Stocks to Watch: ITC, ACC, Cipla, Indian Bank, LIC, JK Lakshmi Cement
ITC: Cigarettes-to-hotel major ITC Ltd held its investor conference call on July 27, 2023. The chairman and managing director, Sanjiv Puri, explained the reason why the company chose to retain a 40% stake in the demerged ITC Hotels. Puri said, the demerged entity to have a 'royalty-like' arrangement for use of the other ITC brands and assets.
He further said, the new entity (ITC Hotels) will be able to raise capital from strategic investors when required, adding, it will work on an asset-light model requiring a modest amount. ACC: ACC Ltd, the Adani group cement manufacturing company, on Thursday, reported a net profit of ₹466.14 crore for the quarter ending June 2023. ACC Q1 net profit more than doubled from ₹227.35 crore in the corresponding period of last year.
The company’s consolidated revenue in Q1FY24 increased 16.4% to ₹5,201.11 crore from ₹4,468.39 crore, YoY. Volume during the quarter increased by 23.2% at 9.4 MT from 7.60 MT, YoY, supported by an increase in blended cement and an improvement in efficiency parameters. Cipla: Promoters of Cipla are reportedly in talks to sell a part of their total stake in the company.
The pharma major however clarified that it was not aware of any event ‘that requires disclosure’ under listing regulations. “we hereby clarify that the Company is not aware of any event that requires disclosure under Listing Regulations. The Company will make appropriate disclosure in compliance with the Listing Regulations as and when any such requirement arises," the company said in a regulatory filing.
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