Kotak Mahindra Bank, Paytm, Shilpa Medicare, GMR Power: Top Stocks to Watch Today

Stocks to watch: Kotak Mahindra Bank, Paytm, Shilpa Medicare, GMR Power and more


The Indian stock market is expected to open on a positive note on Monday, following the gains in the global markets and the easing of Covid-19 restrictions in some states. The Nifty futures on the Singapore Exchange were trading 0.4% higher at 17,550, indicating a gap-up start for the benchmark indices.

Among the stocks that are likely to be in focus today are Kotak Mahindra Bank, Paytm, Shilpa Medicare, GMR Power and Urban Infra and more. Here are some of the key developments and news that may affect these stocks:

Kotak Mahindra Bank

The private sector lender reported a 32% year-on-year growth in its net profit to Rs 2,052 crore for the quarter ended June 30, 2023, beating the analysts' estimates. The bank's net interest income rose 6% to Rs 4,147 crore, while its asset quality improved marginally. The bank's board also approved a rights issue of equity shares worth Rs 7,460 crore at a ratio of one share for every 20 shares held. The issue price has been fixed at Rs 1,000 per share, which is a 46% discount to the current market price. The bank said the rights issue will help it to augment its capital base and support its growth plans.

Paytm

The digital payments giant is gearing up for its mega initial public offering (IPO) of up to Rs 16,600 crore, which is expected to be launched in November. The company has filed its draft red herring prospectus (DRHP) with the market regulator SEBI, revealing its financial and operational details. According to the DRHP, Paytm reported a net loss of Rs 1,701 crore for the fiscal year ended March 31, 2023, narrowing from Rs 2,942 crore in the previous year. Its revenue from operations declined 14% to Rs 2,802 crore, mainly due to lower commissions from travel and movie ticketing businesses amid the pandemic. However, its total payment volume (TPV) grew 11% to Rs 4.03 lakh crore, while its gross merchandise value (GMV) increased 12% to Rs 4.29 lakh crore.

Shilpa Medicare

The pharmaceutical company announced that its finished dosage form manufacturing facility at Jadcherla in Telangana has successfully cleared an inspection by ANVISA, Brazil, without any observations. The inspection was conducted from August 21 to August 24, 2023. The company said this will enable it to file and export various oncology and non-oncology products to Brazil and other Latin American countries. The company also reported a net profit of Rs 40.5 crore for the quarter ended June 30, 2023, up from Rs 38.9 crore in the same period last year. Its revenue from operations rose 5% to Rs 230.6 crore.

GMR Power and Urban Infra

The power and infrastructure company said its board has approved a rights issue of equity shares worth Rs 1,500 crore at a ratio of one share for every four shares held. The issue price has been fixed at Rs 15 per share, which is a 40% discount to the current market price. The company said the rights issue will help it to reduce its debt and fund its growth plans. The company also posted a net loss of Rs 205 crore for the quarter ended June 30, 2023, compared to a net loss of Rs 69 crore in the same period last year. Its revenue from operations increased 5% to Rs 1,124 crore.

Source: 

(1) Kotak Mahindra Bank Stocks Live Updates: Kotak Mahindra Bank Closes at Rs 1771.1 with 0.7% Gain; Trading Volume Reaches 2.7 Million Units. https://economictimes.indiatimes.com/markets/stocks/stock-liveblog/kotak-mahindra-bank-stocks-live-updates-04-sep-2023/liveblog/103338297.cms.
(4) Kotak Mahindra News: Latest News Updates on Kotak Mahindra, Kotak .... https://www.moneycontrol.com/company-article/kotakmahindrabank/news/KMB.
(5) Kotak Mahindra Bank Share Price - Kotak Mahindra Bank Share Price Live .... https://economictimes.indiatimes.com/kotak-mahindra-bank-ltd/stocks/companyid-12161.cms.

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