BackStocks to Watch: Adani Group, BHEL, Kotak, Delhivery, Oil India, Inox Wind
Castrol India, Nykaa, Godrej Industries, Hinduja Global Solutions, HeidelbergCement India, New India Assurance and Zee Entertainment will be among the stocks in focus as they declare their December quarter earnings today.
PremiumHere are the top 10 stocks that could be in focus in today's trade:
Adani Group: Moody's Investors Service on Friday affirmed the ratings for eight Adani Group companies, downgrading four from 'stable' to ‘negative’. The others have maintained their ‘stable’ outlook. Moody's announced that Adani Green Energy, Adani Green Energy Restricted Group, Adani Transmission Step-One Ltd and Adani Electricity Mumbai Ltd would have their rating outlook downgraded from 'stable' to ‘negative’. The group has halved its revenue growth target and aims to scale down fresh capital expenditure. The billionaire now seeks to rebuild investor confidence after its listed entities have lost more than $120 billion in market value.
BHEL: State-run Bharat Heavy Electricals (BHEL) on Friday posted a 56.5% rise in its consolidated net profit to ₹42.28 crore in the December quarter mainly on the back of higher revenues. The consolidated net profit of the firm was ₹27.02 crore in the year-ago period, according to a regulatory filing. On a standalone basis, BHEL recorded revenue from operations of ₹4939.49 crore compared to ₹4918.98 crore in Q3FY22. The company recorded a net profit of ₹31.00 crore in Q3FY23 compared to ₹14.26 crore in Q3FY22, representing a growth of 117.39%.
Kotak Mahindra Bank: Kotak Mahindra Bank (KMB) on Friday announced that it has fully acquired microlender Sonata Finance for ₹537 crore. The acquisition, which is the second such deal for KMB after acquiring BSS Microfinance in 2017, will give the bank access to 502 branches across 10 states and add 9 lakh women customers to its base, according to a statement. "The acquisition is for an aggregate all-cash consideration of approximately ₹537 crore," it said, adding that Sonata will be a wholly-owned subsidiary of the bank once the transaction gets regulatory approvals.
Delhivery: Logistics company Delhivery announced its third-quarter earnings today. The company widened its consolidated loss for the quarter ended December 31, 2022, to ₹195.7 crore in the third quarter of the financial year 2023 compared to ₹126.5 crore during the same period last year. The company's loss stood at ₹254 crore during the second quarter of FY23. Total income also came in lower at ₹1,918 crore for the third quarter of the financial year 2023 versus ₹2,019 crore a year ago. Meanwhile, revenue from contracts with customers also declined about 8% to ₹1,823 crore, but improved 1% sequentially from ₹1,796 core in Q2 FY23.
Oil India: State-run Oil India on Friday reported a net profit of ₹2284.41 crore in Q3FY23 against ₹1297.79 crore in the year-ago quarter, representing a growth of 76% YoY. The company posted a profit before tax (PBT) of ₹3264.01 crore in Q3FY23 compared to ₹2134.01 crore in Q3FY22, representing a YoY growth of 52.95%. The EPS of Oil India reached ₹21.07 in Q3FY23 compared to ₹11.97 in Q3FY22. The company also announced a 100% dividend for its eligible shareholders.
PB Fintech: The parent company of Policybazaar and Paisabazaar, PB Fintech, reported a consolidated net loss of ₹87 Cr in Q3FY23 compared to a net loss of ₹298 Cr in Q3FY22. As a result, the company's PAT loss has dropped 71% YoY. PB Fintech declared that its revenue from operations reached ₹610 Cr in the quarter ended December 2022 compared to ₹367 Cr in the quarter ended December 2021, representing a growth of 66% YoY. According to PB Fintech, revenue for the first nine months of the current financial year is 5.2% more than it was during the same time period 4 years ago. Revenue increased by 91% year on year, and its existing business has now been profitable for four consecutive quarters.
Inox Wind: Inox Wind on Friday reported a widening of consolidated net loss to ₹287.86 crore in the December quarter, due to higher expenses. Its consolidated net loss was ₹63.95 crore in the quarter ended on December 31, 2021, according to a regulatory filing. Total expenses increased to ₹522.31 crore in the October-December quarter from ₹283.65 crore in the year-ago period. The total income of the company rose to ₹229.07 crore in the quarter from ₹185.91 crore in the corresponding period a year ago.
Glenmark Pharma: Glenmark Pharmaceuticals Ltd on Friday reported a 21.3 per cent rise in consolidated profit after tax at ₹290.8 crore for the third quarter ended December 31, 2022. The company had posted a consolidated profit after tax of ₹239.8 crore in the corresponding quarter last fiscal, Glenmark Pharma said in a statement. Consolidated revenue was at ₹3,463.9 crore, as against ₹3,173.4 crore, up 9.2 per cent, it added. "We had yet another quarter with a strong performance led by robust growth across all our markets despite the challenging macroeconomic conditions," Glenmark Pharmaceuticals Chairman & Managing Director Glenn Saldanha said.
Indiabulls Real Estate: Indiabulls Real Estate Ltd (IBREAL) has posted a consolidated net loss of ₹236.77 crore for the third quarter of this fiscal year on a lower income. Its net loss stood at ₹87.04 crore in the year-ago period, according to a regulatory filing. Total income also fell to ₹148.47 crore in the third quarter of this fiscal year from ₹355.59 crore in the corresponding period of the previous year. During the April-December period of 2022-23 fiscal, the company's net loss stood at ₹231.81 crore as against a net loss of ₹76.53 crore in the year-ago period.
Biocon: Biocon on Sunday said the US Food and Drug Administration (USFDA) has issued a complete response letter (CRL) for the biologics license application (BLA) filed for Bevacizumab by Viatris. “The USFDA has issued a CRL for the Biologics License Application (BLA) for Bevacizumab filed by our partner Viatris (Mylan)," Biocon said in a statement. The US health regulator issues the complete response letter to inform a company that its initial review of an application is complete and the USFDA cannot approve the application in its present form.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
