Stocks to Monitor: Adani Power, Tata Technologies, HDFC Bank, SBI Card, Vedanta
Today's Third Quarter Earnings Reports Include: ITC, Bajaj Finance, NTPC, GAIL, BPCL, Vodafone Idea, Adani Green, Marico, Bharat Electronics, and more.
Adani Power: The Adani Group company's consolidated net profit for the December quarter increased more than 300-fold from Rs 8.8 crore a year ago to Rs 2,738 crore. Consolidated revenue from operations rose 67.3 percent YoY to Rs 12,991.4 crore.
SBI Cards and Payment Services: The company clocked 7.8 percent year-on-year growth in profit to Rs 549 crore in the December quarter. Revenue from operations rose 31.8 percent to Rs 4,622 crore.
Tata Technologies: The firm registered 14.7 percent year-on-year growth in consolidated profit at Rs 170.22 crore in the December quarter. Revenue from operations grew 14.7 percent to Rs 1,289.5 crore.
Vedanta: The mining company reported a drop of 18.3 percent in profit to Rs 2,013 crore for the December quarter despite good operating numbers, partly due to increased finance costs. However, revenue from operations went up by 4.2 percent to Rs 35,541 crore.
HDFC Bank: LIC has received the RBI’s approval to increase its stake in HDFC Bank to 9.99 percent. LIC currently holds a 5.19 percent stake, valued at nearly Rs 50,000 crore.
Sanghi Industries: The company's net loss in the December quarter has increased to Rs 201 crore from Rs 118 crore a year ago. This is mainly due to a rise in expenses. However, the net sales have gone up by 42.4 percent to Rs 189.1 crore. Unfortunately, expenses have also surged by 31.8 percent to Rs 332.6 crore. As a result, the EBITDA loss has widened to Rs 22.8 crore from Rs 18.8 crore last year, due to higher finance costs.
Laurus Labs: The company has entered into a joint-venture agreement with KRKA, Slovenia, for the production of finished products for new markets, including India.
Capri Global: The board has approved the issuance of bonus shares in a 1:1 ratio. Additionally, the board has also approved a split of equity shares in a 1:2 ratio, implying that one share with a face value of Rs 2 will be split into two shares with a face value of Rs 1 each.
Piramal Enterprises: The company has agreed to sell its 20% direct equity investment in Shriram Investment Holdings Pvt Ltd to Shriram Ownership Trust for Rs 1,440 crore. The transaction is expected to be completed by March 31. Last June, Piramal Enterprises sold its entire 8.3 percent stake in Shriram Finance for Rs 4,824 crore through several block deals.
Shriram Finance: The company reported 2.3 percent year-on-year growth in net profit at Rs 1,818.3 crore for the December quarter. Net interest income increased 17.1 percent to Rs 4,911 crore from Rs 4,192.1 crore a year ago.
Yes Bank: The private-sector bank has reported a 345 percent year-on-year increase in net profit for the December quarter. However, the bank has missed the estimated figures. The net profit for the quarter stood at Rs 231.5 crore, a significant increase from Rs 52 crore a year ago. The core income, or net interest income, for the quarter, rose 2.3 percent year-on-year, amounting to Rs 1,194.6 crore.
Zen Technologies: The company’s December-quarter revenue was up three-fold from a year ago, while net profit grew five-fold and the Ebitda margin expanded to 45 percent from 25.3 percent. The board also approved raising Rs 1,000 crore via a QIP or other methods.
