News Wrap: Asian Markets, Q3 Earnings; Cloudnine IPO; TATA Sons Chairman Reappointment; India’s Forex Reserves, Tea Exports & More...
February 11, 2022:
Indian benchmark indices Sensex and Nifty50 closed in the red territory.
The 30-Scrip BSE Sensex ended 773.11 points or 1.31% lower at 58,152.92.
The NSE Nifty plunged 231.10 points or 1.31% to close at 17,374.75.
All the sectoral indices ended in the red, with Consumer Durables, PSU Bank, IT indices falling more than 2 percent.
BSE smallcap and Midcap indices fell 1.90% and 1.84% each.
Japan’s Nikkei 225 closed 116.21 points or 0.42% higher at 27,696.08.
Australia’s ASX 200 fell 0.98% to 7,217.30.
KOSPI, a stock market index of South Korea, closed 0.87% lower at 2,747.71.
Hong Kong’s Hang Seng index slid 0.071% to close at 24,906.66.
China’s SZSE Component Index fell 1.55%, while Shanghai Composite tumbled 0.66%.
Top Stocks On Encome.io Dashboard:
Earnings In Focus:
Motherson Sumi Q3 Net Profit Declines 79.96% To Rs Rs 225.95 Cr
Indian manufacturer and global supplier of automotive components Motherson Sumi posted a 79.96% decline in its consolidated net profit to Rs 225.95 crore for the December-ended quarter, compared with Rs 1,127.83 crore posted a year ago.
Total revenue from operations came in at Rs 16,117.51 crore in Q3FY22, compared with Rs 17,092.44 crore in Q3FY21.
On a standalone basis, MSSL clocked net profit (from continuing operations) at Rs 56.44 crore in Q3FY22, compared with Rs 108.77 crore a year ago.
Total revenue stood at Rs 1,321.38 crore in Q3FY22 compared with Rs 1,126.90 crore in Q3FY21.
Indigo Paints Net Profit Jumps About 30% In Q3
Indigo Paints reported a 29.9% year-on-year (YoY) increase in net profit at Rs 24.3 crore for the quarter ended December 31, 2021, compared with Rs 18.7 crore a year ago.
Total revenue in Q3FY22 jumped 26.6% YoY to Rs 265.4 crore from Rs 209.6 crore a year ago.
EBITDA (earnings before interest, tax, depreciation and amortization) rose 22.2 % to Rs 38.5 crore in Q3 FY22 from Rs 31.5 crore in Q3 FY21.
EBITDA margin came in at 14.5% in Q3 FY22, versus 15% in Q3FY21.
Voltas Q3 Net profit Slides 24.9% YoY To Rs 96.6 Cr
Leading domestic air-conditioner maker Voltas posted a 24.9% year-on-year (YoY) decline in net profit at Rs 96.6 crore in the December-ended quarter.
Total revenue in Q3FY22 fell 10% YoY to Rs 1,793.6 crore against Rs 1,995 crore in Q3FY21.
The consolidated total income in Q3FY22 was Rs 1,822 crore, compared with Rs 2,046 crore in Q3FY21.
Profit before tax stood at Rs 139 crores in Q3FY22 compared with Rs. 166 crores inQ3FY21.
NHPC Net Profit Dips 7.5% In Q3
State-owned NHPC posted a 7.5% decline in its third-quarter’s consolidated net profit to Rs 888.76 crore, compared with Rs 961.64 crore in the corresponding quarter last year.
NHPC’s total income in December ended quarter stood at Rs 2,373.72 crore versus Rs 2,610.69 crore a year ago.
The board of directors of NHPC declared an interim dividend of 13.10 percent (Rs 1.31 per equity share) on the face value of paid-up equity shares of Rs 10 each for the fiscal year 2021-22.
The board has set 'February 23' as the deadline for determining the eligibility of shareholders for payment of the interim dividend.
