Stocks In the News: Check out the companies making headlines before the opening bell.
Results on Wednesday: ITC, Aditya Birla Fashion and Retail, Arvind, Barbeque Nation Hospitality, Brookfield India Real Estate Trust REIT, Finolex Industries, GIC Housing Finance, GMR Power and Urban Infra Ltd, GTL Ltd, Indraprastha Gas Ltd, InterGlobe Aviation Ltd, Indian Overseas Bank, JK Lakshmi Cement, LIC Housing Finance, Lupin Ltd, Manappuram Finance, NDTV Ltd, Pidilite Industries Ltd, , Route Mobile, Shyam Metalics, Shriram Asset Management Co, Westlife Developments Ltd.
Shares of ITC Ltd will be in focus ahead of its March quarter results on Wednesday. ITC is expected to report a healthy year-on-year (YoY) growth of 10-12 percent in its consolidated profit after tax (PAT). Sequentially, however, PAT is likely to remain flat. Consolidated earnings are likely to be between Rs 4,100 crore and Rs 4,250 crore for the quarter ended March 2022. Brokerages expects revenue between Rs 14800 crore and Rs 15600 crore for the quarter.
BPCL will be in focus as the government plans selling lower stake. Government officials are considering inviting bids for a 20-25 percent stake in BPCL, instead of an outright sale of its entire 52.98 percent holding, the two government officials, who declined to be named, told Reuters.
Bharti Airtel profit surges on tariff hike boost. Bharti Airtel nearly tripled its consolidated net profit for the fiscal fourth quarter, driven by the sharp tariff hikes taken last November which helped boost average revenue per user (ARPU), and one-time gains. Consolidated net profit of Rs 2008 crore in the March quarter from Rs 759 crore. Revenues for the quarter grew by 22% to Rs 31500 crore. Airtel continues to have the highest ARPU at Rs 178 from Rs 163 in the December quarter.
TVS Motor to sell Intellicar Telematics for Rs 45 crore. TVS Motor Company Ltd has announced the sale of Intellicar Telematics Pvt Ltd, bought in December 2020 , to Fabric IOT Pvt Ltd for Rs45 crore. The divestment is part of the value creation initiatives on our digital portfolio, says TVS Digital chief.
Zydus Lifesciences board to mull buyback on May 20. Shares of Zydus Lifesciences Ltd will be in focus on Wednesday after the firm said its board will meet on 20 May to consider share buyback. The stock was under pressure since November 2011 and corrected nearly 50% from its high of Rs 664 a share.
Dr Lal Pathlabs Q4 net profit misses estimates. Dr Lal Pathlabs Ltd reported lower than expected earnings for the March quarter. Net profit for the quarter stood at Rs 61.30 crore, down 23 percent from a year ago. Analysts expected net profit at Rs 82.31 crore for the quarter. Revenue rose 13 percent YoY to Rs 486 crore. Analysts estimated revenue at Rs 534 crore for the quarter. Total cost rose 24 percent to Rs 414 crore.
IOC net profit fell 26 percent in March quarter. Indian Oil Corp consolidated net profit for the quarter ended March stood at Rs 6,645.72 crore, down 26.37 per cent from Rs 9,026.49 crore in the same quarter last year due to a margin squeeze in petrochemicals and losses on auto fuel sales. Its revenue from operations, however, climbed 26.13 per cent from Rs 165,734.27 crore in the corresponding quarter last year to Rs 209,049.16 crore. The board approved a bonus issue of 1:2 for its shareholders.
IRB Infra net profit surged 80 percent. IRB Infrastructure Developers Ltd reported a 79.04 percent jump in its consolidated net profit to Rs 175 crore for the March quarter against Rs 97.45 crore a year ago. Its total income during the January-March 2022 quarter rose to Rs 1,682.72 crore from Rs 1,650.40 crore in the year-ago period. Total cost fell 6% to Rs 1380 crore.
DLF net profit fell 16% year on year. DLF Ltd said its net profit for the March quarter fell 16 percent year-on-year to Rs 405 crore from Rs 481 crore. Revenue dropped 9 percent from a year ago to Rs 1550 crore. Total cost lost 10 percent to Rs 1340 crore. Net profit rose to Rs 1,500.86 crore during the last financial year from Rs 1,093.61 crore in the 2020-21 fiscal year. Total income rose to Rs 6,137.85 crore in 2021-22 from Rs 5,944.89 crore in the previous year.
Motilal Oswal announced buyback of shares. Motilal Oswal Financial board approved buyback of up to 1.46 million shares at Rs 1100 a share. The company said it decided to use a tender offer route for buying of shares. The firm has fixed May 27 as the record date for the buyback. The stock is down nearly 25 percent from its July 2021 high. Recently Morning Context reported that there is rift between Motilal Oswal and Raamdeo Agrawal. However, the spokesperson denied such development.
Moneycontrol News
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