Handy futures on the Singapore Exchange traded 121.5 points, or 0.72 percent higher at 17,051.50, indicating Dalal Street was off to a positive start on Wednesday. Here are stocks in the news
Results today
Angel One, Glenmark Life Sciences, Tata Elxsi, ICICI Securities, JTL Infra, Reliance Industrial Infrastructure, Ellora Trading, HCKK Ventures, Indbank Merchant Banking Services and Ind Bank Housing to announce quarterly results on April 20.
ACC
The cement major posted a 30 percent year-on-year decline in its 22-year first quarter profit to Rs 396 crore as operating income fell 26 percent to Rs 635 crore due to a significant increase in fuel costs. Sales increased 2.6 percent year-on-year to Rs 4,322 crore in the March 2022 quarter, while cement sales volume fell to 7.71 million tons, from 7.97 million tons year-on-year.
Larsen & Toubro Infotech
The IT services company registered 4 percent sequential earnings growth at Rs 637.5 crore, led by higher other revenues and revenue also grew 4 percent QoQ to Rs 4,301.6 crore in Q4FY22. The company won 4 major deals with a net new TCV (total contract value) of over $80 million. The dividend for the 2021-22 financial year was Rs 30 per share.
Tata Steel
The homegrown steel giant has signed a pact with Australian-based mining services provider Thiess to offer mining engineering services in areas such as exploration, resource assessment and mining planning in India and abroad.
Future ventures
The debt-ridden company said it had defaulted on the payment of Rs 29.33 crore in interest on non-convertible bonds (NCDs). The due date for payment was April 18. This is the third default by Kishore Biyani-led Futures group company this month.
Future Retail
The electronic voting process for shareholders of the debt-ridden company ended Tuesday night ahead of shareholders’ and creditors’ meetings to approve the sale of the company’s retail assets to billionaire Mukesh Ambani’s Reliance Retail, despite opposition from e-commerce giant Amazon and an insolvency petition from its lenders.
HBL Power Systems
Banyantree Growth Capital, LLC sold a 2.55 percent equity stake in the company through open market transactions in April. This reduced the stake in the company to 5.9 percent, from 8.45 percent earlier.
Benares . Hotels
Profit for the quarter ended March 2022 grew 196 percent year-on-year to Rs 3.03 crore, with EBITDA increasing 68 percent to Rs 5.8 crore YoY, while revenue rose 46.3 percent to Rs. 16.12 crore. The company has announced a dividend of Rs 10 per share, which is subject to shareholder approval.
Insecticides (India)†
The company has received the patent for an invention titled ‘Novel Granules and its pesticide compositions’, from Patent Office, The Government of India. This is valid for 20 years.
Punjab & Sind Bank
The company said in a BSE filing that the NPA accounts – SREI Infrastructure Finance with outstanding dues of Rs 510.16 crore and SREI Equipment Finance with outstanding dues of Rs 724.18 crore – have been identified as fraudulent. The bank has reported the same fraud to the RBI. Furthermore, the bills are fully provided.
Mahindra Lifespace Developers
The company’s subsidiary, Mahindra World City Developers, has received an income tax return of Rs 102 crore. The amount included interest of Rs 43.1 crore against the return of earnings filed for assessment year 2016-17 by Mahindra World.
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