The February futures contract of Nifty 50 traded on the Singapore Exchange indicates positive start for domestic equities today. The contract was trading 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 into the follow-on public offer (FPO) of Adani Enterprises.
BPCL: State-owned BPCL’s reported consolidated net profit fell 36% to Rs 1,747 crore for the December quarter, compared with Rs 2,579 crore of last year quarter. Meanwhile, revenue from operations rose 13%.
Tech M: Tech Mahindra (TechM) reported a fall of 5.3 per cent in net profit for the third quarter (Q3) of 2022-23 (FY23) at Rs 1,297 crore. However, total contract value of deals signed was at $795 million. This was up 11 per cent sequentially. The other milestone that the company crossed this quarter was its enterprise business, which touched the $1-billion quarterly revenue mark.
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 per cent from a year ago, aided by exceptional gains of Rs 97 crore due to a profit on the divestment of the mutual fund business. At the group level, L&T received orders worth Rs 60,710 crore during the quarter, registering a growth of 21 per cent over the year-ago period. Inox Leisure: Inox Leisure widened its net loss for Q3FY23 to Rs 40.42 crore compared to Rs 1.3 crore in the corresponding quarter of the previous fiscal. Revenue surged 74 per cent to Rs 516 crore from Rs 296 crore while expenses jumped 63 per cent to Rs 493 crore.
BPCL: State-owned Bharat Petroleum Corporation (BPCL) reported a consolidated net profit of Rs 1,747 crore for the quarter ending December 31, 2022 (Q3FY23), getting back into the black after two consecutive quarters of losses. Consolidated revenue from operations in Q3 rose 13.67 per cent to Rs 1.33 trillion. READ MORE
Kansai Nerolac: Kansai Nerolac Paints has entered into an agreement with realty developer House of Hiranandani Group to sell its nearly 24-acre land parcel at Kavesar in Thane for Rs 655 crore.
KEC International: The company said it has bagged orders worth Rs 1,131 crore across various businesses.
Alkem Laboratories: Mumbai-based drug maker Alkem launched an antibiotic on Monday to treat multiple drug-resistant infections. The firm became the first from India to launch a novel antibiotic combination for treating drug-resistant infections, the company claimed. READ MORE
ADF Foods: The company’s consolidated net profit for Q3Fy23 came in at Rs 18.52 crore as against net profit of Rs 13.3 crore YoY and Rs 13.6 crore QoQ. It’s revenue was Rs 123 crore vs Rs 117 crore YoY and Rs 107 crore QoQ.
Mangalore Chemicals: The company’s standalone net profit rose to Rs 76.2 crore as against Rs 31.1 crore last year. The company had logged net loss of Rs 32 crore in Q2FY23.
Sanofi India: French drugmaker Sanofi SA is reviewing operations at two of its vaccine making facilities in India and plans to let go of all employees at the plants, the company told Reuters, after it failed to win a UNICEF contract. The drugmaker is offering voluntary retirement scheme (VRS) to all its employees at two sites near Hyderabad, a spokesperson for Sanofi’s India unit told Reuters in an email.
Nippon Life India AMC: NAM India on Monday reported an 18 per cent increase in the profit after tax (PAT) to Rs 205 crore for Q3FY23. In comparison, the company had a PAT of Rs 174 crore in the year-ago period.
Punjab National Bank: Punjab National Bank on Monday allayed concerns about its exposure to Adani companies and noted that its loans to the group are diversified into 8-9 companies, which are generating sufficient cash.
GAIL (India): State gas utility GAIL (India) Ltd on Monday reported 90 per cent drop in 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 business. The nation’s largest gas trading and transportation company booked Rs 349 crore loss in petrochemical business after it had to cut run rate due to curtailment in supply of cheaper domestic gas.
Ultratech Cement: UltraTech Cement Middle East Investments Limited, a wholly owned subsidiary of the company in UAE, has entered into a Share Sale and Purchase Agreement with Seven Seas Company LLC, Oman for acquisition of 70 per cent equity shares in Duqm Cement Project International, LLC, Oman.
Exide Industires: Exide Industries reported an 11.38 per cent year-on-year (YoY) increase in consolidated net profit to Rs 198.61 crore in Q3FY23, led by growth in most business verticals, price hikes and cost optimisation initiatives. In the year-ago period, profit was at Rs 178.32 crore. Revenue from operations was up 6.8 per cent to Rs 3,538.50 crore, driven by volume growth.
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