Companies and Markets

Companies & Markets

NBFCs may gain from PSU bank recap

The non-banking finance companies (NBFCs) could be indirect beneficiaries of the government’s recapitalisation plans for public sector banks (PSBs).

Dr Reddy’s Lab Q2 down 1% as price erosion in US hurts

Dr Reddy's Laboratories on Tuesday said its consolidated net profit was marginally down by 1.13 per cent to Rs 305.4 crore for the September quarter, owing to price erosion and channel consolidation in the North American market.

The drug major had posted a net profit of Rs 308.9 crore in July-September a year ago, Saumen Chakraborty, president, CFO and global head of HR of Dr Reddy's told reporters here. DRLs total revenue from operations during the quarter under review stood at Rs 3,559.8 crore, down 1.56 per cent, as against Rs 3,616.3 crore a year ago, he said.

Honda Cars domestic sales dip 8 pc at 14,234 units in October

Honda Cars India Ltd (HCIL) today reported a 8.56 per cent decline in its domestic sales at 14,234 units in October.

The company had sold 15,567 units in the same month last year, HCIL said in a statement.

Last month, the company sold 640 units of small car Brio, 2,646 units of premium hatchback Jazz, 1,845 units of compact sedan Amaze and 4,366 units of mid-sized sedan City.

The company also sold 3,443 units of its new compact sports utility vehicle (SUV) WR-V. Besides, SUV BR-V saw sales of 1,280 units. The sales for SUV CR-V stood at 14 units.

Airtel surges over 8%; mcap rises by Rs 16,290 cr post Q2 nos

Shares of Bharti Airtel today jumped over 8 per cent, adding Rs 16,290 crore to its market valuation, despite the company posting sixth-straight quarter of drop in earnings.

The stock soared 8.19 per cent to settle at Rs 538.40 on BSE. During the day, it surged 9.41 per cent to Rs 544.50 -- its 52-week high. On the NSE, shares of the company zoomed 8.42 per cent to end at Rs 539.10.

Led by the smart surge in the stock, the company's market valuation zoomed Rs 16,290.02 crore to Rs 2,15,220.02 crore.

New India Assurance: expensive vs peers

State-owned non-life insurer New India Assurance will launch its Rs 9,600 crore IPO on Wednesday. The price band has been fixed at Rs 770 to Rs 800 per share. A discount of Rs 30 on the offer price is being offered to retail individual investors and staff. The issue close on Nov. 3.

More than half the Ipos this year give handsome returns

It has been a good year for the primary market. The initial public offerings that were priced right have rendered handsome returns to the subscribers, with Avenue Supermarts, PNB Housing, Sheela Foam, Varun Beverages, ICICI Lombard and Shankara Building Products doing extremely well.

Two options under active consideration

Country’s largest explorer Oil and Natural Gas Corporation (ONGC) will delist its refinery arm Mangalore Refinery and Petrochemicals (MPRL) and merge it with Hindustan petroleum Corporation (HPCL) after its acquisition of the entire 51.11 per cent government stake in the country’s third biggest fuel retailer.

IndiGo Q2 profit jumps four-fold, beats estimates

InterGlobe Aviation-run IndiGo on Monday reported a massive spike in September quarter net at Rs 551.5 crore boosted by a one-time payment towards engine issues and delayed aircraft deliveries and higher margins.

The largest airline that controls over 38 per cent of the domestic air passenger market had reported a 139.8 crore net income in the corresponding quarter last fiscal year. For the reporting quarter, net soared 294.4 per cent.

Core sector growth hits 6-mth high of 5.2% in Sept

Eight core sectors grew to a six-month high of 5.2 per cent in September, helped by a robust performance in coal, natural gas and refinery segments, official data showed today.

The eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had witnessed a growth of 5.3 per cent in September last year.

The expansion in September is highest since April, when the core sectors' growth stood at 2.6 per cent.