The benchmark indices ended in the red after yet another volatile session on February 4, with selling seen in the PSU Bank, auto and realty stocks, however, metal stocks provided some support at lower levels. At close, the Sensex was down 143.20 points or 0.24% at 58,644.82, and the Nifty was down 43.90 points or 0.25% at 17,516.30.
Godrej Properties | CMP: Rs 1,506.55 | The share price fell nearly 10 percent on February 4 after the company announced that it would invest Rs 400 crore to acquire a 10 percent stake in DB Realty as well as set up a joint venture to focus on slum redevelopment projects in Mumbai. Brokerage firm CLSA India said that the deal with DB Realty “lacked merit” due to the direct purchase of equity stake in the former. Slum rehabilitation projects are prone to get stuck in regulatory quagmire and defaults, the brokerage firm said.
Bank Of India | CMP: Rs 56.50 | The company share price declined more than 3 percent despite the company reporting a 90 percent jump in its Q3 net profit at Rs 1,027.4 crore versus Rs 540.7 crore. Its net interest income was down 8.9 percent at Rs 3,408 crore versus Rs 3,740 crore, YoY. The Gross NPA was at 10.46 percent versus 12 percent and net NPA was at 2.66 percent versus 2.79 percent, QoQ.
GMM Pfaudler | CMP: Rs 4,871.50 | The company share price shed 3 percent on February 4 despite the company reporting better numbers in the quarter ended December 2021. The company reported a sharply higher profit at Rs 31.8 crore in Q3FY22 against Rs 23.2 crore in Q3FY21, while revenue surged to Rs 642.3 crore from Rs 201.8 crore, YoY.
Venkys | CMP: Rs 2,401.00 | The company share price shed 8.5 percent after it reported a 79.7 percent fall in its Q3FY22 net profit at Rs 21.6 crore versus Rs 106.5 crore and revenue was up 17.9 percent at Rs 1,098.5 crore versus Rs 931.7 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) were down 78.3 percent at Rs 32.1 crore versus Rs 147.9 crore and the margin was at 2.9 percent versus 15.9 percent, YoY.
Carborundum Universal | CMP: Rs 909.50 | The share price added 4 percent after it company inked a pact to acquire Rhodius Abrasives, a German firm. The acquisition will be done through CUMI Abrasives GmbH, Germany, a step-down wholly owned subsidiary of Carborundum Universal Limited (CUMI). The step-down subsidiary has entered into a binding share purchase agreement to buy a 100 percent stake in Rhodius Abrasives. The deal was signed on February 3. The acquisition is being done at an indicative enterprise value of 55 million euros (Rs 464 crore).
