Stocks to track in trade today: Zee Entertainment, HAL, Phoenix Mills Indiabulls Real Estate, Dilip Buildcon


Stocks to track in trade today: Zee Entertainment, HAL, Phoenix Mills Indiabulls Real Estate, Dilip Buildcon


Stocks to track in trade today: Zee Entertainment, HAL, Phoenix Mills Indiabulls Real Estate, Dilip Buildcon &nbsp | &nbspPhoto Credit:&nbspBCCL

Key Highlights

  • Zee Entertainment profits declined by 95%; Ad revenue growth hit due to Covid-19
  • Phoenix Mills launches QIP to raise Rs 1,100 crore
  • Indiabulls Real Estate, Embassy Group finalise merger terms, share swap

Zee Entertainment 

 

Zee reported a weak set of Q1 FY21 earnings. The profits and operational performance was well below estimates. Profit for the quarter came in at a mere Rs 29 crore down 95% YoY. Revenues were in-line at Rs 1,312 crore down 35% YoY. The weak operating leverage hurt EBITDA which came in at Rs 107.6 crore down 85% YoY and margins missed the mark significantly at 8.2% vs 36.2% YoY. The advertisement revenue growth was hit due to cut in ad spends at Rs 421 crore down 65% YoY and monetization was really weak in Apr-May leading to a decline in domestic advertising revenues. 

HAL 

The defence aviation major reported a 1.04%  decline in profits to Rs 1,226.01 crore for the first quarter as against Rs 1,238.93-crore profits recorded in the same period last year. The company’s revenue was lower by 1.18% to Rs 10,399.28 crore as against Rs 10,277.59 crore in the same period last year. The company said impact due to Covid-19 will be minimal as a major portion of the group’s revenue is generated from defence service. 

UFLEX 

The company reported a 2 fold jump in the profits to Rs 196.5 crore for Q1FY21. The company had posted a net profit of Rs 91 crore for the same period last year. The revenue from operations remained flat at Rs 1,949 crore. The company said due to the pandemic, consumption trends have witnessed a shift and flexible packaging has gained much more importance especially because of the hazards attached to non-packaged products. This resulted in higher production and sales volume. 

Phoenix Mills  

Phoenix Mills launches QIP to raise Rs 1,100 crore. The QIP indicative price is set at Rs 611.3 per share which is at a discount of 6.38% to the last closing price. The QIP launch implies a dilution of 11.85% of pre-issue outstanding equity share capital. 

Indiabulls Real Estate 

Indiabulls Real Estate, Embassy Group finalise merger terms, share swap. They are to merge their residential and commercial projects across markets. The joint entity’s new promoter, Jitendra Virwani, chairman of the Embassy Group. The joint entity to have 30 projects spread across major Tier I and a few Tier II cities of India. The Joint entity to be renamed as “Embassy Developments”. The Joint entity will Possess launched/planned area totalling to 80.8 Mn Sq. Ft. and the mix will be 47% residential, & 53% commercial assets. The planned commercial projects with annual rent potential of Rs 4,241 crore.

Dilip Buildcon 

Dilip Buildcon’s joint venture with HCC won construction order for Uttarakhand project at a cost of Rs 1,335 crore from Rail Vikas Nigam.



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