Market Highlights: Sensex jumps 600 pts, Nifty adds 180 pts; L&T, Axis Bank shine

Indian shares rose almost a per cent on Monday tracking gains in Asian peers as markets priced in earlier interest rate cuts in the United States and Europe. Better-than-expected quarterly reports also kept investor sentiments up.

The NSE Nifty 50 index added 180 pts to end at 19,411, while the S&P BSE Sensex rose almost 600 pts to end below 65,000, at 64,958. Thirteen of the 15 broad-based Nifty sectoral indices registered gains in today's session.

Eicher Motors, Axis Bank and L&T were among the top gainers in today's session, while HUL, SBI and Cipla shed around half a per cent each.

PSU Bank and Consumer Durables remained the only sectoral indices to have ended in the red. Energy, Metal, Private Bank and Realty were among the top sectoral climbers.

Asian shares advanced on Monday following Wall Street gains last week that were buoyed by hopes for early interest rate cuts.

Japan's Nikkei share average closed at a more than one-month high tracking a Wall Street rally in the previous session, with chip-related stocks leading the charge. The Nikkei index jumped 2.37%. The broader Topix rose 1.64%.

South Korean shares posted their best session since early 2020 as they rallied 5.6%, as authorities re-imposed a ban on short-selling through the first half of 2024 to promote a "level playing field".

China stocks hit a two-week high and Hong Kong shares also climbed as Beijing stepped up efforts to stabilise its markets, while hopes of early interest rate cuts by global central banks also helped boost sentiment.

China's blue-chip CSI300 Index closed up 1.4%, while the Shanghai Composite Index ended 0.9% higher. Hong Kong's stock benchmark Hang Seng Index jumped 1.7%.

European shares were subdued after the benchmark index posted its biggest weekly jump since March, while Ryanair hit a one-month high following record annual profit.

UK's FTSE 100 started the week on a positive note, helped by a surge in aerospace and defence stocks, while investors awaited economic data to assess the strength of the British economy.

Borosil Renewables on Monday posted a 25 per cent rise in its consolidated net profit to ₹30.47 crore during September 2023 quarter, pushed by higher income.

It had clocked a net profit of ₹24.19 crore during the July-September period of preceding 2022-23 fiscal, the company said in a BSE filing.

The company's total income surged to ₹406.31 crore from ₹171.37 crore in the year-ago quarter.

Its expenses were at ₹409.74 crore, higher from ₹138.55 crore in same period of last financial year. (PTI)

Mufin Green Finance shares have emerged as one of the notable BSE stocks, offering exceptional returns to its shareholders in 2023. Throughout the year-to-date period, this multibagger stock has surged from approximately ₹39 per share to the current level of ₹135.65, delivering a remarkable return of 250% to its long-term shareholders. Despite this significant growth, it appears that the NBFC stock still holds potential for further advancement.

Today, the multibagger stock opened on a positive note, reaching an intraday high of ₹135.65 per share and achieving a new all-time peak during Monday's trading session. (Read More)

The buildings, factories and transportation infrastructure businesses of L&T Construction have secured a project from GMR Visakhapatnam International Airport Limited for the construction of the greenfield Bhogapuram International Airport at Bhogapuram in Andhra Pradesh.

The project cost is estimated to be in the ₹2,500-5,000 crore range, the multinational company said in a release on Monday.

The project will initially be developed to handle 6 million passengers per year, with capacity to be further enhanced to a capacity of 12 MPA. (ANI)

Inox Wind Ltd gained more than 11% in intraday trades on Monday scaling 52-week highs. The move was propelled NTPC Renewable Energy Ltd. (NTPC REL), the customer of Inox Wind Ltd announcing the successful commissioning of 50 MW out of 150 MW Dayapar Wind Energy Project Phase-I in Gujarat.

Inox Wind has supplied and installed the Wind Turbine Generators (WTGs) with 113-meter rotor diameter and 92m hub height, Further Inox Wind’s subsidiary Inox Green Energy Services Ltd, will provide comprehensive O&M (operations and maintenance) services for the lifetime of the project (25 years). (Read More0

The downturn in euro zone business activity accelerated last month as demand in the dominant services industry weakened further, a survey showed on Monday, suggesting there is a growing chance of a recession in the 20-country currency union.

The economy contracted 0.1% last quarter, official data has shown, and Monday's final Composite Purchasing Managers' Index (PMI) for October indicated the bloc entered this quarter on the back foot.

