Recomputation of AGR Dues, Tanla Platforms' June Quarter Performance, and Buzzing Stocks Today

Mon, 26 Jul Pre-Open

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Indian share markets ended on a positive note on Friday.

Benchmark indices edged higher on Friday following mixed investor sentiment across global markets and helped by gains in realty and FMCG stocks.

At the closing bell on Friday, the BSE Sensex stood higher by 139 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 32 points (up 0.2%).

ICICI Bank and ITC were among the top gainers.

Tata Motors and Grasim, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended on a flat note.

Sectoral indices ended on a mixed note with stocks in banking sector, realty sector and FMCG sector witnessing most of the buying interest.

Telecom and engineering stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 47,447 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Mahindra Life Space.

Shares of Mahindra Life Space Developers zoomed 19% to Rs 793.10 on the BSE on Friday after the company announced that its board will consider maiden bonus issue in their forthcoming meeting on Wednesday, 28 July 2021.

The share price of the real estate and infrastructure development company of Mahindra Group hit a 52-week high on Friday.

The scrip has rallied 33% in the past one month as against a rise of 1% in the BSE Sensex during the same period.

On 1 July 2021, the company intimated that a meeting of the board of directors is scheduled to be held on Wednesday, 28 July 2021, to consider, inter-alia, unaudited standalone and consolidated financial results for the first quarter ended on 30 June 2021.

The board of directors of the company at its meeting scheduled on Wednesday, July 28, shall, inter-alia, will also consider the proposal for issuance of bonus equity shares, subject to requisite approvals, the company informed exchanges on Thursday, 22 July, after market hours.

Mahindra Life Space is a pioneer in the integrated cities and industrial clusters (IC&IC) segment.

It markets its products under this segment under two formats: large integrated cities under the brand 'Mahindra World City' and smaller industrial clusters under the brand 'Origins'.

Currently, there are two operational Mahindra World Cities in Chennai and Jaipur and an operational Origins project in Chennai.

Development work is currently in progress in another industrial cluster project called Origins Ahmedabad.

Hindustan Zinc share price will also be in focus today.

Vedanta group firm Hindustan Zinc (HZL) reported a 45.9% year on year (YoY) rise in net profit at Rs 19.8 bn for the June 2021 quarter driven by a recovery in metal prices and higher volumes.

The company had posted a net profit of Rs 13.6 bn in the same period last year.

Total income of the company during the quarter increased to Rs 68.8 bn compared to Rs 46.7 bn in the June 2020 quarter whereas total expenses increased to Rs 37.2 bn from Rs 30.1 bn.

Commenting on the results, the company's CEO Arun Misra said,

• We delivered the highest-ever Q1 ore, refined metal and silver production.
  
  After exiting at a run-rate of 1.2 million tonnes per annum (MTPA) in the fiscal year 2021, we maintained the momentum of production in Q1 with a year on year growth of 15% in ore, 17% in refined metal and 37% in silver in spite of the spurt in Covid-19 cases in the second wave of the pandemic.

The company's mined metal production for the quarter was up 9% YoY at 221,000 tonnes on account of higher ore production. It was also partly offset by lower overall grade, the company said.

Integrated metal production stood at 236,000 tonnes for the quarter, up 17% YoY in line with higher mined metal availability. Integrated zinc production came in at 188,000 tonnes, up 20%.

Integrated silver production was also up 37% from a year ago, in line with higher lead production. However, it was down 21% sequentially.

The company maintains it guidance on operational and financial metrics for the financial year 2022. In light of rising input commodity prices, the company's management is closely monitoring the situation and taking all necessary actions to combat it.

Tanla Platforms Reports Its Highest Quarterly Profit

Tanla Platforms, formerly known as Tanla Solutions, has reported a net profit of Rs 1,045 m in the first quarter ended June 2021.

This compares with a net profit of Rs 786 m reported in the same quarter last year.

This is the second consecutive quarter for the company to deliver a net profit of over Rs 1,000 m.

The company registered a net income of Rs 6,306.8 m in the quarter under review as against Rs 4,687.7 m in the year ago period.

The company's board also approved a buyback plan for an aggregate amount not exceeding Rs 650 m at a price (not exceeding) Rs 1,260 per share from the open market through stock exchange mechanism.

Uday Reddy, Chairman and Chief Executive Officer of Tanla Platforms said,

• The operating profit and net profit are at an all-time high, driven by increasing contribution from our platform business.
  
  Our top 20 customers have grown by 31% and we have 13 customers with annualised revenues greater than Rs 500 m in the quarter.

Note that shares of the company have seen a spectacular rally in the past year.

From the lows of Rs 98 touched on 21 July last year, shares of Tanla Platform are currently trading at Rs 1,026. A gain of 947%!

At the current price, the company commands a marketcap of Rs 137.4 bn.

Supreme Court Dismisses Applications by Telecom Majors to Recompute AGR Dues

The Supreme Court on 23 July 2021 dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, which raised the issue of alleged errors in calculation of adjusted gross revenue (AGR) related dues payable by them.

"All the miscellaneous applications are dismissed," a bench headed by Justice L Nageswara Rao said while pronouncing the order.

The telecom companies had submitted before the apex court that arithmetical errors in the calculation be rectified as there are cases of duplication of entries.

The top court had on 19 July said it would pass orders on the applications filed by the telecom majors.

In September last year, it had given a time of ten years to telecom service providers to clear their outstanding amount to the government.

An earlier judgment of the court in the AGR case had originally ordered the telecom firms to make their repayments in three months.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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