Buzzing Stocks: Mahindra CIE, Biocon, Barbeque Nation, and others in news today

Stocks to Watch: Check out the companies making headlines before the opening bell today.


Mahindra CIE Automotive: The automotive components supplier has recorded a massive 153% year-on-year growth in consolidated profit at Rs 195 crore for quarter ended December 2022, led by strong operating performance and exceptional gain. Consolidated revenue for the quarter at Rs 2,247 crore grew by 35% over a year-ago period. On the operating front, EBITDA increased by 62.2% YoY to Rs 292.4 crore with margin expansion of 221 bps for the quarter. Company has an exceptional gain of Rs 37.87 crore against loss of Rs 12.8 crore YoY.

Biocon: The biopharmaceutical company has fulfilled its payment obligation and has fully redeemed the commercial papers of Rs 2,250 crore.

Gujarat Gas: Raj Kumar (IAS, Chief Secretary, Government of Gujarat) is appointed as Chairman on the board of Gujarat Gas. The appointment of Raj Kumar has been made in view of the letter received from Energy & Petrochemicals Department, Government of Gujarat.

Barbeque-Nation Hospitality: UTI Mutual Fund has bought additional 0.14% stake or 54,829 equity shares in the casual dining chain via open market transactions on February 21. With this, its shareholding in the company increased to 9.1753%, up from 9.0346% earlier.

Lemon Tree Hotels: The company has signed a license agreement for a 47 rooms property in Bhopal, Madhya Pradesh under its brand ‘Lemon Tree Hotel’. The hotel is expected to be operational by December 2023. This hotel will feature 47 well-appointed rooms, a restaurant, a banquet, a gym and other public areas. Subsidiary Carnation Hotels will be operating this hotel.

Orient Cement: Adani Power Maharashtra (APML) has requested the company to not to pursue the venture further, for setting up a cement grinding unit, as they are not able to obtain the required MIDC clearances for sub-leasing the parcel of land required for the cement grinding unit, due to some legal issues. Also, the timelines as agreed upon as per MoU have crossed. The company has accepted the position of APML and accordingly, the said non-binding MoU stands terminated.

Hero MotoCorp: VIDA, the emerging mobility brand of Hero MotoCorp, has initiated operations of its public charging infrastructure in Bengaluru, Delhi and Jaipur. The brand has set up nearly 300 charging points at 50 locations across the three cities for public use.

HG Infra Engineering: The company has been declared as L-l bidder by Rail Vikas Nigam Limited, Chandigarh for the project in Himachal Pradesh. The project includes construction of foundations, substructure & superstructure along with river training/protection work, earthwork & allied works for viaduct 1 & 2 in between chainage, in connection with Bhanupali-Bilaspur-Beri new railway line in Bilaspur of Himachal Pradesh. The bid project cost by HG Infra is Rs 466.11 crore and the construction period is 30 months.

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