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PremiumSensex and Nifty closed in the red zone with most of the shedding happening in the last leg as Kotak Bank and ITC dragged the most, while IndusInd Bank and Bajaj Finserv climbed.
Earnings reports and global cues drove the market sentiments but continued buying from FIIs suggests that India still remains in a strong position.
PSU Bank and Realty sectors gained but FMCG and Metal index shed in today's session.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The near-term market trend will be influenced by a host of factors like the recent Q1 results, some major results expected this week and policy decisions like the Fed meeting outcome on Wednesday."
Indian market witnessed a volatile session with Sensex and Nifty ending in losses on Monday.
Most of the market movements were triggered by earning reports; however foreign fund outflows and crude oil prices hovering above USD 80 per barrel weighed on equity markets as traders were awaiting the US Federal Reserve's monetary policy decision to be announced this week.
Sensex shed 300 pts to close at 66,384, while Nifty 50 index shed 79 points to close at 19,666. Six of the 15 broad-based Nifty sectoral indices ended in the green.
Several analysts have been pointing out that any further rally from the current peak seems unlikely as valuations were higher, and that is what seems to have been happening in the past two-odd sessions.
Kotak Mahindra Bank shed more than 3%. ITC and Tech Mahindra were other major draggers. SBI Life and IndusInd Bank jumped more than 2%.
Among sectoral indices, Pharma and PSU Bank gained the most. FMCG shed more than a per cent with Metal and Energy sector also dragging in today's session.
Stocks in Asia had a mixed session at the start of a busy week that will see a wave of central bank decisions as easing bets on policy change in Japan buoyed sentiment.
Japan's Nikkei share average rose for the first time in three days, with automakers rallying amid a weaker yen, as investors pared bets for a hawkish policy tweak from the nation's central bank this week. The Nikkei ended the day up 1.23%. Of the index's 225 components, 198 rose, while 25 fell and two were flat. The broader Topix added 0.84%.
China stocks closed lower on Monday even as measures were announced to spur private investment, while traders looked for policy signals from a Politburo meeting likely happening at the end of this week. Hong Kong shares also fell, dragged by property and tech stocks.
China's blue-chip CSI300 Index closed down 0.4%, while the Shanghai Composite Index lost 0.1%. Hong Kong's benchmark Hang Seng Index was down 2.1%.
European stocks dropped on Monday as investors braced for the busiest week of the earnings season and a series of central bank policy meetings.
British stocks fell at the open with financials leading declines, while shares of Ocado jumped after a deal to settle all litigation claims with Norwegian firm AutoStore.
IDBI Bank reported impressive financial results for the quarter ended June 2023, showcasing significant growth in key indicators. The bank's net profit surged by a sharp 61.9% to reach ₹1,224.2 crore, as compared to ₹756.4 crore in the same quarter of the previous year.
Moreover, IDBI Bank's net interest income (NII) witnessed remarkable growth during the first quarter of FY24, increasing by 60.7% to reach ₹3,997.6 crore, compared to ₹2,487.5 crore in the corresponding period of FY23. This surge in NII indicates an improvement in the bank's core interest income. (Read More)
The government has rejected a USD 1 billion investment proposal of Chinese electric car maker BYD and its Hyderabad-based partner Megha Engineering and Infrastructures Ltd (MEIL) to set up an electric vehicle manufacturing plant, sources said.
Domestic infra major MEIL and BYD's joint venture proposed to set up an electric vehicle (EV) manufacturing plant in Telangana with a joint investment outlay of USD 1 billion (around ₹8,200 crore).
Sources said that the proposal was submitted to the commerce and industry ministry which was circulated for necessary scrutiny and approval from the ministry of heavy industries, the ministry of external affairs and the home ministry.
It was discussed and decided not to approve the proposal, they said. (PTI)
Dodla Dairy's share price experienced a significant surge of over 18% during Monday's trading session, reaching an all-time high. This remarkable increase came on the back of the company's strong financial performance in the first quarter of fiscal year 2023-24 (Q1FY24).
The stock opened at ₹779.95 apiece on the Bombay Stock Exchange (BSE) and reached an intraday high of ₹908.40, with the lowest point at ₹774.35.
As per the company's exchange filing, Dodla Dairy reported a notable 40.3% year-on-year (YoY) rise in its profit after tax (PAT) for the quarter ending in June of fiscal year 2024, amounting to ₹35 crores. Additionally, the company's PAT margins increased by 77 basis points YoY, reaching 4.2% in Q1 FY24. (Read More)
The board of ITC Ltd. has granted in-principle approval for the demerger of its hotels business. As part of this demerger, the company plans to create a wholly-owned subsidiary called ITC Hotels.
