Stocks to Watch: Tata Steel, Adani Transmission, P&G, LIC Housing, CIL

Tata Steel: Steel major Tata Steel on Monday reported a surprise consolidated net loss of 2,224 crore for the third quarter ending 31 December, 2022 (Q3FY23). This is a decline of 76% from 9,572 crore profit posted in the corresponding quarter of last year. The steel production company’s revenue from operations declined 6% to 57,083.56 crore for the period under review as compared to 60,783 crore in the year-ago period. The steel major’s expenses rose to 57,172.02 crore in the quarter under review from 48,666.02 crore in the year-ago period.

Adani Transmission: Adani Transmission Ltd on Monday reported a 78% increase in its consolidated net profit for the quarter ended December to Rs. 474.72 crore, aided by a 240 core gain on account of a one-time income from a regulatory order. Adani Transmission’s revenue increased by 22% year on year to 3,551.7 crore, owing to the operation of new transmission lines and a positive trend in energy demand, the company said. The Gautam Adani-promoted company reported consolidated Ebitda of 1,708 crore in Q3FY23, up by 28.9% year-on-year. Ebitda is earnings before interest, taxes, depreciation, and amortization.

Procter & Gamble Hygiene and Health Care: Procter & Gamble Hygiene and Health Care on Monday said its net profit declined 2% to 207 crore for the October-December quarter on account of commodity cost inflation. The company, which follows the July-June financial year, had posted a net profit of 212 crore in the same period of last fiscal. Revenue from operations rose to 1,137 crore in the period under review as against 1,092 crore in the year-ago period, Procter & Gamble said in a statement.

LIC Housing Finance: LIC Housing Finance Ltd (LICHFL) on Monday reported a massive decline in its net profit for the December quarter of the fiscal year 2023. Its net profit, hit by higher financing costs, fell 37% year-on-year basis to Rs480.30 crore in the third quarter from Rs767 crore a year ago. The Mumbai-based mortgage lender’s finance costs rose 19.4%, accounting for 80% of total expenses, which increased 28.6% to Rs5,283 crore. LIC Housing Finance said its impairment costs on financial instruments surged 114.5% to Rs763 crore.

Coal India: State-runCoal India Ltd’s annual wage bill is set to reach around 46,000 crore with a likely increase of about 6,000 crore after the world’s largest coal miner agreed last month to recommend a new wage agreement for its non-executive employees. The company is awaiting the government’s nod for the new wage agreement. Last month, Coal India and four central trade unions—BMS, HMS, AITUC and CITU — inked a memorandum of understanding recommending a 19% minimum guaranteed benefit (MGB) to its non-executive employees.

Hindustan Zinc: The ministry of mines will oppose Hindustan Zinc Ltd’s (HZL) plans to purchase Vedanta Resources global zinc assets for $2.98 billion, a government official told Mint. Confirming the move, the government official said that Vedanta’s decision is against minority shareholder rights. Hindustan Zinc is owned by Vedanta Ltd, which owns 64.9%, and the government of India owns 29.5%. The government’s opposition to the deal would stall the sale and delay the whole process which would be a big negative for Vedanta Ltd.

Muthoot Finance: Largest gold loan NBFC, Muthoot Finance garnered a net profit of 902 crore in the third quarter of FY23, compared to a profit of 1,029 crore in the same quarter a year ago, registering a growth of 12%. George Jacob Muthoot, Chairman of Muthoot Group said, “We have reported a steady performance during the quarter. Our consolidated loan assets stand at Rs.65,085 crore, and have registered a growth of 7% YoY. Consolidated Profit after Tax has grown 4% and stands at Rs.934 crores for Q3FY23.”

Easy Trip Planners: Easy Trip Planners is a mid-cap company having a market cap of 9,013.19 Cr and the company deals in the Consumer Discretionary sector. The company declared its Q3 results today after which its shares ended on a green note. The company reported Profit After Tax (PAT) of INR 41.7 Crores for the ended December 2022 up by 47.8% Q-o-Q from INR 28.2 Crores a quarter ago, whereas its PBT for the quarter reached INR 57.3 Crores from INR 38.8 Crores, up 47.6% Q-o-Q. The adjusted revenue was at INR 196.2 Crores in Q3FY23 representing a growth of 29% YoY and 16% QoQ

SJVN: State-owned power producer SJVN on Monday posted a 22% rise in consolidated net profit at 287.42 crore in the December quarter, mainly due to higher revenues. The consolidated net profit of the company was at 235.46 crore in the quarter ended on December 31, 2021, according to a BSE filing. The total income of the company rose to 711.24 crore in the third quarter of the current fiscal from 610.45 crore in the same period a year ago. SJVN’s board has approved an interim dividend of 1.15 per equity share for 2022-23. The record date for the same is fixed on February 17.

Infibeam Avenues: Financial technology firm Infibeam Avenues reported a 46% increase in consolidated profit after tax to 35 crore in the third quarter that ended December 31, 2022, the company said on Monday. Infibeam had posted a profit after tax of 24 crore a year ago, a statement said. The consolidated income from operations of the company grew by 4.4% to 414.7 crore during the reported quarter from 39.7 crore in the December quarter of FY2021-22.

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