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Buzzing Stocks: Shree Cement, JSW Steel, Torrent Power, EIH and others in focus today

Check out the companies making headlines before the opening bell today.

Results on May 23: JSW Energy, Akzo Nobel India, Amara Raja Batteries, Ashok Leyland, Bajaj Electricals, Biocon, CMS Info Systems, Dishman Carbogen Amcis, Dixon Technologies (India), Dreamfolks Services, Fortis Healthcare, Linde India, Metro Brands, NMDC, Sudarshan Chemical Industries, Thyrocare Technologies, TTK Healthcare, and Unichem Laboratories will be in focus ahead of declaring their quarterly earnings today.

JSW Steel is a steel producer that has formed a partnership with JFE Steel, which is located in Japan, to establish a manufacturing joint venture in India for cold-rolled grain-oriented electrical steel (CRGO). At its planned facilities in Vijayanagar, Karnataka, the 50:50 joint venture firm would be able to produce the whole spectrum of CRGO goods. In addition, the business has reappointed Sajjan Jindal to his previous positions as Chairman and Managing Director, Jayant Acharya to his previous position as Joint Managing Director and CEO, Gajraj Singh Rathore to his previous position as Chief Operating Officer, and Rajeev Pai to his previous position as Chief Financial Officer. The National Company Law Tribunal (NCLT) has given its assent to the resolution plan that was proposed for National Steel & Agro Industries by its subsidiary, JSW Steel Coated Products.

Shree Cement: The significant rise in the price of electricity and fuel has had a negative effect on Shree Cement’s standalone profit, which decreased by 15.3% year-on-year to reach Rs 546.2 crore for the March quarter of fiscal year 23. Over the course of the previous year, the quarterly revenue for the company on its own increased by 16.7% to reach Rs 4,785 crore. Although profits and revenues came in far higher than anticipated, operational statistics fell short of projections. A second interim dividend of Rs 55 per share was declared by the firm for the fiscal year FY23.

Indiabulls Home Financing is a home financing firm that has recorded a decrease in consolidated profit of 14.4% year-on-year, coming in at Rs 262.6 crore for the quarter that ended in March FY23. This fall was caused by a larger impairment on financial instruments. When compared to the same quarter of the previous fiscal year, the net interest income increased by 13.5%, reaching Rs 733.6 crore.

EIH: The consolidated profit for the luxury hotel chain came in at Rs. 84.4 crore for the quarter that ended in March FY23, representing a year-on-year increase of 469%. When compared to the same time during the previous year, revenue from operations increased by 112% to reach 637 crore. The board of directors declared a final dividend for FY23 of Rs 1.10 per share.

PB Fintech: The operator of Policybazaar and Paisabazaar, has drastically decreased its PAT loss, which went from Rs 219.6 crore at the same time last year to Rs 8.9 crore for the quarter that ended in March of the current fiscal year. When compared to the same time period in the previous fiscal year, the operational revenue increased by 61%, reaching a total of 869 crore rupees. Both the insurance premium, which came in at Rs 3,586 crore for the March FY23 quarter, and credit disbursal, which came in at Rs 3,357 crore, climbed significantly from the same time period a year before.

HEG: In the March quarter of fiscal year 23, HEG reported a consolidated profit of Rs 99.72 crore, which is a year-on-year decrease of 23%. This reduction was caused by lower topline and operational statistics. The revenue from operations for the quarter came in at Rs. 616.88 crore, representing an 8.3% decrease when compared to the same time in the previous fiscal year. The corporation said that each share would get a final dividend of Rs 42.50. The HEG board has given its approval for additional investment of up to Rs. 90 crore in its subsidiary TACC, which may be made in one or more installments.

Astra Rafael Comsys: Joint venture business Astra Rafael Comsys has been awarded an order for Rs. 158 crore from a military public sector undertaking (DPSU) for the delivery of software-defined radio (SDR). This contract was for Astra Microwave Products.

Torrent Power: The stock will be in the spotlight as the company’s Board of Directors is scheduled to meet on May 29 to discuss the possibility of increasing capital by means of the issue of non-convertible debentures with a maximum face value of Rs 3,000 billion on a private placement basis. The board of directors will also evaluate the financial results for the quarter and year that ended in March 2023, as well as a recommendation for the year’s final dividend, if there is one.

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