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Updater Services stock surges 11% on acquiring stake in subsidiary; details

Updater Services stock surges 11% on acquiring stake in subsidiary; details

by | Aug 21, 2024 | Share Market


3 min read Last Updated : Aug 21 2024 | 1:11 PM IST


Updater Services shares surged up to 10.6 per cent at Rs 358.60 per share on the BSE in Wednesday’s intraday deals. This came after the company acquired an additional 22.3 per cent stake in Denave India for Rs 52.57 crore on Tuesday.


“The company has increased the investment in Denave India, material subsidiary company from 67.27 per cent to 89.57 per cent by acquiring 37,48,614 equity shares from its promoters and other shareholders,” the company said in an exchange filing.


Another subsidiary of Updater Services, Matrix Business Services holds 10.43 per cent in Denave. Further to the acquisition, the post shareholding percentage in Denave of the company along with its subsidiary now stands at 100 per cent.


As of 31 March 2024, Denave India Private Limited reported a consolidated turnover of Rs. 454.28 crore. The company’s consolidated profit after tax (PAT) stood at Rs. 20.23 crore. 


Over the past three years, Denave India’s consolidated turnover has increased significantly. For the financial year 2021-22 (FY22), the turnover was Rs. 2,64.86 crore. In FY 22-23, it rose to Rs. 3,64.22 crore, marking an increase of approximately 37.6 per cent. For FY 23-24, the turnover further grew to Rs. 454.28 crore, representing a 24.8 per cent rise from the previous year.


Denave India Private Ltd, incorporated on 12th January 1999, is currently engaged in sales enablement as well as various support and staffing services.


Updater Services has a total market capitalisation of Rs 2,382.36 crore. Its shares are trading at a price to earnings multiple of 61.44 times with an earning per share of Rs 5.27. 


The share price of the company has zoomed 9.2 per cent year to date, while it has gained 25.4 per cent in the last one year.


At 12:59 PM; the stock of the company was trading 9.71 per cent higher at Rs 355.45 per share on the BSE. By comparison, the BSE Sensex was nearly flat, down 0.07 per cent at 80,746 levels. 


Updater Services is an integrated business services platform in India, providing both integrated facilities management (IFM) and business support services (BSS) with a nationwide presence. Within the BSS segment, the company offers audit and assurance services through its subsidiary, Matrix.

The company’s service portfolio encompasses various sectors, including FMCG manufacturing, engineering, BFSI, healthcare, IT, automobiles, logistics and warehousing, airports, ports, infrastructure, and retail, among others.

First Published: Aug 21 2024 | 1:10 PM IST



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Divi's Labs shares jump 5% as US court stays FDA approval for Entresto drug

Divi's Labs shares jump 5% as US court stays FDA approval for Entresto drug

by | Aug 21, 2024 | Share Market


2 min read Last Updated : Aug 21 2024 | 12:16 PM IST


Shares of Divi’s Laboratories surged up to 5 per cent at Rs 4960 per share on the BSE in Wednesday’s intraday deals. This came after a US court stayed the United States Food and Drugs Administration’s (USFDA) approval given to a generic drug version of Novartis AG’s heart failure drug, according to a Bloomberg report. 


The US Court of Appeals for the District of Columbia stayed the drug nod pending resolution of an appeal to the court filed by Novartis. The drug Entresto was manufactured by MSN Laboratories. 


This news came as a relief for the domestic drugmaker, Divis Labs, as earlier brokerages had estimated an earnings cut on the potential competition in the US market for the heart failure drug.  


The domestic brokerage firm, Kotak Institutional Equities had earlier highlighted concerns around Divi’s Laboratories CDMO contract with Novartis for the blockbuster heart failure drug, Entresto. 


According to Kotak, this contract contributed approximately 8 per cent of Divi’s total sales and 19 per cent of its CDMO sales for FY2024.


Due to the potential entry of generic versions of Entresto by MSN Laboratories, Kotak had anticipated a downside risk exceeding 10 per cent to Divi’s EPS estimates for FY 2026-2027.


Divi’s Laboratories reported a 21 per cent year-on-year increase in net profit for Q1 FY25, reaching Rs 430 crore compared to Rs 356 crore in the same quarter of the previous year. Revenue from operations also saw a significant rise of 19 per cent, climbing to Rs 2,118 crore from Rs 1,778 crore. 


Additionally, earnings before interest, tax, depreciation and amortisation (Ebitda) grew by 23 per cent to Rs 622 crore, with an Ebitda margin improving to 29.4 per cent, up from 28.3 per cent in the year-ago quarter.


