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CORPORATE AND ECONOMY NEWS

* Marico Q1FY24 (Consolidated, YoY): Revenue down 3.2% at Rs 2,477 crore vs Rs 2558 crore. Net profit up 15.6% at Rs 436 crore vs Rs 377 crore. EBITDA up 8.7% at Rs 574 crore vs Rs 528 crore. Margins at 23.2% vs 20.6%.

* Bank Of India (Standalone, YoY): NII at Rs 5915 crore vs Rs 4072 crore (YoY) PAT at Rs 1551 crore vs Rs 561 crore (YoY) Gross NPA at 6.67% vs 7.31% (QoQ) Net NPA at 1.65% vs 1.66% (QoQ).

* Piramal Enterprises Q1FY24 (Consolidated, YoY): Revenue up 34.1% at Rs 2,899 crore vs Rs 2,161 crore Net profit down 93.7% at Rs 508.8 crore vs Rs 8,155.5 crore Ebitda up 25.5% at Rs 685.69 crore vs Rs 546.26 crore Margins at 23.7% vs 25.3%. Piramal Enterprises: The company has approved a buyback of 1.4 crore equity shares worth Rs 1,750 crore. The shares will be bought at Rs 1,250 apiece. The buyback size represents 5.87% of total paid-up equity share capital, and it will be open for a period of five working days.

* SBI Cards Q1FY24 (Consolidated, YoY): Revenue rose 30% to Rs 1,804.23 crore vs Rs 1,387.3 crore. Net interest income rose 14% to Rs 1,233.16 crore vs Rs 1,078.92 crore. Net profit fell 5% to Rs 593.31 crore vs Rs 626.91 crore. Gross NPA at 2.41% vs 2.35% (QoQ) Net NPA at 0.89% vs 0.87% (QoQ)

* DCB Bank Q1FY24 (Standalone, YoY): NII at Rs 471 crore vs Rs 374 crore (YoY) PAT at Rs 127 crore vs Rs 97 crore (YoY). Gross NPA at 3.26% vs 3.19% (QoQ) Net NPA at 1.19% vs 1.04% (QoQ)

* United Breweries Q1FY24 (Consolidated, YoY): Revenue down 6.7% at Rs 2,274.8 crore vs Rs 2,438.68 crore. Net profit down 16.1% at Rs 136.3 crore vs Rs 162.5 crore. Ebitda down 16.2% at Rs 223 crore vs Rs 266.08 crore. Margins at 9.8% vs 10.9%.

* Nazara Tech Q1FY24 (Consolidated, QoQ): Revenue down 12% at Rs 254.4 crore vs Rs 289.3 crore Net profit up 31.4% at Rs 20.9 crore vs Rs 15.9 crore EBIT up 57% at Rs 17.78 crore vs Rs 11.32 crore EBIT Margins at 6.9% vs 3.9%.

* Hero Motocorp: The two-wheeler maker will close Harley-Davidson X440 online bookings on August 3. Production will start in September, and deliveries will commence in October.

* Gland Pharma: The drugmaker got zero observations and a 'No Action Indicated' classification from a U.S. FDA inspection at its Visakhapatnam Sterile Oncology facility.

* Power Grid Corporation: The company won bids for two inter-state transmission projects on a build, Own, operate, and Transfer basis in Rajasthan and Andhra Pradesh. Company will also raise up to Rs 5,700 crore in FY24 in multiple tranches by selling bonds of up to Rs 1,900 crore in the first tranche. Base size of the first tranche at Rs 500 crore, with a green shoe option of Rs 1,400 crore.

* Fino Payments Bank: The board approved a proposal for transitioning to a small finance bank. The approval is subject to fulfilling all regulatory requirements for the transition. The holding company Fino Paytech Ltd. proposed a corporate restructuring proposal. Fino Payments Bank board has created a committee to explore the possibilities of group corporate restructuring.

* Avenue Supermarts: The company opened a new store in Jodhpur, Rajasthan, today. The total number of stores as of date stands at 331.

* RITES: The company has appointed Krishna Gopal Agarwal as Chief Financial Officer of the company for a period of five years starting on or after August 1, 2023.

* Shree Cement: The company commenced commercial production at its clinker grinding unit in Purulia district of West Bengal, which has an annual cement capacity of three million tonnes.

* Divgi TorqTransfer Systems: The company has received an order from an overseas customer to supply components for the OE programme, worth Rs 180 crore. Production is expected to begin in Q4 of fiscal 2024.

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