Stocks In the News: Check out the companies making headlines before the opening bell.
Ami Organics, Bharat Forge, Dodla Dairy in focus ahead of March quarter earnings. Ami Organics, Bharat Forge, Dodla Dairy, Fino Payments Bank, Glaxosmithkline Pharmaceuticals, Greenply Industries, MCX, Nava Bharat Ventures, Rane Engine Valve, RateGain Travel Technologies, Raymond, Shankara Building Products, Uttam Sugar Mills, VIP Industries are in focus on Monday ahead of March quarter earnings.
Tech Mahindra consolidated profit rises 10% sequentially. Tech Mahindra reported a 10 percent sequential rise in its consolidated net profit to Rs 1,506 crore for the quarter ended March, which was above analysts’ expectations of Rs 1,411 crore. The IT services major reported a 5.8 percent quarter-on-quarter rise in consolidated revenue from operations to Rs 12,116 crore for the reported quarter. The firm won deals worth over $ 1 billion in the January-March period.
Maruti Suzuki plans Rs 11,000 crore first phase investment for new plant. Maruti Suzuki India completed the process of allotment of an 800 acre site in Haryana for its proposed plant, according to a statement on exchanges. It plans investment of more than Rs 11,000 crore in the first phase. The first plant with a manufacturing capacity of 2.5 lakh vehicles a year is expected to be commissioned by 2025. The site will have space for capacity expansion to include more manufacturing plants.
Eicher Motors net profit beats estimates. Eicher Motors reported a net profit for the March quarter that beat the average analysts estimate. Profit rose 16 percent year on year to Rs 610 crore versus an estimate of Rs 596 crore. Revenue grew nine percent to Rs 3,190 crore against estimate of Rs 3,183 crore. Growth was led by increase in average selling prices due to a richer model mix and price hikes over the past few quarters. This, however, was partly offset by decline in volumes for Royal Enfield.
D-Mart net profit fell 22% sequentially in March quarter. Avenue Supermarts, which owns and operates retail chain D-Mart, on Saturday reported a 22 percent sequential decline in its consolidated net profit to Rs 427 crore for the quarter ended March 2022. Year on year it reported a three percent rise in net profit. Revenue fell five percent quarter on quarter to Rs 8,787 crore. Year on year, revenue rose 19 percent. Profit after tax margin declined by nearly 90 basis points to 4.8 percent in the quarter from 5.5 percent a year ago.
Bank of Baroda reports profit of Rs 1,779 crore. Bank of Baroda has reported a standalone net profit of Rs 1,778.77 crore for the March quarter against a net loss of Rs 1,046.5 crore a year ago. However, on a sequential basis, net profit fell 19 per cent sequentially. Net interest income grew 21.2 per cent to Rs 8,612 crore from Rs 7,107 crore a year ago.
Grasim Industries board approves raising Rs 1,000 crore. Grasim Industries board has approved raising Rs 1,000 crore via non convertible debentures on a private placement basis in one or more tranches.
RITES gets a $ 3.20 mn order from Guyana. RITES said on exchanges that it has got an award worth $ 3.20 million from the ministry of public works, Guyana. The order is for consultancy and supervision work for construction of the East Bank-East Coast Road Linkage Project of public work.
Nazara Technologies net profit fell 71% sequentially. Nazara Technologies net profit for the March quarter fell 71 percent quarter on quarter to Rs 4.90 crore. Revenue fell six percent sequentially to Rs 175.10 crore. The firm also announced that it will give 1:1 bonus share to shareholders.
Alkem Laboratories completes MHRA inspection with no observation. Alkem Laboratories told exchanges that the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) has no critical or major observations for its Taloja Plant. The company said the MHRA has closed its inspection. Earlier the regulator conducted an online inspection at the plant between 31 January and 4 February and between 8 February and 10 February.
Amber Enterprises net profit misses estimates. Amber Enterprises reported a net profit for the March quarter that missed the average analyst estimate. Net profit for the quarter stood at Rs 57.22 crore, down 24 percent year on year, against the estimate of Rs 117 crore. Revenue rose 21 percent from a year ago to Rs 1,940 crore versus estimate of Rs 2,144 crore. The firm also approved raising Rs 500 crore via securities.
Moneycontrol News
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