At 12:00 PM; the stock of the company was trading 3.50 per cent higher at Rs 4,886.60 per share on the BSE. By comparison, the BSE Sensex was nearly flat, down 0.06 per cent at 80,757 levels. 

First Published: Aug 21 2024 | 12:08 PM IST



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BGR Energy Systems stock price falls 4% on termination of contract by JUSNL

BGR Energy Systems stock price falls 4% on termination of contract by JUSNL

by | Aug 21, 2024 | Share Market


2 min read Last Updated : Aug 21 2024 | 11:09 AM IST

BGR Energy Systems stock falls: Stocks of BGR Energy Systems were trading under pressure on Wednesday, August 21, 2024. The stocks dropped as much as 3.54 per cent to hit an intraday low of Rs 45.11 per share. 


The fall in BGR Energy Systems stock price came after the company announced that its contract to supply, install, test and commission 132/33 kV GIS at Sarath, Sundernagar and Chattarpur (Package 04A) has been terminated by Jharkhand Urja Sancharan Nigam Limited (JUSNL).


In an exchange filing, BGR Energy Systems said, “This is to inform that the company has received intimation of termination of contract from Jharkhand Urja Sancharan Nigam Limited (JUSNL Project) with respect to supply, installation, testing and commissioning of 132/33 kV GIS at Sarath, Sundernagar and Chattarpur (Package 04A).”


The contract was terminated due to delay in completion of agreed scope of supply, the company said. However, there is no material impact on the financials and operations or other activities of the company, it added.


Last month, BGR Energy Systems announced that it plans to raise up to Rs 1,000 crore through a rights issue of equity shares. The decision was, however, approved by the company’s board of directors in a meeting held on July 4.


BGR Energy Systems Limited, headquartered in Chennai, operates within the utility industry, providing a spectrum of services that span from product manufacturing to project execution. 


The company is segmented into capital goods and construction, as well as engineering procurement construction contracts.


The market capitalisation of BGR Energy Systems is Rs 325.45 crore, according to the Bombay Stock Exchange (BSE).


The 52-week high of the BGR Energy Systems stock is Rs 119.48 per share while its 52-week low is Rs 33.10 per share.


At 11:01 AM, shares of BGR Energy Systems were trading 3.12 per cent lower at Rs 45.31 per share. In comparison, BSE Sensex was trading flat at 80,802.18 levels.

First Published: Aug 21 2024 | 11:09 AM IST



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HG Infra stock gains 4% on emerging lowest bidder for project of Rs 781 cr: HG Infra shares

HG Infra stock gains 4% on emerging lowest bidder for project of Rs 781 cr: HG Infra shares

by | Aug 21, 2024 | Share Market


2 min read Last Updated : Aug 21 2024 | 10:14 AM IST


HG Infra stock in focus: Shares of construction engineering company HG Infra Engineering rose as much as 4.05 per cent to hit an intraday high of Rs 1,647.15 per share. 


The uptick in HG Infra share price came after the company announced that it has emerged as the lowest bidder (L-1) for a project worth Rs 781.11 crore. 


The estimated cost of the project by MORTH was Rs 883.24 crore. However, the bid cost by HG Infra was Rs 781.11 crore.


In an exchange filing, HG Infra said, “We wish to inform you that HG Infra Engineering Limited (the Company or HGINFRA) has been declared as L-l bidder by the Ministry of Road Transport and Highways (MoRTH).”


Under the terms of order, the company will be responsible for up-gradation of existing 6 lane road including elevated corridor as per site requirements from km 0/00 to km 10/170 of NH 47 (Narol Junction to Sarkhej Junction) in the Gujarat on Hybrid Annuity Mode (HAM). 


The company will be required to complete the project in 2.5 years or 29 months, the company said in a statement.


HG Infra Engineering is engaged in engineering, procurement and construction (EPC) business including maintenance of roads, bridges, flyovers and other infrastructure contract works. 


Q1 financial performance


HG Infra’s revenue or topline grew 13 per cent annually to Rs 1,528 crore in Q1FY25, from Rs 1,351 crore in the same quarter a year ago (Q1FY24).


The company’s net profit jumped over 8 per cent Y-o-Y to Rs 162.6 crore in the June quarter of FY25, from Rs 150.4 crore in the same quarter last year (Q1FY24).


