Buzzing Stocks: ONGC, Zee Entertainment, Shree Cements, and others in news today

“Stocks to Watch: Check out the companies making headlines before the opening bell today”.


Results on February 14: Adani Enterprises, Eicher Motors, Grasim Industries, ONGC, Apollo Hospitals Enterprises, Aster DM Healthcare, Bata India, Bharat Forge, Biocon, Bosch, CESC, GMR Airports Infrastructure, Indiabulls Housing Finance, Ipca Laboratories, NBCC (India), NMDC, PI Industries, PNC Infratech, Prestige Estates Projects, Radico Khaitan, Siemens, Spencers Retail, SpiceJet, Swan Energy, and Torrent Power will be in focus ahead of quarterly earnings on February 14.

Zee Entertainment Enterprises: The media company has reported a 92% year-on-year decline in consolidated profit at Rs 24.31 crore for quarter ended December FY23, dented by weak operating performance, lower topline and exceptional loss (Rs 168.97 crore). Consolidated revenue from operations at Rs 2,111.2 crore fell by 0.07% compared to year-ago period hit by lower advertisement revenue (down 15.6% YoY), but subscription revenue growth was strong at 13.2% in the same period. On the operating front, EBITDA fell by 27.5% YoY to Rs 343.8 crore with margin decline of 615 bps in Q3FY23. Numbers, barring profit, were better than analysts’ expectations.

Power Finance Corporation: The public sector company has recorded a 7.8% year-on-year increase in consolidated profit at Rs 3,860 crore for three-month period ended December FY23, aided by write-back of impairment on financial instruments. Net interest income for the quarter at Rs 7,218.7 crore declined by 7.1% compared to year-ago period. The board has declared an interim dividend of Rs 3.50 per share for FY23.

Shree Cement: PN Chhangani resigns as whole-time director of Shree Cement. Prakash Narayan Chhangani has resigned as Whole Time Director of the company effective from close of business hours on February 13, 2023 to pursue his career outside the organization.

Castrol India: The automotive and industrial lubricant manufacturing company has clocked a 2.5% year-on-year growth in profit at Rs 193.32 crore for December FY23 quarter dented by weak operating performance. Revenue for the quarter at Rs 1,176 crore grew by 7.8% YoY. At the operating level, EBITDA fell by 5.8% YoY to Rs 250.6 crore with margin contraction of 307 bps due to higher input cost

Steel Authority of India: The steel production company has registered a 64.5% YoY decline in profit at Rs 542 crore for quarter ended December FY23, impacted by lower topline and operating income. Revenue for the quarter at Rs 25,042 crore fell by 0.8% compared to same period last year. At operating level, EBITDA for the quarter dropped by 39% YoY to Rs 2,078.5 crore with margin down by 517 bps. Numbers, barring topline, were better than analysts’ estimates

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