Benchmark indices ended lower in the volatile session on February 24 with the Nifty below 17,500. At close, the Sensex was down 141.87 points or 0.24 percent at 59,463.93, and the Nifty was down 45.50 points or 0.26 percent at 17,465.80.
2/11
SpiceJet | CMP: Rs 40 | The stock price surged 13 percent after the airline company reported a 160 percent jump in its consolidated net profit at Rs 110 crore for the quarter ended December 2022. Its net profit stood at Rs 42 crore in the year-ago period. The company's revenue from operations jumped 2.4 percent to Rs 2,316.8 crore as against Rs 2,262.6 crore in the year-ago period. In Q2 FY23, the company had reported a loss of Rs 833 crore on revenue of Rs 1,954 crore. “We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses," SpiceJet Chairman and Managing Director Ajay Singh said.
3/11
Olectra Greentech | CMP: Rs 482.45 | The scrip hit a 20 percent upper circuit after the company announced its partnership with Reliance Industries to develop hydrogen buses. The development of a fully carbon-free alternative to traditional public transport is a significant step towards achieving India's carbon-free hydrogen ambitions, and it could have a positive impact on the environment by reducing air pollution and emissions, the company said. Olectra's technical partnership with Reliance Industries is expected to accelerate the development of hydrogen-powered buses and offer the next-generation transport system to the Indian market.
4/11
Patel Integrated Logistics | CMP: Rs 12.80 | The share price added over 2 percent after Patel Integrated Logistics made a prepayment of Rs 39 crore loan, which resulted in a reduction in interest cost, and the release of various properties given as mortgage to banks or NBFCs. The company will further evaluate multiple options to monetise the properties, the firm said.
West Coast Paper Mills | CMP: Rs 490 | The stock gained over 3 percent after the company said the illegal strike of contract workers was called off and production at the paper and paper board division at Dandeli has been restarted. There has been marginal production loss due to the disruption of plant operations. However, during that period, the company carried out the required preventive maintenance work in the plant.
6/11
GR Infraprojects | CMP: Rs 1,087.70 | The scrip ended in the green after the firm emerged as the highest bidder in the financial bid opening dated February 24, 2023, for the tender invited by National Highways Logistics Management Limited. The project included development, operation and maintenance of Multi Modal Logistics Park (MMLP) near Pithampur, in Dhar District in Madhya Pradesh through Public Private Partnership on a Design, Build, Finance, Operate and Transfer (DBFOT) basis.
7/11
KSB | CMP: Rs 1,873.50 | The share price ended in the green on February 24. KSB announced the payment of dividend of Rs 15 per share (with a face value of Rs 10 each) for the financial year ended December 2022. The company recorded a 42 percent YoY growth in consolidated profit at Rs 56 crore for the quarter ended December 2022, driven by strong topline and operating performance. Revenue from operations for the quarter at Rs 524.6 crore increased by 18 percent over a year-ago period. On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 36.2 percent YoY to Rs 76.8 crore with a margin expansion of 196 bps for the quarter.
8/11
Zee Entertainment Enterprises | CMP: Rs 195.45 | The scrip ended in the red on February 24. The National Company Law Appellate Tribunal (NCLAT) granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) on February 24 and stayed the order directing the initiation of insolvency proceedings against the media and entertainment firm. The appellate tribunal further issued notice to IndusInd Bank on a plea by Zee managing director Punit Goenka and said it will hear the case again on March 29. Zee also said in the NCLAT that in the NCLT hearing, it was not allowed a hearing to defend its position, hence it appealed to set aside the order on initiation of insolvency.
Mahindra Lifespace Developers | CMP: Rs 370 | The stock ended in the red, down over 2 percent after CEO and MD Arvind Subramanian announced his resignation. Subramanian has been heading the company's operations since May 2020 and his resignation comes into effect on May 22, 2023. The company has appointed Amit Kumar Sinha, who has been the Mahindra Group president, Group Strategy, since April 2021, as the new MD & CEO. Sinha has over 18 years of experience and previously held the role of a senior partner and director with Bain & Company.
10/11
Sanofi India | CMP: Rs 5,574.05 | The share jumped 4 percent after net profit surged in the last quarter of 2022. Gains in the stock were also accompanied by strong volumes, which were significantly higher than the one-month daily traded average volumes. The net profit of the firm rose 45 percent YoY, driven by a strong operating performance. Operating profit or EBITDA margin rose 635 basis points to 24.84 percent as input costs fell. One basis point is one-hundredth of a percent.
11/11
Nahar Industrial Enterprises | CMP: Rs 88.65 | The stock added almost 3 percent on February 24. Nahar Industrial Enterprises received NCLT approval for the amalgamation of Cotton County Retail with itself.
![SpiceJet | CMP: Rs 40 | The stock price surged 13 percent after the airline company reported 160 percent jump in its consolidated net profit at Rs 110 crore for the quarter ended December 2022. Its net profit stood at Rs 42 crore in the year-ago period. The company's revenue from operations jumped 2.4 percent to Rs 2,316.8 crore as against Rs 2,262.6 crore in the year-ago period. In Q2 FY23, the company had reported loss of Rs 833 crore on revenue of Rs 1,954 crore. “We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses," Ajay Singh, Chairman and Managing Director, SpiceJet, said.](https://images.moneycontrol.com/static-mcnews/2022/02/SpiceJet-1.jpg "SpiceJet | CMP: Rs 40 | The stock price surged 13 percent after the airline company reported 160 percent jump in its consolidated net profit at Rs 110 crore for the quarter ended December 2022. Its net profit stood at Rs 42 crore in the year-ago period. The company's revenue from operations jumped 2.4 percent to Rs 2,316.8 crore as against Rs 2,262.6 crore in the year-ago period. In Q2 FY23, the company had reported loss of Rs 833 crore on revenue of Rs 1,954 crore. “We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses," Ajay Singh, Chairman and Managing Director, SpiceJet, said.")
