Stocks to Watch: Airtel, Axis Bank, Tata Steel, L&T, Supreme Ind, Adani Power

Bharti Airtel: Telecom major Bharti Airtel on Monday posted a lower-than-expected quarterly profit, flagging a headwind for the telco operator, as it begins to roll out 5G services across India. Airtel reported a consolidated net profit of ₹2,145 crore for the quarter ending 30 September 2022. This is an increase of 89% when compared with ₹1,134 crore in the corresponding quarter of last year. On a sequential basis, Airtel reported a 33.5% rise in consolidated net profit for the quarter.

Axis Bank: Bain Capital will sell a 1.24% stake in private lender Axis Bank Ltd through a block trade on Tuesday, which is expected to fetch the private equity investor $410 million, according to the deal terms seen by Mint. Bain Capital holds a 4.24% stake in Axis Bank as of 30 September through three entities - BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV.

Tata Steel: Homegrown steel major Tata Steel on Monday reported a consolidated profit after tax (PAT) of ₹1,514 crore for the quarter ended September 2022 on the back of higher costs and weak operational performance amid a global economic slowdown. The PAT was lower by 87% compared to a profit of ₹11,918 crore recorded during the same quarter last year. On a sequential basis, the PAT witnessed a decline of 80% from ₹7,764.96 crore achieved during the April – June quarter.

L&T: Larsen & Toubro (L&T) on Monday reported a consolidated net profit of ₹2,229 crore for the quarter ending September 30, 2022. This is an increase of nearly 22.5 per cent from ₹1819.45 crore in the corresponding quarter of last year. The consolidated revenue increased nearly 23 per cent YoY to ₹42,763 crore for the period under review as compared to ₹34772.90 crore in the year-ago period. International revenues during the quarter was at ₹15,473 crore constituting 36% of the total revenue.

Supreme Industries: Plastic product maker Supreme Industries on Monday reported a 64.13 per cent decline in consolidated profit at ₹82.02 crore in the second quarter ended September 2022, impacted by a fall in PVC resin prices. The company had posted a net profit of ₹228.71 crore during the July-September quarter of the previous fiscal, Supreme Industries Ltd said in a regulatory filing.

Adani Power: The timeline for completion of the ₹7,017-crore deal to acquire thermal power assets of DB Power Ltd has been extended by one month till 30 November 2022, said Adani Power on 31 October in a stock regulatory filing. "The parties (Adani Power and DB Power) to the proposed transaction have mutually agreed to extend the long stop date as 30th November 2022, or achieving the closing/completion," a BSE filing stated.

Glenmark Pharmaceuticals: Drug firm Glenmark on Monday said its US-based unit has launched Fingolimod capsules, used to treat multiple sclerosis, in the American market. Glenmark Pharmaceuticals Inc, USA has launched the product, a generic version of Novartis Pharmaceuticals Corporation's Gilenya, in the strength of 0.5 mg. The firm's current portfolio consists of 176 products authorised for distribution in the US marketplace, the world's largest market for pharmaceutical products.

Shriram Properties: Realty firm Shriram Properties Ltd and ASK Property Fund have agreed to set up a ₹500 crore investment platform to acquire housing projects. Both companies have signed a Memorandum of Understanding (MoU) for setting up the investment platform for the acquisition of residential real estate projects. Under the platform arrangement, Shriram and ASK will co-invest in plotted and residential development projects in Bengaluru, Chennai, and Hyderabad.

TCI Express: Logistics firm TCI Express on Monday posted an about 12% rise in profit after tax (PAT) at ₹38 crore in the September quarter on account of higher income. The company's PAT stood at ₹34 crore in the corresponding quarter of the previous financial year, TCI Express said in a BSE filing. Its total income during July-September 2022 rose to ₹312 crore from ₹275 crore in the year-ago period.

Capri Global: Life Insurance Corporation of India (LIC) has raised its stake in Capri Global Capital by 2 points over the last few months at an investment of ₹257.37 crore. Its shareholding in Capri Global has increased from 1,24,00,000 to 1,59,51,171 equity shares, increasing its stake from 7.052% to 9.072% of the paid-up capital of the company, LIC said in a regulatory filing on Monday. Capri Global caters to different segments like MSME, construction, finance, affordable housing and indirect retail lending segments.

courtesy Livemint

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