Here are some of the major updates that could move the markets tomorrow:
HUL Q3 Results: Net profit rises 12% YoY to ₹2,505 crore
Hindustan Unilever Ltd (HUL) reported an 11.6% year-on-year (YoY) increase in net profit to ₹2,505 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 16% YoY to ₹14,986 crore during the same period. This revenue growth was largely driven by Beauty & Personal Care (up 10%) and Home Care segments (up 32%). HUL said its royalty and central services fees to Unilever Plc will increase from 2.65% to 3.45% over three years.
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BHEL secures ₹300 crore order to modernise 2 units at Ukai plant
Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹300 crore to renovate and modernise (R&M) steam turbines at Ukai thermal power station in Gujarat. BHEL is also the Original Equipment Manufacturer (OEM) of these turbine sets, which have been successfully operating for nearly 40 years. BHEL will not only extend the life and reliability of the two units at the plant but will also improve the efficiency levels of the turbines.
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AU Small Finance Bank Q3 Results: Net profit rises 30% YoY to ₹392 crore
AU Small Finance Bank (SFB) reported a 30% YoY increase in net profit to ₹392.82 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 41% YoY to ₹1,153 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 2.6% in Q3 FY22 to 1.81% in Q3 FY23. The bank’s operating profit stood at ₹555 crore in Q3 FY23, up 21.17% YoY.
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Maharashtra govt. approves M&M’s proposal to set up ₹10,000Cr EV plant in Pune
The Maharashtra govt. has approved Mahindra & Mahindra’s proposal to set up a ₹10,000-crore electric vehicle (EV) plant in Pune under the state’s industrial promotion scheme for EVs. The automaker will make this investment over 7-8 years for setting up the manufacturing facility, development, and production of its upcoming Born Electric Vehicles (BEVs). These models will include the e-SUVs under M&M’s iconic brand XUV.
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Havells India Q3 Results: Net profit falls 7% YoY to ₹283 crore
Havells India Ltd reported a 7.2% YoY decline in net profit to ₹283.54 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 12.8% YoY to ₹4,119.71 crore during the same period. Revenue from the cable business stood at ₹1,412 crore in Q3, up 17% YoY. The company’s board has declared an interim dividend of ₹3 per share.
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Alembic Pharma gets tentative USFDA approval for blood cancer treatment drug
Alembic Pharmaceuticals Ltd has received tentative approval from the US Food & Drug Administration (USFDA) for Acalabrutinib Capsules. The capsule is used to treat mantle cell lymphoma (MCL) in adults who have received at least one previous treatment for their cancer. MCL is a type of blood cancer that affects white blood cells. As per IQVIA data, Acalabrutinib Capsules had an estimated market size of $1.5 billion in the US for the 12 months ended Sept 2022.
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L&T Tech Services Q3 Results: Net profit rises 22% YoY to ₹303 crore
L&T Technology Services Ltd reported a 22% YoY increase in net profit to ₹303.6 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 21.4% YoY to ₹2,048.6 crore during the same period. LTTS had 5 deal wins above $10M in total contract value (TCV). Airbus named the company as a strategic partner during the quarter.
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PVR Q3 Results: Net profit at ₹16 crore
Multiplex operator PVR Limited reported a net profit of ₹16.15 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹10.18 crore in the corresponding quarter last year (Q3 FY22). PVR’s revenue from operations rose 53.17% YoY to ₹940.69 crore in Q3 FY23. The company witnessed a sharp bounce back in profits on the back of strong content performance (high-grossing movies).
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Bombardier selects TCS as strategic partner for faster digital transformation
Canadian aerospace manufacturer Bombardier has selected Tata Consultancy Services (TCS) as a strategic partner to accelerate its digital transformation and drive innovation. TCS will help Bombardier drive its organisation-wide IT and digital transformation that aims to enhance agility. It will modernise the aviation leader’s legacy systems that support its engineering, manufacturing, aftermarket services, and defence activities.
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Asian Paints Q3 Results: Net profit rises 6% YoY to ₹1,073 crore
Asian Paints reported a 6% YoY increase in consolidated net profit to ₹1,073 crore for the quarter ended December (Q3 FY23). The company’s revenue from operations rose 1.3% YoY to ₹8,636.74 crore during the same period. The extended monsoon in October affected retail sales during the peak festival season, but demand picked up in November and December. International sales increased 2.1% YoY to ₹778.82 crore in Q3.
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Sun Pharma to acquire US-based Concert for $576 million
Sun Pharmaceutical Industries Ltd will acquire U.S.-based Concert Pharmaceuticals for $576 million to gain access to an experimental drug for treating patchy baldness. Concert’s lead candidate, deuruxolitinib, is being evaluated as a treatment for the autoimmune condition alopecia areata, which results in patchy hair loss.
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