Performer Financial News

Reliance Jio has introduced a new OBD (on-board diagnostics) device — JioMotive-- that can transform any car into a smart vehicle. This pocket-size device is easy to install and simply needs to be plugged into the car's OBD port, commonly found under the dashboard. By using an e-SIM, the device connects to the Jio network, eliminating the need for a separate SIM card or data plan.

BERLIN (Reuters) — The German service sector slipped back into contraction in October amid persistent weakness in demand, a survey showed on Monday.

Bharat Forge on Monday reported a 29% year-on-year (YoY) growth in net profit for the quarter ended September to Rs 346 crore, driven by a strong topline and operational performance. Revenue from operations grew by nearly 21% to Rs 2,249 crore, driven by a 21% growth each in exports and domestic revenue. The quarter saw stellar performance on the exports front, with passenger vehicle (PV) exports growing 39% YoY.

Mark Zuckerberg's journey towards a potential MMA career seems to have hit a roadblock after the Meta CEO recently revealed that he had torn his anterior cruciate ligament (ACL) during a sparring session. The tech billionaire shared the news of his injury on Instagram by sharing a picture a series of his photos from the hospital.

Mahavir Lunawat, MD of Pantomath Capital Advisors believes India's economic resilience and its attractiveness as an investment hub are causing a strong influx of IPOs. In an interview with Mint, Lunawat said the IPO trend will continue in H2 2024, with a strong pipeline of over $9 billion. Edited excerpts: Compared to most of the other major economies, India stands out distinctly as one of the bright spots in the world today.

American Tower Corp (ATC) has informed the US Securities and Exchange Commission (SEC) that it has taken a $322 million (Rs 2,677 crore approx) goodwill impairment charge for its India unit in the quarter ended September 2023, amid continuing business challenges in the country. This is since the fair value of ATC’s India unit has dropped below its carrying amount in the September quarter, the Boston-based telecom tower company said in a recent global SEC filing. “The company (read: ATC) performed an interim quantitative goodwill impairment test as of September 30, 2023, using information obtained from third parties to compare the fair value of the India reporting unit to its carrying amount, including goodwill. The result indicated that the carrying amount of the company's India reporting unit exceeded its estimated fair value… as a result, the company recorded a goodwill impairment charge of $322 million for the three and nine months ended September 30, 2023,” ATC said in its US SEC filing, dated October 26. The US tower firm added that it continues to evaluate the carrying value of its Indian assets, which may result in realisation of additional impairment expenses or other similar charges. The fair value, typically, is the estimated price at which an asset is bought or sold when buyer and seller agree on a price.

Varun Beverages on Monday reported robust earnings for the quarter ended September, with the consolidated net profit rising nearly 32% year-on-year (YoY) to Rs 501 crore, on the back of strong topline and operational performance. Consolidated revenue, net of excise duty, grew by nearly 22% YoY to Rs 3,871 crore, led by a healthy growth in volumes and realisations. Despite the strong earnings growth, the stock wiped the gains and fell 0.7% to Rs 946.10 due to profit-booking. Ahead of the earnings, the stock had touched a one-month high of Rs 965.70. Consolidated sales volumes grew by 15.4% in the third quarter of the calendar year to 220 million cases, led by a double-digit growth in both Indian and international markets, the company said. Varun Beverages, which is PepsiCo’s second-largest franchisee outside the US, follows the calendar year. Net realization increased by 5.6% to Rs 176.3 per case, driven by an increase in realization per case primarily in the international markets. Operating profit, calculated as earnings before interest, taxes, depreciation, and amortisation (EBITDA), increased by 26% on year to Rs 882 crore. Gross margins improved by 163 bps to 55.3% in the quarter, primarily due to the softening of PET chip prices.

₹33,643 crore as compared to ₹25,684 crore recorded in the same period of last year. Looking at the H1FY24 performance, the 12 PSU lenders posted a net profit of ₹68,061 crore, an increase of 66% over H1FY23's net profit of ₹40,991 crore. Leading the pack is Punjab National Bank, which has demonstrated the highest net profit growth in Q2FY24.

Bharat Forge share price spiked 4% on Monday after the company announced strong September quarter results. Bharat Forge shares jumped as much as 4% to ₹1,071.85 apiece on the BSE.

