Tag: dhampur sugar

Categories
Market News Top 10 News

Bharti Airtel’s Net Profit Rises 91% YoY in Q3 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Bharti Airtel Q3 Results: Net profit rises 91% YoY to ₹1,588 crore

Bharti Airtel Ltd reported a 91% YoY increase in consolidated net profit to ₹1,588.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹35,804 crore during the same period. The telecom major’s average revenue per user (ARPU) increased from ₹163 in Q3 FY22 to ₹193 in Q3 FY23.

Read more here.

Adani Group planning independent review

Adani Group is considering an independent evaluation of issues relating to legal compliance, related party transactions, and internal controls following a U.S. short-seller’s critical report on its businesses. On Jan 24, Hindenburg Research alleged that the group had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt. On Monday, Adani Group said it would pre-pay $1.11 billion of loans on shares.

Read more here.

Adani Green Energy Q3 Results: Net profit jumps 110% YoY to ₹103 crore

Adani Green Energy Ltd (AGEL) reported a 110% YoY jump in consolidated net profit to ₹103 crore for the quarter ended December (Q3 FY23). The total income grew 53% YoY to ₹2,258 crore during the same period. Revenue from power supply increased 29% YoY to ₹1,260 crore in Q3.

Read more here.

Jio launches 5G services in 10 more cities

Reliance Jio launched its True 5G services across 10 cities across eight states— Andhra Pradesh, Chhattisgarh, Odisha, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Uttarakhand, with the total count of cities rising to 236. Jio users in these cities will be invited to the Jio Welcome Offer to experience unlimited data at up to 1 Gbps speeds at no additional cost.

Read more here.

Hero MotoCorp Q3 Results: Net profit rises 4% YoY to ₹711 crore

Hero MotoCorp Ltd reported a 4% YoY increase in net profit to ₹711.06 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹8,031 crore during the same period. The two-wheeler maker sold 12.40 lakh units in Q3, down 4% YoY. The company’s board has approved an interim dividend of ₹65 per share.

Read more here.

Dhampur Sugar completes expansion of distillery capacity at Uttar Pradesh unit

Dhampur Sugar Mills Ltd has completed the expansion work at its Dhampur unit in the Bijnor district of Uttar Pradesh. The sugar producer has completed the expansion of distillery capacity by 130 kilo-litres per day (KLPD) on “C” heavy molasses. With the setting up of a new distillery unit, the distillery capacity will go up to 350 KLPD. The new capacity was commissioned on February 5.

Read more here.

Ambuja Cement Q3 Results: Net profit rises 46% YoY to ₹369 crore

Ambuja Cement Ltd reported a 46% YoY increase in net profit to ₹368.99 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 10% YoY to ₹4,128.52 crore during the same period. EBITDA grew 9.8% YoY to ₹626 crore in Q3. The company’s sales volume grew from 7.2 million tonnes per annum (MTPA) in Q3 FY22 to 7.7 MTPA in Q3 FY23.

Read more here.

Blue Star detects cyber attack at certain locations

Air conditioning and commercial refrigeration firm Blue Star Ltd had detected a cyber-attack at certain locations. However, it has not found any material impact on the operations of the company due to this incident. Blue Star said all critical operational systems are functioning. But as a precautionary measure, restricted access and preventive checks have been put in place for employee and customer-facing portals & touchpoints.

Read more here.

Ramco Cements Q3 Results: Net profit falls 32% YoY to ₹51 crore

Ramco Cements Ltd reported a 31.9% YoY decline in consolidated net profit to ₹51.21 crore for the quarter ended December (Q3 FY23). Its total income rose 29.6% YoY to ₹2,020.37 crore during the same period. The company’s cement sales volume grew 19% YoY to 3.57 million tonnes (MT) in Q3. Total expenses in the quarter stood at ₹1,925.61 crore, up 32.94% YoY. 

Read more here.

