News Wrap: Q3 Earnings; Air India’s MD & CEO; Vedanta-Foxconn Deal; India’s Retail, Wholesale Inflation & More…
February 14, 2022:
Indian benchmark indices Sensex and Nifty50 closed lower in the red territory.
The 30-Scrip BSE Sensex ended 1,747.08 points or 3% lower at 56,405.84.
The NSE Nifty plunged 531.95 or 3.06% to close at 16,842.80.
All the sectoral indices closed in the red territory with bank, financial services, and media falling more than 4%, and Metal, reality and PSU bank losing more than 5%.
BSE Midcap and Smallcap indices shed 3.51 and 4.15% each.
Top Stocks On Encome.io Dashboard:
News Wrap:
Earnings In Focus:
Grasim Profit Increases 26% YoY Revenue Jumps 16% YoY In Q3FY22
Consolidated profit after tax (PAT) in Q3FY22: Rs 1,746 crore
PAT In Q3FY21: Rs 1,389 crore
Revenue From operations in Q3FY22: Rs 24402.24 crore
Revenue In Q3FY21: Rs 21,000.13 crore
Revenue Across Segments:
Viscose business revenue: Rs 3,335 crore, Up 55% YoY
Chemicals business revenue: Rs 2,338 crore, Up 83% YoY
Cement Business - UltraTech Revenue: Rs12,985 crore, Up 6% YoY
Aditya Birla Capital Limited (ABCL) revenue: Rs 5,706 crore, Up 13% YoY
Revenue from other business : Rs 566 crore, Up 45% YoYConsolidated EBITDA in Q3FY22: Rs 4,107 crore, Down 8% YoY
EBITDA margin in Q3FY22: 17%, Down 400 bps
Newly-listed Adani Wilmar Reports 66% YoY Growth In Q3FY22 Net Profit
Consolidated net profit in Q3FY22: Rs 211.4 crore, Up 66% YoY
Consolidated revenue in: Rs 14,378.7 crore, Up 40.6% YoY
Food & FMCG segment revenue: Rs 704 crore, Up 46% YoY
Industry Essential segment revenue: Rs 1557, Up 41% YoY
Edible Oil segment revenue: Rs 12,118 crore Up 40% YoY.
Consolidated operating profit: Rs 1,420 crore, Up 35% YoY
Coal India Posts 47.7 % Increase In Q3FY22 Net Profit
Consolidated net profit in Q3FY22: Rs 4,558.4 crore, Up 47.7%
Consolidated revenue from operations: Rs 28,433.5 crore, Up 20%
Consolidated expenses: Rs 22,780.95 crore, Increased 17%
The board of COAL India declared a second interim dividend of Rs 5 per share on a face value of Rs 10 per share.
Big News:
Vedanta Enters Into JV Pact With Foxconn To Make Semiconductors In India
Anil Agarwal-led Vedanta has entered into a joint venture pact with Taiwan’s Foxconn for manufacturing semiconductors in India.
Foxconn would infuse $118.7 million to set up a joint venture company with Vedanta, which would hold 60% of the stake in the new venture.
Vedanta Chairman Anil Agarwal will be the chairman of the joint venture.
"It will provide a significant boost to domestic manufacturing of electronics in India. Discussions are currently ongoing with a few state governments to finalize the location of the plant," the joint statement by the companies read.
More To Know:
Life Insurance Corporation of India (LIC) filed the draft red herring prospectus (DRHP) with SEBI on February 13. The initial share sale will fetch the government between Rs 60,000- 75,000 crore. In the DRHP, LIC has said that the government will sell 316.25 million shares of its over 6,325 million shares. The government is the 100% stake owner of LIC.
Vedant Fashions, the owner of ethnic wear brand Manyavar, will get listed on NSE on February 16.
Honasa Consumer, the parent company of Mamaearth and The Derma Co, has bought hair brand BBLUNT from Godrej Consumer Products.
Air India Gets CEO & MD In Ilker Ayci, Ex-Turkish Airlines Chairman.
According to a report by Bloomberg, Mumbai-based Axis Bank is an inch away from buying Citigroup India’s retail unit at a value of $2.5 billion.
Retail inflation sky-rocked to a six-month high of 6.01% in January 2022, surpassing the December 2021 inflation rate of 5.59%. Reserve Bank of India (RBI)'s tolerance band for inflation is 6%.
Fintech major Paytm’s gross merchandise value (GMV) processed through its platform jumped more than twice to Rs 83,481 crore in January from Rs 41,000 crore a year ago.
Reliance’s Jio partners with SES to deliver pocket-friendly satellite-based broadband services in India. The total value of the contract is valued to be $100 million.
Wholesale Price Index (WPI) based inflation rate in January 2022 was 12.96%. WPI Inflation in Dec 2021 was 13.56%.
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