Business News at 10:00 am on 29th January, 2024

Let’s begin. Natural gas distribution company Indraprastha Gas Ltd on Thursday recorded its Q3FY24 profit at Rs 475.45 crore, up 42.3 per cent on-year in comparison to Rs 334.06 crore during the corresponding quarter of previous year, surpassing estimates. It posted revenue from operations at Rs 3,926.19 crore, down 4 per cent as against Rs 4,089.03 crore during the third quarter of FY23. According to a CNBC TV18 poll, IGL was expected to post Q3FY24 profit at Rs 454 crore, and revenue was estimated at Rs 3,493 crore for the quarter ended December 2023.

Meanwhile, Hindustan Petroleum Corporation Ltd on Thursday recorded its third quarter profit for the financial year 2023-24 at Rs 712.84 crore, up 60.5 per cent in comparison to Rs 444.26 crore during the corresponding quarter of the previous year, missing estimates. It posted total income for the quarter in review at Rs 1,19,013.33 crore, up 2.2 per cent as against Rs 1,16,485.79 crore during the third quarter of FY23. Total expenses, however, incurred during the quarter ended December 2023 stood at Rs 1,18,288.83 crore. According to a CNBC TV18 poll, HPCL was expected to record a Q3 profit at Rs 1,498 crore and revenue for the quarter was estimated to be at Rs 99,501 crore.

Moving on. LT Foods on Thursday announced its third-quarter earnings for the financial year 2023-24 with profit at Rs 152.65 crore, up 52.1 per cent on-year in comparison to Rs 100.38 crore during the corresponding quarter of the previous year. It posted revenue from operations at Rs 1941.73 crore, up 9.2 per cent as against Rs 1778.47 crore during the third quarter of FY23. While the total income recorded during the quarter was at Rs 1949.69 crore, total expenses incurred during Q3FY24 stood at Rs 1757.68 crore. The company board also approved the appointment of Raju Lal, as an Additional Director in the capacity of an Independent Director for a period of 5 years, effective from January 25, 2024.

In some more industry news, Intercity car rental service provider Savaari on Thursday announced that it has completed a transaction in which MakeMyTrip has acquired a majority stake in the company. Earlier, MakeMyTrip had announced in its second quarter FY23-24 results that it has agreed to acquire a majority interest in Savaari Car Rentals Private Limited. Savaari said that it will continue to operate as an independent entity led by the existing leadership team. Gaurav Aggarwal, Founder and CEO, Savaari Car Rentals, said, quote, “All the formalities of the acquisition of the controlling stake are now complete. We are now looking to transform this space by leveraging technology as well as deeper consumer understanding from MakeMyTrip,” unquote.

Over to market. The broking firm Jefferies has raised the target price to Rs 135 from Rs 130 earlier on the stock of Indian Oil Corporation. It, however, has kept the rating unchanged to “Hold” on the stock. It has also raised the net profit estimates for FY24 to 26%, without tweaking the FY25-26 estimates. The brokerage said that the company’s earnings before interest, tax, depreciation, and amortisation beat the estimates and the reason can be large inventory gains in refining and marketing. Jefferies believes that the regional refining margins will remain in the range in the current year. They will stay near the long-term average if oil demand remains muted, rising product inventory levels, and ongoing refining capacity additions.

IN other news, Hyundai Motor Company has announced its 2023 annual and fourth quarter business results. Last year, the company sold 4,216,898 vehicles worldwide, up 7 per cent from 2022. The annual revenue increased 14.4 percent to KRW 162.7 trillion. The annual operating profit climbed 54 per cent to KRW 15.12 trillion, with an operating profit margin of 9.3 per cent. Hyundai Motor recorded an annual net profit of KRW 12.27 trillion, up 54 per cent year over year. Interestingly, India with more than 550,740 unit retail sales, accounted for 13 per cent of the company’s global sales in 2023. In Q4 of 2023, Hyundai Motor sold 1,089,862 units around the globe. Sales in markets outside of Korea were up by 5.3 per cent to 891,304 units.

Lastly, let’s see how the share market performed. The benchmark equity indices closed in the negative territory. The NSE Nifty 50 closed 101.35 points or 0.47% lower to settle at 21,352.60, while the BSE Sensex lost 359.64 points or 0.51% to settle at 70,700.67. The broader indices closed in the red, with midcap stocks falling the most. Bank Nifty index lost 214.75 points or 0.45% to settle at 47,208.65. About 1811 shares advanced, 1422 shares declined, and 56 shares unchanged. Among sectors, Power index up 1 percent, while Bank, FMCG, Healthcare, IT down 1 percent each. BSE Midcap index down 0.5 percent, while Smallcap index is trading flat.