Britannia Industries recorded a net profit of Rs 556 crore in the third quarter of FY24, a 40 percent drop from last year. Despite this decline, it was in line with estimates of Rs 566 crore. The muted growth was due to a high base, price cuts, competition and low single-digit volume growth. Revenue rose marginally due to focus states outperforming and the company expanding its rural reach.
Open FlipVikas Gupta, CEO & Chief Investment Strategist, Omniscience Capital, has cautioned speculative retail traders, who like entering troubled waters, to should stay away from Paytm as the picture remains blurry. Those investors who can analyse and undertstand the extent of the RBI action against the payments major can take a small position of four to five percent as part of their portfolio.
Open FlipThe benchmark Indian indices - BSE Sensex and NSE Nifty 50 - are likely to open on a positive note on January 7 in sync with strong overseas markets. Trends in the GIFT Nifty hint at a gap-up start as it trades around 22,123, up 194 points from the Nifty's last close of 21,929. The last time the index touched an all-time high was 22,126 on January 16.
Open FlipShares of New York Community Bancorp lost 22% on Tuesday, extending a sell-off since the lender reported a surprise quarterly loss last week, as Moody's downgraded its long-term debt ratings to junk status. The stock closed at $4.20 and is on track shed more than half of its value at the current levels. The frenzied selling since Wednesday has also dragged down shares of peers on renewed fears.
Open Flip📌Paytm's Founder Vijay Shekhar Sharma has met Finance Minister Nirmala Sitharaman, reports CNBC-TV18. 📌Nykaa has recorded a 106 percent on-year growth in net profit at Rs 17.5 crore for the quarter ended Dec FY24. 📌Biocon has received tentative approval for its ANDA for Dasatinib tablets from the US FDA. 📌Britannia Industries has recorded consolidated profit of Rs 555.66 crore for quarter.
Open FlipDuring the most recent market session, both the Sensex and Nifty closed on a positive note, with the Sensex Index up 0.63% and the Nifty-50 Index down 0.72%. The following penny stocks are likely to be in focus on Wednesday, February 07, 2024: 💰Sarveshwar Foods Limited 💰GTL Infrastructure Limited 💰Nila Infrastructures Limited
Open FlipGold regained some ground on Tuesday on a slight pullback in the U.S. dollar and Treasury yields, while traders positioned for remarks from several Federal Reserve officials this week to gauge the likely pace of interest rate cuts this year. Spot gold rose 0.3% to $2,030.49 per ounce, as of 10:00 a.m. ET (1500 GMT), after hitting its lowest since Jan. 25 in the previous session.
Open FlipState Bank of India (SBI) on Tuesday said it will acquire SBI CAPS subsidiary for Rs 708.07 crore. SBI plans to acquire 100 per cent of SBICAPS Venture Ltd (SVL) for which all regulatory approvals are in place, the bank said in a filing. SVL which is in asset management and investment management has assets under management of Rs 33,055 crore at the end of December 2023.
Open FlipJB Chemicals & Pharmaceuticals saw a 26% increase in net profit, reaching Rs 134 crore in the third quarter of the 2023 fiscal year. Revenue also rose to Rs 845 crore. CEO Nikhil Chopra attributed the success to their focus on the domestic market and progressive portfolios. The company's shares also rose by 1.18% on the BSE.
Open FlipThe Apeejay Surrendra Park Hotels IPO has seen strong demand from various types of investors since its first day, with a subscription rate of 5.82 times on the second day. Retail and high networth individuals have shown the most interest, while institutional investors and employees also participated. The IPO, which includes both fresh shares and an offer-for-sale, aims to raise Rs 920 crore.
Open FlipMoody’s Investor Service has downgraded its senior unsecured rating for UPL Corporation as well as the rating on the agricultural services provider’s long-term junior subordinated bonds following weak operating results in October-December.The rating agency has downgraded to Ba1 from Baa3 the senior unsecured rating for UPL Corporation Limited, it said on Tuesday.
Open FlipNexus Select Trust -- the country's first retail space-backed REIT-- on Tuesday reported a consolidated net profit of Rs 106.85 crore in the December quarter and announced the distribution of Rs 303 crore to unitholders in the form of interest and dividend. Total income stood at Rs 588.4 crore in the third quarter of this fiscal, according to a regulatory filing.
Open FlipBrigade Enterprises, a real estate firm, saw a 31% increase in net profit to Rs 55.79 crore in the third quarter of FY24. This was driven by higher income and increased residential bookings of 1.7 million square feet worth Rs 1,524 crore. The company also reported growth in its office, retail, and hospitality segments. Brigade Enterprises operates in nine cities.
Open FlipNazara Technologies on February 6 reported a net profit of Rs 29.52 crore for the quarter ended December 31, 2023, registering a 46.7 percent jump from Rs 20.12 crore profit in the year-ago quarter. Revenue from operations was at Rs 320.4 crore for the quarter, up two percent from Rs 314.8 crore in the corresponding quarter last year.
Open FlipPrivate sector lender Axis Bank has rented 81,309 square feet of work space from Parle Product Pvt Ltd on the ground floor of Parle Product Factory compound in Vile Parle East area of Mumbai, documents accessed by FloorTap.com showed. According to the documents the bank has rented the ground floor plus three floors of the building at a monthly rental of Rs 85.37 lakh.
Open Flip