News Wrap: LIC, Maruti Suzuki, Pidilite Post Earnings; IMF Slashes FY22 GDP Forecast; Lux Industries Ltd Insider Trading & More…
January 25, 2022:
The Sensex gained 366.64 points or 0.64 percent to 57,858.15.
The Nifty settled at 128.85 points or 0.75% higher at 17,277.95.
Apart from IT, all other sectoral indices ended in the green territory with power, auto and bank rose more than 2 percent.
IPO-Bound LIC Q3 Net Profit Rises To Rs 1,437 Cr In H1FY22
IPO-bound Life Insurance Corporation of India (LIC) reported a profit after tax (PAT) of Rs 1,437 crore for the first half of fiscal 2021-22 versus Rs 6.14 crore a year ago.
New business premium growth was 554.1 per cent in H1FY22, versus 394.76 per cent in H1FY21.
Total net premiums jumped Rs 1,679 crore to Rs 1.86 lakh crore in H1FY22, as against Rs 1.84 lakh crore a year ago.
Income from interest, dividends and rent (gross)increased to Rs 10,178 crore in H1FY22.
Income from profit on sale/redemption of investments came in at Rs 10,965 crore.
LIC’s share capital ticked up to Rs 6,325 crore in H1 FY22 ahead of its IPO.
The total premium increased Rs 7,262 crore during the first half to Rs 1.13 lakh crore for individual life (non-linked).
The total premium in the individual pension (non-linked) group soared from Rs 4,432 crore to Rs 5,636 crore.
The total premium in individual life (linked) jumped from Rs 737.08 crore to Rs 1,085 crore.
The insurer’s net retention ratio was 99.88 per cent in H1FY22.
Investments of policyholders grew Rs 5.9 lakh crore in H1FY22 to Rs 37.72 lakh crore.
Investments of shareholders increased Rs 56.17 crore to Rs 6,311 crore.
Maruti Suzuki Q3 Standalone Profit Declines To Rs 1,011
Indian automobile manufacturer Maruti Suzuki India Limited reported a standalone net profit of Rs 1,011 crore for Q3FY22, as against Rs 1,941 crore YoY and Rs 475 crore QoQ.
Standalone revenues stood at Rs 23,246 crore versus Rs 23,458 crore YoY and Rs 20,538 crore QoQ.
Sales volume stood at 430,668 units, as against 495,897 units YoY, down 13 percent. The slowdown in sales was triggered by a global shortage in the supply of electronic components.
The sales volume in the domestic market fell 22 percent to 365,673 units as against 467,369 units YoY.
United Spirits Q3 PAT Increases 27% YoY To Rs 291 Cr
Beverage giant United Spirits Ltd (USL) posted a profit after tax (PAT) at Rs 291 crore versus Rs 230 crore, up 27 percent.
The PAT margin in Q3 FY22 stood at 10.1 percent.
USL, also said it reached "debt-free status" by the third quarter-end, owing to its "healthy operating cash flow".
Net sales jumped to Rs 2,885 crore, up 15.9 percent YoY.
Pidilite Q3 Revenue Declines To Rs 2,851 Cr YOY From Rs 2,319.40 Cr
Adhesives manufacturing company Pidilite Industries Ltd reported a revenue of Rs 2,850.72 crore in Q3FY22 as against Rs 2,319.40 crore in Q3FY21.
The company’s consolidated net profit came in at Rs 359.24 crore for the third quarter ended December 2021 versus Rs 446.43-crore profit a year ago.
The company's total expenses were Rs 2,372.90 crore in Q3FY22, up 37.98 percent from Rs 1,719.75 crore in Q3FY21.
PMC Merges With Unity SFB, Announces RBI
The Punjab and Maharashtra Co-operative Bank Ltd (PMC Bank) branches will function as Unity Small Finance Bank Ltd. branches, w.e.f January 25, 2022, the RBI said in a press release.
"All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd with effect from this date," the release said.
IMF Hikes FY23, FY24 GDP Growth Outlook, But Declines FY22 GDP Growth
The International Monetary Fund (IMF) has raised its growth outlook for India's gross domestic product (GDP) in fiscal’ 23 by 50 basis points (bps) to 9 percent.
For fiscal’24, GDP outlook was increased by 50 bps to 7.1 percent.
The World Economic Outlook report, released on January 25, said WEF expects India's credit growth to improve, resulting in better consumption and investment and "better-than-anticipated performance of the financial sector".
On the other hand, the IMF downgrades the growth estimates for FY22 to 9 percent.
In October 2021, the IMF expected Indian GDP to grow at 9.5 percent in FY22.
More To Know:
As part of a global restructuring plan designed to streamline operations and appease the concerns of worried investors, Unilever Plc intends to slash 1,500 roles across senior and junior management.
Telecom operator Bharti Airtel seeks to onboard a strategic investor via the allocation of preferential equity shares. The company will discuss it at its board meeting on January 28.
Capital market regulator SEBI forbade 14 entities for involvement in insider trading of Lux Industries Ltd and ordered confiscating ill-gotten gains of Rs 2.94 crore. Those barred by SEBI include Udit Todi, the son of the managing director of Lux and executive director of the company.