1 / 7Sobha Limited | SOBHA reported its best-ever sales quarter in Q3 FY 2024, reaching a value of ₹19.52 billion. The new area sold stood at 1.66 million sq. ft., with Bangalore achieving its highest-ever quarterly sales of 1.25 million sq. ft, contributing ₹14.99 billion. Kerala saw a 59.5% growth in new sales area. GIFT City reported a 22.7% growth in new sales area for 9M-FY24. The company launched 2 new projects with a total saleable area of 3.84 million sq. ft. Strong cash flows led to further net debt reduction. Key operational highlights include the highest-ever quarterly sales value, improved average price realization, and Sobha's increased share in sales value.
2 / 7Shree Cement | Shree Cement, one of India's largest cement manufacturers, announced a corporate brand overhaul with 'Bangur' as the new master brand. The initiative includes a modern logo, an upgraded product line, the launch of Bangur Magna, and a new advertising campaign featuring Bollywood actor Sunny Deol. The campaign will be deployed across TV, digital, outdoor, print, and retail platforms. Shree Cement emphasizes a renewed commitment to sustainability and plans for a digital scale-up with influencer programs targeting contractors, engineers, masons, and dealers.
3 / 7Torrent Pharma | Torrent Pharma Company has officially established a wholly-owned subsidiary (WOS) named Farmacéutica Torrent Colombia SAS in Colombia, effective January 3, 2024. The WOS, operating under the name Torrent Colombia, has an authorized share capital of 585,00,00,000 Colombian Pesos, with a paid-up share capital of 429,00,00,000 Colombian Pesos. While the turnover is not applicable at present, as Torrent Colombia is yet to commence business operations, the cost of acquisition for 429,00,00,000 Colombian Pesos reflects the price at which the shares were acquired. Torrent Pharma Company holds a 100% shareholding in Torrent Colombia, with the entire paid-up share capital being 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 compared to Rs 1,95,574 crore. Total deposits also witness a notable 9% YoY surge, standing at Rs 1,28,544 crore versus Rs 1,17,935 crore. Within this, casa deposits exhibit a 2.68% YoY growth, amounting to Rs 65,035 crore compared to Rs 64,340 crore. However, the casa ratio experiences a slight decline, dropping to 50.59% from 53.71% YoY. The Q3 update reflects a robust performance across various financial indicators for J&K Bank.
5 / 7RBL | RBL Bank's Q3 business update reveals significant growth in key financial metrics. Total deposits stand at ₹92,743 crore, marking a 13% YoY increase from ₹81,746 crore. Retail advances experience 32% YoY growth, while wholesale advances show a 6% YoY uptick for the quarter ending December 31, 2023. The retail-to-wholesale advances ratio 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 retailization rate of around 91%, exceeding the 80% Lakshya 2026 target. Estimated retail disbursements for the quarter stand at approximately ₹14,500 crores, indicating a robust 25% YoY growth. The breakdown of retail disbursements across segments includes Farmer Finance, Rural Business Finance, Urban Finance, SME Finance, and Acquired Portfolio. The retail loan book is projected to be around ₹74,750 crores at the end of Q3FY24, reflecting a substantial 31% YoY growth. These figures highlight the company's effective execution of its retail-focused strategy and commitment to sustained growth in the retail lending segment.
7 / 7Grasim | The board of Grasim Industries on Thursday approved raising ₹4,000 crore through a rights issue. January 10, 2024 has been fixed as the record date for the rights issue. Based on the approved terms, the company will issue 2.2 crore equity shares on a partly-paid basis, also known as rights shares. Grasim has fixed the rights issue price at ₹1,812 per share, which is a 12% discount to the stock's closing price on Thursday.
