Stocks to Watch: Adani Power, Tata Technologies, HDFC Bank, SBI Card, Vedanta
Adani Power: The Adani Group company saw its consolidated net profit increase more than more than 300-fold to ₹ 2,738 crore in the December quarter from ₹8.8 crore a year ago. Consolidated revenue from operations rose 67.3% year-on-year to ₹12,991.4 crore. SBI Cards and Payment Services: The company clocked 7.8% year-on-year growth in profit to ₹549 crore in the December quarter.
Revenue from operations rose 31.8% to ₹4,622 crore. Tata Technologies: The firm registered 14.7% year-on-year growth in consolidated profit at ₹170.22 crore in the December quarter. Revenue from operations grew 14.7% to ₹1,289.5 crore.
Vedanta: The mining company reported a 18.3% drop in profit at ₹2,013 crore for the December quarter despite healthy operating numbers, thanks partly to increased finance costs. Revenue from operations rose 4.2% to ₹35,541 crore. HDFC Bank: LIC has received the RBI’s approval to increase its stake in HDFC Bank to 9.99%.
LIC currently holds a 5.19% stake, valued at nearly ₹50,000 crore. Sanghi Industries: Net loss widened to ₹201 crore in the December quarter from ₹118 crore a year ago thanks to higher expenses. Net sales were up 42.4% to ₹189.1 crore but expenses rose 31.8% to ₹332.6 crore.
Ebitda loss also widened to ₹22.8 crore from ₹18.8 crore last year because of higher finance costs. Laurus Labs: The company has entered into a joint-venture agreement with KRKA, Slovenia, for the production of finished products for new markets, including India. Capri Global: The board has approved the issue of bonus shares in the ratio of 1:1.
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