Stocks In the News: Check out the companies making headlines before the opening bell.
Results on April 29: Maruti Suzuki, IndusInd Bank, UltraTech Cement and Wipro to declare results on April 29. Others include SBI Cards and Payment Services, Can Fin Homes, Geojit Financial Services, Gillette India, GNA Axles, Gokaldas Exports, HFCL, Just Dial, L&T Finance Holdings, Lloyds Metals and Energy, RPG Life Sciences, Shriram City Union Finance, Solara Active Pharma Sciences, Sonata Software, Star Health and Allied Insurance Company, Supreme Industries, Tanla Platforms, Tata Chemicals, and Thyrocare Technologies. Results on April 30: Yes Bank, IDFC First Bank, and Usha Martin to declare their earnings on April 30. Others include Bliss GVS Pharma, GHCL, LG Balakrishnan & Brothers, Mitsu Chem Plast, Selan Exploration Technology, Yasho Industries, and Jay Bharat Maruti.
Axis Bank: Profit surges 54 percent; NII rises 16.7 percent. The private sector lender registered a massive 54 percent year-on-year growth in standalone profit at Rs 4,118 crore largely driven by significant fall in provisions and improved asset quality performance for the quarter ended March 2022. Net interest income grew by 16.7 percent year-on-year to Rs 8,819 crore with credit growth of 15 percent and deposits growth of 19 percent.
Ambuja Cements: Profit declines 30.3 percent; revenue grows 2.4 percent. Profit fell sharply by 30.3 percent year-on-year to Rs 856.5 crore due to higher power and fuel cost and muted topline growth in the quarter ended March 2022. Revenue increased by 2.4 percent to Rs 7,900 crore during the same period.
Tata Power Company: To install 5,000 electric vehicle charging points across Maharashtra. The company has collaborated with National Real Estate Development Council to install 5,000 electric vehicle charging points across Maharashtra.
Colgate-Palmolive: LIC bought shares in the company. Life Insurance Corporation of India bought 50,000 shares in the company via open market transactions on April 27. With this, LIC’s stake stands at 5.017 percent, up from 4.999 percent earlier.
Vedanta: Profit skids 5 percent; revenue spikes 41 percent. Billionaire Anil Agarwal-owned Vedanta reported a 5 percent year-on-year decline in consolidated profit at Rs 7,261 crore in the quarter ended March 2022 impacted by higher tax cost and expenses, but saw healthy topline and operating income. Revenue during the quarter grew by 41 percent to Rs 39,342 crore and EBITDA was highest ever at Rs 13,768 crore, up by 51 percent, driven by higher volumes, operational efficiencies and supportive commodity prices. The company announced first interim dividend of Rs 31.5 per share for the financial year 2022-23.
Sterlite Technologies: Board approved raising of funds. The company in a BSE filing said the board had approved raising of funds up to Rs 1,000 crore.
Computer Age Management Services: Collaborated with Microsoft India. The firm has collaborated with Microsoft India to develop an account aggregator marketplace in India. The company aims to accelerate digital transformation in areas such as credit lending, investment advisory and personal finance management.
Indo Rama Synthetics (India): Profit slides 16.7 percent; revenue jumps 51 percent. Polyester manufacturer’s profit in March quarter declined 16.7 percent year-on-year to Rs 107.13 crore on higher input cost and lower margin. However, revenue jumped 51 percent to Rs 1,251.7 crore.
IndiaMART InterMESH: Company to buy back shares. The firm has decided to buy back shares worth Rs 100 crore at a price of Rs 6,250 per piece. The offer size represents 5.37 percent of the company’s fully paid-up capital and free reserves. The e-commerce firm reported three percent year-on-year growth in March quarter consolidated profit at Rs 57.40 crore despite higher other income and topline, impacted by higher employee cost and other expenses and loss from associates. Revenue grew by 12 percent to Rs 201.40 crore in the same period.
REC: Board approved sale and transfer of Rajgarh Transmission. The state-owned entity in a BSE filing said the board had approved sale and transfer of Rajgarh Transmission to G R Infraprojects, the successful bidder selected through tariff based competitive bidding process.
IIFL Finance: Profit spikes 30 percent YoY; revenue grows 16 percent. The company clocked nearly 30 percent year-on-year growth in March quarter consolidated profit at Rs 321 crore on healthy growth in topline and operating profit. Revenue from operations grew 16 percent to Rs 1,856.2 crore.
PNB Housing Finance: Posts strong profit growth of 33 percent; NII slumps 37 percent. The company recorded a 33 percent year-on-year increase in profit at Rs 170 crore for the quarter ended March on lower impairment on financial instruments & write-offs. However, net interest income dropped 37 percent to Rs 377 crore as interest income declined significantly, with net interest margin contracting 100 basis points to 2.3 percent. Pre-provision operating profit declined 31 percent to Rs 369 crore during the quarter.
Fineotex Chemical: Profit after tax grows 42 percent; revenue jumps 62 percent. March quarter profit after tax of the group has increased by 42 percent year-on-year to Rs 17 crore on strong topline and operating income. Revenue rose by 62 percent to Rs 121.4 crore and operating EBITDA surged 67 percent to Rs 21.52 crore.
Bajaj Holdings & Investment: Profit grows 16.5 percent; revenue declines 3.3 percent. The company reported a 16.5 percent year-on-year growth in March quarter consolidated profit at Rs 1,105.4 crore driven by share of profits of associates, and lower tax cost. However, revenue fell 3.3 percent to Rs 89.5 crore. The company earned income through its associates and subsidiaries.
Moneycontrol News
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