Results impact: HDFC Bank at new high, RIL down 1%

Reliance Industries has slipped over 1% to Rs 1,072, after the company has posted lower-than-expected net profit growth for the fourth quarter ended March 2010.

On Friday after market hours, the company reported a net profit of Rs 4,710 crore, lower than analyst expectations of around Rs 5,129 crore, even as net sales more than doubled thanks to the merger of Reliance Petroleum with the company.

The stock opened marginally higher over its previous day’s close to Rs 1,091, and has touched low of Rs 1,064 on the BSE so far. Around 206,000 equity shares have changed hands on the counter so far.

HDFC Bank, on the other hand, has moved up 2% to Rs 1,983, and is currently trading at lifetime high. India’s second largest private sector bank, reported 33% jump in net profit to Rs 837 crore for Q4 on Saturday. The bank beat the analyst estimates, on back of rise in credit demand. The stock opened at Rs 1,964 and touched high of Rs 1,998 on the BSE. Around 33,000 equity shares have changed hands on the counter so far.

ICICI Bank, the India’s largest private sector bank, opened 1% higher at Rs 990, but has pared most of its gains and currently trading marginally lower at Rs 974.

The bank had posted a 35% growth in its net profit for the quarter ending March 2010, to Rs 1,006 crore. Profitability was mainly helped by 8% decline in operating expenses, 8% decline in provisions and slower rate of growth in tax outgo.