SBI, Hero MotoCorp, Nestle India Stocks Soar

By siliconindia | Thursday, 22 April 2021, 04:59 Hrs

Automobile giant Hero MotoCorp and Gogoro enters into strategic partnership. This partnership is expected to drive the shift to sustainable electric mobility in India. Furthermore, the companies would also establish a battery swapping joint venture to bring Gogoro's industry leading battery swapping platform to India. Also, it would collaborate on electric vehicle development to make Herobranded, powered by Gogoro Network vehicles to market.

Hero MotoCorp has planned to halt its functioning temporarily at all of its manufacturing facilities around the country that includes its Global Parts Center (GPC), in view of the ongoing escalation in the spread of COVID-19 across the country.

SBI has also stated that IRDAI has imposed a penalty of 25 lakh on its unlisted subsidiary SBI General Insurance Company for violating its regulations pertaining to motor third party insurance obligations.

On a standalone basis, Nestle India net profit rose 14.62 percent to 602.25 crore on 8.58 percent increase in revenue from operations to 3,610.82 crore in Q1 FY21 over Q1 FY20. The board has declared an interim dividend for FY2021 of 25 per equity share, which shall be paid on and from 19 May 2021.

ICICI Securities' consolidated profit after tax (PAT) jumped 111 percent to 329 crore on 53 percent increase in revenue to 739 crore in Q4 FY21 over Q4 FY20.

On a consolidated basis, Phillips Carbon Black reported 75.55 percent jump in net profit to 127.73 crore on 23.75 percent increase in net sales to 866.73 crore in Q4 FY21 over Q4 FY20.

KEC International has also obtained new orders of 1,245 crore across its various businesses.

On a consolidated basis, TV18 Broadcast's net profit surged 77.02 percent to Rs 251.08 crore on 5.40 percent decline in revenue from operations to Rs 1,347.94 crore in Q4 FY21 over Q4 FY20.

Alongside, the Tata Steel Long Products reported a net profit of 339.86 crore in Q4 March 2021 compared with net loss of 133.23 crore in Q4 March 2020. Consolidated revenue from operations surged 53.40 percent to 1,546.74 crore in Q4 March 2021 over Q4 March 2020.

Likewise, on a standalone basis, Swaraj Engines' net profit rose 105.55 percent to 32.56 crore on 74.10 percent surge in revenue from operations to 304.91 crore in Q4 FY21 over Q4 FY20.