Driving Naari Programme launched in Chandigarh
NELCO Q4FY23 Results: The share price of Tata Group’s satellite communication service provider Nelco Ltd rose 12.94% at Rs. 620.00 per share on Tuesday (April 25) after the company reported impressive earnings for the quarter and fiscal year ended March 2023.
The robust earnings lifted investors’ sentiments taking the stock’s share price higher. Nelco’s consolidated revenue during the quarter ended March 2023, stood at Rs 82.8 crore, up 13.1% compared to Rs 73.2 crore during the year-ago quarter. In the last five years, the stock has gained almost 210%, while it has fallen 13.25% in the last one month.
Nelco recorded an 86% year-on-year (YoY) jump in net profit to Rs 5.66 crores in the March quarter of the fiscal year ended 2023.
For the full fiscal year 2023, Nelco’s revenue stood at Rs 315.9 crore, up 19.3% from Rs 264.8 crore during FY22. Net profit rose 23.4% to Rs 19.9 crore during the fiscal from Rs 16.1 crore in FY22.
During the March quarter, the company’s income from operations stood at Rs 81.98 crore, up from Rs 71.69 crore in the same quarter of FY22.
Nelco’s board of directors has recommended a dividend of Rs 2 per equity share of Rs 10 each to the shareholders for FY23 subject to the shareholder’s approval.
Ratan Tata conferred with Australia’s highest civilian honour:
When it is about Tata Group company, how can one forget to mention the business tycoon, Ratan Tata? The Indian business tycoon has been conferred with Australia’s highest civilian honour. The news was announced by Australia’s High Commissioner to India, Barry O’Farrell on his official Twitter account while conferring the Tata Sons’ Chairman Rata Tata with the honour.
The Australian foreign diplomat wrote, “Ratan Tata is a titan of biz, industry and philanthropy not just in India, but his contributions have also made a significant impact in Australia. Delighted to confer Order of Australia (AO) honour to Ratan Tata in recognition of his longstanding commitment to the Australian and Indian relationship.”
Ratan Tata is also a 2008 recipient of India’s second-highest civilian award, the Padma Vibhushan.
The Indian equity market closed on a higher note for the second consecutive day on Tuesday. The benchmark index Sensex closed 0.12% higher at 60,130.71 points, while Nifty closed 0.15% higher at 17,769.25 points
