Magazine : 
Notable Stocks: HDFC Bank, Adani Green, L&T Tech, IREDA, GMR Airports, RVNL, PNC Infratech
Anticipating a negative commencement, BSE Sensex and NSE Nifty 50, according to GIFT Nifty, may experience a downturn. GIFT Nifty registered a 0.84% decline, equivalent to 186 points at 21,840. On 16 January, NSE Nifty 50 concluded with a 0.29% decline, down by 65.15 points at 22,032.30, while BSE Sensex decreased by 0.27%, losing 199.17 points to settle at 73,128.77. Vigilance on key stocks is crucial amid trading activities.
HDFC Bank
In the third quarter of the fiscal year 2024, HDFC Bank showed a positive financial performance on a standalone basis. The Net Interest Income (NII) increased by 4%, reaching Rs 28,471.3 crore, while the net profit rose by 2.48% to Rs 16,372.5 crore compared to the previous quarter. Additionally, the bank exhibited an improved asset quality, with gross NPA decreasing from 1.34% to 1.26%, and net NPA declining from 0.35% to 0.31%.
Adani Energy Solutions
Adani Energy Solutions has reported a significant increase of over 14% in sales for the third quarter of the fiscal year 2024. The company has also unveiled its plans to deploy 2.1 crore smart meters, which represents a substantial contract value of Rs 25,100 crore. This reflects a strong pipeline for the company's future growth.
L&T Technology
In the third quarter of FY24, L&T Technology Services reported a consolidated revenue of Rs 2,421.8 crore, which is a 1.47% increase from the previous quarter. However, it was slightly below the Bloomberg estimate of Rs 2,451 crore. The Ebit stood at Rs 416.2 crore, which reflects a growth of 2.13% with a margin of 17.18%. This margin was slightly higher than the Bloomberg estimated margin of 17.2%. The net profit for the quarter was Rs 336.8 crore, showing a substantial increase of 6.61% compared to the previous quarter.
TV18 Broadcast
In Q3 FY24, TV18 Broadcast witnessed a YoY decline in consolidated revenue, recording Rs 1,676.19 crore, down by 5.18% from Rs 1,767.71 crore. The EBITDA showed a significant shift from a profit of Rs 18.58 crore to a loss of Rs 145.79 crore. Furthermore, the net profit turned into a net loss of Rs 55.83 crore, contrasting with the previous year’s profit of Rs 37.81 crore.
Gallantt Ispat
In Q3 FY24, Gallantt Ispat demonstrated a positive YoY performance on a consolidated basis, with a 5.6% increase in revenue to Rs 1,062.7 crore compared to Rs 1,006.2 crore. The Ebitda witnessed substantial growth, rising by 24.5% to Rs 106.6 crore from Rs 85.6 crore, leading to an improved margin of 10.03%, up by 152 basis points from 8.5%. Notably, the net profit experienced a significant surge, reaching Rs 51.9 crore, reflecting a remarkable 148.32% increase from Rs 20.9 crore in the same period last year.
IREDA
Indian Renewable Energy Development Agency (IREDA) and the Indian Overseas Bank have collaborated to facilitate co-lending and loan syndication for a wide range of renewable energy projects throughout India.
G R Infraprojects
G R Infraprojects, through its subsidiary, has successfully executed a concession agreement with the National Highways Authority of India (NHAI) for the development of highways in Uttar Pradesh. The project, with an estimated cost of Rs 1,085 crore, marks a significant milestone for the company.
Rail Vikas Nigam
Rail Vikas Nigam has formed a joint venture with Jakson Green for solar projects outside India. The company has also established a subsidiary, RVNL Infra, in South Africa.
PNC Infratech
PNC Infratech has been awarded a contract worth Rs 1,174 crore by Madhya Pradesh Road Development Corp for the road construction project in Bhopal.
Karnataka Bank
Karnataka Bank has entered into a strategic digital co-lending partnership with Clix Capital through the Yubi Co-lending Platform. The collaboration aims to provide loans to the Indian MSME sector.
GMR Airports
GMR Airports reported a 15.3% YoY increase in passenger traffic, totaling to 1.1 crore, and an 8.3% YoY rise in aircraft movements, totaling 68,095 in December.
Godrej Properties
Godrej Properties has acquired an additional one-acre land parcel in Yeshwanthpur, Bengaluru, with the potential to develop approximately 1.40 lakh square feet of saleable area.
ECL Finance
ECL Finance has reported that as of September 30, 2023, the value of the Alternative Investment Funds (AIFs) held by the company is at Rs 1,464 crore. Furthermore, the company has successfully exited all AIFs with prior exposure to debtors as of January 16.
Read More News :
IREDA and Indian Overseas Bank Collaborate for Renewable Projects
India Engages in Tech Partnership with Brazil to Boost Ethanol Use
