Trending Stocks: BOI, Indian Hotels, Future, Minda and others in news today
- Bank of India reported a 142.3% rise in net profit to Rs 606 crore
- Indian Hotels re-appointed Puneet Chhatwal as MD and CEO for another five years
- Future Retail said that it won’t be able to release its March quarter earnings on May 30
Bank of India
Public sector lender Bank of India (BOI) reported a 142.3% rise in net profit to Rs 606 crore for the March quarter of 2021-22, on improvement in net interest margins. It had posted a net profit of Rs 250 crore in the March quarter of 2020-21, the bank said in a statement. The board recommended a dividend of Rs 2 per equity share (of the face value of Rs 10) for 2021-22 subject to shareholders’ approval.
Tata Group hospitality firm Indian Hotels Company Ltd (IHCL) said its board has approved the re-appointment of Puneet Chhatwal as Managing Director and CEO for another term of five years. The board of directors, at its meeting held on Tuesday, approved Chhatwal's reappointment for another term commencing from November 6, 2022, up to November 5, 2027, subject to shareholders' approval, IHCL said in a regulatory filing. Chhatwal was appointed to the company's board on November 6, 2017, it added.
Future Retail said in an exchange filing that it won’t be able to release its March quarter earnings report on May 30 due to board structure imbalance amid multiple resignations by its top-level management. The company said it is taking necessary actions to fill the vacancies caused by such resignation. The company said it will announce the captioned results as early as possible after the composition of the Board of Directors and the Audit Committee is complied with the provisions of the Act and the Listing Regulations and is statutorily capable to approve it.
Aditya Birla Group’s flagship firm posted a consolidated net profit of Rs 3,656 crore for the March quarter of the financial year 2022, up 57% from the year-ago period, on the back of higher revenues and tax write back. Revenue from operations grew 18% year on year to Rs 28,811 crore from Rs 24,402 crore. Tax write back for the quarter stood at Rs 464 crore against tax paid of Rs 1,064 crore a year ago.
Pharmaceuticals firm Ipca Laboratories Ltd reported a 19% decline in consolidated net profit at Rs 130.23 crore in the March quarter of 2021-22, on account of higher expenses The company had posted a consolidated net profit of Rs 161.34 crore in the year-ago period. Consolidated net total income during the March quarter stood at Rs 1,303.64 crore, up 15% from Rs 1,134.58 crore in the same quarter of the previous financial year. The company said its board approved merging Tonira Exports Ltd and Ramdev Chemical Pvt Ltd, wholly-owned subsidiaries with the Company, subject to necessary approvals.
Minda Industries reported a net profit of Rs 144 crore in the March quarter, up 3% from Rs 140 crore in the year-ago period. Revenue surged 7.90% to the Rs 2,415 crore in the reported quarter. The company board approved raising Rs 1,000 crore via debt. It also approved bonus shares of 1 new share for every 1 share held.
Brookfield India REIT
The company board will meet on May 27 to consider fundraising. " Board to meet on May 27 to consider various fundraising options and approve the raising of funds and issue of units of Brookfield India Real Estate Trust, subject to applicable law and, in relation thereto, issue of notice to the unitholders of Brookfield India Real Estate Trust for approval of such fundraise, as applicable," the company said.
Metropolis Healthcare reported a 35% year on year decline in net profit to Rs 40 crore in the March quarter. Revenue for the quarter jumped 5% year on year to Rs 306 crore. Total cost rose 20% YoY to Rs 255 crore. Earlier according to a news report, the firm was planning to raise more than $300 million and bring on a strategic partner by selling a major minority stake.