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Stocks in the news: ITC, Zomato, Axis Bank, Voda Idea, Adani stocks and oil exporters.

Date: 03-08-2022
Subject: Stocks in the news: ITC, Zomato, Axis Bank, Voda Idea, Adani stocks and oil exporters
Nifty futures on the Singapore Exchange traded 44.5 points, or 0.26 per cent higher at 17,370.5, signaling that Dalal Street was headed for a positive start on Wednesday. Here are a dozen stocks which may buzz the most in today's trade:

Adani Group, Godrej CP, IndiGo: Adani Transmission, Adani Power, Adani Wilmar, Godrej Consumer Products NSE -2.04 %, InterGlobe Aviation NSE 0.30 %, PI Industries, Gujarat Gas, Vodafone Idea, Lupin, Aditya Birla Capital NSE -1.68 %, Devyani International NSE 2.69 %, Chamb ..

Oil firms: The government cut the windfall tax on diesel and ATF in line with softening international petroleum product prices but raised the duty on domestically produced crude oil. While the tax on export of diesel was cut to Rs 5 per litre from Rs 11, that on jet fuel (ATF) was scrapped. Export of petrol will continue to attract nil tax.

ITC: The diversified group said it has exited from lifestyle retailing business following a strategic review of the business portfolio. The company entered the lifestyle retailing business more than two decades ago under the Wills Lifestyle brand. It sold a range of apparel including formal, casual, evening and designer wear under the brand.

Axis Bank: The private lender said it will acquire over 5 per cent stake in fintech platform CredAble for Rs 55 crore and the deal is expected to be completed by September. The bank will acquire 8,921 equity shares, equivalent to 5.09 per cent, of face value of Rs 10 each for Rs 55 crore in CredAble.

Adani Green Energy: The renewable energy firm posted a fall of over 2 per cent in consolidated net profit at Rs 214 crore in the April-June quarter of FY23, due to higher expenses. The consolidated net profit of the company in the year-ago period was at Rs 219 crore.

Zomato: Ride-hailing app Uber likely to offload its its entire holding (7.8 per cent or 61 crore shares) in food delivery company Zomato for at least $373 million (Rs 2,939 crore) through a block deal of shares, merchant banking sources said. The deal can be undertaken in the range of Rs 48-54 each.

Bosch: The auto components major reported a 28 per cent increase in its consolidated net profit at Rs 334 crore in the April-June quarter of FY23 amid overall recovery in the automotive segment. The company had posted a net profit of Rs 260 crore in the same quarter of last financial year.

Shriram Transport Finance: The non-Banking Finance Company said it has received an approval from the Competition Commission of India (CCI) for its merger with Shriram City Union Finance Company. The approval from CCI came on August 1.

Brigade Enterprises: The real estate firm reported a consolidated net profit of Rs 87.68 crore for the quarter ended June on better sales. It has posted a net loss of Rs 40.09 crore in the year-ago period.

Aurobindo Pharma: The drug maker said the US health regulator USFDA has issued Form 483 with three observations after inspecting its manufacturing facility at Pydibhimavaram in Andhra Pradesh.

Mahanagar Gas: Within a month, the city gas distributor has announced the second price hike of Rs 6 per kilogram for CNG and by Rs 4 a unit for piped natural gas with immediate effect. The price revision comes amidst rising prices of the natural gas at source both internationally as well as for domestically drilled gas.

Voltas: The air conditioning and engineering services provider reported a decline of 10.47 per cent in its consolidated net profit at Rs 109.62 crore in the first quarter ended June 30, 2022. The Tata group firm had posted a consolidated net profit of Rs 122.44 crore in the April-June quarter last fiscal.

Indian Hotels Company: The hotel owner and operator said it has signed fifth Ginger hotel in Ahmedabad, Gujarat. The brownfield project, slated to open in 2024, is an operating lease with the Thakur Group of Companies.

Bank of India: The state run lender reported a 22 per cent decline in standalone profit after tax to Rs 561 crore in the April-June quarter on higher provisioning for bad loans. The lender had reported a profit after tax of Rs 720 crore in the same quarter of the previous fiscal.

Thermax: The engineering conglomerate posted a 39 per cent rise in consolidated net profit to Rs 58.95 crore in the quarter ended June on account of rise in income. The consolidated net profit of the company in the year-ago period was at Rs 42.40 crore.

Source Name:-Economic Times  

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