Whalesbook
SBI aur Tata Steel ne kiya kamaal!
Sabse pehle baat karte hain State Bank of India (SBI) ki, jinhone Q3 FY26 mein ₹21,028 Crore ka record profit banaya hai. Yeh pichle saal ke compare mein 24.5% zyada hai. Bank ka credit growth mast chal raha hai, deposits bhi acche hain aur asset quality bhi sudhar rahi hai, jahan Gross NPA 2.15% aur Net NPA 0.39% par hai. Bank ka NIM bhi 3.36% par sahi chal raha hai, haalanki kuch reports mein yeh 3.12% dikh raha hai. SBI ki wealth management arm ka target hai ₹15 lakh Crore AUM by 2030.
Phir aata hai Tata Steel, jinka net profit pichle saal ke muqable 723% badh kar ₹2,689 Crore ho gaya hai Q3 FY26 mein. Iske peeche kaafi strong domestic demand aur kam costs hain, plus Europe mein pichle saal ke write-offs ka bhi fayda mila. Domestic operations mein EBITDA margin lagbhag 23% raha, aur EBITDA per tonne ₹12,000 raha, jo competitors se kaafi better hai. Lekin Europe mein abhi bhi demand aur pricing ka pressure hai.
Revenue badhi par profit mein dikkat?
Kuch companies aisi bhi hain jinki revenue toh badh rahi hai, par margins dabaav mein hain. Jaise Sonata Software ka net profit QoQ 13.1% gir kar ₹104 Crore ho gaya, jabki revenue 45.4% badh kar ₹3,081 Crore ho gayi. Iska reason hai naye labor codes ke karan aane wale incremental past service costs. Inka EBITDA margin bhi 6.5% par aa gaya, jo pehle 8.1% tha. Isi tarah, Oswal Pumps ne profit 14% badha kar ₹91.5 Crore kamaya, revenue 32.2% badhi, par EBITDA margin YoY 25.3% se 31% ho gaya. Matlab operating costs badh gaye. Sarda Energy & Minerals ka net profit 3.55% gir kar ₹190.4 Crore hua aur revenue 3.3% kam hui.
Strategic Moves aur Divestment ki update
Reliance Consumer Products Ltd. (RCPL) ne pehli international acquisition ki hai, Australia ki beverage company Goodness Group Global mein majority stake kharid kar. Yeh new consumer markets mein entry ka signal hai.
IDBI Bank ki divestment process bhi aage badh rahi hai. DIPAM ko shortlisted bidders se financial bids mil gaye hain aur ab woh evaluation mein hain. Fairfax India Holdings bhi contenders mein hai. Sarkar aur LIC milkar 60.72% stake bech rahe hain.
Ek aur badi khabar yeh hai ki Power Finance Corporation (PFC) aur Rural Electrification Corporation (REC) ke boards ne in-principle merger approve kar diya hai. PFC ki market cap ₹1.38 lakh Crore aur REC ki ₹1 lakh Crore ke aas paas hai. Market ne ise mixed tarah se liya, PFC shares thode badhe, REC thoda gira.
Regulatory Storm Clouds
Go Digit General Insurance filhal regulatory scrutiny mein hai. Directorate General of Goods and Services Tax Intelligence (DGGI) ne February 5 aur 6 ko company par search kiya tha. Company ne yeh baat stock exchanges ko batai hai ki yeh Central Goods and Services Tax Act ke under probe hai.
Sector aur Economy ka Context
Indian banking sector apni balance sheets strong kar raha hai. Credit growth bhi theek hai. Steel sector mein domestic demand strong hai, par pricing mein challenges hain. Economy overall grow kar rahi hai, par global uncertainties bani hui hain. Swiggy Instamart ne handling charges phir se lagoo karne shuru kar diye hain.