*Stocks in News*
Equitas Small Finance Bank: Veteran banker P N Vasudevan has resigned as the managing director and chief executive officer of Equitas Small Finance Bank, the lender informed the stock exchanges. Vasudevan, in his resignation letter, said he wants to devote his time towards social welfare through his public charitable trust.
HPCL: State-run oil refiner and marketer Hindustan Petroleum Corporation posted a 34 percent decline in consolidated net profit in the March quarter to Rs 2,019 crore from Rs 3,061 crore in the year-ago period due to rise in total cost. Revenue for the quarter stood at Rs 1.07 trillion, up 24.2 percent from Rs 85,755 crore last year. Total cost rose 28 percent to Rs 1.05 trillion from Rs 81,717 crore a year ago. Operating margin for the quarter contracted sharply to 1.57 percent from 4.46 percent last year. Average gross refining margin during the year ended March 2022 was $7.19 per barrel as against $3.86 per bbl during the corresponding previous year.
Godrej Consumer Products: Godrej Consumer reported a 1 percent fall in net profit for the March quarter to Rs 363 crore year-on-year as a slowdown in consumption and high commodity inflation weighed. Revenue rose 7 percent from a year ago to Rs 2,920 crore. Total cost rose 12 percent year-on-year to Rs 2,540 crore.
Gland Pharma: Gland Pharma's net profit rose 10 percent to Rs 285.90 crore in the quarter ended March 2022 as against Rs 260.41 crore during the same quarter previous fiscal. Net sales rose 24.25 percent to Rs 1,103.01 crore as against Rs 887.75 crore a year ago. EBITDA margin contracted sharply to 35 percent from 40 percent year-on-year.
Ashok Leyland: The company reported a 274 percent YoY jump in net profit at Rs 901.4 crore for the fourth quarter of FY22. Total income stood at Rs 8,744.3 crore during the quarter, up 24.9 percent against Rs 7,000.5 crore in the corresponding period of the preceding fiscal. Its truck market share for Q4 FY22 has improved to 30.6 percent against 28.9 percent in Q4 FY21, this is the highest market share seen in the last 11 quarters.
Biocon: Subsidiary Biocon Biologics, and Viatris Inc. announced that Abevmy (bBevacizumab) is now available in Canada. Abevmy, co-developed by Biocon Biologics and Viatris, is a biosimilar to Roche's Avastin (Bevacizumab) and has been approved by Health Canada across four oncology indications.
Eros International: Its board approved raising Rs 405 crore by issuing 13.50 crore warrants at a price of Rs 30 a share.