HCOB's PMI, compiled by S&P Global and seen as a good guide of overall economic health, fell to 46.5 in October from September's 47.2, its lowest reading since November 2020 when COVID-19 restrictions were tightened on much of the continent. (Reuters)

KKR & Co Inc, a private equity firm, amassed $2.8 billion following completion of the raise of its second global impact fund dedicated to investments that advance sustainability and social equity, reported Reuters.

Ken Mehlman and Robert Antablin who are the fund's co-heads, in an interview with Reuters said the firm attracted commitments from investors for more than double its first $1.3 billion impact fund raised in 2020. They stated that more opportunities to deploy capital led to this outcome. (Read More)

Knight Frank India's report titled 'India Warehousing Market Report – H1 FY 2024' cited that warehouse leasing or transactions across primary eight markets of India was recorded at ~23 mn sq ft in H1 FY 2024 (April – September 2023). 53% of these transactions occurred in Grade A spaces during the current analysis period.

While occupier sentiments continue to be strong, traction in the warehousing market has taken a pause in the first half of FY 2024 (April to September 2023). The 23 mn sq ft transacted in H1 FY 2024 represents a 10% drop in transacted volume compared to half-yearly volumes in FY 2023 (10% less than half the volume transacted in FY 2023).

Transaction activity was well distributed across markets. Pune, the leading market, accounted for 19% of the total warehousing volume, driven primarily by the automotive industry. Mumbai was the second most prolific market, representing 16% of the total warehousing area transacted during the period, with the 3PL sector as a significant contributor.

Key HIghlights:

• Manufacturing sector demand upswing continues, takes up almost half of transacted volume
• Rental growth observed across markets

Ramp up in capacities and price hike to aid margins

Sagar Cements Limited (SCL), established in 1985, is a south India based cement manufacturer with a capacity of ~10.5MT (South-8.1MT, Central- 1MT, East-1.5MT). SCL has a total captive power capacity of 66.85MW.

We maintain our Accumulate rating with a target price of Rs. 274, considering the expected improvement in utilisation and margin

Q2FY24 revenue grew by 24%YoY, mainly due to volume improvement (27%YoY) aided by new capacities.

Higher utilization and lower input prices supported operating profit to increase to Rs.60cr vs. Rs. 6cr YoY.

Net loss narrowed to Rs.11cr vs. Rs.42cr YoY. Margin improvement to continue in the coming quarters owing to better volume growth from the new capacities and the recent price hike.

Newly acquired, Andhra Cement’s grinding unit (2.25MT) was operationalized in April, while clearance of land monetization of 107 acres (part of the acquisition) is expected to be completed in ~15 months (Rs.4 crore per acre).

SCL has guided for an EBITDA/ton of Rs.800 for FY24 (Rs.314 in FY23). We expect revenue/PAT to grow at a 22%/120% CAGR over FY23-25E and value SCL on SoTP basis, with cement business at ~9x FY25E EV/EBITDA.

Indian consumer good company Zydus Wellness reported a more than 30% drop in second-quarter net profit on Monday due to a one-off deferred tax expense.

The maker of Glucon-D energy drink and Complan health drink, posted a net profit of 59 million rupees ($709,134.62) for the quarter ended Sept. 30, as it flagged a deferred tax of 27 million rupees.

However, it reported a 4.9% rise in profit excluding tax expenses at 86 million rupees.

Analysts had expected gross margins for most consumer good companies to expand year-on-year during the July-September quarter due to a moderation in prices of some raw materials.

The Ahmedabad-based company said its raw materials cost, which includes commodities such as milk, refined palm oil and aspartame, dropped 13.2% to 1.82 billion rupees. (Reuters)

India's central bank could restart its rate increases if Brent crude oil rises and stays above $110 per barrel, widening the country's current account deficit and hurting the rupee, Morgan Stanley said in a note on Sunday.

"Sustained higher oil prices would... mean that the current account deficit would likely widen to beyond 2.5% of GDP - the comfort zone," economists at Morgan Stanley said.

Morgan Stanley estimates that every $10 rise in oil prices pushes up India's inflation by 50 basis points, assuming the higher costs are passed on to consumers, and widens the current account deficit by 30 basis points.

