Stocks in news: Tata Steel, Adani Transmission, Muthoot Finance, IEX and more

Domestic equity markets settled sharply lower on Monday amid the fears of global rate hikes following strong US jobs data. Selling in index heavyweights like IT and banking dragged the indices sharply lower during the session. Adani Group stocks continued to remain in focus. Sensex plunged 334.95 points, or 0.55 per cent, to 60,506.90 and Nifty settled at 17,764.60, falling 89.45 points, or 0.5 per cent. 

Here’s a look at stocks that are likely to remain in news today. 

Tata Steel: The firm reported a net loss of Rs 2,502 crore for the quarter ended December 31, 2022 as against net profit of Rs 9,598 crore in the year-ago period on account of higher expenses. The company’s revenue from operations fell 6% to Rs 57,084 crore in Q3FY23 as compared to Rs 60,783 crore in Q3FY22.  

Adani Transmission: The Adani Group firm reported a 73% jump in consolidated net profit at Rs 478 crore for the quarter ending December 31, 2022 as against Rs 267 crore in the year-ago period,  aided by a one-time income of Rs 240 crore from a regulatory order. The company’s revenue rose 16% to Rs 3,037 crore in Q3FY23 as compared to Rs 2,623 crore in the year-ago period.  

Adani Group : Gautam Adani, Adani group’s founder and Chairman, is looking to pre-pay a large part of loans against shares (LAS) portfolio of Rs 7,000-8,000 crore taken at the shareholder level, a media report said quoting sources. The loans are backed by share pledges, the report suggested, adding that the aim is to soothe investor nerves. 

IEX: Indian Energy Exchange, India’s premier energy exchange, achieved 8639 MU total volume in January, including Green Power trade of 347 MU, and 3.95 lakh RECs (equivalent to 395 MU). The total electricity volume on the Exchange in January at 8245 MU, rose 9% year-on-year and 4% on a month-on-month basis. 

Ultratech Cement:  The cement maker has commissioned a 1.5 mpta brownfield cement grinding unit at Jharsuguda, Odisha, taking the company’s total cement capacity in Odisha to 4.1 mtpa. 

Muthoot Finance: The NBFC reported a 4% quarter-on-quarter growth in consolidated after tax at Rs 934 crore for the third quarter. Consolidated loan assets under management increased to Rs 65,085 crore, up by 7% year-on-year. 

LIC Housing Finance: The firm reported a fall in net profit to Rs 462 crore for the December quarter, compared with Rs 771 crore in the same quarter last year. Revenue from operations, meanwhile, came in at Rs 5,890 crore for the said period. 

JK Paper: The firm has has reported a consolidated turnover growth of 59% to Rs 1,734 crore, while profit after tax rose by 119% over corresponding quarter of last year. 

Kohinoor Foods: The company reported a net profit of Rs 14 crore for the three months ended December as against just Rs 40 lakhs in the same period last year. Meanwhile, revenue was down 26% to Rs 17 crore. 

V-Mart: The company reported a revenue of Rs 777 crore, up 12% year-on-year for the third quarter. EBITDA and PAT stood at Rs 104 crore and Rs 20 crore, respectively for the quarter. 

Indo Count Industries: Profit declined 47% year-on-year to Rs 38 crore in the three months ended December, while revenue dropped 16% year-on-year. 

Hitachi Energy India: Revenue fell 8.5% year-on-year to Rs 1,041 crore for the quarter ended December, while profit after tax was Rs 4.6 crore. 
 

Also read: Route Mobile, Sharda Cropchem, IGL, SRF to go ex-dividend today; Adani Green, Adani Ports Q3 results today

Also read: Adani Ports, LIC Housing, Hero Motocorp: What should be your strategy amid the volatility

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