Gold Silver Reports (GSR) – HPCL Slumps After March Quarter Earnings – Shares of the state-run oil refiner fell 6 percent to Rs 292 after its profit declined in March quarter.
Key earnings highlights:
📍 Revenue up 6 percent at Rs 60,810 crore
📍 Net profit down 10 percent at Rs 1,748 crore
📍 EBITDA down 8 percent at Rs 2,923 crore
📍 Margin at 4.8 percent
📍 FY18 GRM at $7.40/barrel versus $6.20/barrel (YoY)
L&T Technology Services Gains On March Quarter Earnings
Shares of the Vadodara-based engineering services provider rose as much as 7.35 percent, the most in a month, to Rs 1,367 after it surpassed Bloomberg consensus estimates in March quarter.
Key earnings highlights:
📍 Revenue up 30 percent at Rs 1,055 crore versus estimate of Rs 1,003 crore
📍 Net profit up 66 percent at Rs 159 crore versus estimate of Rs 130 crore
📍 Other income of Rs 75.5 crore in current quarter
📍 Ebitda up 21.5 percent at Rs 164 crore
📍 Margin at 15.5 percent
Regret What Happened In Tuticorin, Says Sterlite CEO
The Madras High Court will today deliver its interim order on the construction of a new copper smelter, after the months-long protest demanding the closure of Vedanta’s Sterlite Copper unit in Thoothukudi. Meanwhile, speaking to BloombergQuint, P Ramnath, CEO of Sterlite Copper said:
📍 Police and collector had taken preventive measures
📍 Only one faction of protesters participated in the peace talks yesterday
📍 Public have been misled by people spreading wrong information about the plant
📍 Currently the plant is on scheduled maintenance shutdown
Consent to operate has not been renewed by Pollution Control Board; Next hearing on June 6
📍 Environmental concerns have all been dealt with by various courts & committees
📍 Recommendations of NGT, Supreme Court have all been recommended
📍 State-of-the-art environment protection measures have been implemented
📍 Have spent Rs 500 crore to upgrade environment protection measures of the plant
