Stocks In the News: Check out the companies making headlines before the opening bell.
Results on May 11: Adani Ports, Punjab National Bank, Indian Bank, Petronet LNG, Balaji Amines, Birla Corporation, HSIL, JSW Ispat Special Products, Kalyan Jewellers India, Kennametal India, KSB, Lakshmi Machine Works, Lloyds Steels Industries, NCC, Skipper, Prism Johnson, Relaxo Footwears, Sagar Cements, SKF India, Butterfly Gandhimathi Appliances, Century Enka, Cholamandalam Financial Holdings, and DIC India will release quarterly earnings on May 11.
Wipro: The IT services company has extended its strategic agreement with Crédit Agricole CIB, the corporate and investment bank division of Crédit Agricole Group, to support its IT infrastructure transformation.
Cipla: The pharma company reported 10 percent year-on-year fall in consolidated profit at Rs 370.7 crore in the quarter ended March 2022, impacted by lower operating income and impairment loss from an investment in associate company Avenue Therapeutics Inc. Revenue during the quarter grew 14.2 percent to Rs 5,260.33 crore while EBITDA fell six percent to Rs 750 crore.
Vodafone Idea: The telecom operator posted consolidated loss of Rs 6,563.1 crore in the quarter ended March 2022, down from Rs 7,230.9 crore in the previous period, as higher operating income and average revenue per user supported the company. Revenue at Rs 10,239.50 crore increased by 5.4 percent quarter on quarter (QoQ) aided by tariff hikes in November 2021. EBITDA grew 22 percent QoQ to Rs 4,649 crore and margin improved 610 basis points to 45.4 percent with average revenue per user rising Rs 9 sequentially to Rs 124.
G R Infraprojects: Subsidiary GR Ujjain Badnawar Highway has executed a concession agreement with the National Highways Authority of India for a road project in Madhya Pradesh.
MTAR Technologies: The company has approved the acquisition of shares of Gee Pee Aerospace & Defence, an MSME, for Rs 8.82 crore. This acquisition is expected to provide a wide array of benefits under the MSME category including increased potential of entering into offset partnership with global original equipment makers as foreign partners get an offset credit of up to 1.5 multiple on Indian content.
Torrent Power: The company posted consolidated loss of Rs 487.4 crore in the March quarter against profit of Rs 398 crore in the same period last year, as additional impairment charge of Rs 1,300 crore with respect to DGEN Mega Power Project bit results. Revenue from operations grew 21 percent year on year to Rs 3,744 crore and EBITDA increased 15 percent YoY to Rs 1,088 crore.
Gulshan Polyols: The company has signed and executed a contract with Meghna Pulp & Paper Mills. It will supply GCC, GCC coating plant, vibrator separating machine with standard accessories including motor, conveyor, panel and spare parts for GCC & GCC coated machine to Meghna Pulp.
Max Financial Services: The company reported consolidated revenues of Rs 8,962 crore in the March quarter, which is eight percent lower than previous year, due to lower investment income. Excluding investment income, consolidated revenues grew 12 percent. Consolidated profit came in at Rs 144 crore, up 106 percent from Rs 70 crore in the year-ago period.
Gujarat Gas: The company clocked 27.6 percent YoY growth in consolidated profit at Rs 444.4 crore in the quarter ended March 2022 as strong topline and operating income offset higher input costs. Revenue surged 36.5 percent to Rs 4,773.4 crore during the period.
Kansai Nerolac Paints: The company reported consolidated profit at Rs 19.17 crore for the quarter ended March 2022, down 84.5 percent from last year, impacted by higher input costs and tepid revenue growth. Revenue grew 5.3 percent to Rs 1,536.60 crore.
Neuland Laboratories: The company recorded 26 percent year-on-year growth in consolidated profit at Rs 21.8 crore in March quarter driven by higher operating income. EBITDA grew 52.3 percent to Rs 38.87 crore and revenue increased 4.6 percent to Rs 255.87 crore during the period.
Welspun India: The company reported a 62 percent year-on-year fall in consolidated profit at Rs 51.25 crore in the quarter ended March, impacted by lower operating income, lower other income, and tepid topline growth. Revenue grew 4.3 percent to Rs 2,227 crore and EBITDA increased 29.3 percent to Rs 226.5 crore during the period.
Electrosteel Castings: The company clocked 67.2 percent YoY growth in consolidated profit at Rs 113 crore in the March quarter on healthy growth in topline and operating income. Revenue increased 28.2 percent to Rs 1,577 crore and EBITDA grew 30.6 percent to Rs 217.33 crore during the period.
Moneycontrol News
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