1 / 7Sobha Limited | SOBHA reported its best quarter of sales in the third quarter of fiscal 2024, reaching a value of Rs 19.52 billion. The new area sold amounted to 1.66 million sq ft, with Bengaluru achieving its highest-ever quarterly sales of 1.25 million sq ft, contributing Rs 14.99 billion. Kerala saw 59.5% growth in new sales areas. GIFT City reported 22.7% growth in new sales areas for 9M-FY24. The company launched 2 new projects with a total salable area of โโ3.84 million square feet. Strong cash flows led to further reduction in net debt. Key operational highlights include highest-ever quarterly sales value, better average price realization and higher Sobha share of sales value.
2 / 7Shree Cement | Shree Cement, one of India's largest cement manufacturers, announced an overhaul of its corporate brand with 'Bangur' as the new master brand. The initiative includes a modern logo, an enhanced product line, the launch of Bangur Magna and a new advertising campaign starring Bollywood actor Sunny Deol. The campaign will roll out across television, digital, outdoor, print and retail platforms. Shree Cement emphasizes a renewed commitment to sustainability and plans a digital expansion with influencer programs targeting contractors, engineers, masons and distributors.
3 / 7Torrent Pharma | Torrent Pharma Company has officially established a wholly owned subsidiary (WOS) named Farmacรฉutica Torrent Colombia SAS in Colombia, effective January 3, 2024. WOS, operating under the name Torrent Colombia, has an authorized share capital of 585, 00,00,000 Colombians. Pesos, with a paid-in share capital of 429,00,00,000 Colombian Pesos. Although the turnover is not applicable at present, since Torrent Colombia has not yet started commercial operations, the acquisition cost of 429,00,00,000 Colombian Pesos reflects the price at which the shares were acquired. Torrent Pharma Company has a 100% stake in Torrent Colombia, with the entire paid-up share capital owned by the parent company.
4 / 7J&K Bank | Jammu and Kashmir Bank reported a substantial 11.80% year-on-year increase in total business, reaching Rs 2,18,650 crore as compared to Rs 1,95,574 crore. Total deposits also see a notable year-on-year increase of 9%, standing at Rs 1,28,544 crore as against Rs 1,17,935 crore. Within this, house deposits exhibit a year-on-year growth of 2.68%, rising to Rs 65,035 crore as compared to Rs 64,340 crore. However, the housing index experienced a slight decrease, falling from 53.71% year-on-year to 50.59%. The third quarter update reflects strong performance in various financial indicators of J&K Bank.
5 / 7RBL | RBL Bank's third quarter trading update reveals significant growth in key financial metrics. Total deposits stand at Rs 92,743 crore, up 13% year-on-year from Rs 81,746 crore. Retail advances witness a 32% year-on-year growth, while wholesale advances show a 6% year-on-year increase for the quarter ending December 31, 2023. The ratio of retail to wholesale advances is approximately 58:42. Emphasizing a strategic focus on expanding granular retail deposits, the bank achieves a retail deposit mix of around 44.4%, compared to 43.3% as of December 31, 2022.
6 / 7L&T Finance | In the December quarter, the company achieved a retail turnover rate of around 91%, surpassing Lakshya's target of 80% by 2026. Estimated retail outlays for the quarter stand at around Rs 14,500 crore, indicating a solid year-on-year growth of 25%. The breakdown of retail disbursements across segments includes farmer finance, rural business finance, urban finance, SME finance and acquired portfolio. The retail loan portfolio is projected to be around Rs 74.75 billion at the end of Q3FY24, reflecting a substantial year-on-year growth of 31%. These figures highlight the company's effective execution of its retail-focused strategy and its commitment to sustained growth in the retail lending segment.
7 / 7Grasim | The board of Grasim Industries on Thursday approved raising Rs 4,000 crore through a rights issue. January 10, 2024 has been set as the registration date for the rights issue. As per the approved terms, the company will issue 2.2 crore partially paid shares, also known as rights shares. Grasim has set the rights issue price at โน1,812 per share, which is a 12% discount to the closing price of the stock on Thursday.
