Author: Legal Parivar

On May 9, Asian Paints reported a consolidated net profit of Rs 1,275.3 crore for the March quarter, marking a 1.3 percent increase from Rs 1,258.41 crore in the previous year. The company’s total revenue stood at Rs 8,730.76 crore, showing a slight decline of 0.64 percent from Rs 8,787.34 crore last year, as per its regulatory filing. Both revenue and profit fell short of estimates. The earnings before interest, tax, depreciation, and amortization (EBIDTA) for the quarter amounted to Rs 1,692 crore, down by 9.3 percent, with EBITDA margins decreasing by 170 bps year-on-year to 21.1 percent. The company’s…

On May 9, the State Bank of India (SBI), the country’s largest lender, announced a 24 percent increase in net profit to Rs 20,698 crore for the quarter ending March 31, 2024, driven by robust loan demand. This marked a significant rise from the net profit of Rs 16,695 crore reported in the same period last year, surpassing analyst estimates of Rs 13,400 crore. SBI declared a dividend of Rs 13.70 per share for FY24. As of 1410 hours on May 9, SBI’s shares were trading nearly 3 percent higher at Rs 834.40 apiece. The bank’s asset quality improved in…

Shares of Jupiter Wagons surged more than 10 percent, reaching an all-time high of Rs 448.8 apiece, following a remarkable increase in its net profit, which more than doubled year-on-year to Rs 104.2 crore in the January-March quarter (Q4FY24), up from Rs 40.7 crore in the corresponding period last year. Analysts at Systematix have raised the target price for Jupiter Wagons shares to Rs 535 from Rs 474 after the impressive Q4 results, suggesting a potential upside of over 19 percent from current levels. In their post-result analysis, the analysts highlighted Jupiter Wagons’ complete integration with backward processes, improved margins,…

Hindustan Petroleum Corporation Limited (HPCL), a state-run oil marketing company, witnessed a significant 25 percent decline in its consolidated net profit, reaching Rs 2,709.31 crore for the March quarter of fiscal 2023-24. This decrease was attributed to weakened refining margins due to elevated fuel costs and challenges in passing on the rise in fuel expenses, which impacted overall profitability. In comparison, HPCL had reported a profit of Rs 3,608.32 crore in the corresponding quarter of the previous fiscal year. To address the situation, the HPCL board of directors has proposed the issuance of bonus equity shares at a ratio of…

Zomato’s co-founder and CEO, Deepinder Goyal, announced on May 8 the launch of what he termed as India’s inaugural crowd-supported weather infrastructure. This initiative aims to deliver real-time updates on temperature, rainfall, and other weather-related parameters. Known as Weatherunion.com, this project constitutes a proprietary network comprising over 650 on-ground weather stations, making it the largest private infrastructure of its kind in the nation. These stations are currently operational in 45 major cities and are slated for further expansion. According to Goyal, these weather stations, developed by Zomato, furnish localized and up-to-the-minute information on essential weather metrics like temperature, humidity, wind…

Westlife Foodworld, the operator of McDonald’s restaurants in west and south India, saw a significant decline in fourth-quarter profit, dropping by 96%. This was attributed to inflation-weary consumers reducing spending on fast food, despite efforts by franchisees to attract them with discounted prices. Consequently, the company’s shares fell by as much as 7.7% after the results, ultimately closing down 1.7%. India’s quick-service restaurants have encountered challenges in attracting customers due to persistent inflation and heightened competition from local players. For Westlife Foodworld, consolidated profit after tax plummeted to 7.6 million rupees ($91,012.8) for the January-March quarter, marking a stark contrast…

Tata Power has posted a consolidated net profit of Rs 1,045.59 crore for the fourth quarter of FY23-24, marking an 11.37 percent increase from the corresponding period of the previous year. During Q4, the company’s revenue from operations saw a significant uptick of 27 percent, reaching Rs 15,846.50 crore. The board of directors of Tata Power has proposed a dividend of Rs 2 per equity share, pending approval from shareholders.

GRE Renew Enertech, a provider of sustainable lighting and power products solutions, announced a successful private placement round, securing ₹3.25 crore in funding. The infusion of capital arrives as the company prepares for its upcoming initial public offering (IPO), projected to debut on the SME platform around August, with aims to raise approximately ₹30 crore. Notable investors Ankit Mittal and Amit Kumar spearheaded the investment, with active participation from funds specializing in the SME sector, including Chanakya Opportunities Fund-1, Absolute Return Scheme, and Persistent Growth Fund. Headquartered in Mehsana, Gujarat, GRE Renew Enertech has built a solid presence in the…

Hindalco Industries, led by Indian billionaire Kumar Mangalam Birla, is reportedly contemplating a $1.2 billion initial public offering (IPO) for its US-based division, Novelis, as per Bloomberg news. Novelis stands as the world’s largest producer of flat-rolled aluminum products, utilized in various goods like automobiles and beverage cans. Bloomberg suggests that Hindalco aims for an $18 billion valuation for Novelis, headquartered in Atlanta, with plans to list it on the New York Stock Exchange by September, subject to approval from the US Securities and Exchange Commission. Novelis disclosed in February that it had submitted a confidential application to the SEC…

Vijaya Diagnostic reported a 22 percent year-on-year increase in its consolidated net profit, reaching Rs 33 crore for the March quarter of the financial year 2023-24. In comparison, the company had recorded a net profit of Rs 27.7 crore in the corresponding period of the previous year. The company, which offers diagnostic services, disclosed that its revenue surged by 29 percent to Rs 155 crore from Rs 120 crore last year, as per an exchange filing on May 8. Established by Dr. S. Surendranath Reddy in 1981 as a proprietorship concern, Vijaya Diagnostic Centre Limited later became a private limited…