India's interest rate-setting panel hiked the policy repo rate by 250 basis points between May 2022 and February 2023 to combat inflationary pressures in the economy. (Reuters)

Public sector banks continued their impressive performance in the September quarter. This was primarily due to an increase in the net interest income, significant growth in advances, expanded net interest margins, and a decrease in provisions.

The combined profit of 12 Indian public sector banks (PSBs) in Q2FY24 jumped 31% to ₹33,643 crore as compared to ₹25,684 crore recorded in the same period of last year. Looking at the H1FY24 performance, the 12 PSU lenders posted a net profit of ₹68,061 crore, an increase of 66% over H1FY23's net profit of ₹40,991 crore. (Read More)

Adani Group is looking to sell its entire stake in Adani Wilmar Ltd, executives familiar with the matter told the Economic Times. The billionaire Gautam Adani-led group holds a 43.97% stake in Adani Wilmar, the company which sells a range of edible oils and food products under the Fortune brand.

As per the newspaper report, Adani Group is in talks with a number of multinational consumer goods companies to exit the joint venture and the deal is expected to close within a month, executives told ET. (Read More)

Zomato share price jumped nearly 5% to touch a 52-week high on Monday's trade after food delivery aggregator platform's Q2 results surpassed the street's expectations on all fronts. The brokerages noted that following two quarters of tapering growth, the food delivery company had a resurgence in growth. Blinkit led this shift and also outperformed, with revenue growth driven by robust order volume. Zomato share price today opened at ₹119.60 apiece on the BSE. (Read More)

Tokyo stocks ended sharply higher Monday after Wall Street rallied following slower jobs and wage growth data that reduced expectations of further US interest rate hikes.

The benchmark Nikkei 225 index was up 2.37 percent, or 758.59 points, to end at 32,708.48, while the broader Topix index added 1.64 percent, or 38.07 points, to 2,360.46.

The dollar stood at 149.50 yen, against 149.37 yen late Friday in New York, where the dollar eased against its major peers, including the yen. (AFP)

Ant Group has received Chinese government approval to release products powered by its "Bailing" artificial intelligence (AI) large language model to the public, a spokesperson for the Chinese firm said on Monday.

Unlike other countries, China requires companies to submit security assessments and receive clearance before releasing AI products to the public.

Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India: The introduction of the amnesty scheme is a welcome move giving a sigh of relief to taxpayers who had exhausted the statutory time limit to file appeals. The benefit is available upon payment of additional pre-deposit (of 2.5% of the Tax in Dispute through Electronic Cash Ledger) which may cause hardships to taxpayers in settlement of disputes for the past period. Appeals can now be filed against orders involving tax liability along with interest and penalty but not against orders involving merely interest, fine, and/or penalty.

Google on Monday will try to protect a lucrative piece of its internet empire at the same time it's still entangled in the biggest US antitrust trial in a quarter century.

The latest threat will unfold in a San Francisco federal court, where a 10-person jury will decide whether Google's digital payment processing system in the Play Store that distributes apps for phones running on its Android software has been illegally driving up prices for consumers and developers.

The trial before US District Judge James Donato is scheduled to last until just before Christmas and include testimony from longtime Google executive Sundar Pichai, who is now CEO of the company's parent, Alphabet Inc.

Pichai recently took the witness stand in Washington DC during an antitrust trial pitting Google's long-running dominance of internet search against the US Justice Department's attempt to undercut it on the grounds the the company has been abusing its power to stifle competition and innovation.

The case targeting Google's Play Store is being brought by Epic Games, the maker of the popular Fortnite video game, which lost in a similar 2021 trial focused on many of the same issues in Apple's iPhone app store. (PTI)

The Indian rupee strengthened on Monday after the U.S. treasury yields fell and the dollar ceded ground on bets that the U.S. Federal Reserve is likely done hiking rates in the current cycle.

The rupee was at 83.1850 against the U.S. dollar as of 10:40 a.m. IST, compared with its close at 83.2850 in the previous session.

Asian currencies were up sharply, led by the Malaysian ringgit and Korean won, but the rupee was a laggard amid persistent U.S. dollar demand from importers, traders said. (Reuters)

M.R. Kumar, Former Chairman, LIC of India said, “Climate change will significantly impact the insurance industry with higher severity of cat losses, inadequacy of property coverages, and higher business interruption losses. India is one of the most vulnerable countries to climate-induced flooding and heat stress. The city of Mumbai could suffer economic damages of USD 49 to 50 billion by 2050 due to sea level rise. Insurers must integrate both physical and transition risks and find ways to manage them effectively. Policymakers may need to require insurers to extend coverage where economically unfeasible."

