Trending Stocks: Bharti Airtel, Torrent Power, ACC and others in news today

Bharti Airtel

The company said it has closed the $1 billion investment
deal with Google International LLC, with the tech giant owning 1.2% of India’s
number 2 telecom service provider. The Sunil Mittal promoted company has
allotted preferential shares amounting to over Rs 5,224 crore to Google while
the remaining $300 million will be invested through commercial agreements over
the next five years. The announcement comes after approval from the Competition
Commission of India last week.

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Torrent Power

The company has secured a 300 MW wind energy project worth
Rs 2,600 crore in Karnataka from Solar Energy Corporation of India (SECI). The
company in a BSE filing said, “SECI has granted a Letter of Award to the
company for 300 MW wind project and confirming long-term power purchase
arrangement (PPA) for the power generated from the proposed project”. The
estimated date of commissioning the project is 24 months from the date of
execution of the PPA, the company said.

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ACC

The cement major reported a 60% year-on-year decline in its
consolidated profit at Rs 227 crore in the quarter ended June 2022 due to
rising global fuel costs and related inflationary impacts. EBITDA slumped 51%
year on year to Rs 426 crore and margin declined by 1,310 basis points to 9.7%
in the reported quarter. Revenue surged by 15% year on year to Rs 4,393 crore
with cement sales volumes up 10.5% at 7.56 million tonnes and ready-mix
concrete sales volumes rose 43.1% at 0.83 million cubic meters.

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Welspun Corp

The company said its associate company, East Pipes
Integrated Company for Industry, has received an order of 324 million Saudi
Riyal (around Rs 689 crore) from Saline Water Conversion Corporation in Saudi
Arabia. The order is for the manufacture and supply of steel pipes and will be
executed in the current financial year, the company said.

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Angel One

The stock broking company has posted a strong 46.5%
year-on-year growth in consolidated profit at Rs 181.50 crore for the quarter
ended June 2022, backed by a strong topline. Revenue increased by 45% year on
year to Rs 669.8 crore in the first quarter of fiscal 2023 with strong growth
in fees & commission income and interest income.

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Tata Elxsi

The Tata group company reported a healthy 63% year-on-year
growth in profit at Rs 184.7 crore for the quarter ended June 2022 on strong
operating profit and topline growth. Revenues from operations at Rs 725.9 crore
rose by 30% year on year and EBITDA surged 58.8% year on year to 238.2 crore in
April to June quarter of the financial year 2022-23.

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Cipla

The company’s subsidiary Cipla Health has signed definitive
agreements for the acquisition of Endura Mass, a nutritional supplement brand
in the category of weight gain from Medinnbelle Herbalcare Private Limited.
Endura Mass and all other associated trademarks would be part of the deal.

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Tata Steel Long Products

The company reported a loss of Rs 331 crore in the quarter
ended June 2022, compared to a profit of Rs 331.6 crore posted in the year-ago
period, dented by the loss at the operating level due to higher raw material
costs and finance costs. However, revenue surged by 18.2% year on year to Rs
1,994 crore in the April-June quarter of fiscal 2023.

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Syngene International

The company has entered into a 10-year biologics manufacturing
agreement with a leading animal health company, Zoetis. It will manufacture the
drug substance for Librela (bedinvetmab), a monoclonal antibody used for
treating osteoarthritis in dogs. Syngene’s collaboration with Zoetis started in
2011.

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GTPL Hathway

The company has posted a nearly 9% year-on-year decline in
consolidated profit at Rs 43.25 crore in the April-June quarter of fiscal 2022,
but revenue increased nearly 5% to Rs 630.9 crore in the same period with
subscription revenue rising 3% year on year to Rs 272.7 crore and broadband
revenue up 24% yearly to Rs 113.9 crore.