Stocks In the News: Check out the companies making headlines before the opening bell.
Results today: Hindustan Unilever, Bajaj Auto, HDFC Asset Management Company among top companies to release results on April 27. Hindustan Unilever, Bajaj Auto, HDFC Asset Management Company, Hatsun Agro Product, Indian Energy Exchange, 5paisa Capital, Indian Hotels Company, Persistent Systems, Syngene International, Trent, Mahindra Lifespace Developers, Chennai Petroleum Corporation, KPR Mill, MPL Plastics, Shree Digvijay Cement, Supreme Petrochem, and Swaraj Engines will release quarterly earnings on April 27.
Schaeffler India: Profit jumps 48.4 percent YoY; Revenue rises 19 percent. The company recorded a massive 48.4 percent year-on-year growth in profit at Rs 207 crore for the quarter ended in March 2022, driven by topline as well as operating performance. Revenue from operations rose 19 percent YoY to Rs 1,567.5 crore during the quarter and EBITDA grew by 45 percent in the same period.
Mahindra Logistics: Profit declines 10.5 percent YoY while revenue rises 10 percent. The Mahindra Group company reported a 10.5 percent year-on-year decline in consolidated profit at Rs 11.11 crore in Q4FY22 despite higher revenue and strong operating performance. Revenue grew by 10 percent YoY to Rs 1,072.7 crore and EBITDA increased by 19 percent to Rs 54.96 crore and margin expanded to 5.12 percent, from 4.73 percent on year-on-year basis.
Bajaj Finance: Profit climbs 80 percent on year; NII spikes 30 percent. The non-banking finance company clocked a 80 percent year-on-year growth in profit at Rs 2,420 crore in Q4FY22 led by strong NII and decline in provisions. Net interest income during the quarter grew by 30 percent to Rs 6,068 crore with assets under management (AUM) rising 29 percent to Rs 1,97,452 crore as of March 2022. Loan losses and provisions for Q4 FY22 at Rs 702 crore declined sharply compared to Rs 1,231 crore in year-ago period.
Infosys: Collaborated with MIT Technology Review Insights. The IT company in collaboration with MIT Technology Review Insights, launched the Global Cloud Ecosystem Index 2022, a snapshot of worldwide cloud development and innovation. The Index ranks 76 nations and territories on technology, regulations, and talent. This is the first-ever Global Cloud Ecosystem Index launch.
Wipro: To acquire US-based Rizing Intermediate Holdings Inc, a SAP consulting firm. The IT services company has decided to acquire US-based Rizing Intermediate Holdings Inc, a global SAP consulting firm, for $ 540 million. The acquisition will help Wipro expand its leadership in oil & gas, utilities, manufacturing, and consumer industries. The process of buyout is expected to close before the end of the quarter ending June 2022.
VST Industries: Profit grows 20 percent YoY; Revenue rises by 4.6 percent. The company reported a 20 percent year-on-year growth in Q4FY22 profit at Rs 87.2 crore driven by higher other income and operating income. Revenue during the quarter increased by 4.6 percent to Rs 400.22 crore compared to year-ago period.
Dilip Buildcon: Received provisional certificate for bridge across river Zuari on Panjim-Mangalore section. The joint venture – Dilip Buildcon Mostobudivelnyi Zahin No.112 – has received provisional certificate for the construction of approaches for bridge across river Zuari on Panjim-Mangalore section in Goa on EPC basis. The said project was declared fit for entry into commercial operation as on March 23 this year.
AU Small Finance Bank: Profit surges 105 percent on year; NII rises 43 percent. The bank in a BSE filing said profit in Q4FY22 rose by 105 percent year-on-year to Rs 346 crore on fall in provisions and higher NII. Net interest income grew by 43 percent YoY to Rs 936.6 crore in the quarter ended March 2022 with net interest margin expanding 60 bps YoY to 6.3 percent. The bank declared a bonus issue of one equity share for every one equity share held by shareholders.
Reliance Industries: Signed the formal Shareholder Agreement for TA’ZIZ EDC & PVC project.. Reliance Industries, and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) have signed the formal Shareholder Agreement for TA’ZIZ EDC & PVC project. The joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with a total investment of over $ 2 billion.
Ircon International: Appointment of CFO. Mugunthan Boju Gowda, Executive Director (Finance) is appointed as Chief Financial Officer of the company with effect from April 26.
IIFL Securities: Profit rises 2 percent YoY; Revenue surges 46 percent. The company recorded 2 percent year-on-year growth in consolidated profit at Rs 78.95 crore in Q4FY22 despite strong revenue growth, hit by higher tax cost and lower other income. Revenue grew by 46 percent YoY to Rs 346.8 crore in the quarter ended March 2022.
Lasa Supergenerics: Bagged an order worth Rs 50 crore. API manufacturer Lasa Supergenerics has bagged a new order of Rs 50 crore from five customers. The order will help the company boost its production and contribute to the topline.
Tata Coffee: Profit rises 12 percent YoY; Revenue grows 11 percent. The company reported a 12 percent year-on-year growth in consolidated profit at Rs 64.28 crore in the quarter ended in March 2022 supported by topline as well as operating performance. Revenue increased 11 percent to Rs 656.26 crore compared to year-ago period.
United Breweries: Profit spikes 68 percent YoY; Revenue grows 10.7 percent. The company clocked a 68 percent year-on-year growth in profit at Rs 163.8 crore for the quarter ended in March 2022 due to low base as March 2021 quarter profit was impacted by impairment loss. Revenue grew by 10.7 percent YoY to Rs 1,709 crore during the same period.
Moneycontrol News
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