Bajaj Finance, Marico, Power Grid, ACC, Ambuja Cements, J Kumar Infraprojects, Tata Power

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Stocks to watch in trade for July 6: Bajaj Finance, Marico, Power Grid, ACC, Ambuja Cements, J Kumar Infraprojects, Tata Power.

Bajaj Finance Update T1FY23

New loans booked in Q1 FY23 were 7.4m vs. 4.6m, up 61% year-on-year

Core assets under management stood at ~Rs 204,000 cr, up 31% YoY

The company’s liquidity position remains strong

Consolidated net excess liquidity amounted to ~ 11,550 cr as of June 30, 2022

Remains well capitalized with a CRAR of around 26.2%

Passbook deposit stood at Rs 34,100cr up 22% YoY

Recorded the highest ever quarterly increase in its customer franchise of 2.7 million in Q1 FY23

Marico-Q1FY23 Update

Consolidated revenue ended up slightly over the year

Gross margin should remain at similar levels (44.5%) as seen in 4QFY22

Ad spend was higher on an annual basis to support the investments behind strategic brand development

Expects reasonable operating profit growth in Q1FY23

However, net profit growth is expected to lag EBITDA growth due to higher ETR (200-300 bps vs. base quarter)

Electrical network

Board meets to consider fundraising up to Rs 6,000 crore and sanction term loan of Rs 5,000 crore from Commercial Bank to meet capital expenditure

ACC and Ambuja

Offers open to public shareholders begin today

Adani to buy ACC shares at Rs 2,300; CMP at Rs 2147

Adani to buy Ambuja shares at Rs 385; CMP at Rs 367

Merger of Shriram Group

Shareholders approve the merger.

Only a small group of public shareholders (about 2%) voted against.

J Kumar Infraprojects

JV wins order for Mumbai sewer tunnel.

The company’s share in the Mumbai order stands at Rs 343cr (60% share)

Tata power

Signature of a memorandum of understanding with the government of Tamil Nadu for the establishment of a manufacturing plant for Mega Solar.

Will add 4 GW modules and 4 GW cells by FY24 at an investment of Rs 3,000-3,400 cr.

The amount of investment will be through debt and equity.

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