Crude oil continues to climb
- The price of crude oil is on a rise for the fourth month in a row. The price rise is supported by a unique situation wherein the demand outlook is improving as vaccine rollout gathers pace across the world.
- The supply, on the other hand, is under control as the OPEC+ nations continue to maintain output cuts. Crude oil has risen over 10% this month.
Mrs Bectors posts robust profit growth
- The company that recently went public has reported an 86% YoY growth in its profit after tax to ₹21 crore during Q3. Its revenues grew 11% YoY to ₹226 crore.
- Its bread-bakery and biscuit exports grew 38% and 21% YoY, respectively, helping overall revenue growth. The institutional bakery sales fell 32% YoY due to Covid-19 restrictions. However, sales are picking up as restaurants have opened after the relaxation of restrictions. The stock closed almost flat (-0.2%) today.
Affle gains after strong quarter
- The mobile-marketing services provider reported a 59% surge in revenue from operations in Q3 at ₹150 crore. Meanwhile, profit after tax grew 49% to about ₹30 crore.
- While the average cost per converted user (CPCU) remained broadly constant over the year, it saw a 50% YoY jump in the number of converted users to 30 million users. The stock gained nearly 3% today.
Gujarat Gas soars on impressive Q3
- The Ahmedabad-based gas distributor nearly doubled its Q3 profits year-on-year to ₹392 crore. Revenues rose about 13% to ₹2,885 crore supported by a 23% YoY growth in gas sales volumes.
- Improvement in sales, lower gas cost and reduction in finance costs led to the surge in profitability. Following the result, the stock closed with gains of nearly 14%, supported by strong volumes.