Last month, HG Infra announced that it has emerged as the lowest bidder (L-1) for a project from the Ministry of Road Transport and Highways (MORTH). The estimated cost of the project by MORTH was Rs 898.5 crore. However, the bid cost by HG Infra was Rs 763.11 crore.


The market capitalisation of the company is Rs 10,566.52 crore, according to Bombay Stock Exchange (BSE). The company falls under the SmallCap category.


At 10:01 AM, the stocks of the company were trading 2.43 per cent higher at Rs 1,621.35. In comparison, the BSE Sensex was trading 0.16 per cent lower at 80,672.18 levels.

First Published: Aug 21 2024 | 10:08 AM IST



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Indices may start lower on negative global signals

Indices may start lower on negative global signals

by | Aug 21, 2024 | Share Market


Last Updated : Aug 21 2024 | 9:04 AM IST

GIFT Nifty:

GIFT Nifty futures is trading 4.50 points lower, indicating a flat-to-negative start for the Nifty 50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,457.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,252.10 crore in the Indian equity market on 20 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 33102.33 crore in August 2024 (so far). They bought shares worth 5407.83 crore in July 2024.

Global Markets:

Most Asian stocks edged lower on Wednesday, tracking a pullback on Wall Street and reflecting investor caution ahead of a key speech by Federal Reserve Chair Jerome Powell later this week.

The weakness in the U.S. market, where the Dow Jones Industrial Average closed down 0.15%, the S&P 500 fell 0.2%, and the Nasdaq Composite dropped 0.33%, spilled over into Asia.

Japan’s Nikkei index likely mirrored this cautiousness, as data revealed a smaller-than-expected export growth and a surge in imports, resulting in a trade deficit for July.

Hong Kong’s Hang Seng index was further pressured by a significant decline in e-commerce giant JD.com’s stock price. News reports suggesting Walmart’s planned sale of its stake in JD.com for $3.74 billion contributed to the 11% drop in JD stock.

Domestic Market:

Domestic stocks settled higher today, with the Nifty closing near 24,700. Positive global sentiment boosted investor confidence. Banks and financials led the charge, while media and FMCG stocks lagged. However, late profit-booking trimmed some gains. The market’s focus now shifts to Japan’s inflation data and the Fed’s minutes for clues on interest rates. The S&P BSE Sensex jumped 378.18 points or 0.47% to 80,802.86. The Nifty 50 index gained 126.20 points or 0.51% to 24,698.85.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Aug 21 2024 | 8:39 AM IST



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Gold price dips Rs 10 to Rs 72,640, silver rises Rs 100 to Rs 87,100

Gold price dips Rs 10 to Rs 72,640, silver rises Rs 100 to Rs 87,100

by | Aug 21, 2024 | Share Market


In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,740, Rs 66,590, and Rs 66,590, respectively. | Photo: Bloomberg

2 min read Last Updated : Aug 21 2024 | 7:49 AM IST


Gold Price Today: The price of 24-carat gold dipped Rs 10 in early trade on Wednesday, with ten grams of the precious metal trading at Rs 72,640, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 87,100.


The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 66,590.


The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 72,640.


In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 72,790, Rs 72,640, and Rs 72,640, respectively.


In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 66,590.


In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 66,740, Rs 66,590, and Rs 66,590, respectively.


The price of one kilogram of silver in Mumbai is in line with prices in Delhi and Kolkata at Rs 87,100. 


The price of one kilogram of silver in Chennai stood at Rs 92,100.


US gold took a breather on Wednesday after hitting an all-time high in the previous session on US


rate-cut optimism, as investors awaited minutes of the Federal Reserve’s latest meeting and Chair Jerome Powell speech for clarity on the depth of cuts.


Spot gold was flat at $2,514.79 per ounce, as of 0105 GMT, trading below an all-time high of $2,531.60 scaled on Tuesday.


US gold futures were also flat at $2,553.


Geopolitical tensions and uncertainty created by the upcoming US Presidential elections and prospective interest rate cuts appear set to help power gold prices to even loftier levels.


SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.20 per cent on Tuesday.


Swiss July gold exports rose to the highest since April as higher supplies to India and Britain offset reduced shipments to China, customs data from the world’s biggest bullion refining and transit hub showed.


Spot silver edged 0.1 per cent higher to $29.45 per ounce, platinum gained 0.5 per cent to $950.80 and palladium added 0.2 per cent at $927.65.


(With inputs from Reuters)

First Published: Aug 21 2024 | 7:49 AM IST



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