Stocks to Watch: HDFC Bank, Piramal Pharma, ICICI Securities, IREDA
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- January 17, 2024
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India’s largest private sector lender registered a 2.5% sequential growth in net profit at 16,372.54 crore for the December quarter, partly affected by higher bad loan provisions. Net interest income grew by 4% sequentially to 28,471 crore during the quarter. Piramal Critical Care, a division of Piramal Pharma, announced the launch of a new concentration of zinc sulfate injection in the US market.
The launch will allow PCC to expand its existing zinc sulfate injection product line and overall generics injectables portfolio. The company reported net profit of 336.2 crore for the December quarter, up 6.6% from a year ago. Revenue from operations rose 1.5% sequentially to 2,421.8 crore. The company acquired an additional acre of land in Yeswantpur in Bengaluru.
The land could yield nearly 1.4 lakh square feet of saleable area. The company has signed an MoU with Indian Overseas Bank for co lending and loan syndication for renewable energy projects. The RBI has approved the appointment of Praveen Achuthan Kutty as MD & CEO of the bank from 29 April. TV18 posted a 5% on year decline in consolidated revenue at 1,676 crore for the December quarter.
Revenue from the news segment surged 23% with strong advertising revenue growth. The company reported 66.6% year on year growth in standalone profit at 465 crore for the December quarter, backed by a healthy topline and operating performance. Revenue from operations grew by 50.5%to 1,322.4 crore from a year ago.
The company said its transmission and smart metering business maintained 99.67% system availability in Q3 and added 302 ckms to the operational network. The company registered 22.4% year on year growth in net profit at 431 crore for the December quarter, while the gross direct premium income increased by 13.4% to 6,230 crore.
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