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Stocks in news today

February 7, 2023

Reliance Industries: Company has unveiled India’s first hydrogen combustion engine technology for heavy-duty trucks at the India Energy Week in Bengaluru. Along with Ashok Leyland, the company is engaged with other technical partners in developing the same since last year.

Tata Steel: Company reported a net loss of Rs 2,502 crore during the December quarter on account of higher expenses. Loss was mainly due to non-cash deferred tax of Rs 2,150 crore relating to British Steel Pension Scheme.

Hindalco: Company’s subsidiary Novelis reported its numbers with sales declining 3 percent to $4.2 billion from $4.3 billion last year. Operating profit declined 33 percent, hit by lower volumes, high inflation and tight scrap spreads.

Ultratech: The company has commissioned 1.5 MTPA brownfield cement grinding unit in Odisha, taking the company’s total cement capacity in the state to 4.1 MTPA. With this, UltraTech’s total manufacturing capacity in India is now at 122.85 MTPA.

Vedanta: Company on Monday named industry veteran David Reed to head its semiconductor unit where it is looking to Invest $20 billion to manufacture chips essential for mobile phones to laptops and TV sets.

Tejas Networks The company’s revenue doubled from last year while net loss narrowed. Company reported operating profit compared to a loss last year. Revenue increased 25 percent sequentially.

JK Paper: The company has recorded a 119% year- on-year increase in consolidated profit at Rs 329.3 crore for three-month period ended December FY23, as revenue grew by 60.5% YoY to Rs 1,643 crore for the quarter.

SJVN: The company has recorded a profit of Rs 287.42 crore for three months period ended December FY23, up 22% year on year despite weak operating performance and higher finance cost, mainly supported by other income.

Balaji Amines: The company has registered a 30% year on year decline in consolidated profit at Rs 62.6 crore for quarter ended December FY23, impacted by higher input cost. Revenue for the quarter stood at Rs 586 crore increased by 3.7% over a year-ago period.