Vodafone Idea has reported a Q4 net loss of ₹7,022.8 crore as compared to ₹4,532.4 crore in the previous quarter. It had posted a ₹11,643 crore net loss in the same quarter last year (y-o-y). Its average revenue per user for Q4FY21 declined to ₹107 compared to ₹121 in Q3FY21
NEW DELHI: All eyes will be on auto sector data for June sales due later today. Here are top 10 stocks that may be in the news today.
Adani Green: Fair trade regulator Competition Commission of India (CCI) on Wednesday approved acquisition of entire shareholding in SB Energy by Adani Green Energy Ltd. “Commission approves proposed acquisition of the entire shareholding of SB Energy by Adani Green Energy," the regulator said in a tweet. With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW and operating renewable capacity of 4.9 GW.
Banking stocks: Stressed assets of Indian banks will remain elevated at 11-12% in fiscal 2022, S&P Global Ratings said on Wednesday. The agency expects non-performing loans plus restructured assets to increase to 11.5% in the current fiscal from 8.7% a year ago. It also expects banks’ performance to be affected in the first half of the fiscal due to the impact of the second wave.
HDFC Bank: The RBI's ban on selling new credit cards has impacted market share on an incremental basis, HDFC Bank said on Wednesday, promising to get back to the market "with a bang" once the "temporal" embargo is lifted and recoup the losses. The bank's head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to "introspect, re-engineer and innovate" about the cards business, where it has 15.5 million customers.
IIFL Finance: CDC Group Plc, the development finance institution owned by the UK government, on Wednesday sold 14 million shares or 3.7% stake in IIFL Finance Ltd for around ₹337 crore through an open market transaction. According to the data from stock exchanges, CDC Group PLC sold 14 million shares of IIFL Finance at an average price of ₹240.64 per share, aggregating to ₹336.90 crore on the BSE. On the other hand, Smallcap World Fund Inc and Abakkus Emerging Opportunities Fund -1 bought 5.84 million and 2 million shares totalling to ₹140 crore and 48 crore respectively.
Jet Airways: The Mumbai bench of the NCLT in an released on Wednesday said the new promoters of Jet Airways (India ) Ltd cannot claim historicity to obtain airport slots belonging to the airline as it didn't have any operating slots on the day of the commencement of the insolvency process. Last week, the NCLT approved the resolution plan of a consortium consisting of Kalrock Capital and UAE-based entrepreneur Murarilal Jalan, the new promoters of Jet Airways.
JSW Steel: The country's leading steelmaker JSW Steel is planning to invest another ₹25,115 crore by 2024-25 to ramp up its capacity to 37.5 million tonne (MT) per annum, its chairman and managing director Sajjan Jindal said in a message to its shareholders. The company, which sold nearly 15 MT of steel in FY21, claimed to have invested ₹48,000 crore in the past three years for augmenting its production capacity to nearly 28 MT, company officials said.
Power sector stocks: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the marquee ₹3.03 trillion power distribution company (discom) reform scheme, wherein the Centre’s share will be ₹97,631 crore. The funds will be released to discoms subject to them meeting reform-related milestones, with state-run Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) nominated as nodal agencies for implementation of the scheme.
SpiceJet Ltd: The no-frill carrier reported a fifth straight quarterly loss as of the March quarter. The airline's consolidated net losses shrunk to ₹256.98 crore during the March quarter from ₹816.25 crore during the same period of the previous year. The airline plans to raise funds to the tune of ₹2,500 crore to ensure its long term sustainability, said Ajay Singh, chairman and MD, SpiceJet.
Tata Motors: India’s largest commercial vehicle player and leading bus manufacturer has won a tender of 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses from the Indian Oil Corporation Ltd (IOCL). All 15 buses will be delivered within 144 weeks from the date of signing of the Memorandum of Understanding (MOU).
Vodafone Idea: The telco on Wednesday reported a Q4 net loss of ₹7,022.8 crore as compared to ₹4,532.4 crore in the previous quarter. It had posted a ₹11,643 crore net loss in the same quarter last year (y-o-y). Its average revenue per user (ARPU) for Q4FY21 declined to ₹107 compared to ₹121 in Q3FY21, on account of removal of IUC, adjusting for which ARPU was broadly flat this quarter, it said. Vodafone Idea had over 267.8 million subscribers as of 31 March 2021.
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