FY22
Getting ready to end the 3-year exile: 5 stocks from diagnostics sector with upside potential of up to 53%
There are some businesses, where only a black swan event leads to sharp growth in profit. Otherwise the underlying nature is such that they don't have any sudden spike in their profits. But there is constant growth. The constant growth could be because of many reasons. It may be because of the fact that penetration of that good or service is very low and over a period of time as it improves, both top and bottom line keep moving upward. It could be because of the movement of business from the unorganized sector to the organized sector. Or due the fact that the “need” of that good or service is such that spending on it cannot be postponed. In the case of diagnostic business, it is all the three, or rather four. The fact is that in 2020, a black swan took place which led to the sudden spike in FY 2021 numbers, but then back to normal growth curve. Now for three years, there has been a painful process of partial normalization of valuation and end of price wars. Has the time come for extreme long term investors to bring them back on watchlist ?
IPO Analysis: Emcure has better-listed pharma alternatives
Emcure Pharma, with its strong presence in gynaecology and HIV therapeutic areas, secured significant investments from anchor investors like HDFC Mutual Fund and ICICI Prudential Mutual Fund, showcasing immense market confidence in its upcoming IPO.
CASA share likely bottomed out, to edge higher in FY25
Witness a revolutionary shift in CASA ratios as private banks dominate with a 45% ratio in March 2023, outperforming public sector banks at 42% in the CASA deposit landscape. Stay informed on the latest developments shaping the banking sector dynamics.
Vedanta Resources sells 2.63% stake in Indian arm, raises Rs 4,184 crore
Vedanta Group, in a statement, said that Finsider International Company, a subsidiary of Vedanta Resources, accepted a proposal from one of its banks Tuesday evening to sell 2.6% shares holding in Vedanta Ltd to a group of reputed institutional investors.
Anil Agarwal likely pares Vedanta stake in large block deal, shares drop 6%
The promoters of Vedanta have reportedly sold 17.1 crore shares of the company and the transaction value is estimated to be around Rs 7,000-8,0000 crore. The official buyers and sellers of the transaction are not yet known.
Promoter may sell 2.5% in Vedanta via block deals this week
Agarwal has been seeking to slash the group's debt burden. London-listed Vedanta Resources reduced its net debt to $6 billion in FY24 from $9.7 billion in FY22. The company aims to cut it to $3 billion over the next three years. Vedanta Resources has long-term debt maturities of $900 million in FY25 and another $900 million in FY26.
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Budget Preview: Govt could use part of RBI dividend to reduce fiscal deficit, says Motilal Oswal
A transfer of Rs 2.11 lakh crore by the RBI implies excess receipts of about Rs 1.5 lakh crore in FY25, the MOFSL note said. MOFSL sees the new government largely retaining its tax and non-debt capital receipt (including disinvestment) projections as presented during the interim Budget in February.
Anil Agarwal likely to sell a 2.5% stake in Vedanta
Vedanta Resources, which holds a majority stake in Vedanta, is reportedly considering selling a 4-5% stake in the company. The deal could be facilitated by an international bank and is expected to capitalise on the recent surge in Vedanta's share price.
Go Digit stock likely to face pressure amid elevated combined ratio
After gaining over 24% within three weeks since listing on bourses on May 23, the stock of Go Digit General Insurance has remained range bound following weak performance in the March quarter, which was declared on June 11.
Stanley Lifestyles high on luxury quotient, raises Rs 161 cr from anchors
Private equity-backed Stanley Lifestyles, the fourth-largest player in India's home furniture market, is set to launch a ₹537 crore IPO. The company's revenues have more than doubled, and net profit has grown significantly in recent years.
CSR spends by NSE-listed cos hit Rs 15,524 crore in FY23
Ten companies, including these three, accounted for 33% of the total spends on CSR in FY23, according to data shared exclusively with ET by primeinfobase.com, an initiative of Prime Database Group.
BJP's Rajeev Chandrasekhar on why he mentioned just Rs 680 as his income in FY22
Rajeev Chandrasekhar declared a minimal taxable income due to Covid-19 losses. Facing accusations from Congress, he defended his clean record and criticized attempts to tarnish his reputation during the upcoming Lok Sabha elections.
India’s factory employment crossed pre-pandemic level in FY22, investment also picked up pace
India's factory employment grew by 7% in FY22, surpassing the pre-COVID level, as per the Annual Survey of Industries. Investments and output also increased, indicating the country's recovery from the pandemic. The manufacturing sector showed resilience after the adverse effects of the pandemic, with a marginal fall in employment in 2020-21.