As the digital currency market continues its dynamic ebb and flow, Solana (SOL) has recently captured the spotlight, surging past the pivotal $42 zone. This impressive momentum has sparked a flurry of speculation and analysis within the crypto community, leading many to ponder a tantalizing question: Could Solana’s robust performance herald its ascent to the coveted $100 mark within 2023?

KPMG, the auditor of British industrialist Sanjeev Gupta’s InfraBuild, has warned of “material uncertainty” for the Australian steel distribution group if it is unable to complete a $US350 million ($544 million) financing offer to replace debts that fall due late next year.

Westpac boss Peter King says his borrowers are primed to withstand more interest rate tightening should persistently high inflation provoke the Reserve Bank to raise the cash rate on Cup Day.

The country’s largest childcare provider, Goodstart Early Learning, has slid deeper into loss and called for a government-backed wage subsidy to resolve a major shortage in workers and the sector’s poor financial performance.

It has been several months of silence at Austal, the ASX-listed shipbuilder which brought in JPMorgan to gauge interest in a buyout. Now it seems that two North American private equity firms – Cerberus Capital Management and JF Lehman & Company, are back and serious about a proposal.

CRISIL with a ‘sell’ call and ICRA with a ‘reduce’ call and sees 21 percent and 8 percent downside, respectively. "While we are positive on ratings, we are cautious about the non-ratings businesses of both CRISIL (85 percent/70 percent of revenues/EBIT) and ICRA (45 percent/55 percent of revenues/EBIT), which have global market linkage. Reasonable valuations and more confidence in the profitable growth of non-ratings businesses could make us revisit our stance," it said.

₹19,500-18,800 with a negative bias. As the market outlook for the near term is uncertain, experts recommend buying technically and fundamentally sound stocks at the current juncture. Based on the recommendations of several experts, below are 12 stocks that one can consider buying for the next three to four weeks.

FSN E-Commerce Ventures, the operator of omnichannel beauty and fashion retailer Nykaa, will today announce its financial results for the quarter ended September 2023. Nykaa is expected to report strong earnings growth in the second quarter of FY24 with net profit more than doubling on an year-on-year basis, while revenue seeing a decent rise driven by uptick in the beauty and personal care (BPC) segment. However, with the festive season completely in the third quarter this year compared to partly in Q2 last year, the growth in Nykaa’s BPC segment would be limited, analysts said.

Reliance Digital for just Rs. 4,999, providing a substantial discount of nearly 58 percent. The services it offers are subscription-based, and the first year is complimentary.

InterGlobe Aviation (IndiGo) rose 3% to Rs 2,579.4 in Monday's trade on BSE after the airline operator swung to a consolidated net profit of Rs 188 crore from a loss of Rs 1,583 crore a year ago. Its consolidated revenue from operations increased by nearly 20% YoY to Rs 14,944 crore and was a tad higher than the estimated Rs 14,613 crore. Sequentially though, the bottomline was far lower than the Rs 3,091-crore profit posted in the June quarter, while revenue declined by more than 10% since the second quarter is typically a seasonally weak one for the sector. Earnings before interest, taxes, depreciation, amortization and restructuring or rent costs (EBITDAR), surged to Rs 2,446 crore for the quarter, from Rs 229 crore a year ago. The operating margin subsequently expanded to 16.4% from 1.8% a year ago. At 11.10 a.m., the scrip was trading 1% higher at Rs 2,532.7 on BSE. Should you buy, sell or hold IndiGo's stock? Here's what analysts say: BofA Securities BofA Securities maintained a 'Buy' rating on InterGlobe Aviation and raised the target price to Rs 2700 from Rs 2600 earlier. The Q2 PAT beat was largely driven by one-off reversals of provisions and one-off compensations.

World Cup defeat for the South African team. The Eden Gardens roared as Virat Kohli struck a magnificent century, leading India to a commanding position. Ravindra Jadeja’s bowling was nothing short of spectacular, becoming the first Indian spinner to claim five wickets in a World Cup match.

Data Patterns (India), one of the country's leading defence electronics companies, spiked up nearly 6% to ₹2,031.35 apiece in early trade on Monday, led by robust performance in Q2FY24. During the September quarter, the company reported a 61% increase in net profit, reaching ₹33.79 crore, compared to a net profit of ₹21.05 crore. The total revenue for Q2 also showed growth, rising by 32% to reach ₹108 crore, up from the previous year's Q2 revenue of ₹88 crore.