Stocks In the News: Check out the companies making headlines before the opening bell
Results on April 25: Tatva Chintan Pharma Chem, Tata Investment Corporation, Century Textiles & Industries, Eveready Industries India, Gujarat Mineral Development Corporation, Mahindra CIE Automotive, Meghmani Finechem, Arihant Capital Markets, Artson Engineering, Automotive Stampings & Assemblies, Axita Cotton, Divyashakti, Maharashtra Scooters, Snowman Logistics, Steel Exchange India, Sylph Technologies, Triveni Enterprises, and VTM.
ICICI Bank: ICICI Bank reports 59% YoY jump in profit. The country’s second-largest private sector lender reported a 59.4 percent year-on-year growth in standalone profit at Rs 7,019 crore in the quarter ended March 2022 following a sharp fall in provisions and a jump in operating profit. Net interest income grew by 21 percent YoY to Rs 12,604.6 crore in Q4FY22 and also supported profitability. The company has declared a dividend of Rs 5 a share.
HDFC Bank: HDFC Bank board declares dividend. The country’s largest private sector lender said the board declared a dividend of Rs 15.50 per equity share for the year ended March 2022.
PVR: PVR sees huge block deal. BlackRock Inc bought 37,613 equity shares in the multiplex chain operator through open market transactions on April 21. With this, its shareholding in the company rose to 5.01 percent, up from 4.95 percent.
Voltas: Voltas sees huge block deal. T Rowe Price Associate, Inc & T Rowe Price International acquired 3.57 lakh equity shares in the company through open market transactions on April 21. Their shareholding in the company has gone up to 7.14 percent from 7.04 percent.
Nazara Technologies: Nazara Tech completes buying Paper Boat Apps. The company has completed the acquisition of a stake in Paper Boat Apps Private Limited for nearly Rs 10 crore. Its subsidiary Nodwin Gaming bought a 35 percent stake in Brandscale Innovations for Rs 10.01 crore.
Sundram Fasteners: Sundram Fasteners YoY profit tanks 24%. The company’s consolidated profit fell 24 percent year-on-year to Rs 107.43 crore in the quarter ended March 2022, as higher input costs hit margins. However, revenue for the quarter increased 5.2 percent to Rs 1,340 crore from the year-ago period.
Tata Metaliks: Tata Metaliks profit falls 30% YoY in March quarter. The company recorded a 30 percent year-on-year decline in Q4FY22 profit at Rs 52.5 crore due to higher input costs but was supported by income from the sale of land in Maharashtra. Revenue, however, increased 22 percent to Rs 808 crore from the corresponding quarter of last fiscal.
Linde India: Linde India buys 26% stake in Avaada MHYavat. The company acquired a 26 percent stake in Avaada MHYavat for Rs 11.4 crore. The acquisition will help the company purchase renewable power under the captive mechanism, which will result in a lower tariff and consequent cost savings.
JBM Auto: JBM Auto to buy remaining 20% stake in JBM Solaris Electric Vehicles. The company has signed an agreement to purchase the balance 20.10 percent stake in subsidiary JBM Solaris Electric Vehicles from joint venture partner Solaris Bus & Coach SP. Z O.O. JBM Solaris Electric Vehicles will now become a wholly-owned subsidiary of the company.
Tejas Networks: Tejas Network posts net loss of Rs 50 crore. The telecom and networking products maker posted a loss of Rs 49.62 crore in the quarter ended March 2022 against a profit of Rs 33.55 crore in the corresponding period of the last fiscal due to lower revenue growth. Revenue fell 37 percent to Rs 126.5 crore against Rs 201.5 crore during the same period of last year due to global chip shortages. Sequentially revenue was up 18 percent. The company continued to see a positive business momentum with a strong Q4 order inflow of Rs 316 crore, taking the order book to an all-time high of Rs 1,175 crore.
Kohinoor Foods: Kohinoor Foods board to meet on April 27. The company in a BSE filing said the board on April 27 will consider raising of funds through a rights issue.
Aditya Birla Money: Profit more than doubled to Rs 7.62 crore in quarter ended March 2022, compared to Rs 3.68 crore in same period last year. Revenue increased 23.2 percent to Rs 60.4 crore year-on-year during the quarter, driven by broking business which contributed 87 percent to total revenue.
RailTel Corporation of India: RailTel Corp gets order from Odisha government. The state-owned telecom infrastructure provider has received work order from Odisha government’s electronics & information technology department. The company will do provisioning of secondary bandwidth and replacement of equipment along with implementation of SDWAN for OSWAN project for a period of five years at a total cost of Rs 122.08 crore.
Torrent Power: Torrent Power buys 50mw solar power plant. The company has acquired a 50 MW solar power plant from SkyPower Group. It has entered into a share purchase agreement (SPA) with SkyPower Southeast Asia III Investments and SkyPower Southeast Asia Holdings 2 for the acquisition of a 100% stake in Sunshakti Solar Power Projects, the special purpose vehicle that operates 50 MW solar power project in Telangana.
Quess Corp: Quess Corp sees huge block deal. Aditya Birla Sun Life Mutual Fund sold 2.09 percent stake in the company via open market transactions on April 19. With this, its shareholding in the company has been reduced to 3.45 percent from 5.55 percent.
Future Retail and Reliance Industries: Future Retail, Reliance Industries in focus after creditors vote against deal. The $ 3.4-billion deal to take over the retail assets of Future Retail (FRL) cannot be implemented as the company’s secured creditors have “voted against the scheme”, Reliance Industries informed the stock exchanges. But, the shareholders and unsecured creditors of FRL had voted in favour of the scheme.
Moneycontrol News
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