 "Stocks to Watch: RIL, ICICI Bank, Paytm, IGL, Biocon, YES Bank, Cyient DLM")
Equity benchmark indices are staring at a muted start on Monday as global investors look forward to US Fed's interest rate decision this week alongside the earnings season. At 7:30 am, the Gift Nifty was down 40 points, quoting at 19,730 levels.
Asia-pacific markets were mixed this morning. Key indices Nikkei 225, the S&P 200, and Topix indices rose up to 0.9 per cent.
In the US on Friday, the Dow Jones and the S&P 500 indices gained marginally. NASDAQ Composite, on the contrary, slipped 0.2 per cent.
Meanwhile, here are some stocks to watch out in trade today:
Q1 results today: Tata Steel, HDFC AMC, Canara Bank, IDBI Bank, TVS Motor, JK Paper, Mahindra Logistics, Sharda Cropchem, Shoppers Stop, SRF, among others.
Reliance Industries: Reliance Industries Ltd (RIL) on Friday reported a 10.8 per cent dip in its net profit for the June quarter (Q1FY24) owing to weak profitability seen in the oil-to-chemicals (O2C) business. However, RIL’s telecom and retail businesses aided profitability, with an additional big push from a surge in other income. For Q1FY24, RIL’s consolidated net profit was Rs 16,011 crore. Revenue from operations for the same period was reported at Rs 2.07 trillion, down 5.2 per cent on a year-on-year (YoY) basis. READ
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ICICI Bank: The country’s second-largest private sector lender – reported 39.7 per cent year-on-year (YoY) growth in its net profit to Rs 9,648 crore for the April-June period – a record high – due to healthy growth in the core business. Net interest income (NII) increased by 38 per cent year-on-year to Rs 18,227 crore while non-interest income excluding treasury gains, increased by 12 per cent year-on-year to Rs 5,183 crore. READ
Kotak Mahindra Bank: The lender on Saturday reported a consolidated net profit of Rs 4,150 crore for the April-June quarter of 2023-24 (Q1FY24) – a growth of 51 per cent over the same period last year. On a standalone basis, it reported a net profit of Rs 3,452 crore in Q1FY24, up 67 per cent year-on-year (YoY) from Rs 2,071 crore in Q1FY22, aided by improvement in net interest margins (NIMs). READ
Paytm: One97 Communications, which operates under the Paytm brand, on Friday reported a narrowing of loss to Rs 358.4 crore for Q1. The company had posted a loss of Rs 645.4 crore in the same period a year ago. The revenue from operations of the company increased by 39.4 per cent to Rs 2,341.6 crore during the reported quarter from Rs 1,679.6 crore in the June 2022 quarter.
Adani group shares: The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. READ
DLF: The real estate major reported a 12.2 per cent year-on-year growth in consolidated profit at Rs 528 crore despite a weak operating margin. Revenue declined 1.3 per cent on-year to Rs 1,423.2 crore for the quarter with new sales bookings at Rs 2,040 crore.
Cyient DLM: The firm reported 15 per cent YoY fall in its profit to Rs 5.4 crore for Q1FY24. Revenue grew 27.6 per cent year-on-year to Rs 217.15 crore for the quarter with an order backlog of Rs 2,499.7 crore.
AU Small Finance Bank: AU Small Finance Bank on Saturday reported a 44 per cent rise in net profit at Rs 387 crore in the June quarter helped by growth in interest income. The Jaipur-based lender had posted a net profit of Rs 268 crore in the year-ago period. READ
Yes Bank: The lender reported a 10 per cent year-on-year (YoY) growth in net profit at Rs 342.5 crore for the quarter ended June 30, as compared to Rs 311 crore during the same period of last year. Profit growth was muted due to 106.2 per cent rise in provisions to Rs 360 crore. READ
RBL Bank: Private sector lender RBL Bank on Saturday reported a 43 per cent jump in its June quarter net profit at Rs 288 crore, helped by core income growth. The city-based lender reported a 21 per cent jump in the core net interest income at Rs 1,246 crore on the back of a 21 per cent growth in advances and a 0.48 per cent expansion in net interest margin (NIM) to 4.84 per cent. READ
Indraprastha Gas: IGL reported a 4 per cent YoY growth in its net profit to Rs 438.5 crore for the first quarter of the fiscal year 2023-24. Sequentially, the net profit jumped by 32.9 per cent. The company reported YoY revenue growth of 7 per cent to Rs 3,406.98 crore.
Lupin: The company has received tentative approval from the US FDA under the US President's Emergency Plan for AIDS Relief (PEPFAR) for its new drug application for Dolutegravir Lamivudine and Tenofovir Alafenamide tablets.
Biocon: The US FDA conducted two GMP inspections at Biocon’s insulins manufacturing facility in Malaysia during July 10-20. The US health regulator issued a Form 483 with six observations for drug substance, drug product units and quality control laboratories as well as two observations for the delivery devices unit.
Power Finance Corporation: The company has signed a memorandum of understanding worth Rs 2.37 lakh crore with 20 companies, both public and private, in the clean energy segment. The company inked these MoUs with Adani Group, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure, and Rajasthan Renewable Energy, among others.
Aurobindo Pharma: The US FDA has issued Form 483 with three observations after inspecting the company's facility in Bachupally Village in Telangana. These observations are procedural in nature, and the company said it will respond within the stipulated timelines.