Auto retail sales decline in January
- Contrary to the automobile wholesale numbers (sales from company to dealers), the retail figures (dealers to consumers) show a different picture. Except for tractors, all other categories showed degrowth with commercial vehicle retail sales dropping as much as 25% YoY.
- Overall, January auto registrations were down 10% YoY. Fading pent-up demand and recent price hikes are being cited as reasons for the drop.
Balaji Amines posts bumper profits
- The amines and speciality chemicals maker reported a nearly 160% YoY rise in profits to ₹70 crore. Its sales rose 64% YoY to ₹366 crore, supported by a 34% increase in volumes and better price realisation.
- Exports contributed nearly 20% of the revenues. The company also exports certain chemicals to China, which were previously dumped in India.
- The stock has seen strong investor interest in the recent past and closed at its lifetime high, rising nearly 14.3% today. Since the March ’20 lows, the stock has gained over 7 times.
Sun TV witnesses profit-booking
- The Chennai-based TV network reported an 18% YoY rise in Q3 net profit to ₹442 crore. Revenues grew around 19% YoY to ₹972 crore.
- Subscription revenues for the quarter were up 3% to ₹424 crore. Further, tax outgo for the quarter soared nearly 20% to ₹147 crore. The stock witnessed profit-booking today and fell 4.3%
Selling pressure hits Balkrishna Industries
- The Mumbai-based tyre maker reported a 45% YoY rise in net profits to ₹325 crore and a 31% rise in consolidated sales to ₹1,509. The figures beat the street’s estimates of ₹210 crore and ₹1,385 crore, respectively, and were supported by a 26% rise in volumes to 59,810 MT.
- Despite the strong quarter, the stock plunged nearly 10% today. As per reports, the selling pressure is on account of the company’s Capex plans of ₹1,900 crore.