RIL, HDFC, Jubilant FoodWorks stocks surge on spectacular Q3 results
Shares of ONGC jumped as much as 6.3% today to their highest in nearly a year after the the company said it would buy a majority stake in state-run refiner HPCL
Riding on spectacular third quarter results, stocks such as HDFC Bank Ltd, HDFC Life, Reliance Industries, YES Bank, Adani port, Kotak Mahindra Bank, Jubilant FoodWorks and Adani Ports, among others, have risen up to over 7%.
Reliance Industries' (RIL) consolidated net profit rose 25.5% to Rs 9,445 crore on 25.7% growth in net sales to Rs 99,810 crore year-on-year in the third quarter . The result was announced after market hours on January 19, 2018.
The quarter marks the culmination of its petrochemical expansion projects and the first positive net profit contribution from its newest business line - Digital Services (Jio), Mukesh D Ambani, Chairman and Managing Director of RIL, said. The company's stock was trading at Rs 969.95, 5.46% up at 1.10 pm on the BSE.
HDFC Bank on Friday reported a 20.1% rise in Q3 profit on higher net interest income (NII) and other income. HDFC Bank's net profit rose to Rs4,642.60 crore for the quarter ended December 31 from Rs 3,865.33 crore a year ago. The bank's share was trading 1.09% up at Rs 1972.50 on the BSE at 1.25 pm.
HDFC Life on Friday reported a 14.77% jump in profit after tax (PAT) to Rs 207.32 crore for the third quarter, compared to the same period last year. However, the insurer's stock was trading below the previous close at noon trade.
Kotak Mahindra Bank on Friday reported a 19.7% increase in its third-quarter profit on higher net interest income (NII) and other income.' The stock was trading at Rs 1,074.85, up 2.71%.
Adani Ports and Special Economic Zone (APSEZ), India’s largest port operator, on Thursday reported a 19.5% rise in third quarter profit. The companies.
According to a report, Adani Ports and SEZ Ltd was chosen by the Andhra Pradesh government for developing Bhavanapadu port project in Srikakulam district. The company's stock was trading at 436.552, up 0.65%.
DCM Shriram's stock rallied 6.43% to Rs 604.55 after it reported a 56% jump in its net profit at Rs 213 crore in the third quarter ending December 2017.
Jubilant FoodWorks, which operates Domino’s Pizza and Dunkin’ Donuts outlets in India, announced that its year-on-year net profit tripled on higher sales and better cost management in the third quarter. Net profit rose to Rs 66 crore in the quarter ended 31 December from Rs19.97 crore a year ago. The company's operating revenue rose 20.7% to Rs795.16 crore from Rs658.83 crore.
The company's stock jumped 7.88% to trade at Rs 2,256.45 at 13.25 pm on the BSE.
YES Bank on Thursday announced a 22% annual growth in net profit at Rs 1,076.87 crore for the quarter ended December 2017. The bank's share was trading at Rs 351.653.35,up 0.96%, after touching the day's high of Rs 355.85.
On the other hand, shares of Oil and Natural Gas Corp jumped as much as 6.3% today to their highest in nearly a year after the the company said it would buy a majority stake in state-run refiner Hindustan Petroleum Corp.
ONGC, India`s biggest explorer, said on Saturday it will pay 369 billion rupees ($5.77 billion) for a 51.1% stake in HPCL, or 473.97 rupees per share.
That amounted to a premium of about 14% to Friday`s closing price. The deal is expected to complete by end-January.
HPCL shares fell as much as 3.8% as the value of the deal was lower than market expectations even as ONGC said it would not buy shares from minority investors, contributing to the share fall.
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