Engineering conglomerate Larsen & Toubro (L&T) on Friday reported a 14 per cent year-on-year (YoY) drop in consolidated profit before tax (PBT) at Rs 4,249.7 crore for the quarter ended March 31 (Q4FY20). This was also lower than the consensus estimate of Rs 4,567.2 crore, according to Bloomberg poll of analysts. However, the company did not provide order inflow and revenue guidance for the current financial year because of Covid-19. READ MORE
Banks, financial stocks:
The Centre is likely to designate the banking/financial sector strategic under the new privatisation policy, the contours of which are nearing finalisation. A top government official said discussions had also been held on privatising some state-owned banks that are not on the consolidation list so far. READ MORE
Vedanta: Anil Agarwal-led Vedanta Ltd on Saturday reported a consolidated loss before tax of Rs 15,269 crore for the March 2020 quarter, as against a profit before tax of Rs 4,104 crore in the same period last year, on account of impairment charges on its oil and gas business assets.
RIL: Reliance Industries Limited (RIL) on Sunday announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority for Rs 5,683.50 crore, as it accelerates its debt reduction plan.
Oil-linked stocks: Shares of oil-linked companies ae expected to remain in focus after OPEC and its allies on Saturday including Russia agreed to extend record oil production cuts until the end of July. On Monday, oil prices rose more than 2 per cent.
IndusInd Bank: The promoters, IndusInd International Holdings Ltd. and IndusInd Ltd., presently hold 14.68 per cent of the paid-up share capital of the bank. The promoters shall now purchase additional shares from the open market within the overall regulatory limit prescribed for promoter equity holding cap.
The company's consolidated net profit surged 114.80 per cent to Rs 250.46 crore on 39.8% jump in net sales to Rs 2,666.63 crore in Q4 March 2020 over Q4 March 2019.
Alkem Labs: Drug firm Alkem Laboratories on Friday reported a 12.34 per cent rise in consolidated net profit to Rs 191.54 crore for the quarter ended on March 31, 2020. The company had posted a net profit of Rs 170.50 crore for the corresponding period of previous fiscal, Alkem LaboratoriesNSE -2.06 % said in a BSE filing.
Divi's Labs: Drug firm Divi's Laboratories on Saturday reported a 32.96 per cent rise in its consolidated net profit to Rs 388.23 crore for the quarter ended March 31, 2020. The company had posted a net profit of Rs 291.97 crore for the same period previous fiscal, Divi's Labs said in a BSE filing.
Exide Industries: Net profit of the company declined 20.26 per cent to Rs 168.00 crore in the quarter ended March 2020. Sales declined 20.92 per cent to Rs 2055.09 crore.