ACC, Adani group, HCL Tech, PNB HFL, Vedanta, telecom stocks
NEW DELHI: Here are the top 10 actions that could make the news today.
CAC: The cement plant reported net sales of ₹3,884.80 crore in June, up 49.37% from ₹2,600.83 crore in June 2020. Net profit for the first quarter was ₹533.81 crore in June 2021, up 99.19% from ₹267.99 crore in June 2020. EBITDA stood at ₹919.41 crore in June 2021, up 59.99% from ₹574.67 crore in June 2020.
Adani Group: The group said it had not recently received any communications or requests for information from the Securities and Exchange Board of India (Sebi) and that the justification notice from the Tax Intelligence Directorate (DRI) had been published five years ago. The DRI and Sebi are investigating certain entities of the Adani group for non-compliance with the rules, the finance ministry, Pankaj Chaudhary informed Parliament on Monday.
Airline stocks: Domestic passenger air traffic increased by about 47% in June compared with May. About 3.11 million passengers traveled by air in June, up from 2.12 million passengers recorded in May, as the rate of infection with the new covid declined, according to data released Monday by the Directorate General of the civil aviation (DGAC).
HCL technology: The IT company recorded a 9.4% increase in its consolidated net income to ₹3,213 crore for the quarter ended June 30, 2021. The IT services company reported net profit of ₹2,935 crore in the period of one year ago. Shiv Nadar, chief strategy officer and chief executive officer of HCL, resigned as chief executive officer and chief executive of the company effective July 19. HCL President and CEO C. Vijayakumar has been appointed CEO of the company, with the title of CEO and Managing Director, for a term of five years effective today.
HDFC Life Insurance Company: The company reported a consolidated net profit of ₹3.02 billion compared to ₹4.51 billion a year ago. The insurer’s net investment income in the first quarter fell 20% year-on-year for ₹69.6 billion. The company’s shares were trading at ₹679.00 each, down 2.72% at 3:28 p.m.
Indian Bank: The public lender recorded a net profit of ₹1,182 crore in the quarter ended June 30, 2021, marking a 220% increase in profit from ₹369 crore seen in the corresponding quarter of the previous fiscal year. The bank saw its net income fall by 31% sequentially compared to ₹1,709 crore recorded in the March quarter of fiscal 21.
PNB HFL: On Monday, the Securities Appellate Tribunal elected to reserve its order on the preferential issue of PNB Housing Finance Ltd. Sebi said during the hearing that regardless of the presence of articles of association in a listed company, a valuation report is required to ensure an appropriate price level for a proposed issue. This will ensure that small shareholders will not be discriminated against, the regulator said.
Maruti Suzuki: Suzuki Motor Corp. will enter the electric vehicle market by 2025 from India, Nikkei reported on Monday. The automaker plans to make an all-electric compact model available for around 1.5 million yen ($ 13,626) after taking government subsidies into account, the Nikkei said.
Telecom actions: The Supreme Court on Monday said it would issue orders on claims filed by the telecommunications majors – Vodafone Idea, Bharti Airtel and Tata Tele Services Ltd – raising the issue of alleged miscalculation in the figure for income-related contributions adjusted gross (AGR).
Vedanta: The National Company Law Appeals Tribunal (NCLAT) suspended the sale of Videocon Industries Ltd to billionaire Anil Agarwal, owned by Twin Star Technologies, until September 7, following appeals from dissident creditors unhappy with the value achieved through resolution.
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