PFC Q3 Net Profit Jumps Nearly 24% To Rs 4,893.91 Cr
Power Finance Corporation (PFC) posted a nearly 24% increase in its consolidated net profit to Rs 4,893.91 crore for the quarter ended December 2021, compared with Rs 3,963.18 crore a year ago.
The total income in the third quarter increased to Rs 19,215 crore from Rs 18,441.72 crore in the third quarter last year.
The board approved a third interim dividend of Rs 6 per equity share (subject to TDS deduction) on the face value of the paid-up equity shares of Rs 10 each for 2021-22.
Ashok Leyland Books Profit In Q3 At Rs 6 Cr
Hinduja Group-owned Ashok Leyland posted a net profit of Rs 6 crore for the quarter ended December 31, 2021. The company posted a loss of Rs 83 crore in Q2FY22 and Rs 19 crore in Q3 FY21.
Total revenue jumped 15% YoY to Rs 5,535.2 crore from Rs 4,813.5 crore a year ago.
EBITDA ( earnings before interest, tax, depreciation and amortization) fell 11.8% to Rs 223.9 crore in Q3 FY22 against Rs 253.8 crore in Q3 FY21.
Total expenses stood at ₹5,568 crore (including ₹4,157 crore of raw material costs) against ₹4,820 crore (includes ₹3,598 crore raw material costs) a year ago.
EBITDA margin stood at 4% in Q3 FY22 against 5.3% in Q3FY21.
Ashok Leyland Announces Completion Of Transfer Of EV Business To SMAL
Hinduja owned automotive manufacturer Ashok Leyland announced the completion of the sale of its electric vehicle (EV) business to Switch Mobility Automotive Ltd (SMAL), its EV arm, for consideration of ₹240 crore.
“The transfer of EV business resulted in a profit of ₹96 crore for the company, and the transfer of EMaaS (Electric Mobility-as-a-Service) business is pending regulatory and other approvals,” according to a note filed with the stock exchanges.
In November last year, the board okayed the sale of the EV business to SWAL and the transfer of EMaaS business to Ohm Global Mobility, a fellow subsidiary of Hinduja Automotive Ltd, UK, effective from October 1, 2021.
Tata Steel Long Products Board Okays Rising ₹13,000
Tata Steel Long Products, a subsidiary of Tata Steel, board members gave a go-ahead to raise up to ₹13,000 crore via issuance of non-convertible redeemable preference shares on a private placement basis to parent firm Tata Steel.
The funds raised will be used towards meeting financial requirements involved in the acquisition of Neelachal Ispat Nigam Ltd. (NINL) by Tata Steel.
Tata Steel, last month, won a bid for acquiring a 93.71% stake in the Odisha-based NINL for ₹12,100 crore.
More To Know:
IPO Alert! Cloudnine, a super-speciality mother and babycare chain of hospitals, has filed IPO papers with SEBI to raise around Rs 1,200 crore from the public issue of equity shares. The IPO will consist of a fresh equity shares issue and an offer for sale (OFS) by existing shareholders of the company.
Tata Sons reappoints Natarajan Chandrasekaran as its chairman for a second five-year term.
As per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), India received USD 10.88 Billion Foreign Direct Investment in the Food processing sector in the last 20 years, from April 2000 to November 2021.
India’s internet economy, which is estimated to grow more than 50% year-on-year in 2021, is ready to touch $1 trillion by 2030, as per findings released by RedSeer, a consumer-focused consulting firm.
The Tea Board India informed that during the first 11 months of 2021, tea exports stood at 175.38 million kg, down from 189.83 million kg in the same period in 2020.
India’s foreign exchange reserves grew by USD 2.198 billion to USD 631.953 billion in the week ended February 4.
In the preceding week, ended Jan 28, the reserves had fallen by USD 4.531 billion to USD 629.755 billion.
The rupee weakened about 0.6% against the US dollar, a sharp plunge in four months on the heels of higher-than-expected US inflation and the Reserve Bank of India’s dovish stance in monetary policy.