Stocks in Focus: Paytm, Mankind Pharma, Cochin Shipyard, Shree Cement
Equity benchmark indices Sensex and Nifty are expected to open higher on Friday, in line with the positive sentiment in global markets.
One 97 Communications: The Reserve Bank of India (RBI) has taken action against Paytm Payments Bank. According to the RBI's directive, no further deposits, credit transactions or top-ups will be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, and so on, after 29 February. Furthermore, on 11 March 2022, the RBI directed Paytm Payments Bank to stop onboarding new customers immediately.
Mankind Pharma: Revenue was up 25 percent to Rs 2,606.9 crore, while Ebitda rose 39 percent to Rs 606.5 crore in Q3. Ebitda margin up to 23.3 percent from 20.9 percent a year ago. Net profit rose 55 percent to Rs 459.8 crore from Rs 295.7 crore a year ago. Domestic revenue up 20 percent to Rs 2,400 crore. Export revenue up 118 percent to Rs 207 crore.
Cochin Shipyard: Received an order from a European client to design and construct a hybrid service operation vessel (SOV), with a project cost of approximately Rs 500 crore and a delivery date in 2026.
Glenmark Pharmaceuticals: Joined hands with Pfizer to launch Abrocitinib in India. Abrocitinib is used to treat moderate to severe atopic dermatitis.
Shree Cement: Recorded 165 percent growth in standalone net profit at Rs 734 crores for the December quarter, with improved realization and cost reduction amid robust demand growth. Revenue from operations grew 20 percent to Rs 4,901 crore.
Godrej Consumer Products: Posted 6.4 percent growth in consolidated profit at Rs 581 crore for the December quarter, with healthy operating numbers. Consolidated revenue from operations increased 1.7 percent to Rs 3,660 crore from a year ago.
Jindal Steel & Power: In the December quarter, the company reported a consolidated profit of Rs 1,928 crore, which is a significant increase of 272 percent from Rs 518 crore recorded last year. The exceptional loss and higher tax costs were the reasons for the lower profit last year. However, the company's consolidated revenue from operations declined by 6 percent to Rs 11,701.3 crore.
Dixon Technologies: The company reported an impressive 87% growth in consolidated net profit, amounting to Rs 97 crore for the December quarter. This growth was driven by a healthy increase in revenue from operations, which doubled from the previous year to Rs 4,818.3 crore. However, the operating margin was weak due to higher input costs.
Divgi TorqTransfer Systems: Two North American manufacturers of automotive transmissions have placed orders worth Rs 212.1 crore. The annual value of these five-year orders is about Rs 42.5 crore.
