Driving Naari Programme launched in Chandigarh
The market started off the week on a negative note with the benchmark indices falling more than 1 per cent, as the selling pressure was seen across sectors except pharma, on October 3. The BSE Sensex plunged 638 points to 56,789, while the Nifty50 fell 207 points to 16,887.
Stocks in News
South Indian Bank
The bank announced its provisional numbers for September FY23 quarter, saying gross advances grew by 17 per cent YoY to Rs 67,981 crore and deposit rose 2 per cent YoY to Rs 88,503 crore.
Housing Development Finance Corporation
HDFC said loans assigned in Q2FY23 stood at Rs 9,145 crore, up from Rs 7,132 crore in the same period last year. All the loans assigned during the quarter were to HDFC Bank. Gross income from dividends for Q2 came in at Rs 1,360 crore and the profit on the sale of investments was nil for the quarter.
KEC International
The infrastructure EPC company has secured new orders of Rs 1,407 crore across segments. The transmission and distribution segment received orders from the Middle East, while the railways business has bagged an order for signaling & telecommunication works. Its year-to-date order intake now stands at Rs 8,400 crore.
Dilip Buildcon
The road construction company through its joint venture RBL-DBL has received letter of acceptance (LOA) for its Surat Metro Rail Project in Gujarat. The said order is worth Rs 1,061 crore.
Vedanta
The company said its alumina production at Lanjigarh refinery decreased by 11 per cent YoY to 4.54 lakh tonnes due to scheduled maintenance, and at Zinc India, reported highest-ever second quarter mined metal production at 2.55 lakh tonnes, up 3 percent YoY, driven by better grades and improved mill recoveries. In the steel segment, its total saleable production increased by 11 per cent YoY to 3.25 lakh tonnes on account of completion of debottlenecking activities in Q1FY23.
Avenue Supermarts
The D-Mart operator announced standalone revenue for the quarter ended September 2022 at Rs 10,384.66 crore, up significantly by 36 per cent from Rs 7,649.64 crore in the same period last year. The total number of stores as of September 2022 stood at 302.
Mahindra & Mahindra Financial Services
The company said the business continued its momentum with the disbursement of approximately Rs 4,080 crore, delivering a 110 per cent YoY growth in September 2022, aided by macro tailwinds. The first half is estimated to clock a disbursement of approximately Rs 21,300 crore, which led to a strong gross asset book of approximately Rs 73,900 crore, growing 3 per cent month-on-month. The collection efficiency was at 98 per cent for September 2022, against collection efficiency of 96 per cent for August 2022.
Marico
Its India business posted low single-digit volume growth with the 3-year CAGR in the high single digits and its international business maintained its strong run, delivering double-digit constant currency growth. With this, its consolidated revenue in September FY23 quarter grew in the low single digits on a year-on-year basis. Net profit will be further impacted by a higher effective tax rate.
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