Trending Stocks: LIC, ONGC, Hero MotoCorp and others in news today

Life Insurance Corporation of India

The life insurance giant reported an increase of 20.35% in total premium income at Rs 98,352 crore in the April-June quarter of fiscal 2023, against Rs 81,721 crore in the year-ago period. The profit for the quarter was Rs 682.88 crore against Rs 2.94 crore in the corresponding quarter of the previous financial year. The market share of LIC in individual first-year premium income was 43.86% for the reported quarter and in the group first-year premium income, the market share was 76.43%.

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Oil and Natural Gas Corporation

ONGC posted a standalone profit of Rs 15,206 crore for the April-June quarter of fiscal 2023, up 251% year-on-year driven by strong operating performance and topline growth. Standalone revenue for the quarter surged by 84% year-on-year to Rs 42,321 crore. EBITDA came in at Rs 24,731 crore for the quarter ended June 30, rising 125% year-on-year. EBITDA margin jumped by 1,065 basis points (bps) year-on-year to 58.43% during the quarter led by higher crude realization following a spike in oil prices and an increase in domestic gas prices.

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Muthoot Finance

The gold financing company reported a net profit of Rs 802 crore during the first quarter of 2022-23, down 17% from Rs 971 crore during the first quarter of 2021-22. Total income for the reported quarter was down by 8% to Rs 2,509 crore as against Rs 2,715 crore during the same quarter of the previous financial year. Loan Assets stood at Rs 56,689 crore as compared to Rs 52,614 crore in the same quarter last year.

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Hero MotoCorp

The two-wheeler maker reported a 71% year-on-year increase in profit at Rs 625 crore for the quarter ended June 30. Revenue grew by 53% year-on-year to Rs 8,939 crore and EBITDA jumped 83% to Rs 941 crore compared to the year-ago period. The company sold 13.90 lakh units of motorcycles and scooters in the reported quarter, a growth of 36% over the corresponding quarter in the previous fiscal. The year-ago quarter was affected by the second Covid wave.

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Zee Entertainment Enterprises

The company reported a 49% year-on-year decline in profit at Rs 106.6 crore for the quarter ended June 30 of fiscal 2023, dented by dismal operating performance and tepid topline growth. Revenue jumped by 4% to Rs 1,846 crore compared to a year-ago period with a 5.4% year-on-year increase in advertising revenue and a 5% decline in the subscription segment.

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Sun TV Network

The company reported a 35.3% year-on-year rise in consolidated profit at Rs 494 crore for the April-June quarter of fiscal 2023 driven by operating income and top-line growth. Revenue from operations jumped by 49% to Rs 1,219 crore compared to the year-ago period.

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Apollo Tyres

The tyre company posted a 49% year-on-year growth in consolidated profit at Rs 190.7 crore for the quarter ended June 30, 2022, on a low base. Strong operating income and top line lifted the bottom line. Revenue increased 30% year-on-year to Rs 5,942 crore compared to the year-ago period.

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Dilip Buildcon

The road developer recorded a consolidated loss of Rs 55.1 crore for the quarter ended June 30, 2022, against a profit of Rs 32.86 crore in the year-ago period. On a sequential basis, the loss widened from Rs 41.09 crore in the previous quarter on weak operating performance. The input cost was very high year-on-year. Revenue grew by 18.3% to Rs 2,884.4 crore compared to the corresponding period last fiscal. The net order book as of June 2022 stood at Rs 25,160.2 crore.

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Wockhardt

The company posted a consolidated loss of Rs 75 crore for the quarter ended June 30, 2022, against a loss of Rs 7 crore in the year-ago period. Revenue declined 31% to Rs 595 crore compared to the year-ago period. The corresponding quarter of the previous year included revenue and profitability from the UK vaccines business.