Prof. (Dr.) Abhijit K. Chattoraj, a Chartered Insurer and the Dean of SWSS; Professor & Chairperson of PGDM-IBM at BIMTECH, emphasized the importance of a net zero transition in underwriting while moderating the first session…. Property and casualty underwriters must strategically work to seize the growth opportunities resulting from this transition. Underwriters must adjust their portfolio to minimize their carbon footprint.”

In early trading on Monday, shares of Data Patterns (India), a prominent defense electronics firm in the country, surged by nearly 6% to reach ₹2,031.35 per share, fueled by a strong performance in Q2FY24.

Notably, the company's net profit during the September quarter witnessed a significant 61% rise, amounting to ₹33.79 crore compared to the previous year's Q2 net profit of ₹21.05 crore. Furthermore, the total revenue for Q2 displayed a notable increase, growing by 32% to touch ₹108 crore, up from the previous year's Q2 revenue of ₹88 crore. (Read More)

Retail vehicle sales across India declined around 8 per cent year-on-year in the festive month of October, data released by the Federation of Automobile Dealers Associations (FADA) showed on Monday.

The first half of October 2023, marked by the Shraddh period when people largely stay away from big-ticket purchases, saw an 8 per cent YoY decline in vehicle sales, which has likely suppressed the overall monthly figures.

On a month-on-month, automobile sales though rose 12.5 per cent, data showed.

Here is a table detailing the retail sales figures in various vehicle segments in the month of October.

With ongoing festivities, all automotive categories, however, experienced momentum on a monthly basis. Two-wheelers (2W), three-wheelers (3W), passenger vehicles (PV), tractors (Trac) and commercial vehicles (CV) grew by 15 per cent, 2 per cent, 7 per cent, 15 per cent and 10 per cent respectively on a MoM basis, FADA data showed. (ANI)

KK Shah Hospitals listing date: KK Shah Hospitals shares made a stellar debut on BSE SME today. On BSE SME, KK Shah Hospitals share price today was listed at ₹56.10 per share, 24.67% higher than the issue price of ₹45.

The Cello World IPO was successfully listed on the bourses on Monday with a notable premium. On the NSE, Cello World's share price debuted at ₹829 per share, reflecting a substantial 27.9% increase from the issue price of ₹648. Similarly, the share price on the BSE was listed at ₹831.

The IPO subscription period for Cello World commenced on Monday, October 30, and concluded on Wednesday, November 1. (Read More)

Today, a handful of major companies will be releasing their Q2 results, including Bajaj Electricals Ltd, Nykaa, HPCL, Divi's Laboratories, Max Healthcare Institute Ltd, Radico Khaitan Ltd, and many more. Approximately 249 companies will release their September quarter results today. (Read More)

Mamaearth IPO share allotment was finalised over the weekend. The investors applied for the issue could check the Mamaearth IPO allotment status in the registrar's portal, which is Kfin Technologies Ltd. The refund process is likely to have begun. As the company has switched to T+3 norms, the Mamaearth listing date has been fixed for Tuesday, November 7 on NSE and BSE. Honasa Consumer IPO GMP or grey market premium is +31, similar to the previous session. (Read More)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The ability of stock markets to climb walls of worries is manifesting clearly in these troubled times. Buy on dips strategy has worked well for investors with risk appetite. The market construct now is favourable for the bulls despite the uncertainty surrounding the Israel-Hamas conflict. The sharp decline in the U.S. 10-year bond yield from the October high of 5% to 4.58% now is the strongest tailwind for the market. The decline in the dollar index to 105.2, correction in Brent crude to $85 and gold declining to $1988 are indications of a risk-on in markets. The short strategy of FIIs haven’t worked and they are likely to turn buyers soon.

Even though the Small cap index is showing resilience, valuation comfort and safety are in large caps. Financials and automobiles are on a strong wicket. For IT, momentum is in mid-caps.

Today marks the launch of the initial public offering (IPO) of Protean eGov Technologies Limited in the primary market, with the bidding window open until November 8, 2023. The book build issue is set within a price range of ₹752 to ₹792 per equity share. The company's goal is to generate ₹490.33 crore from the public offer, which is entirely an offer for sale (OFS).

