Overnight digest: Stocks to watch on June 30
The stocks to watch as of June 30 include ISGEC Heavy Engineering, Kamat Hotels and certain pharma majors like Sun Pharmaceuticals, Cipla, Torrent Pharmaceuticals, Emcure Pharmaceuticals, Dr Reddy's Laboratories along with Finolex Cables & United Drilling Tools.
ISGEC Heavy Engineering: The company informed that it has received a prestigious order for a wet limestone flue gas desulphurisation system and flue gas conditioning system package (FGD-FGC Package) from Odisha Power Generation Corporation for its 2x660 MW TPPIB Thermal Power Station at Banharpali, Jharsuguda (Odisha).
Kamat Hotels: The company declared its financial results for Q4FY21. Revenue from operations stood at Rs 22.80 crore in Q4FY21 in comparison with Rs 44.84 crore in Q4FY20, declining by 49.15 per cent. The total income for the quarter also showed a dip of 48.15 per cent as compared to the corresponding quarter in the previous fiscal year. The company incurred a net loss of Rs 488.05 crore in Q4FY21 as against the net profit of Rs 2,132.64 crore in Q4FY20.
Pharma majors: The Pharma majors such as Sun Pharmaceuticals, Cipla, Torrent Pharmaceuticals, Emcure Pharmaceuticals, and Dr Reddy's Laboratories are collaborating for the clinical trial of the investigational oral anti-viral drug, Molnupiravir for the treatment of mild COVID-19 in an outpatient setting in India.
Finolex Cables: The board has recommended a final dividend at Rs 5.50 per equity share of Rs 2 each fully paid-up) for the financial year ended March 31, 2021, subject to the approval of shareholders at ensuing annual general meeting of the company.
United Drilling Tools: The company announced its financial results for the fourth quarter of FY21. Revenue from operations rose by 27.83 per cent on a YoY basis on the back of procurement of big orders of Rs 125 crore from ONGC executed in FY21. EBITDA witnessed a decrease of 23.71 per cent YoY, owing to the increase in raw material consumption cost due to a surge in steel process and non-availability of labour due to COVID-19. Meanwhile, its net profit improved by 26.65 per cent in Q4FY21 on a YoY basis.