Stocks in news: PNB Housing, Tata Power, Axis Bank, Vedanta and more

The Indian equity market is likely to open higher today as SGX Nifty rose 69 points to 17,299.  Sensex and Nifty rebounded to close over 1 per cent higher on Thursday, led by buying in Reliance Industries, HUL and Infosys amid positive cues from global markets. Sensex surged 701.67 points or 1.23 per cent to close at 57,521.06. Nifty rallied 206.65 points or 1.21 per cent to end at 17,245.05.

Here are the stocks that are likely to remain in news today.

PNB Housing Finance: The firm reported a 33 per cent jump in its net profit to Rs 170 crore in quarter ended March 2022. The housing finance company (HFC) had posted a net profit of Rs 127 crore in the same quarter a year earlier. Total income during the last quarter of 2021-22 ended in March, however, fell to Rs 1,425.83 crore from Rs 1,833.90 crore in the same quarter of 2020-21 as the interest income was down, PNB Housing Finance said .The company's interest income in Q4FY22 was lower at Rs 1,299.48 crore, as against Rs 1,670.14 crore in Q4FY21.

Shriram Transport Finance: The non-banking financial company reported a 43.87 per cent jump in its standalone profit after tax at Rs 1,086.13 crore in the quarter ended March 2022, on the back of improvement in the net interest margin and asset quality. The company had reported a standalone profit after tax of Rs 754.93 crore in the same period of FY21.

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Vedanta: The mining major reported a consolidated profit after tax of Rs 7,570 crore for the January-March quarter of 2021-22 on the back of higher sales volume, supportive commodity prices and operational efficiencies. The company had posted a profit after tax of Rs 5,105 crore in the year-ago period, Vedanta said. The exceptional items at Rs 336 crore in last quarter primarily relate to Rs 2,697 crore gain from impairment reversal in oil and gas, which was partially offset by exploration cost written off in Cairn.

 Ambuja Cements: Profit shrank sharply by 30.3 percent year-on-year to Rs 856.5 crore in the quarter ended March 2022. Revenue increased by 2.4 percent to Rs 7,900 crore during the same period.

Sterlite Technologies: The company said its board had cleared raising of funds up to Rs 1,000 crore.

IndiaMART InterMESH: The firm has decided to buy back shares worth Rs 100 crore at a price of Rs 6,250 per piece. The offer size represents 5.37 percent of the company's fully paid-up capital and free reserves.

REC: The board of the firm cleared sale and transfer of Rajgarh Transmission to GR Infraprojects, the successful bidder selected through tariff based competitive bidding process.

Fineotex Chemical: March quarter profit after tax rose 42 percent year-on-year to Rs 17 crore. Revenue climbed 62 percent to Rs 121.4 crore and operating EBITDA surged 67 percent to Rs 21.52 crore.

Tata Power: The  Tata Group firm announced  that it has signed a Memorandum of Understanding (MoU) with National Real Estate Development Council (NAREDCO) to install up to 5,000 EV charging points across its member's developer properties in Maharashtra. The MoU was signed in the presence of Aaditya Thackeray, Minister of Tourism & Environment, Government of Maharashtra. This move is expected to give a boost to EV adoption in the state.

Maruti Suzuki: The car maker will announce its earnings for the quarter ended  March 2022.

Axis Bank: The lender reported a 54 per cent rise in standalone net profit at Rs 4,118 crore for the quarter ended 31 March, 2022 on strong growth performance across deposits and loans, improving return ratios. The lender had reported a net profit of Rs 2,677 crore in the year-ago period.

Procter & Gamble Hygiene and Health Care: The firm said that its net profit grew 5 per cent year-on-year (YoY) to Rs 103 crore during the quarter ended March 31, 2022. The firm added that the profit growth was driven by continued focus on productivity and a one-time hurt due to retrospective tax law change. Excluding this one-time impact, Profit After Tax (PAT) was up 20 per cent compared to same quarter last year, despite commodity inflation, the firm explained.

IndusInd Bank The lender will announce its earnings for the quarter ended  March 2022.

Bajaj Finserv: The firm reported a 37.48 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 1,346 crore for the quarter ended 31, March 2022. The company had posted a net profit of Rs 979 crore in the year-ago period. The company said its total revenue from operations jumped 22.58 per cent to Rs 18,862 crore for quarter under review from Rs 15,387 crore in the same quarter last year. The Board of Directors recommended a dividend of Rs 4 per share. The total amount of dividend is Rs 64 crore for the financial year 2021-2022.