Suzlon Energy gains 2% after acquiring Everrenew Energy’s 225-MW wind energy plant.
On January 5, Suzlon Energy’s stock increased by more than 2 percent following the company’s acquisition of a fresh order from Everrenew Energy Private Ltd. for the building of a 225-MW wind power project. Across the client’s many locations, 75 wind turbine generators (WTGs) with a rated capacity of 3 MW each and a Hybrid Lattice Tubular (HLT) tower would be installed.
According to a filing by Suzlon Energy, this order is for the company’s larger-rated 3 MW, S144-140m turbines from the 3–3.15 MW product series. In Tamil Nadu, the locations for the WTGs and HLT tower are in the districts of Vengaimandalam, Trichy, and Ottapidaram, Tuticorin.
The stock of Kalyan Jewellers rises 2.3% as investors anticipate a strong 40% revenue growth in Q3FY24.
Following a reported 40% revenue gain for their India business, Kalyan Jewellers’ shares saw a 2% increase at the NSE’s opening. The stock was trading at Rs 372.40 a share as of 9:20 am.
Kalyan Jewellers reported a revenue growth of almost 40% in a regulatory filing on January 4. The company attributed this growth to strong operating momentum and solid same-store sales growth in all of the major regions in the nation. 22 net new Kalyan showrooms were added by the firm during the quarter, 16 of which were operated on the franchisee-owned, franchisee-operated model.
The Middle East business has also maintained its strong operating momentum, with revenue growth for the third quarter of FY 2024 estimated to have been roughly 6% higher than the previous fiscal year. The press statement stated that for the most recent quarter, the Middle East business accounted for almost 13% of their total revenue.
Gains are maintained by DLF as Morgan Stanley maintains its strong “buy” rating.
On January 5, DLF shares slightly increased, maintaining gains from the previous trading session as Morgan Stanley maintained its bullish outlook on the stock in the wake of the company’s business update. DLF was given a “overweight” rating by the international firm, with a target price of Rs 770 per share.
Analysts predict that, in contrast to guidance of Rs 13,000 crore, its FY24 pre-sales will increase by 30% year over year to exceed Rs 20,000 crore.
In December 2023, DLF successfully sold all 1,100 units at Arbour 2/Privana South, bringing in almost Rs 8,000 crore. This month, the real estate developer intends to begin another phase. Analysts’ assessments of the company’s future are still favorable.
DLF shares were up.45% at Rs 761.45 on the NSE at 9:27 a.m. Prior to this session, the shares increased by more than.
Sobha slips 4% amid profit-booking after record sales in December quarter
In early trade on January 5, Sobha’s shares fell 4% to Rs 1,245 as investors rushed to book a profit, only one day after the real estate giant revealed its highest-ever quarterly sales for the October–December period.
In the December quarter, Sobha’s revenues increased 56.2 percent YoY to Rs 1,735 crore, the company reported in a business update on January 4. The average price per square foot increased to Rs 11,732, thanks in part to the Sobha Neopolis project’s debut.
The stock has risen over 33% over the last month compared to a 14% increase in the Nifty real estate index. On January 4, the counter reached its 52-week high of Rs 1,339.
RBL Bank gains 2% in Q3 as deposits rise 13% and gross advances rise 20%.
Private sector lender RBL Bank reported that total deposits increased by 13% year over year to Rs 92,743 crore for the quarter that ended in December of FY24. Notably, deposits for retail Liquidity Coverage Ratio (LCR) increased by a strong 16 percent year over year to a total of Rs 41,209 crore.
However, as revealed in a business update the bank filed with the BSE on January 4, the Current Account Savings Account (CASA) ratio decreased to 33.8 percent in Q3FY24 from 36.6 percent in the same period last year.
The bank’s gross advances saw a notable 20 percent year-over-year increase, totaling Rs 81,870 crore. Within this, wholesale advances increased by a relatively moderate 6 percent year over year during the quarter, while retail advances soared by 32 percent year over year.