Sun, May 19, 2024

MAX estates: Max Estates Shares Surge 4% on New York Life Insurance Investment

The MAX estates received Rs.388 cr from New York Life Insurance Corporation as strategic investment route in two subsidiaries of MAX Groups.  These two groups are commercial rent yield projects. This capital is used for Net debts reducing and working capital inflows. So this share price surged today.

MAX ESTATES Market Price is moving in box pattern and market has reached resistance area of the pattern

MAX ESTATES Market Price is moving in box pattern and market has reached resistance area of the pattern

The share price of Max Estates witnessed a notable surge of 4 percent during the opening trade on May 2. This increase came following the company’s announcement of a binding Memorandum of Understanding (MoU) with New York Life Insurance Company (NYL), detailing investment plans in two of its subsidiaries, MTPL and PCL.

As of 09:39 am, Max Estates was trading at Rs 307.30 on the BSE, marking an increase of Rs 13.45, equivalent to 4.58 percent.

Under the agreement, NYL will subscribe to 1,07,89,330 equity shares to be issued by Max Towers Private Limited (MTPL) for approximately Rs 565.25 million. Additionally, NYL will acquire 2,63,76,841 equity shares of MTPL from the company for approximately Rs 1,381.88 million.

Similarly, NYL will also subscribe to 74,48,814 equity shares to be issued by Pharmax Corporation Limited (PCL) for around Rs 347.56 million. Furthermore, NYL will acquire 3,40,64,700 equity shares of PCL from the company for approximately Rs 1,589.46 million.

Insurance

Following these transactions, NYL will hold a 49 percent stake in both SPVs, with the remaining shares being retained by the company.

The aggregate consideration for the MTPL and PCL transactions is subject to adjustments based on working capital and net debt as of the closing date, as specified in the definitive documents provided by the company.

The completion of these transactions is contingent upon obtaining regulatory, corporate, and other customary approvals, as well as the execution of definitive agreements and fulfillment of other conditions outlined in the definitive documents.

Furthermore, the board approved a corporate guarantee of Rs 4500 million for Max Estates 128 Private Limited, a wholly-owned subsidiary of the company, to secure financial facilities from Standard Chartered Bank and Standard Chartered Capital.

REC: REC Stock Surges 8% on Strong Q4 Results; Aims for NPA-Free Status by FY25

The REC Company reported 33% net profit rise in Q12024 results, Net income from operations rose to 25%, Net income from interest rose to 29% and Net interest operation margin soared to 3.60%. The REC company is financing  for Power sectors in India and Non-Banking Financing company reported highest ever PAT in this quarter is Rs.14019 cr in 2024.

REC LTD Market price is moving in Ascending channel and market has rebounded from the higher low area of the channel

REC LTD Market price is moving in Ascending channel and market has rebounded from the higher low area of the channel

On May 2, REC Limited witnessed a remarkable surge of nearly 8 percent in its share price, just two days after releasing its robust earnings report for the quarter ending March 2024. The company’s consolidated net profit saw an impressive 33 percent year-on-year increase, soaring to Rs 4,079 crore, buoyed by substantial growth in core income and a provision write-back.

During the same period, REC Limited’s revenue from operations climbed by 25 percent year-on-year, reaching Rs 12,613 crore. REC Ltd, operating under the Ministry of Power, stands as a significant non-banking financial company (NBFC) committed to financing and advancing the power sector across India.

The fiscal fourth quarter witnessed a notable 29 percent year-on-year surge in the company’s core net interest income, reaching Rs 4,407 crore, propelled by a 67 percent increase in disbursements and a slight 0.31 percent expansion in the net interest margin (NIM), settling at 3.60 percent.

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REC’s chairman and managing director (MD) V K Dewangan expressed confidence in sustaining the net interest margin above 3.55 percent for FY25. The company’s annual net profit for FY24 hit an all-time high of Rs 14,019 crore, credited to enhanced asset quality, effective resolution of stressed assets, resetting of lending rates, and adept finance cost management.

Looking ahead, REC aims to achieve a ‘NPA (non-performing assets)-free’ status by the end of FY25, resolving bad assets totaling over Rs 13,800 crore. The company has outlined a debt-raising plan of Rs 1.6 lakh crore for the upcoming fiscal year, intending to secure 40 percent through domestic bond issuances, 10 percent through tax-saving bonds, more than a third through external commercial borrowings, and the remainder through term loans from banks.

SONA BLW Precision Forgings: Sona BLW shares surge 3% post strong Q4

The SONA BLW company reported 19% up in the Revenue in Q1 2024 as Rs.881 cr, PAT printed Rs.149 crore, EBITDA shows Rs.248 cr. The 32% of Revenue of this quarter comes from EV Vehicles in Q1 2024. Still EV Vehicle Orderbook value of Rs.22800 cr for this company so far.

SONA BLW PRECISION FRGS Market Price is moving in Ascending channel and market has reached higher low area of the channel

SONA BLW PRECISION FRGS Market Price is moving in Ascending channel and market has reached higher low area of the channel

In early trading on May 2, shares of Sona BLW Precision Forgings climbed more than 3 percent to reach Rs 647. This surge came in the wake of the company’s exceptional performance in the fourth quarter, marked by record-high revenue, net profit, and EBITDA, primarily driven by a strong showing in the electric vehicle (EV) segment.

During the January-March quarter, Sona BLW’s revenue surged by 19 percent year-on-year to reach Rs 885 crore. Notably, about 32 percent of this revenue was attributed to battery electric vehicles (BEVs), which experienced a robust 34 percent year-on-year growth.

The company’s EBITDA reached Rs 248 crore, with an impressive margin of 28 percent, showcasing a notable 23 percent year-on-year growth. Sona BLW’s profit after tax (PAT) stood at Rs 149 crore. The EV segment played a significant role, contributing 79 percent to the net order book, which amounted to Rs 22,600 crore.

Charging station for an electric car

The management expressed confidence in sustaining growth momentum, citing a strong order book at the close of FY24. Additionally, the company highlighted the expansion of its EV order book, having added four new EV customers in Q4.

In other news, the Chief Technology Officer (CTO), Kiran Deshmukh, announced his retirement after nearly four decades with the Sona Group, including the last eight years with Sona BLW. Furthermore, the Board recommended a final dividend of Rs 1.53 per equity share for the financial year 2023-24.


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