Pre Market Analysis: Dalal Street may open higher; ITC, Adani Power, ICICI Bank, Power Grid in news today

ITC Ltd: Cigarettes-to-FMCG maker reported a 14.81 per cent year-on-year (YoY) increase in consolidated profit after tax (PAT) at Rs 4,118.80 crore in the December quarter (Q3) led by growth across segments. In the year-ago period, PAT was at Rs 3,587 crore. Its consolidated revenues were Rs 18,366 crore, up 30 per cent from Rs 14,124 crore in the year-ago period. The company attributed the rise to robust recovery across markets aided by increase in mobility and agile supply chain and market servicing.

Adani Power: The company posted Rs 218.49 crore consolidated net profit for December quarter of FY22 as against a loss of Rs 288.74 crore in the year-ago period. Total income stood at Rs 5,593.58 crore in the quarter compared with Rs 7,099.20 crore in the same period a year ago. The company said that capacity utilization was affected in the quarter due to shortage of domestic coal and high prices of imported coal.

Meanwhile, Adani Power Maharashtra Ltd (APML) has written a letter to Maharashtra State Electricity Distribution Co. Ltd for payment of Rs 10,135 crore toward supply of electricity by APML following the apex court’s direction to pay at least 50 per cent of the outstanding dues.

ICICI Bank: The lender said it has bought additional stake in India International Clearing Corporation (IICC) at IFSC in GIFT City for Rs 4.43 crore, taking its holding in the clearing body to 9.90 per cent. About 44,262,356 equity shares at Re 1 per share were allotted to ICICI Bank on February 2, 2022.

Power Grid Corporation (PGCIL): The company said its board has approved investments worth Rs 677.59 crore for transmission projects. The projects include “Transmission system for evacuation of Power from Pakaldul HEP in Chenab Valley HEPs-LTA System” at an estimated cost of Rs 318.12 crore and “Transmission System Strengthening Scheme for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part G1” at an estimated cost of Rs 359.47 crore.

Hindustan Construction Company (HCC): The company reported a 45.66 per cent decline in net profit to Rs 118.58 crore for the quarter ended December 2021 as against a profit of Rs 64.43 crore in the year-ago period. Its total income during October-December 2021 stood at Rs 2,695.89 crore, compared with Rs 2,416.93 crore in the year-ago period.

Aditya Birla Capital Ltd (ABCL): The company’s consolidated net profit doubled year-on-year to Rs 577 crore in Q3FY22 on improvement in interest margins due to higher lending and gains for sale of stake in mutual fund entity. The company has reported net profit of Rs 288 crore in Q3FY21. Its net interest margin rose by 100 basis points YoY at 6.24 per cent, helped by strong growth in retail and SME segments as well as due to lower cost of borrowing.

Marico Ltd: FMCG major announced plans to achieve net-zero emissions in its global operations by 2040. The company will introduce multiple sustainability initiatives across its global operations with a view of curbing greenhouse gas (GHG) emissions and promoting a carbon-neutral business agenda.

JK Tyre & Industries: The company’s consolidated net profit declined 76.6 per cent to Rs 53.92 crore for the third quarter ended December 2021 as against a consolidated net profit of Rs 230.46 crore in the corresponding period last fiscal. Revenue from operations in October-December 2021 rose to Rs 3,076.03 in the reported quarter crore from Rs 2,769.28 crore in the year-ago period.

Torrent Power Ltd: The company posted a 15 per cent increase in its consolidated net profit at Rs 369.45 crore for the quarter ended December 2021 as against a net profit of Rs 321.73 crore in the corresponding quarter in the previous financial year 2021. Torrent Power’s consolidated revenues from operations grew 28 per cent to Rs 3,767.43 crore in Q3FY22 from Rs 2,952.75 crore in Q3FY21.

Kalyan Jewellers: The company reported a 16.48 per cent rise in its consolidated profit after tax (PAT) at Rs 134.52 crore for the quarter ended December 2021 as against a PAT of Rs 115.48 crore during the corresponding quarter of FY21. Revenue from operations grew by 16.99 per cent to Rs 3,435.39 crore, compared to Rs 2,936.25 crore in the same period of the previous fiscal.

Pfizer Ltd: Drug firm said its net profit increased by 1.89 per cent to Rs 143.91 crore for the third quarter ended December 2021 compared with a net profit of Rs 141.24 crore for the same period of previous fiscal. Revenue from operations rose to Rs 675.9 crore for the period under review as compared with Rs 593.49 crore in the same period of last fiscal.

Brigade Enterprises Ltd: Bengaluru-based realty firm reported a consolidated net profit of Rs 78.36 crore for the quarter ended December 2021 as against a net loss of Rs 16.12 crore in the year-ago period. Total income rose to Rs 933.19 crore in the third quarter of this fiscal, from Rs 653.65 crore in the corresponding period of the previous year.

Blue Star Ltd: Air conditioner and commercial refrigerator maker reported 29.37 per cent rise in consolidated net profit at Rs 47.57 crore for the third quarter ended December 2021. The company had clocked a net profit of Rs 36.77 crore in October-December period a year ago. Revenue from operations was up 34.01 per cent to Rs 1,506.22 crore during the quarter under review as against Rs 1,123.89 crore in the year-ago period.

Thomas Cook (India) Ltd: Travel services provider reported narrowing of its consolidated net loss at Rs 24.59 crore for the third quarter ended December 2021 as against a consolidated net loss of Rs 66.24 crore in the same quarter last fiscal. Consolidated total income from operations stood at Rs 750.25 crore, as compared to Rs 271.42 crore in the year-ago quarter.