerating migration to the cloud. The partnership will strengthen Wipro FullStride Cloud Services’ position as a leading provider of digital transformation solutions and help advance Wipro’s commitment to accelerating cloud innovation for clients. 

Tata Power: Prayagraj Power Generation Company Limited (PPGCL) has signed an MOU with ZaaK Technologies for Upcycling Ash to Sustainable Sand Material.

Fund Action  

Dhani Services: (NSE Bulk Deal). Baillie Gifford Pacific Fund sells 94.3 lakh shares at Rs 85.07 per share.

Kings Infra Ventures Limited: (BSE Bulk Deal). Rajesh Kumar Jhunjhunwala buys 120,000 shares at Rs 64.67 per share.

HDFC Ltd: ( BSE Block Deal) BNP Paribas arbitrage buys 70.98 lakh shares at Rs 2,436.8 per share. Societe Generale sells 70.98 lakh shares at Rs 2,436.8 per share.

Capri Global: LIC bought 1.5 lakh shares on February 21, 2022. With this, LIC's stake has increased in the company from 4.959% to 5.044%. 

Promoter Action 

Metropolis: Promoter bought 1.5 lakh shares between February 18-21, 2022.  

NCL Industries: Promoter bought 9,000 shares on February 21, 2022.