Additionally, shares of Protean eGov Technologies Ltd are currently tradable in the grey market. Market observers have indicated that these shares are trading at a premium of ₹180 in the grey market today. (Read More)

Adani Group's flagship Mundra Port has set another record by handling 16.1 million tonnes of cargo in October, the highest-ever volume by any port in India, the conglomerate said in a release.

It is the largest port in the country with 102 MMT of cargo handled so far this year with a good 9 per cent year-on-year growth. The port crossed the 100 MMT mark in 210 days, surpassing the record of 231 days last year.

Mundra witnessed double-digit growth on a YoY basis for containers and liquids and gas, the press release issued Sunday said.

Further, it achieved another milestone of handling 4.2 million twenty-foot equivalents (TEUs) of containers in just 203 days, a feat achieved in 225 days in the previous financial year. (ANI)

On Monday, November 6, there will be significant attention on Mankind Pharma's share price, as the lock-in period for shareholders is set to end. This development will unlock approximately 70% of the outstanding Mankind Pharma shares, making them eligible for trading.

According to data from Nuvama Alternative and Quantitative Research, more than 28 crore Mankind Pharma shares are expected to become available for trading following the conclusion of the lock-in period.

Investors should anticipate heightened trading volumes for Mankind Pharma shares when the stock market opens today. (Read More)

Mandar Bhojane, Research Analyst, Choice Broking: On November 6, the benchmark Sensex and Nifty are expected to open slightly higher based on trends in the GIFT Nifty, suggesting a positive start for the broader index with an anticipated gain of 15 points.

On November 3, the BSE Sensex exhibited a notable upswing, surging by 283 points to achieve a level of 64,364, while the Nifty50 also posted gains, rising by 97 points to reach 19,231. Notably, the daily charts for the Nifty50 featured a Spinning Top candlestick pattern, signaling a state of uncertainty and hesitation among market participants, both buyers and sellers, regarding the direction of future market trends.

The Nifty index is likely to experience a trading range between 19,000 and 19,300, with a slight inclination toward sideways to mildly positive movements. If the index manages to break decisively above the upper limit of this range, it could open the path for further advances towards the 19,500 level. Conversely, if it sustains a decline below the significant psychological support at 19,000, it may trigger increased selling pressure, potentially leading to a decline to the 18,800-18,700 range.

In the case of the BankNifty, the daily chart shows the formation of three consecutive doji candles at the bottom, which is often considered a sign of a potential reversal. The 50-day exponential moving average (EMA) is located near the 44,000 level, which could act as resistance. On the flip side, the 43,000 level is expected to provide support for the BankNifty. In the interim, the price is likely to remain within a sideways trading range.

South Korean stocks surged after regulators reimposed a full ban on short-selling for about eight months, a controversial move that authorities said was needed to stop illegal use of a trading tactic deployed regularly by hedge funds and other investors around the world.

The ban may help appeal to retail investors who have complained about the impact of shorting — the selling of borrowed shares by institutional investors — ahead of elections in April. However, it could deter some foreign investors and hold back MSCI Inc. from upgrading Korean equities to developed market from emerging status.

The benchmark Kospi jumped as much as 4%, the most since January 2021, leading gains among major regional gauges in Asia on Monday. (Bloomberg)

Cybersecurity has become an extremely important issue in today's world. The proliferation of technology has increased the number of cyber threats and data breach incidents across the globe. These threats may manifest as viruses, malware, phishing attacks, and more.

A recent report by US-based cybersecurity firm Security has claimed that the identifiable information of about 815 million which is 81.5 crore Indians has been leaked on the dark web. The data including names, phone numbers, addresses, Aadhaar, and passport information are for sale online. (Read More)

L&T on Friday said it will sell its 100 per cent stake in subsidiary L&T Infrastructure Engineering Ltd (LTIEL) to a French entity.

This transaction aligns with the company's commitment to focus on its core businesses and assets.

"L&T...has announced the divestment of its 100 per cent stake in L&T Infrastructure Engineering Ltd ," the company said in a statement.

LTIEL is a provider of standalone engineering consultancy services for the infrastructure sector.

The stake will be acquired by STUP Consultants Pvt Ltd, a subsidiary of Assystem SA of France.

