Top 10 stocks for today – 16th August 2024

16 Aug 2024 , 09:13 AM

Here are some of the stocks that may see significant price movement today.

Hindustan Zinc: Vedanta will sell a 3.17% share in Hindustan Zinc through an offer-for-sale (OFS) from August 16 to 19. The OFS will have a base size of 1.22%, with the possibility to offer an extra 1.95% stake in the event of oversubscription. The floor price has been set at ₹486 per share.

Tata Steel: The company paid $182 million (₹1,528.24 Crore) for 115.92 Crore ordinary equity shares in its subsidiary, T Steel Holdings Pte. Following this acquisition, T Steel Holdings Pte will remain a completely owned subsidiary of the corporation.

SpiceJet: In the first quarter, the company’s net profit decreased by 19.9% to ₹158.2 Crore, down from ₹197.6 Crore the previous year. Revenue dropped by 14.7% to ₹1,708 Crore, from ₹2,003.6 Crore. EBITDAR climbed by 5.5% to ₹650 Crore, from ₹616 Crore previously. The board has approved funding up to ₹3,000 Crore through Qualified Institutional Placement (QIP).

Hinduja Global: The company’s net profit increased significantly to ₹165.6 Crore from ₹14.9 Crore in the previous year. Revenue increased by 3.7% to ₹1,091.9 Crore, from ₹1,133.5 Crore previously. EBITDA increased by 78.3% to ₹16.7 Crore, up from ₹76.8 Crore year-on-year. The margin fell to 1.5% from 6.8% previously.

Ola Electric: The company’s net loss increased to ₹347 Crore from ₹267 Crore the previous year. Revenue rose by 32.3% to ₹1,644 Crore, from ₹1,243 Crore. EBITDA loss decreased to ₹205 Crore, from ₹218 Crore previously.

Max India: The company reported a net loss of ₹27 Crore, up from ₹12.2 Crore in the previous year. Revenue fell by 34.9% to ₹26.5 Crore, from ₹40.7 Crore previously.

Power Mech Projects: Coastal Energen placed an order with the company for ₹114.30 Crore. The order covers the operation and maintenance of a 1,200 MW (2*600 MW) coal-based thermal power plant, Mutiara Thermal Power Plant, owned by Coastal Energen in Melamaruthur, Tamil Nadu, for a year beginning October 1.

Pitti Engineering: Pitti Engineering Ltd’s first quarter net profit increased by 47% to ₹20.55 Crore from the same period last year. Revenue for June 30, 2024 increased by 33% to ₹387 Crore compared to the same time last year.

Suzlon Energy: Suzlon Energy’s acquisition of Renom, an operations and maintenance player, is intended to help it increase its market share and expand into new areas. The wind turbine maker recently announced that it had acquired a 76% share in Renom Energy Services, the country’s largest multi-brand renewable energy operations and maintenance service (OMS) provider, from the Sanjay Ghodawat Group (SGG).

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals recorded a profit of ₹340.27 Crore for the fiscal first quarter, up 127% from ₹149.93 Crore in the same quarter in FY24. The company attributed the growth to strong demand for its products and a decrease in marginal costs. It reported revenue from operations of ₹3,244.19 Crore, up 6.9% from ₹3,036.07 Crore in the same period last year.

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