Stocks to Watch: IRCTC, Axis Bank, SpiceJet, Zee Entertainment, SJVN
IRCTC: IRCTC's first-quarter profit stood at ₹232.22 crore with a decline of 5% on a year-on-year(YoY) basis. The company's profit in the fourth quarter of the last financial year was at was ₹279 crore. On segment-wise performance, IRCTC's revenue from the internet ticketing business declined 4 per cent to ₹290 crore in the April-June quarter, from ₹302 crore during the same period the previous year.
The revenue from the tourism business rose 58 per cent to ₹130 crore in the June quarter, up from ₹82 crore in the corresponding period last year. SpiceJet: The Delhi high court has issued SpiceJet a notice directing it to submit its accounts statement and asset-liability affidavit within a week. The court has also summoned the airline’s chairman and managing director Ajay Singh, to appear in person on 24 August for the hearing.
The court’s action comes on a plea filed by Kalanithi Maran, the chairman of Sun Group and former promoter of SpiceJet, seeking the attachment of 50% of SpiceJet’s weekly cash revenue to settle the airline’s ₹393 crore debt owed to him. Zee Entertainment: Zee Entertainment Enterprises Ltd posted a net loss of ₹53 crore in the first quarter of FY24 compared to a profit of ₹107 crore a year ago. Consolidated revenue increased 7.6% year-on-year from ₹1,843 crore to ₹1,983 crore.
Domestic ad revenues came in at ₹901.8 crore, declining 6.4% sequentially, and by 2.6% from a year ago. The company attributed the soft start of Q1 to a subdued advertising spending environment, influenced by the Indian Premier League in the initial two months of the quarter. Axis Bank: On August 9th, the board of Axis Bank granted approval for a capital injection of ₹1,612 crore into Max Life Insurance Company Limited, which is
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