Buzzing stocks: Tata Steel, Ambuja Cement, Bharti Airtel, and others in news

Results on May 3: Titan Company, ABB India, Tata Chemicals, Petronet LNG, AAVAS Financiers, Anupam Rasayan India, Adani Wilmar, Bajaj Consumer Care, Cholamandalam Investment and Finance Company, Godrej Properties, Havells India, Jyothy Labs, KEC International, Mold-Tek Packaging, MRF, R Systems International, SIS, Sona BLW Precision Forgings, and Sula Vineyards will be in focus ahead of declaring their quarterly and full-year earnings today.

Tata Steel: The Tata Group steel company has recorded an 84% year-on-year decline in consolidated profit at Rs 1,566.2 crore for quarter ended March FY23, impacted by weak operating performance and lower topline. Revenue from operations declined 9.2% to Rs 62,961.5 crore compared to year-ago period. On the operating front, EBITDA plunged 52% YoY to Rs 7,219.2 crore with margin falling 1,022 bps to 11.46% for the quarter, but overall numbers above analysts’ estimates. The board announced a dividend of Rs 3.6 per share for FY23.

Ambuja Cements: The cement maker has reported standalone profit of Rs 502.4 crore for March FY23 quarter, a 1.6% growth YoY, supported by topline and other income. However, the profitability was impacted by weak operating performance and restructuring cost (Rs 80.71 crore). Revenue grew by 8.4% year-on-year to Rs 4,256.3 crore, with sales volumes increasing by 8% YoY to 8.1 million tonnes. At operating level, EBITDA at Rs 788.3 crore for Q4FY23 declined 0.6% YoY, with margin falling 170 bps to 18.5%.

Bharti Airtel: The telecom operator, Dialog Axiata Plc, and Axiata Group Berhad have entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Airtel’s wholly-owned subsidiary with Dialog, a subsidiary of Axiata Group Berhad). Discussions with respect to the proposed transaction are ongoing between the parties and also with the relevant regulatory authorities

BL Kashyap and Sons: The civil engineering and construction company has secured new order worth Rs 238 crore, from Embassy Construction. The said contract is expected to be executed within 28 months. The total order book as on date stands at Rs 2,518 crore.

Godrej Consumer Products: The FMCG company said the board members will be meeting on May 10 to consider approval for raising of funds of Rs 5,000 crore via non-convertible debentures (NCDs), in one or more tranches

Mukand: The company has completed the sale and transfer of 25.71 lakh equity shares or 5.51% stake in Mukand Sumi Special Steel to Jamnalal Sons, at Rs 574 per share, and received the entire amount of Rs 147.58 crore. Mukand Sumi Special Steel is a joint venture of Bajaj Group, and Jamnalal Sons is a promoter group entity of Mukand

Mahindra & Mahindra Financial Services: The non-banking finance company has recorded overall disbursement at Rs 3,775 crore in April this year, growing 39% over a year ago month. Healthy disbursement trends have led to business assets at approximately Rs 83,900 crore in April, growth of 1.4% over March 2023. The collection efficiency was at 92% for April against 90% YoY. Company continued to maintain comfortable liquidity chest of about three-month’s requirement

IndoStar Capital Finance: Promoter entities Indostar Capital and Everstone Capital Partners II LLC are going to sell up to 1.93 crore equity shares or 14.21% stake via offer for sale on May 3-4. The floor price for the offer will be Rs 95 per equity share.

Zee Media Corporation: The news broadcasting company has received board approval for appointment of Abhay Ojha as the chief executive officer (CEO) with effect from May 2.

Axiscades Technologies: The company said the meeting of the board of directors is scheduled on May 6 to consider and approve the fund raising up to Rs 210 crore by way of issuance of unlisted secured non-convertible debentures. The company will refinance the existing debt.

Thomas Cook: Subsidiary Desert Adventures Tourism LLC has entered into a Memorandum of Understanding (MoU) with Yusuf bin Ahmed Kanoo Company to develop a destination management company (DMC) in Saudi Arabia.

Coforge: Promoter Hulst BV has sold 21.5 lakh shares in the IT services company via open market transactions, at an average price of Rs 4,125.44 per share, which amounted to Rs 887 crore. However, Motilal Oswal A/C Motilal Oswal Most Focused Multicap 35 Fund acquired 4.84 lakh equity shares in the company at an average price of Rs 4,125 per share

Fino Payments Bank: The bank has recorded a 25.3% year-on-year growth in profit at Rs 22.1 crore for quarter ended March FY23, partly supported by higher net interest income. Net interest income for the quarter grew by 86.4% to Rs 15.1 crore compared to year-ago period.

Home First Finance Company: The company has reported profit at Rs 64.03 crore for March FY23 quarter, growing 6.4% over a year-ago period. Net interest income increased by 31.4% YoY to Rs 111.8 crore for the quarter ended March FY23. Assets under management grew by 33.8% YoY to Rs 7,198 crore. It has announced final dividend of Rs 2.60 per share

DCM Shriram: The chemicals company has recorded a 53.5% year-on-year decline in consolidated profit at Rs 186.67 crore for quarter ended March FY23, dented by weak topline and operating margin pressure. Revenue from operations fell 0.85% YoY to Rs 2,849 crore in Q4FY23 on lower growth in chloro-vinyl segment. At the operating level, EBITDA tanked 45.4% to Rs 346.22 crore with margin declining 993 bps YoY to 12.15% in Q4

Punjab & Sind Bank: The public sector lender has clocked a 32% year-on-year growth in profit at Rs 457 crore in Q4FY23, supported by lower provisions. Higher non-interest income and pre-provision operating profit also supported profitability, but net interest income fell 2% YoY to Rs 683.8 crore for March FY23 quarter. Asset quality improved with the gross NPA falling 139 bps QoQ to 6.97% and net NPA declining 18 bps QoQ to 1.84% for the quarter.