Buzzing Stocks | Bharti Airtel, Tata Power, Hindalco and others in news today

Results for May 27. JSW Steel, FSN E-Commerce Ventures (Nykaa), Jubilant Pharma, Jubilant Industries, Aarti industries, GAIL, Glenmark Pharma, Godrej Industries, India Cements, PB Fintech (Policy Bazaar), Ruchi Soya, Ion Exchange, Info Edge India, JP Power, Aegis Logistics, Akzo Nobel India, Apar Industries, Arvind Fashions, Astral Pipes, Atul Auto, Balmar Lawrie, BEML, Crompton Greaves Consumer Electricals, City Union Bank, Edelweiss Financial Services, Engineers India, ESAB India, Everest Industries, Exxaro Tiles, Future Consumer, Force Motors, Heritage Foods, HT Media, Inox Wind, IRCON International, Kalyani Forge, Karnataka Bank, Lemon Tree Hotels, Man Industries, Oil India Ltd, Ramky Infrastructure, Sun TV, Tarsons Products, TCNS Brands, United Spirits, VRL Logistics, Wabag.

Muthoot Finance consolidated profit dips 2.3%: Consolidated net profit dipped 2.3 percent year on year to Rs 997 crore for the quarter ended March 2022. Consolidated revenues declined 2.7 percent to Rs 3,021 crore. The dip in profit is attributable to lower revenues and higher employee costs partially negated by lower impairment on financial instruments.

Page Industries profit surges 65%: Profit after tax surged 65 percent year on year to Rs 190.5 crore for the quarter ended March 2022. Net margin at 17.1 percent was higher by 400 basis points year on year and up 240 bps on a sequential basis. Revenues increased 26.2 percent year on year to Rs 1,111 crore. 

Berger Paints India profit up 5.6%: Berger Paints India has posted 5.6 percent year on year jump in March quarter net profit at Rs 220.2 crore and revenue was up eight percent at Rs 2,187.5 crore. The board approved recommendation for payment of dividend of Rs 3.10 (310 percent) per share for the financial year 2021-22.

Moody’s upgrades Bharti Airtel to Baa3; outlook stable: Moody’s Investors Service has revised its issuer rating of Bharti Airtel to Baa3 Stable from Ba1 Positive. It has withdrawn the company’s Ba1 corporate family rating. Moody’s has also upgraded to Baa3 from Ba1 the senior unsecured debt rating on the bonds issued by Bharti as well as the backed senior unsecured notes issued by Bharti Airtel Int’l (Netherlands) B.V.

Hindware (Somany) Home Innovation profit jumps 81%: Hindware (Somany) Home Innovation consolidated net profit jumped 81 percent year on year to Rs 40.28 crore for the March quarter primarily aided by lower tax and decline in inventory costs. Revenue improved 11.8 percent to Rs 685.6 crore.

Bharat Dynamics profit improves 1.5%: Bharat Dynamics net profit improved 1.5 percent year on year to Rs 2,644 crore for the March quarter. Revenues increased 21.5 percent to Rs 13,811 crore. The company has recommended a final dividend @ Rs 1 per share (face value of Rs 10 each) for the year ended March.

Tata Power Renewable commissions 100 MW project for MSEDCL in Partur, Maharashtra: Tata Power Renewable commissioned 100 megawatt (MW) project for MSEDCL in Partur, Maharashtra. The installation comprises over 4,11,900 monocrystalline photovoltaic modules and is expected to reduce around 234 million tonnes of CO2 annually. With this addition of 100 MW, the renewables capacity in operation for Tata Power now stands at 3,620 MW with 2,688 MW of solar and 932 MW of wind. Tata Power’s total renewable capacity is 4,920 MW including 1,300 MW of renewable projects in various stages of implementation.

Union Bank intends to raise capital funds not exceeding Rs 8,100 crore: Union Bank aims to secure capital funds not exceeding Rs 8,100 crore by raising equity capital not more than Rs 3,800 crore and issuing AT 1 / Tier 2 bonds not exceeding Rs 4,300 crore.

Hindalco Industries profit doubles to Rs 3,851 crore: Consolidated net profit doubled year on year to Rs 3,851 crore for March quarter. Consolidated revenue for one of the largest metals companies in India rose 37.7 percent to Rs 55,764 crore. Growth was aided by surge in commodity prices and higher volumes. The company recommended a dividend @400 percent (Rs 4 per share) for FY22 as against 300 percent (Rs 3 per share) for FY21.

RITES, Titagarh Wagons sign MoU on rolling stock development: RITES signed a memorandum of understanding with Titagarh Wagons to synergise their efforts in their respective fields. Under this agreement, RITES will provide expertise in design, marketing, operations and maintenance, and support for tapping domestic and international markets, while Titagarh Wagons will develop and manufacture suitable products and submit competitive offers as per requirements of potential clients and customers in domestic and overseas markets.

Zee Entertainment Enterprises profit falls 34%: Zee Entertainment Enterprises has reported a 34 percent fall in its March quarter net profit at Rs 181.9 crore from the same quarter last fiscal. The revenue rose 18.1 percent at Rs 2,322.9 crore. The board recommended an equity dividend of Rs 3 per share of Re 1 each for the financial year 2021-22.

AstraZeneca Pharma India profit rises 2%: AstraZeneca Pharma India has reported a two percent rise in March quarter net profit at Rs 27.98 crore from the same quarter last fiscal. Net revenue was up 10.3 percent at Rs 232 crore. The board has recommended a final dividend of Rs 8 per share for the financial year 2021-22.

Piramal Enterprises turns profitable: Piramal Enterprises has reported a net profit of Rs 109.4 crore in the quarter ended March against a loss of Rs 571.2 crore a year ago and revenue was up 22.4 percent at Rs 4,162.9 crore. The board has recommended a final dividend of Rs 33 per share (at 1,650 percent) for the financial year ended March.

RITES profit down marginally: RITES has announced a profit after tax for the March quarter at Rs 130 crore against Rs 135 crore a year ago. Total revenue up 20.9 percent to Rs 765 crore, attributable to strong performance in consultancy, leasing and exports. The board has recommended a final dividend of Rs 3.5 per share for FY22.