Wed, Apr 24, 2024 11:20 AM
Gokaldas Exports erases intraday gains after announcing QIP issue price
A Flip by Shubhangi Gupta
Shares of Birla Corporation gained almost eight percent in trade on May 6, following a 128 percent surge in net profit for the quarter ended March 31, 2024. Birla Corporation posted a consolidated net profit of Rs 193.34 crore in Q4FY24, up 127.6% on-year from Rs 84.95 crore in the same quarter year-ago period. Additionally, the total revenue jumped 8% to Rs 2,463 crore.
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Motilal Oswal's research report on MRFMRF’s 4QFY24 result was weak as higher RM costs and operating expenses led to lower adjusted EBITDA margin of 16.2% (-100bp QoQ vs. est. 17%). A provision of INR463.6m, which was made in FY23, was recognized in 4Q along with the additional provision of INR981.4m for FY24 to cover EPR costs.
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India’s unexpected move to buy back bonds signals the central bank is getting proactive in easing liquidity and may switch to a neutral interest-rate stance in its June policy, according to Citigroup Inc. The Reserve Bank of India on Friday said it would buy back 400 billion rupees ($4.8 billion) of bonds — all maturing in the current fiscal year ending March — on May 9.
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