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“If you look at the total PCPL portfolio, I think we have got a significant opportunity to restructure and clean up. As part of this, the latest thing that we have announced is the cleanup of the international and Indian legal listed entities. From 43 entities, we are moving down to 23 or 25.”

The bonus issue is subject to approval from shareholders of the company at the 38th annual general meeting (AGM), which is slated to be held on August 26, 2022. On July 22, the company had informed the bourses that its board would meet on Wednesday to consider the issue of bonus shares and the proposal was duly approved by the company board.

The 30-share pack Sensex advanced 548 points or nearly 1 per cent to close at 55,816. Its broader peer, Nifty50, added 158 points to close above the 16,600 mark.

The Tamil Nadu based lender reported a 110 per cent rise in net profit during the first quarter of the financial year ended in June 2022 to Rs 229 crore, from Rs 109 crore during the April-June period of 2021-22.Operating profit for the quarter stood at Rs 475 crore, up 15 per cent from Rs 412 crore during Q1 of the previous financial year.

“It will be very difficult for the company to perform at least for two quarters. The component shortages being one aspect, there is also the other issue in terms of their ability to pass on the huge commodity cost increases that we have seen. So unless we find a sharp reduction on the commodity cost side, the performance will continue to remain subdued for two more quarters.”

The Nifty Realty index closed 1.07 per cent up at 437.75.

“The domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter. The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust 4-year compounded growth in volume and value terms.”

Its revenue for the quarter increased by 13 per cent to Rs 2,678.2 crore from Rs 2,379.3 crore a year ago, a USD 1.3 billion multinational firm in security, facility management and cash logistics solutions said in a statement on Wednesday.

Gross and net NPA ratios stood at 1.25 per cent and 0.51 per cent, respectively. The NBFC had reported gross NPA of 2.96 per cent and net NPA of 1.46 per cent in the year-ago quarter.

“In the T3, T4 markets – which are the smaller markets – we have been seeing downgrades happening from the premium and the luxury products to more economic products and to that extent, a small amount of deferment from a category like painting is possible. However, the T1, T2 market including the metro markets have done extremely well and the support of premium and the luxury products from there has been quite good.”