*Stocks in news*
ICICI Bank: The country's second-largest private sector lender reported a 59.4 percent year-on-year growth in standalone profit at Rs 7,019 crore in quarter ended March 2022 due to a sharp fall in provisions and jump in operating profit. Net interest income grew by 21 percent YoY to Rs 12,604.6 crore in Q4FY22, which also supported profitability. The bank declared a dividend of Rs 5 a share.
RailTel Corporation of India: The state-owned telecom infrastructure provider received a work order from the Odisha government's electronics & information technology department. The company will do provisioning of secondary bandwidth and replacement of equipment along with the implementation of SDWAN for OSWAN project for five years at a cost of Rs 122.08 crore.
Tata Metaliks: The company recorded a 30 percent year-on-year decline in Q4FY22 profit at Rs 52.5 crore due to higher input costs but was supported by income from the sale of land in Maharashtra. However, revenue increased 22 percent to Rs 808 crore from the year-ago quarter.
Tejas Networks: The telecom and networking products maker posted a loss of Rs 49.62 crore in the quarter ended March 2022 against a profit of Rs 33.55 crore in the year-ago period due to lower revenue growth. Revenue fell sharply by 37 percent to Rs 126.5 crore against Rs 201.5 crore during the period due to global chip supply shortages but sequentially increased 18 percent. The company continued to see a positive business momentum, with an order inflow of Rs 316 crore during the quarter, taking the total order book to an all-time high of Rs 1,175 crore.
Aditya Birla Money: Profit more than doubled to Rs 7.62 crore in the March quarter, up from Rs 3.68 crore in the same period of the previous year. Revenue increased 23.2 percent to Rs 60.4 crore year-on-year, driven by broking business that contributed 87 percent to the kitty.
Hindustan Zinc: The company clocked an 18 percent year-on-year growth in consolidated profit at Rs 2,928 crore in Q4FY22 driven by higher revenue and healthy operating income and margin. Revenue during the quarter grew by 26.6 percent YoY to Rs 8,797, largely led by the zinc business that increased 51 percent YoY.
Future Retail and Reliance Industries: The $3.4 billion deal to take over the retail assets of Future Retail (FRL) cannot be implemented as the company's secured creditors have "voted against the scheme", Reliance Industries told the stock exchanges
By: via @AlliesFin Serve Stock Market
