Stocks to Watch: Check out the companies making headlines before the opening bell.
Results for May 20: Amara Raja Batteries, IDFC Ltd, Indigo Paints, Lakshmi Mills Co Ltd, Mindteck India Ltd, Nuvoco Vistas Corp Ltd, Rane Madras Ltd, SML Isuzu Ltd will report their March quarter earnings today.
Biocon Biologics and Viatris Launch Abevmy their third oncology biosimilar in Canada. Biocon Biologics Ltd., a subsidiary of Biocon Ltd., and Viatris Inc announced on Thursday that Abevmy (bBevacizumab) is now available in Canada. Abevmy, co-developed by Biocon Biologics and Viatris, is a biosimilar to Roche’s Avastin (Bevacizumab) and has been approved by Health Canada across four oncology indications..
Ashok Leyland net profit surges 274% YoY in March quarter. Ashok Leyland Ltd reported a 274 percent YoY jump in net profit at Rs 901.4 crore for the fourth quarter. CNBC-TV18 Polls had predicted a profit of Rs 252 crore for the quarter. Total income stood at Rs 8,744.3 crore during the quarter, up 24.9 percent against Rs 7,000.5 crore in the corresponding period of the preceding fiscal. Its truck market share for Q4 FY 22 has improved to 30.6 percent against 28.9 percent in Q4 FY21, this is the highest market share seen in the last 11 quarters.
Gland Pharma reports 10% rise in net profit for March quarter. Gland Pharma net profit rose 10 percent to Rs 285.90 crore in the quarter ended March 2022 as against Rs 260.41 crore during the previous quarter ended March 2021. Net sales rose 24.25 percent to Rs 1103.01 crore as against Rs 887.75 crore a year ago. EBITDA margin contracted sharply to 35 percent from 40 percent on-year.
Eros board approves raising funds. Eros International said its board approved raising Rs 405 crore by issuing 13.50 crore warrants at Rs 30 a share.
HAL gets type certification for light transport civil aircraft. Hindustan Aeronautics announced that Type Certification of first Indigenous Light Transport civil passenger aircraft ‘Hindustan 228-201’ was handed over today by Directorate General of Civil Aviation (DGCA) to Transport Aircraft R&D Center, HAL Kanpur at DGCA HQ New Delhi. The company said this is the first Type Certified fixed wing aircraft in India complying with the latest FAR 23 certification requirement which is a major milestone towards the vision of building a new Atmanirbhar Bharat.
Godrej Consumer reports 1% fall in net profit for March quarter. Godrej Consumer reported a 1 percent fall in net profit for the March quarter to Rs 363 crore year-on-year as a slowdown in consumption and high commodity inflation weighed. Revenue rose 7 percent to Rs 2920 crore. Total cost rose 12 percent on-year to Rs 2,540 crore.
PN Vasudevan resigns as MD and CEO of Equitas Small Finance Bank. Veteran banker PN Vasudevan has resigned as the managing director and CEO of Equitas Small Finance Bank, the lender informed the stock exchanges. Vasudevan, in his resignation letter, said he wants to devote his time in social welfare through his public charitable trust. The bank’s board, in a meeting held earlier today, accepted his resignation letter and expressed “deep appreciation of the contribution made by Vasudevan over the years”.
HPCL profit fell 34% YoY in March quarter. State-run oil refiner and marketer Hindustan Petroleum Corp. Ltd (HPCL) posted a 34 percent decline in consolidated net profit in the March quarter to Rs2019 crore from Rs 3,061 crore in the year-ago period due to rise in total cost. Revenue for the quarter stood at Rs 1.07 trillion, up 24.2 percent from Rs 85,755 crore last year. Total cost rose 28 percent to Rs 1.05 trillion from Rs 81,717 crore a year ago. Operating margin for the quarter contracted sharply to 1.57 percent from 4.46 percent last year. Average gross refining margin during the year ended March 2022 was $ 7.19 per barrel as against $ 3.86 per bbl during the corresponding previous year.
Zydus Lifesciences will be in focus ahead of board meeting tomorrow. Zydus Lifesciences shares will be in focus tomorrow ahead as the board will meet to consider March quarter earnings and buyback of shares. According to 13 Bloomberg analysts estimates, net profit is expected at Rs 515.70 crore while revenue will be at Rs 3,943 crore.
Moneycontrol News
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