Stocks in the Spotlight: Review the companies making headlines before today’s opening bell on May 15, 2024.
Bharti Airtel:
The net income of India’s second biggest telecoms company dropped by 31.1% to Rs 2,072 crore for the quarter ending March 2024. This drop in the profit was mainly due to a big one-time loss of Rs 2,455.5 crore. Nonetheless, revenues grew by 4.4% to Rs 37,599 crore during this period with impacts of changes in currency rates on Africa partially driving the growth. The company’s EBITDA however rose slightly by 4.2% to Rs 19,590 crore and its ARPUs were raised to Rs 209 from Rs 193 over a similar timespan.
Mahindra and Mahindra:
Mahindra Holdings Ltd., a subsidiary of Mahindra, has agreed to sell off its 30.83% stake in New Delhi Centre for Sight worth INR 425.39 crores to Space Investments and others.
Colgate Palmolive (India):
During the March quarter of 2024, this oral care firm registered an increase of 20.1% in its net profit reaching INR3.798 billion while its revenue increased by10.3% up from INR1389 crores previously reported respectively leading to declaration of regular interim dividend and one time special dividend aggregating INR36 per share.
Shree Cement:
Yet again recorded a net profit rise of just about a fifth at INR6billion whilst sales turnover increases stood at around seven percent as well as five fold expansion in production capacity during that same period.
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Siemens:
Siemens India delivered impressive results with year-on-year growth in terms of profits at current level being approximately seventy percent from that which amounted to INR8 billion last year while earnings before interest & taxes (EBIT) for this period rose up by almost twenty percent amounting thus far to around fifty-seven billion rupees; so far it has announced plans for investing another fifty one crore rupees in expansion projects.
Cipla:
According to sources, the promoter family and Okasa Pharma may sell up to 2.53% of their holdings in Cipla worth about INR 26.37 billion.
Bharti Hexacom:
A strong operating margin performance led to a rise in net profits by 10.2% at this telecommunication company which increased its overall earnings by Rs1.19 on average per call made.
Apollo Tyres:
But due to higher taxes and abnormal losses, the net profit of Apollo Tyres fell by 13.7% or R54 crores.
Infosys:
Infosys will undertake a multiyear partnership with First Abu Dhabi Bank that will see it help the bank improve its IT infrastructure.
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Aadhar Housing Finance:
The firm’s shares are expected to be listed on May 15 at a price of INR315 each.
A number of companies including Oberoi Realty, V-Mart Retail and Radico Khaitan et al other than these have also reported varied growth rates and operational challenges in their financials.
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