Stocks In the News: Check out the companies making headlines before the opening bell.
Results on May 9: UPL, PVR, Godrej Agrovet, Infibeam Avenues, Dalmia Bharat to declare results on May 9. UPL, PVR, Godrej Agrovet, Infibeam Avenues, Dalmia Bharat, Gujarat Narmada Valley Fertilizers & Chemicals, 3i Infotech, Aarti Drugs, BASF India, Borosil, Central Bank of India, CMS Info Systems, Craftsman Automation, Vedant Fashions, Suven Pharmaceuticals, VST Tillers Tractors, ISMT, Mold-Tek Packaging, Visaka Industries, and Vishwaraj Sugar Industries will release quarterly earnings on May 9.
Reliance Industries: The oil-to-telecom-to-retail major reported 20.2 percent year-on-year growth in consolidated profit at Rs 18,021 crore in the quarter ended March 2022 led by strong operating income as well as topline. Revenue in Q4FY22 grew by 35 percent to Rs 2,32,539 crore and EBITDA surged 28 percent to Rs 33,968 crore during the same period, boosted by all key segments – telecom, retail and oil-to-chemical. Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Mindtree, L&T Infotech: L&T Group announced a merger of Mindtree and L&T Infotech to create India’s next large-scale IT services player. All shareholders of Mindtree will receive 73 shares of L&T Infotech for every 100 shares held. Larsen & Toubro will hold 68.73 percent of L&T Infotech after the merger.
Campus Activewear: The company will make its debut on the BSE and NSE on May 9.
DCB Bank: The private sector lender clocked a 46 percent year-on-year growth in profit at Rs 113 crore in quarter ended March 2022 driven by lower provisions with improved asset quality and higher net interest income. Net interest income during the same period increased by 22.2 percent to Rs 380 crore in Q4.
Go Fashion India: The women’s bottom-wear brand reported a 73 percent year-on-year growth in profit at Rs 12 crore in Q4FY22 driven by healthy operating income and revenue. Revenue from operations grew by 29 percent to Rs 116 crore and EBITDA increased 53 percent to Rs 38 crore compared to year-ago period, with volume growth of 11 percent YoY.
HCL Technologies: The IT services company’s UK-based subsidiary has acquired Switzerland-based digital banking and wealth management specialist Confinale AG, for 53 million CHF (Swiss Francs). The said acquisition is likely to be completed by July 1, 2022.
Entertainment Network (India): The FM radio channel Radio Mirchi operator suffered a consolidated loss of Rs 5.71 crore in Q4FY22, which was narrowed from a loss of Rs 66.24 crore a year ago. The company had an impairment loss of Rs 97.5 crore in Q4FY21. Revenue during the quarter increased 3.6 percent to Rs 104 crore compared to year-ago period.
Mangalam Cement: The company registered a 50.6 percent year-on-year decline in profit at Rs 17.47 crore in March 2022 quarter due to higher input cost, and power and fuel expenses. Revenue increased by 10 percent to Rs 451.6 crore during the same period.
Tata Power Company: The company reported a 31.4 percent year-on-year growth in profit at Rs 632.4 crore on strong topline and operating income in the quarter ended March 2022. Revenue from operations increased by 15.4 percent to Rs 11,960 crore during the same period.
Bajaj Consumer Care: The company recorded a 34.5 percent year-on-year decline in profit at Rs 35.82 crore in the quarter ended March 2022 due to fall in topline. Revenue from operations dropped 12.3 percent to Rs 218.24 crore during the same period.
Shipping Corporation of India: The company recorded a massive 77.4 percent year-on-year growth in consolidated profit at Rs 152 crore in the quarter ended March 2022 on strong topline and operating income. Revenue from operations grew by 50 percent to Rs 1,314.5 crore during the same period.
Sagar Cements: The company raised Rs 350 crore by allotting 1.32 crore equity shares at a price of Rs 265 per share to PI Opportunities Fund I – Scheme II.
Navin Fluorine International: The company reported a half a percent year-on-year growth in consolidated profit at Rs 75.15 crore in quarter ended March 2022, dented by higher input cost and other expenses, and lower other income. Revenue from operations grew by 21.5 percent to Rs 409 crore compared to year-ago period.
SMS Lifesciences: The company in a BSE filing said it has completed disinvestment of up to 10 percent of the shareholding in Mahi Drugs and raising fresh equity in Mahi Drugs, on a private placement basis. With this, it holds 60 percent stake in Mahi Drugs now.
Hariom Pipe Industries: The company recorded a 44.5 percent year-on-year growth in profit at Rs 9.77 crore in quarter ended March 2022 despite higher input cost and power and fuel expenses, led by strong topline. Revenue grew by 33 percent YoY to Rs 124.2 crore in the same quarter.
Sundaram-Clayton: The company recorded a 1.4 percent year-on-year growth in consolidated profit at Rs 308 crore in March 2022 quarter with EBITDA growing 7.7 percent to Rs 904 crore. Revenue from operations grew by 7.2 percent to Rs 6,902 crore compared to corresponding quarter of last fiscal.
SJVN: The company bagged the full quoted capacity of 90 MW (Unit- F) floating solar project at Rs 3.26 per unit on build own and operate basis. The floating solar project (FSP) will be developed by company at the Omkareshwar Reservoir, Madhya Pradesh, through an EPC contract.
Coromandel International: The company is set to acquire 45 percent equity stake in Africa-based rock phosphate mining company Baobab Mining and Chemicals Corporation (BMCC), for $ 19.6 million, besides loan infusion into BMCC of a further $ 9.7 million. The acquisition is taking place through its wholly owned subsidiary Parry Chemicals. The transaction is expected to be completed in the second quarter of FY23.
Equitas Holdings: The Reserve Bank of India has approved the amalgamation between Equitas Holdings and Equitas Small Finance Bank.
Vesuvius India: The firm registered a healthy 46.5 percent year-on-year growth in profit at Rs 23.63 crore in Q1CY22 on account of strong topline and operating profit. Revenue grew by 25.4 percent to Rs 312 crore compared to year-ago period.
Moneycontrol News
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