Categories
Market News Top 10 News

ICICI Bank Reports 260% YoY Jump in Net Profit in Q4 – Top Indian Market News

ICICI Bank Q4 Results: Net profit rises 260% YoY to Rs 4,402 crore

ICICI Bank reported a 260% year-on-year (YoY) jump in net profit to Rs 4,402.6 crore for the quarter ended March (Q4). Net interest income (NII) rose 16.8% YoY to Rs 10,431 crore during the same period. The bank’s gross non-performing assets (NPA) ratio stood at 4.96% in Q4, as compared with 5.42% in Q3 FY21. Provisions during the quarter declined by 51.7% YoY to Rs 2,883.47 crore. ICICI Bank’s board has recommended a final dividend of Rs 2 per share.

Read more here.

Govt waives customs duty on import of Covid-19 vaccines, oxygen for 3 months

The Central Government, on Saturday, decided to waive basic customs duty and health cess on import of oxygen and oxygen-related equipment for three months. Customs duty on import of Covid-19 vaccines will also be exempted for the same time period. The decision was taken during a high-level meeting chaired by PM Narendra Modi to review steps to boost oxygen availability in India. PM Modi stressed that all ministries and departments need to work in synergy to improve the availability of oxygen and medical supplies.

Read more here.

Tata Steel approves conversion of 73,888 partly paid-up shares into fully paid-up shares

The Board of Directors of Tata Steel Limited has approved the conversion of 73,888 partly paid-up equity shares of face value of Rs 10 each (Rs 2.504 paid-up) into fully paid-up equity shares of face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money comprises the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share. To know more about partly paid-up shares, click here.

Read more here.

ITC partners with Linde India to import cryogenic containers

ITC Limited has announced a partnership with Linde India to air-freight 24 cryogenic ISO containers of 20 tonnes each from Asian countries to help with the transportation of medical oxygen to hospitals. The FMCG firm will also airlift a large number of oxygen concentrators for distribution. ITC’s paperboards unit in Bhadrachalam (Telangana) has commenced the supply of oxygen to neighbouring areas. India has been witnessing a sharp increase in the demand for medical oxygen due to the surge in Covid-19 cases.

Read more here.

TV ad volumes in January-March highest since 2018: BARC

According to data from the Broadcast Audience Research Council (BARC), television advertising volumes in January-March 2021 witnessed the highest growth since 2018. TV ad volumes on news channels grew by 25% during the same period. Ad volume growth in general entertainment channels (GECs) rose 21%, while those in movies increased by 23%. Advertising rates are back to pre-Covid levels for categories such as sports (due to IPL) and GECs. 

Read more here.

Tata Consumer’s Rs 100-crore tea packaging unit in Odisha to start production soon

Tata Consumer Products Ltd announced that its Rs 100 crore tea packaging unit in Gopalpur Industrial Park in Odisha will commence commercial production soon. The unit has an annual production capacity of 60 million kilograms. It will be operated by Amalgamated Plantations, an associate company of Tata Consumer Products. The unit has been constructed over an area of 16 acres at the Tata Steel Special Economic Zone.

Read more here.

Reliance Industries to offload 11.61% stake in Hathway Cable

Reliance Industries Ltd (RIL) will offload an 11.61% stake in Hathway Cable & Datacom Limited through an offer for sale (OFS) to comply with market regulator SEBI’s minimum public holding norms. Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings, who are the promoters of Hathway Cable & Datacom, will sell 20.54 crore shares (or 11.61% stake) at a floor price of Rs 21.50 per share. The OFS will open for non-retail investors on April 26 (Monday) and for retail investors on April 27. 

Read more here.

Dhampur Sugar Mills Q4 Results: Net profit declines 12% YoY to Rs 91 crore

Dhampur Sugar Mills Limited reported a 12.16% YoY decline in net profit to Rs 91.44 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 66.92%. Total revenue from operations fell 1.32% YoY to Rs 1,078.29 crore during the same period. Net profit has increased by 5.86% YoY to Rs 229.19 crore for the financial year ended March 31, 2021 (FY21).

Rajratan Global Wire Q4 Results: Net profit rises 282% YoY to Rs 23.21 crore

Rajratan Global Wire reported a 282.37% YoY jump in consolidated net profit to Rs 23.21 crore for the quarter ended March (Q4). Its revenue from operations rose 47.33% YoY to Rs 183.65 crore during the same period. Net profit has increased by 60.81% YoY to Rs 53.13 crore for the financial year ended March 31, 2021 (FY21). The company has declared a final dividend of Rs 8 per share. Rajratan Global Wire is a leading manufacturer of high carbon steel wire in India. 

