Indian markets saw a mix of corporate earnings and strategic updates, with Tata Consultancy Services Ltd. reporting a sequential rise in profit, while Tata Elxsi Ltd.'s results fell short of estimates.
TCS: Tata Consultancy Services Ltd.'s net profit rose 4.1% sequentially to Rs 12,444 crore in the quarter ended Dec. 31, 2024, in line with the consensus estimate of Rs 12,537 crore by analysts tracked by Bloomberg. The board has approved the acquisition of land held by TRIL units for a sum of Rs 1,625 crore, aimed at establishing delivery centers.
Tata Elxsi: Consolidated net profit fell 13% sequentially in third quarter to Rs 199 crore, missing Bloomberg analysts' consensus estimate of Rs 216 crore, according to an exchange filing.
Ireda: Indian Renewable Energy Development Agency Ltd.'s net profit rose 26.7% year-on-year to Rs 425 crore in the third quarter, compared to Rs 336 crore a year ago. Revenue surged 35.6% to Rs 1,699 crore.
Senco Gold: The company's same-store sales growth remained steady in the 13-14% range, while the stud ratio was maintained at 10.5%. It also raised Rs 459 crore through a qualified institutional placement at Rs 1,125 per share. The company aims to open 18-20 new jewellery showrooms in the fourth quarter of FY25.
United Breweries: The company has reiterated its commitment to continuing investments in Telangana. It noted that nearly 70% of the consumer price for its beer brands comprises state taxes, while the current basic price to Telangana accounts for approximately 16% of the cost to consumers.
GMR Airports: The company’s arm has agreed to divest a 50% stake in the Megawide GMR Construction JV to Megawide Construction Corp for $1.4 million.
Mazagon Dock Shipbuilders: The company has delivered the sixth Scorpene-class submarine, Vaghsheer, to the Indian Navy.
Oil & Natural Gas Corp: The company has onboarded a technical services provider to enhance production from the Mumbai High field.
Waaree Energies, Waaree Renewables: The companies has incorporated Waaree India Foundation to promote activities in healthcare and education.
Mahanagar Gas: GAIL has raised the domestic gas allocation to the company by 26%, effective Jan. 16.
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