The February Nifty 50 futures contract traded on the Singapore Exchange signals a positive start for domestic equities today. The contract traded at 17,768, up 63 points or 0.36% from the previous close.
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Adani Enterprises: Abu Dhabi-based diversified conglomerate International Holding Co (IHC) will invest $400 million in Adani Enterprises’ follow-up public offering (FPO).
BPCL: The reported consolidated net profit of state-owned enterprise BPCL fell 36% to Rs 1,747 crore for the December quarter, compared to Rs 2,579 crore last year. Meanwhile, revenue from operations rose 13%.
Tech M: Tech Mahindra (TechM) reported a 5.3 percent drop in net profit for the third quarter (Q3) of 2022-23 (FY23) at Rs 1,297 crore. However, the total contract value of the signed deals was $795 million. This was consecutively 11 percent higher. The other milestone the company achieved this quarter was in business operations, which hit $1 billion in quarterly revenue.
L&T: Larsen & Toubro (L&T) on Monday reported a consolidated net profit of Rs 2,553 crore for the October-December quarter of 2022-23, up 24.2 percent from a year ago, aided by exceptional profits of Rs 97 crore as a result of a gain on the divestment of the mutual fund business. At a group level, L&T received orders worth Rs 60,710 crore during the quarter, a growth of 21 percent over the same period last year. Inox Leisure: Inox Leisure increased its net loss for Q3FY23 to Rs 40.42 crore compared to Rs 1.3 crore in the corresponding quarter of the previous financial year. Revenue rose 74 percent to Rs 516 crore from Rs 296 crore, while expenses rose 63 percent to Rs 493 crore.
BPCL: State-owned Bharat Petroleum Corporation (BPCL) reported a consolidated net profit of Rs 1,747 crore for the quarter ended 31 December 2022 (Q3FY23), returning to the black after two consecutive quarters of losses. Consolidated operating income in the third quarter increased by 13.67 percent to Rs 1.33 trillion. READ MORE
Kansai Nerolac: Kansai Nerolac Paints has entered into an agreement with real estate developer House of Hiranandani Group to sell its land plot of nearly 24 hectares at Kavesar in Thane for Rs 655 crore.
KEC International: The company said it has secured orders worth Rs 1,131 crore from several companies.
Alkem Laboratories: Mumbai-based drugmaker Alkem on Monday launched an antibiotic to treat multiple drug-resistant infections. The company was the first from India to launch a new combination of antibiotics to treat resistant infections, the company claimed. READ MORE
ADF Foods: The company’s consolidated net profit for Q3Fy23 came in at Rs 18.52 crore versus a net profit of Rs 13.3 crore YoY and Rs 13.6 crore QoQ. Revenue was Rs 123 crore vs Rs 117 crore YoY and Rs 107 crore QoQ.
Mangalore Chemicals: The standalone net profit of the company rose to Rs 76.2 crore compared to Rs 31.1 crore last year. The company posted a net loss of Rs 32 crore in Q2FY23.
Sanofi India: French drugmaker Sanofi SA is reviewing operations at two of its vaccine plants in India and plans to let all workers at the plants go, the company told Reuters, after failing to secure a UNICEF contract to get. The drugmaker is offering a voluntary retirement plan (VRS) to all its employees at two sites near Hyderabad, a spokesman for Sanofi’s India unit told Reuters in an email.
Nippon Life India AMC: NAM India on Monday reported an 18 percent increase in after-tax profit (PAT) to Rs 205 crore for Q3FY23. In comparison, the company had a PAT of Rs 174 crore during the same period a year ago.
Punjab National Bank: Punjab National Bank on Monday allayed concerns about its exposure to Adani companies, noting that its lending to the group has diversified into 8-9 companies, which generate ample cash.
GAIL (India): State gas company GAIL (India) Ltd on Monday reported a 90 percent drop in its December quarter net profit, at Rs 397.59 crore vs Rs 3,800.09 crore YoY, after it suffered losses in petrochemical and natural gas marketing activities. The country’s largest gas trading and transportation company posted Rs 349 crore losses in petrochemical operations after it had to cut its run rate due to curtailment of cheaper domestic gas supplies.
Ultratech Cement: UltraTech Cement Middle East Investments Limited, a wholly owned subsidiary of the company in the UAE, has entered into a sale and purchase agreement with Seven Seas Company LLC, Oman for the acquisition of 70 percent shares in Duqm Cement Project International, LLC, Oman .
Exide Industries: Exide Industries reported a year-on-year (YoY) increase of 11.38 percent in consolidated net profit to Rs 198.61 crore in Q3FY23, led by growth in most business lines, price increases and cost optimization initiatives. In the same period last year, the profit was Rs 178.32 crore. Operating income rose 6.8 percent to Rs 3,538.50 crore, driven by volume growth.
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