ONGC, Dalmia, Sun Pharma and Others; Markets To See Macro Data This Week

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Stocks To Watch: Stock markets, including the Sensex and the Nifty, will be largely driven by macroeconomic data, auto sales numbers, FII inflows and global trends this week. Also, the US debt ceiling negotiations and institutional flows will also be watched by investors. On Monday, shares of firms like ONGC, Dalmia, Sun Pharma and Others will be in focus on Monday’s trade.

Oil and Natural Gas Corporation

State-owned ONGC has reported a standalone net loss of Rs 247.7 crore during the quarter under review, against a profit of Rs 11,045 crore in the December quarter. The net loss on a standalone basis is due to a one-time loss of Rs 9,235 crore to provide for tax disputes between 2016 and 2022. Revenue for the quarter was down 5.9 per cent sequentially, while operating profit or EBITDA fell 20 per cent from December.

Easy Trip Planners Ltd

Easy Trip, which operates EaseMyTrip.com, reported a gross booking revenue (GBR) of Rs 8,051 crores, its highest ever. This was a 117 per cent year-on-year surge for the quarter ended March 2023. The travel company’s revenue nearly doubled year-on-year to Rs 116.5 crore, while net profit increased by 33 per cent from the same period last year.

Engineers India

Engineers India, an engineering consultancy and EPC company, has reported a massive 140.3 per cent year-on-year growth in consolidated profit at Rs 190.2 crore for the March 2023 quarter. It was driven by healthy operating performance. The company’s revenue from operations for the quarter at Rs 880 crore increased by 7.6 per cent over a year-ago period.

Dalmia Bharat Ltd

Cement maker Dalmia Bharat’s North East subsidiary has approved capex worth Rs 3,642 crore to set up new clinkerisation and grinding units. It will fund the capex through a mix of debt, equity and internal accruals proposed capacity is expected to be added in FY25-26.

Sun Pharmaceutical Industries Ltd

The pharma company’s board has proposed a non-binding indication of interest to acquire a 100 per cent stake in Taro Pharma for $38 per share in an all-cash deal, through a reverse triangular merger. Following the completion of the proposed transaction, Sun Pharma will hold 100 percent stake. It is also planning to delist Taro from the New York Stock Exchange (NYSE) after the completion of the deal.

Lupin

Lupin has said its Canada subsidiary, Lupin Pharma Canada, received approval from Health Canada to market a generic version of Spiriva (tiotropium bromide inhalation powder) in Canada. Tiotropium Bromide is indicated for the treatment of airflow obstruction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and/or emphysema.

Aurobindo Pharma

The pharma company posted a net profit of three-quarters high, meeting street expectations. Its margin was also at a three-quarter high. US sales of $370 million were in line but at the lower end of the $370 million-$380 million range.

Clean Science and Technology

Its promoter group plans to sell up to 3.5 per cent of the company’s total equity at Rs 1,400 per share worth Rs 553 crore through a block deal. The promoter stake sale is in order to comply with minimum public shareholding. The current promoter stake stands at 78.5 per cent.

Mohammad HarisHaris is Deputy News Editor (Business) at News18.com. He writes on various issues related to markets, economy and companies….Read More



Source: www.news18.com

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