BUSINESS

Today’s news stocks include GSFC, JK Tyre, Vedanta, IREDA, and IRCON

On Wednesday, May 22, 2024, the stocks of Vedanta, IREDA, IRCON, Gujarat State Fertilizers and Chemicals, and JK Tyre and Industries are anticipated to continue making headlines.

Yoga

Vedanta said that the mining activities at its iron ore mill in Chitradurga, Karnataka, had been lifted from suspension.

The company filed a filing with the BSE stating that the earlier order of suspension of mining operations under Rule 11(2) of the Mineral Conservation and Development Rules, 2017 with respect to its A. Narrain Iron Ore Mine had been revoked by the Office of the Regional Controller of Mines through an order dated May 21, 2024.

IREDA

The Indian Renewable Energy Development Agency (IREDA) is considering both perpetual debt and a follow-on public offer (FPO) in order to fund its future capital needs and continue financing for renewable energy. Chairman and managing director of the state-owned non-banking financing business Pradip Kumar Das said that the company is preparing an FPO in addition to perpetual debt to cover its future capital needs.

IRCON

In its Q4 results for 2023, IRCON International Ltd. reported a 15.1% increase in profit after tax, coming in at Rs. 285.68 crore, as opposed to Rs. 248.18 crore in PAT for the same quarter in the 2022–2023 fiscal year. The company’s overall sales climbed slightly by 0.6% to Rs 3,796.59 crore from Rs 3,773.97 crore, while its profit after tax jumped by 21.5% to Rs 930 crore.

Gujarat State Chemicals and Fertilizers

Gujarat State Fertilizers and Chemicals (GSFCL) released the Q4 2023–2024 results. Its combined net profit dropped precipitously by 89% to Rs 24.43 crore. According to the company’s regulatory filing, the January–March quarter of 2023–24 had a 16.34% decline in total revenue, or Rs 2,017.46 crore.

According to GSFCL, “external headwinds in both the fertilisers and industrial products segments made FY23–24 a challenging year for the company.”

JK Industries & Tires

In its Q4 Results for 2023–2024 announcement on Tuesday, JK Tyre & Industries reported a 54% rise in consolidated net profit of Rs 172 crore. The tire manufacturer said that, in comparison to the same time last year, its overall revenue grew to Rs 3,714 crore for the most recent quarter.

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