Newsmakers Of The Day: Ultratech Cement Announces Q3FY22 Results; Metro Brands, Hero MotoCorp Stocks Had A Bright Intraday
17th January 2022:
The 30-scrip Sensex closed at 61,308.91, up 85.11 points.
The Nifty50 index jumped over 50 points to end at 18,308.10. It was the first time in the last three months that the Nifty closed above18,300.
Newsmakers Of The Day:
UltraTech Cement Q3 Financial Report: Net Profit Jumps 8% To ₹1,708 cr
UltraTech Cement reported an 8 percent increase in its consolidated net profit to Rs 1,708 crore from Rs 1,584 crore in a year-ago period, as it registered a one-time gain of Rs 535 crore in tax for earlier years.
Net sales for the Oct-Dec quarter rose 5 per cent to Rs 12,710 crore from Rs 12,144 crore in Q3FY22. The earnings before interest, tax, depreciation and amortization (EBITDA) decreased 26 percent to Rs 2,490 crore.
Its volume increased 13 percent during April-December. However, its volume decreased 3 per cent to 23.13 million tonnes during the third quarter.
"During the quarter, the company repaid loans amounting to Rs 3,459 crore. The repayments were funded through internal accruals and have reduced the company's exposure to floating interest rate," the company said in a statement.
Cement demand is likely to rebound in the January-March quarter, spurred by a pick-up in government-led infrastructure and housing projects, the company said, with the commencement of the peak season and increased construction activities.
"Rural and urban demand is also expected to pick up going forward. All of this augurs well for the company."
Metro Brands Shares Jumped 20% On Retailer’s Q3 Results Announcement
Shares of Jhunjhunwala-backed footwear retailer- Metro surged 20% to Rs 608.20 on BSE on Monday’s intra-day trade over strong Q3 FY22 results.
The company posted a 53.3 percent rise in consolidated net profit to Rs 102 crore on a year-over-year basis.
The company’s revenue from operations grew 59 percent to Rs 484 crore during the quarter, while earnings before interest, tax, depreciation and amortization (EBITDA) increased 69.8 per cent to Rs 169 crore.
"Q3 FY22 was the first quarter post-Mar '20 without any major Covid related restrictions. The robust recovery in customer sentiments witnessed since Aug21 continued in Q3 FY22 - Helping us register our best ever quarterly sales," the company said in a release.
On a standalone basis, in the third quarter, the company’s net profit rose 62.6 per cent to Rs 100 crore, while revenue increased 62.2 per cent to Rs 476 crore. EBITDA also rose 79.2 per cent to Rs 167 crore.
Hero MotoCorp Stock Surged About 6% Over Firm’s Rs 420 cr Worth Investment In EV Start Up - Ather Energy
Shares of Hero MotoCorp today soared about 6 percent on the news that the company's board has okayed an investment of up to Rs 420 crore in electric two-wheeler company Ather Energy.
The investment is likely to be done in one or more tranches, said the company.
Before infusing about Rs 420 cr in the EV startup, HereMoto Corp had a 34.8 percent (on a fully diluted basis) stake in Ather Energy.
After the investment, the company’s stake in Ather Energy will increase, which can only be determined upon the completion of the capital raising round by Ather, Hero MotoCorp stated.
The stock rose 5.87 per cent to an intraday high of Rs 2,721.45 on the BSE.
More To Know:
Private Sector Lender-- DCB Bank has appointed Rupa Devi Singh, Independent Director, as Non-Executive Chairman of the Bank as Nasser Munjee is retiring from that position.
The Central government has updated the rules for the 'electric vehicle (EV) charging infrastructure'. From now, EV owners will be able to charge their vehicles using the existing electricity connections at homes or offices.
Furthermore, the govt has approved the allotment of government land to private entities through bidding for setting up public charging stations (PCS).