Byju’s rights issue at $500 million valuation; what’s hurting cloud kitchens?
Happy Wednesday! Beleaguered edtech major Byju’s finally filed its much-delayed audited FY22 results with the Registrar of Companies. It’s also holding talks to float a rights issue at a valuation of less than $1 billion. Yes, you heard it right. More on that in today’s ETtech Morning Dispatch.
Byju’s FY22 losses soar to Rs 8,245 crore; cash-strapped edtech explores rights issue at $500 million valuation
The rights issue, where existing investors will be offered the option to buy new shares in Think & Learn, may value the edtech firm at anywhere between $500 million to $1 billion.
Samsung won't get incentive for smartphone production in FY22
Samsung is unlikely to get production-linked incentives (PLI) for smartphone manufacturing for the second year (fiscal 2022) of the scheme, after the South Korean electronics major failed to meet production targets, officials aware of the matter told ET.
Byju’s-owned Aakash Institute reports 82% rise in FY22 profit to Rs 79.5 crore
Operating revenue during the period grew 45% to Rs 1,421 crore, as per the company’s filings with the Ministry of Corporate Affairs on Saturday. It has not yet filed its FY23 numbers.
At AGM, Byju’s investors press for transparency from founder
Losses of the edtech company’s parent, Think & Learn, swell past Rs 8,200 crore in FY22; WhiteHat Jr written off.
Byju’s board clears FY22 financial accounts, reappoints BDO as auditor at AGM
According to people present at the AGM, nearly 60 shareholders attended the meeting opened by founder Byju Raveendran, who also briefed them on company affairs.
Average power purchase cost rises 71 paise/unit in FY22-23
Average power purchase cost increased by 71 paise per unit during FY22-23 due to a rise in various overheads like transmission and distribution rates, Parliament was informed on Thursday. On the rise in power cost due to increased use of imported coal, Union Power Minister RK Singh, in a written reply to the Lok Sabha, said, "Average power purchase cost increased by 71 paise only between FY22 and FY23. This is because of increase in various costs - including an increase in transmission and distribution costs".
NCAER pegs India’s logistics cost between 7.8-8.9% of GDP in FY22
“The kind of investment that India is making in both physical and digital infrastructure....all that is creating an enabling environment where we will start getting good and credible data, on the basis of which we can do data-based planning and ultimately data based policy making as well,” DPIIT secretary Rajesh Kumar Singh said while releasing the study.
Vivo Mobile India's FY22 net loss at Rs 123 crore
The Enforcement Directorate (ED) had filed a chargesheet last week against the company alleging that it had remitted Rs 1 lakh crore outside India between 2014 and 2021 by showing losses to avoid paying income tax, ET among others had reported.
Online gaming funding falls from Rs 12,740 cr in FY22 to Rs 835 cr in FY24
The report stated that interest rate hikes, tightened liquidity, inflation, changes in taxation, and concerns about an imminent recession are some of the reasons for the dip in investments in the online gaming segment.
Byju's files much-delayed FY22 financials, core biz revenue at Rs 3,569 crore, losses at Rs 2,253 crore
The earnings before interest, taxes, depreciation, and amortisation-based loss of the core business was down from Rs 2,406 crore to Rs 2,253 crore in FY22, as per a statement from the company.
Byju’s parent expected to adopt FY22 results this week
Byju’s, which has missed payment on a $1.2 billion term loan, said it’s completed a long-awaited audit of all group units. Parent Think & Learn Pvt Ltd. is expected to incorporate the audited financials into its consolidated results this week, Byju’s said in a statement Monday.
Byju's to hold board meeting to approve delayed FY22 financials
Byju's is at least 12 months behind the statutory due date to file its FY22 financial results with the Registrar of Companies. The delay has been a key concern for investors and lenders who have given a $1.2 billion term loan to the Bengaluru-based company.
7 points to keep in mind to get income tax refund quicker
ITRs must be filed before the due date. Timely filing helps the I-T department manage the workload efficiently and ensures that the return is processed promptly.
Azure Power Global’s auditor resigns ahead of deadline to disclosure FY22 results
Delisting of shares will lead to a breach of covenant and trigger a technical default on the two offshore bonds- $ 350 million due 2024 and $ 414 million due 2026 - raised by Azure, a renewable power producer in India. S R Batliboi & Co resigned as auditors on July 10. In a letter to the company, it said it resigned because the auditors did not receive the required information to complete their audit work for March 31, 2022.
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