Stocks in the News – Of multiple companies
Stocks in the News – The SGX Nifty plummeted 116 points to 17,144, indicating that the Indian stock market may open lower today.
On Friday, the Sensex fell 773 points to 58,153, while the Nifty fell 231 points to 17,374. The top Sensex losers were Tech Mahindra, Infosys, and HCL Tech, which all dropped 2.94 percent.
Here are some stocks that are expected to continue to be in the news today.
Stocks in the news and Earnings today
Eicher Motors, Graphite India, Grasim Industries, Balkrishna Industries, Coffee Day Enterprises, Dish TV India, NBCC, SpiceJet, and VST Tillers Tractors are among the companies whose quarterly profits will be released today.
After higher oil and gas prices offset a drop in production, the state-owned energy company recorded a nearly seven-fold increase in third-quarter net profit. In October-December 2021, net profit increased by 596.7 percent to Rs 8,764 crore, compared to Rs 1,258 crore the previous year.
Sundaram Clayton, the business’s promoter, sold roughly 95 lakh shares, or 2% of the company, in an open market transaction on the BSE at an average price of Rs 635.97 per share. Sundaram Clayton’s interest will be reduced from 52.26 percent to roughly 50.26 percent after the stake sale.
State Bank of India
For the fiscal year ending March 31, the country’s largest lender expects to recover roughly Rs 8,000 crore from written-off accounts, including NCLT-resolved instances.
The NBFC’s Q3 net profit increased by 4% year on year to Rs 1,043.6 crore, owing largely to the robust performance of the gold loan division.
Over the next 12-18 months, the company aims to invest around 7,500 crores in the acquisition and development of new real estate projects.
ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal, and others were recently arrested by the Central Bureau of Investigation (CBI) for allegedly defrauding a consortium of two dozen lenders led by ICICI Bank. IDBI Bank, State Bank of India, Bank of Baroda, and Punjab National Bank are among the banks involved in the fraud case.
The company’s net profit increased by 29% year on year to Rs 24.30 crore in Q3FY22. YoY, revenue increased by 26.6 percent to Rs 265.46 crore.
VA Tech Wabag’s net profit increased by approximately 20% year on year to Rs 45.49 crore. Revenue, on the other hand, declined 6% year on year to Rs 745.48 crore.
The company’s net profit fell nearly 30% year on year to Rs 41.21 crore. Meanwhile, income increased by around 7% year on year to Rs 293 crore.
Read more News & trends on India Frontline.