The transaction, which is subject to meeting certain conditions, is likely to be completed before January 15, next year. (PTI)

PB Fintech, the parent company of Policybazaar, disclosed its financial performance for the second quarter of fiscal year 2023-24 (Q2FY24) on November 4. The company reported a notable reduction in net loss, which amounted to ₹21 crore, marking an 89% decrease from the previous year's net loss of ₹187 crore.

Furthermore, PB Fintech experienced a significant 42% year-on-year growth in overall revenue from operations, reaching ₹812 crore. Additionally, the adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved to 2%, a marked enhancement from the -9% reported in the corresponding period last year. (Read More)

Zomato posted its second straight quarterly profit on Friday, an unexpected result that was driven by higher food delivery orders that the company expects will be even higher in the ongoing festive season.

Net profit came in at 360 million rupees ($4.3 million) in the second quarter ended Sept. 30, beating analysts' expectations of a loss of 201.7 million rupees, according to LSEG. It had reported a loss last year.

Gross order value (GOV) - the total value of all food delivery orders placed - for the foods business grew 20%, led by higher orders and as customers with the paid "Gold" subscription used the service more frequently. (Reuters)

The stock market opening today will place particular emphasis on Colgate-Palmolive (India) Ltd, IRB Infrastructure Developers Ltd, MPS Ltd, and Shriram Finance Ltd.

The boards of these companies have declared dividends for their eligible shareholders. Specifically, Colgate-Palmolive (India) has announced an interim dividend of ₹22 per share (2200%), IRB Infrastructure Developers has declared a ₹0.10 per share (10%) interim dividend, MPS Ltd has declared a ₹30 per share (300%) interim dividend, and Shriram Finance has announced a ₹20 per share (200%) interim dividend. (Read More)

The fourth phase of the Graded Response Action Plan (GRAP)was implemented in the national capital to control worsening air quality on Sunday. Under the fourth phase of the emergency pollution control plan, the government instructed 50% of its employees to work from home, reported PTI.

For the strict implementation of GRAP-4, the entry of all polluting trucks, and commercial four-wheelers was banned in Delhi on Sunday. Only CNG, electric, and BS VI vehicles from other states are allowed to operate. (Read More)

• SBI: SBI reported an 8% year-on-year increase in net profit, reaching ₹14,330 crore. The net interest income rose by 12.3%, amounting to ₹39,500 crore.
• Cello World: Cello World is expected to debut with a 22-25% premium, with an anticipated stock opening range between ₹790 and ₹810, surpassing the offer price of ₹648.
• IndiGo: IndiGo is facing aircraft grounding issues, with around 40 planes currently grounded. Mitigating measures include wet leases and acquiring planes from the secondary market.
• Bank of Baroda: Bank of Baroda's net profit surged by 28.4% to ₹4,252.9 crore, attributed to substantial loan growth. Its net interest income grew by 6.5% to ₹10,830.70 crore.
• L&T: L&T is divesting its stake in LTIEL to STUP Consultants Private Limited, focusing on its core business.
• JSW Infra: JSW Infra reported a significant rise of 85% in net profit, amounting to ₹256 crore, with a 25% growth in revenue from operations to ₹895 crore.
• IDFC First Bank: IDFC First Bank witnessed a 51% decline in net profit, totaling ₹21.65 crore, and a 43% drop in revenue from operations to ₹33.17 crore.
• Vedanta: Vedanta Group is in advanced talks to secure a $1.25 billion private loan at an interest rate between 18 and 20% to address its debt restructuring.
• Adani Ports: Adani Ports reported a 48% growth in cargo handling at its seaports, handling about 37 million metric tons of total cargo, including Haifa Port's 1.1 MMT.
• Zomato: Zomato Ltd achieved a second consecutive profitable quarter, with a net profit of ₹36 crore and a 71% revenue growth to ₹2,848 crore, owing to strong festive season spending. (Read More)

Bank of Baroda, as per its financial results announced on November 4, recorded a significant surge in net profit during the second quarter of fiscal year 2023-24 (Q2FY24). The net profit stood at ₹4,252.9 crore, reflecting a remarkable increase of 28.4% compared to the corresponding period last year. This impressive growth was attributed to robust loan expansion.

Moreover, the public sector lender observed a 6.5% year-on-year increase in net interest income (NII) during the reviewed quarter. The NII amounted to ₹10,830.70 crore, surpassing the previous year's figure of ₹10,174.5 crore. (Read More)