Stocks in News
Axis Bank: The private sector lender registered a massive 54 percent year-on-year growth in standalone profit at Rs 4,118 crore, largely driven by significant fall in provisions and improved asset quality performance for the quarter ended March 2022. Net interest income grew by 16.7 percent year-on-year to Rs 8,819 crore with credit growth of 15 percent and deposits growth of 19 percent for March 2022 quarter.
IIFL Finance: The company clocked nearly 30 percent year-on-year growth in consolidated profit at Rs 321 crore on healthy growth in topline and operating profit. Revenue from operations during the quarter grew by 16 percent to Rs 1,856.2 crore compared to the year-ago period.
Fineotex Chemical: Profit after tax of the group has increased by 42 percent year-on-year to Rs 17 crore on strong topline and operating income. Revenue rose by 62 percent YoY to Rs 121.4 crore in the quarter ended March 2022, and operating EBITDA surged 67 percent to Rs 21.52 crore in the same period.
Ambuja Cements: Profit fell sharply by 30.3 percent year-on-year to Rs 856.5 crore due to higher power & fuel cost and muted topline growth in the quarter ended March 2022. Revenue increased by 2.4 percent to Rs 7,900 crore during the same period.
Vedanta: Billionaire Anil Agarwal-owned Vedanta reported a 5 percent year-on-year decline in consolidated profit at Rs 7,261 crore in the quarter ended March 2022, impacted by higher tax cost and expenses, supported by healthy topline and operating income. Revenue during the quarter grew by 41 percent YoY to Rs 39,342 crore and there was highest ever quarterly EBITDA at Rs 13,768 crore in Q4FY22 which increased by 51 percent YoY, driven by higher volumes, operational efficiencies and supportive commodity prices. The company announced first interim dividend of Rs 31.5 per share for the financial year 2022-23.
Sterlite Technologies: The company in a BSE filing said the board has approved raising of funds up to Rs 1,000 crore.
Tata Power Company: The company has collaborated with National Real Estate Development Council to install 5,000 electric vehicle charging points across Maharashtra.
By: via @AlliesFin Serve Stock Market
