Tech Mahindra Quarterly Results, Tata Power's Milestone of 1,000 EV Charging Stations, and Buzzing Stocks Today

Tue, 26 Oct Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices snapped their 4-day losing streak, led by gains in index heavyweights ICICI Bank, ONGC and Axis Bank.

Although broader markets witnessed heavy selling.

At the closing bell yesterday, the BSE Sensex stood higher by 145 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 11 points (up 0.1%).

ICICI Bank and Axis Bank were among the top gainers.

BPCL and Bajaj Finserv, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.7% and 1.8%, respectively.

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

Realty and auto stocks, on the other hand, witnessed selling pressure.

Shares of Shoppers Stop and KEC International hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 48,014 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about how to know if your stock will fall, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Tech Mahindra.

IT company Tech Mahindra's consolidated net profit rose 26% at Rs 13.4 bn against Rs 10.6 bn in the last year period.

On a sequential basis, the profit after tax (PAT) has dropped 1.1% from Rs 13.5 bn in first quarter.

Consolidated revenue from operations, meanwhile, increased by 16% to Rs 108.8 bn compared to Rs 93.7 bn in the same period of last year.

The company has declared a special dividend of Rs 15 per equity share.

Tech Mahindra's earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter came in at Rs 2 bn.

The total employee headcount of the company at the end of the September quarter stood at 1,41,193.

The attrition levels zoomed to 21% in the said quarter, higher than 14% in the year-ago period and 17% in the previous June quarter.

Tata Power share price will also be in focus today.

Tata Power, one of the country's largest private-sector integrated companies, now has a network of more than 1000 electric vehicle (EV) charging stations across the country.

This network of 1000 public EV charging stations provides innovative and seamless EV charging experiences for Tata Power's customers across offices, malls, hotels, retail outlets, and places of public access, enabling clean mobility and freedom from range-anxiety.

In addition, there are close to 10,000 home EV charging points, which make EV charging super-convenient for the vehicle owners.

Tata Power EZ Chargers ecosystem covers the entire value chain of public chargers, captive chargers, bus/ fleet chargers and home chargers.

Starting with the first chargers being installed in Mumbai, Tata Power EV charging points are now present in nearly 180 cities and in multiple State and National highways under various business models and market segments.

The company is planning to have a base of 10,000 charging stations as also to enable whole stretches of highways into e-highways across the length and breadth of the country.

Tata Power has collaborated with original equipment manufacturers (OEMs) to roll out EV charging infrastructure and aims to expand its presence further in many cities of India.

Biocon to enter the US Insulin Market

Biocon will enter the market with its interchangeable biosimilar product Semglee that has received approvals and via Aspart, that the company is hoping will be approved by the first quarter of 2022.

With the approval of Aspart, Biocon said it will become the first company to receive approvals for two interchangeable insulin drugs in the US, helping it make a strong entry into that market.

The company's executive chairperson Kiran Mazumdar Shaw said,

• Biocon has demonstrated the ability to take very complex biosimilars to the US market, first with trastuzumab, pegfilgrastim and Semglee, and soon I hope bevacizumab and aspart. To take five products to the US and succeed is not a joke.

Biocon's success in getting US regulators to approve its insulin drugs is an example of the company's growing clout in the biosimilars market, which Mazumdar-Shaw said is a "future-proof" business with more opportunities for growth emerging from it.

With this, Biocon has a first-mover advantage as right now it's the only company from India that has built credibility and has the science plus vertical integration required to get in to the US market.

Minda Industries to Hike Stake in Strongsun Renewables

Minda Industries announced that its investment committee has approved the second tranche of investment in Strongsun Renewables

The transaction is expected to be completed on or before 6 November 2021.

With this acquisition, Minda Industries will hold a 28.1% stake in the company.

The acquisition of the shares is for availing solar power for its manufacturing units situated at Maharashtra.

Minda Industries is a flagship Company of UNO MINDA Group, which manufactures automobile components for original equipment manufacturers (OEMs).

On a consolidated basis, the company reported a net profit of Rs 299 m in the June 2021 quarter. It had posted a net loss of Rs 1.4 bn in the same period last year.

We will keep you posted on more updates from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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