Read more here.

Categories
Editorial

Sugar Stocks Rally Explained

sugar stocks rally
Photo by t ladi fotografi on Pexels.com

The sugar traders and sugarcane farmers in India are in a bit of a panic. Domestic demand is low, a promised export-subsidy hasn’t come to their rescue, sugar is lying idle in storehouses waiting to rot and the export market is concentrated. In all of this, some sugar companies are switching to a more profitable by-product of sugarcane, Ethanol. Some of these sugar companies stood on their feet in this pandemic struck the market with just two things, ethanol, and exports. Let us find out how.

Sugar Goes Down, Ethanol Goes Up

Few of the sugar companies are having a tough time clearing their stocks because of reduced demand for sugar, both in India as well as abroad. Yet, some of the companies have managed to score profits, not on sugar, but on ethanol. 

Ethanol is one of the by-products of sugar cane. It is extracted in a process called ‘Ethanol Fermentation’ or ‘Alcohol Fermentation. To simplify it, the sugarcane is fermented in a tank to produce Ethanol which is a form of crude alcohol, not fit for consumption. This Ethanol is used in many industrial processes. However, the Ethanol currently being produced is being used in two sectors.


First, hand sanitizers and disinfectants, the need of the hour. India was in a shortage of hand sanitizers and disinfectants at the beginning of the COVID-19 pandemic. However, sugar mills all across India started pumping up Ethanol production, and therefore more of these disinfectants could be produced for cheap.


Second, Ethanol is being used to dope petroleum and diesel. Most of India’s oil is imported. This increases India’s oil import bill. An increase in the usage of Ethanol in the mixture reduces the oil import bill and helps reduce vehicular emissions since Ethanol is a lesser polluting additive. India has hiked the prices of Ethanol by Rs 3.34 per liter for this purpose. This helps the farmers and traders at the same time combats the rising global oil prices.

Sugar Stocks Rally

As companies shifted focus from sugar to Ethanol, it reflected on their profit channels. The profit obtained from sugar declined 30-35%, whereas the profit obtained from distilleries producing ethanol increased a lot. Profits from Ethanol even doubled for some companies. 

Following are a few of the sugar companies listed on the NSE and the increase in profits coming from Ethanol production over an Year(YoY). These companies don’t rely just on sugar production and therefore didn’t take the hit due to slumped sugar demand. 

Sugar CompanyIncrease in Profit% coming from Ethanol(YoY)
Dhampur Sugar Mills158%
Dwarikesh Sugar Industries547%
Avadh Sugar & Energy 114%
Balrampur Chini49%
Dalmia Bharat Sugar and Industries Ltd.160%
Increase in Profits From Ethanol in an Year

Sugar manufacturers that laid emphasis on Ethanol and other by-products fared comparatively better than the ones that manufactured pure sugar. In the coming future, as global markets recover from COVID-19, inflation will go up and so will the oil prices. This will lead to a higher demand for Ethanol required to dope petroleum. Sugar companies in India can ride on this wave to score profits. Moreover, the excess unsold sugar that has been produced for the quarter may keep sugar demand and the prices low. Share prices of Eid Parry from Murugappa Group can be watched.

The Ministry of Consumer Affairs, Food, and Public Distribution had announced that they were planning an export subsidy for sugar traders to encourage them to export sugar. However, this did not go through. Traders and farmers who already have their stocks full need to sell them somehow. This will fetch the traders and farmers some liquidity to pay off their dues and continue the production cycle. The sugar companies were reluctant to export their products since they couldn’t get the right price for their stock. For some cases, the offer price was less than the cost of production but many found the right price for their stock and began exporting. 

The government has been trying to push sugar cooperatives to produce more Ethanol. However, it took a pandemic for the cooperatives to start pumping Ethanol production which is ultimately helping them balance profits. Traders and investors should watch out for the announcement of government subsidies, and the transition to ethanol production in sugar companies.