Highlights Of The Day: Axis Bank, SBI Cards Post Q3 Earnings; Sharda Cropchem Stock Attains ATH; Vedant Fashions Gets SEBI Approval For IPO & More…
January 24, 2022:
The Sensex fell over 1500 points or almost 3 percent to 57,491.51.
The Nifty settled at 468.05 points or 2.66 percent lower at 17,149.10.
Highlights Of The Day:
Axis Bank Q3 Net profit Zooms 224% To Rs 3,614 crore
Axis Bank posted a 224 per cent year-on-year (YoY) growth at Rs 3,614 crore in the net profit in the third quarter ending December 31, 2021.
The bank's net interest income (NII), the difference between the interest revenues and interest expenses, jumped 17 percent YoY and 10 percent QoQ to Rs 8,653 crore.
The bank's advances also increased 17 per cent YoY to Rs 6,64,866 crore as of December 31, 2021.
Retail loans rose 18 per cent YoY to Rs 3,67,494 crore and reflected 55 percent of the total advances.
Meanwhile, the corporate loan book rose 13 per cent YoY and 7 per cent QoQ to Rs 2,29,462 crore.
The gross non-performing assets (NPAs) decreased 138 basis points YoY and 36 basis points QoQ to 3.17 per cent, while net NPAs declined 28 basis points YoY and 17 basis points QoQ to 0.91 per cent.
Sharda Cropchem Rises Record High Over Q3 Earnings
Sharda Cropchem shares attained a fresh all-time high of Rs 455 in Monday’s intra-day session in an otherwise declining market on the back of strong Q3 earnings results.
The company reported a net profit of Rs 102 crore in the December quarter (Q3FY22), rising more than double from Rs 48.3 crore posted a year ago.
The agrochemicals company attracted a revenue of Rs 879.8 crore in Q3FY22, up 78.2 percent YoY due to robust volume growth across geographies & better product mix & price realization.
In the reporting quarter, the earnings before interest, taxes, depreciation, and amortization (EBITDA) margin increased by 220 basis points year over year to 22.8 percent, owing to economies of scale and good cost management offset by higher freight costs.
The company’s board announced an interim dividend of Rs 3 per equity share for fiscal’22.
The company has set February 2, 2022, as the record date for the objective of the interim dividend.
“The interim dividend shall be paid or dispatched on or before March 01, 2022,” the company said.
SBI Cards Q3 Net Profit Increased 84% To Rs 386 cr
SBI Cards & Payment Services (SBI Card) saw an 83.8 per cent rise in net profit at Rs 386 crore for the quarter ended 31 December 2021.
In the year-ago period, the company reported a net profit of Rs 210 crore.
The company’s total revenue from operations rose 20 percent to Rs 2,889 crore as against Rs 2,408 crore a year ago. Its total income jumped 24 percent YoY to Rs 3,140 crore.
SBI Cards saw a 10 percent rise in new accounts volume at 1,008k for Q3FY22 as against 918k for Q3FY21.
Card-in-force increased by 15 percent to 1.32 crore during the reporting quarter.
The company’s gross non-performing assets (GNPA) stood at 2.40 per cent of gross advances in the quarter ended December 31, 2021, versus 4.51 per cent in the quarter concluding on 31 December 2020.
Net non-performing assets (NPA) stood at 0.83 per cent in Q3FY22 as against 1.60 per cent Q3FY21.
SEBI Okays Manyavar Owner Vedant Fashions To Float IPO
Vedant Fashions Ltd, the owner of Virat Kohli’s endorsed brand-Manyavar, has received a thumbs up from the Securities Exchange Board of India (SEBI) to raise funds via an initial public offering.
In September last year, the firm had filed draft papers with the regulatory body.
The initial share sale will open from February 4 to February 8. The company plans to list on bouses on February 16.
The issue comprises a hundred percent offer for sale (OFS) of up to 36.36 million shares by its existing promoter and shareholders.
Rhine Holdings Ltd will offload up to 17.46 million shares via OFS, along with Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I (selling up to 723,000 shares) and Ravi Modi Family Trust ( selling up to 18.18 million shares).
Rhine Holdings owns a 7.2% stake, while Kedaara AIF has a 0.3% stake. Ravi Modi Family Trust holds a 74.67% stake in the firm.
Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the share sale.
More To Know:
Confederation of All India Traders (CAIT) has filed a fresh petition before the Competition Commission of India (CCI), looking for investigations into 51 percent acquisition by US E-commerce giant Amazon in More Retail stores.
Petition by CAIT stated the acquisition mode of More Retail stores in India by Amazon is similar to the Amazon-Future Retail Ltd Group deal, which indicates that the e-commerce giant is indirectly controlling stake in Indian retail companies. Further, it violates the Press Note -2 issued by the Government of India, prohibiting foreign companies to buy any stake in a retail company in the country.
Tata Technologies has announced its plan to hire over 3,000 innovators over the next 12 months under its expanded talent acquisition programme.
Tata Consultancy Services was named ‘Global Top Employer’ for the straight-seventh year by Top Employers Institute.
IPO bound Fortune oil maker company Adani Wilmar announced that a corpus of Rs 450 crore from the IPO proceeds will be utilized to acquire "small regional companies" as it aims to expand its market share in the edible oil segment.
Murugappa group firm Tube Investments of India Ltd (TII) will be acquiring a 70 per cent stake in start-up Celestial E-Mobility Pvt Ltd for Rs 161 crore.
For Your Knowledge:
India has emerged as the largest exporter of gherkins globally, registering exports worth $114 million during April-October (2020-21).
India exported 1,23,846 metric tonnes of gherkins, as per the Commerce and Industry Ministry. In the last fiscal, India surpassed the $200 million mark of export of pickling cucumber, aka gherkins or cornichons.