Alembic gains on growth in formulation business
- The Vadodara-based pharma player posted a net profit of ₹259.2 crore for Q3, a 14% YoY growth. Its revenues from operations stood at ₹1,314 crore, a 9% YoY growth.
- The company attributed its growth to the 14% rise in its India formulations business, which stood at ₹418 crore. Meanwhile, its speciality segment and API business gained 16% and 21%, respectively. The positive results notwithstanding, the stock fell 3.2% today.
Bank of Maharashtra rises on improved net profit
- State-owned Bank of Maharashtra reported 14% YoY rise in Q3 net profit to ₹154 crore and 10% YoY rise in net interest income to ₹1,306 crore.
- Its asset quality improved with net NPA at 2.59% in Q3 versus 3.30% in Q2 and 5.46% in Q3 last year. Its shares surged 7.4% today, coupled with high volumes. The central government owns 93.3% shares, and 2.3% is held by LIC, suggesting a shortage of float in case the demand for the stock rises.
Escorts gets nod for electric tractors
- Escorts has become the first Indian tractor manufacturer to receive permission to sell electric tractors in the country. The company has been exporting its electric tractors since 2019. Shares of the tractor maker gained 0.3% today.
- While Escorts’ tractor sales volumes are seeing strong growth, it seems investors are choosing to book profits. Shares of Escorts fell 4.4% in Q3, whereas the Nifty Auto index was up nearly 16% in the same period.
Paint stocks rise ahead of Indigo paints IPO
- India’s fifth-largest decorative paint maker, Indigo Paints, opens its ₹1,170 crore issue for application tomorrow. The price band is fixed at ₹1,488-1,490.
- Meanwhile, shares of other major paint makers were upbeat today with Akzo Nobel (+3.3%), Asian Paints (+2.4%) and Berger Paints (+1.9%) seeing gains. Even the smaller-sized Shalimar Paints (+13.7%) saw a sharp rise today. The pick-up in demand in the real estate sector also augurs well for the paint industry.