Stocks to Watch: Hero Motocorp, ONGC, MCX, Pfizer, DOMS Industries, Bandhan Bank
Hero MotoCorp: India’s largest two-wheeler maker’s profits zipped into high-growth territory in the December quarter. Hero MotoCorp saw a 51% year-on-year jump in its net profit at ₹1,073 crore in the third quarter, mirroring the lift in profits and volumes seen by listed peers Bajaj Auto & TVS Motor Company. The company also reported a 21% increase in revenue from operations to ₹9,723.73 crore in Q3FY24, versus ₹8,030.98 crore in Q3FY23.
The company said it retailed 1.4 million units during the 32-day festive period during the quarter, its highest for any festive period so far. ONGC: The PSU reported a decline of around 10% in its December quarter net profit to ₹10,356 crore, compared to ₹11,489 crore in the year-ago period. The petroleum giant's revenue from operations during the quarter registered a decline of 2.2% at ₹1,65,569 crore, compared to ₹1,69,213 crore in the year-ago period.
Oil and Natural Gas Corporation's board has approved a second interim dividend of 80%, i.e. ₹4 per equity share of face value of ₹5 each for the fiscal 2023-24. Multi Commodity Exchange of India (MCX): The commodity derivate exchange reported a net loss of ₹5.3 crore, compared to a net profit of ₹39 crore in the year-ago period when it announced its December quarter results for FY24 on Friday.
The firm's revenue from operations in the quarter rose 33% to ₹191.5 crore, compared to ₹143.6 crore in the same period last year. On the operating front, the company's EBITDA loss in the December quarter stood at ₹19.8 crore, compared to ₹44.14 crore in the corresponding period last year. Pfizer: The pharmaceutical company reported a 13.7% YoY decline in its net profit to ₹130 crore ( ₹129.98 crore) in Q3FY24, compared to a net profit of ₹150.66
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