DCM Shriram rallies on Q3 performance
- The chemical and agricultural products maker posted a 44% YoY growth in net profit, which stood at ₹253 crore for Q3. However, net revenues declined 1.6% to ₹2,159 crore due to lower revenues from sugar and chemicals segments.
- Its shares surged 8% intraday on account of a strong Q3 performance. The stock closed with gains of 3.4%.
L&T bags two metro projects in Chennai
- The infrastructure major emerged as the lowest bidder for two metro projects in Chennai. The projects are cumulatively worth ₹3,500 crore.
- Other bidders included Tata Projects and Turkey-based Gulermak. L&T’s shares traded flat (+0.1%) in an otherwise weak market.
Grasim gains on entry into paints business
- The flagship company of the Aditya Birla Group soared nearly 9% during the day after it announced its plans to enter the paints business. The board of directors has approved an initial capital expenditure of ₹5,000 crore over the next three years. The decision is pending shareholder approval.
- The stock closed 5.8% higher today. Meanwhile, shares of major paint makers such as Asian Paints (-2.9%), Berger Paints (-3.2%), Kansai Nerolac (-5.3%) and Akzo Nobel (-2.8%) declined today.
Kotak Mahindra Bank posts strong Q3 results
- Kotak Mahindra Bank posted a standalone net profit of ₹1,854 crore in Q3, a 16% growth over the same period last year. Net interest income stood at ₹4,007 crore, gaining 17% during the same period.
- The bank’s gross and net NPAs stood at 2.2% and 0.5%, respectively. Had it declared borrowers over 90 days overdue, gross and net NPAs would have stood at 3.2% and 1.2%, respectively.
- The stock was trading marginally higher today, but closed 1.9% lower at the end of the session.