“After due consideration, the Board accorded its in-principle approval to the demerger of Hotels Business under a scheme of arrangement, with the Company holding a stake of about 40% in the new entity and the balance shareholding of about 60% to be held directly by the Company’s shareholders proportionate to their shareholding in the Company," ITC said in a regulatory filing. (Read More)
PNB Housing Finance Ltd reported a notable 47.8% year-on-year increase in its consolidated net profit after tax for the first quarter of fiscal year 2023-24 (Q1FY24), amounting to ₹347.32 crore. In the corresponding period of the previous year, the company had recorded a profit of ₹234.96 crore. Moreover, in a sequential comparison with the previous quarter (Q4FY23), the consolidated net profit saw a growth of 24.4% from ₹279.28 crore.
In terms of revenue, PNB Housing Finance exhibited a strong performance, with its consolidated total revenue from operations rising by 21% year-on-year to reach ₹1,707.63 crore in the quarter ended June, compared to ₹1,410.70 crore in Q1FY23. The total income for the first quarter stood at ₹1,707.72 crore, surpassing the ₹1,411.99 crore recorded in the year-ago period. (Read More)
Juniper Green Energy on Monday said it has signed a Memorandum of Understanding (MoU) worth ₹5,000 crore with Power Finance Corp. Ltd. (PFC) to secure funding for its ambitious 1200 MW renewable energy (RE) projects.
The MoU was formalized during the 14th Clean Energy Ministerial (CEM) meeting held on the sidelines of the G20 Summit.
“With the above development Juniper Green Energy is on track to achieve more than 4000 MW of capacity by 2027 with a diversified portfolio of solar, wind and hybrid projects," the company said in a press release. (Read More)
Shares of Servotech Power Systems are one of the multibagger stocks that Indian stock market has delivered in 2023. This multibagger small-cap stock has delivered 430 per cent return in YTD whereas it has given to the tune of 1,350 per cent return to its positional investors in last one year. But, it seems that there is still much steam left in this multibagger small-cap stock. The multibagger stock today opened upside and went on to hit intraday high of ₹171.65 apiece on NSE, hitting 5 per cent upper circuit within few minutes of stock market's opening bell today. This multibagger stock had hit upper circuit on Friday session as well. So, the small-cap stock has hit upper circuit for second straight session. (Read More)
India's ed-tech company, Byju's, has decided to leave its biggest office space in Bengaluru in an effort to reduce expenses and strengthen its financial position due to a delay in receiving funding.
As reported by Moneycontrol citing sources, the company has also relinquished a part of another office space in the same city, according to insiders.
As per the report, Byju's, which had three office spaces in Bengaluru, including the 5.58 lakh square feet property in Kalyani Tech Park, has now vacated this particular location. (Read More)
Vedanta's share price experienced a decline of over 2% during Monday's trading session as the company's financial results for 1FY24 failed to meet the market's expectations, disappointing investors.
In its first-quarter results, Vedanta Limited reported a significant 40% year-on-year (YoY) fall in net consolidated profits, dropping from ₹5,592 crore in the first quarter of the previous fiscal year to ₹3,308 crore in the corresponding period of FY24. The company's sales also witnessed a decline of 13%, going down from ₹38,251 crore in the first quarter of FY23 to ₹33,242 crore in the first quarter of FY24. (Read More)
Canara Bank reported strong financial results for the quarter ended June 2023, showcasing significant growth in key indicators. The bank's net profit surged by 74.8% to reach ₹3,534.8 crore, as compared to ₹2,022 crore in the same quarter of the previous year.
Furthermore, Canara Bank's net interest income (NII), representing the difference between interest earned and interest expended, witnessed a substantial increase of 27.7% year-on-year (YoY), reaching ₹8,665.7 crore during Q1FY24, compared to ₹6,784.7 crore in Q1FY23.
The bank's Pre-provision Operating Profit (PPOP) also showed remarkable growth, rising to ₹7,604.02 crore from ₹6,606.23 crore, YoY. (Read More)
Swiggy, the online food delivery startup, has announced its plan to buy back shares worth $50 million from 2,000 employees. These shares were previously issued to them as part of the company's employee stock option plan (ESOP). The buyback initiative is aimed at rewarding its employees and providing them with the opportunity to cash in on their stock options.
Following this announcement, Swiggy joins the ranks of new-age companies that have shown appreciation to their employees through such reward programs. Flipkart is also among the companies that have taken similar actions to reward their employees this year. (Read More)
GMR Power and Urban Infra Limited (GPUIL) on Monday said its arm GMR Smart Electricity Distribution Company has bagged a ₹7,593-crore smart metering project in Uttar Pradesh.
The project has been secured under the Revamped Distribution Sector Scheme (RDSS) programme of the government of India.
"Subsidiary GMR Smart Electricity Distribution Pvt. Ltd has been awarded a prestigious order worth ₹7,593 crore. The order, received under the DBFOOT (Design, Build, Finance, Own, Operate, and Transfer) model, entails 75.69 lakh prepaid smart meters across two discoms, Dakshinanchal Vidyut Vitran Nigam Limited (DVVNL) and Purvanchal Vidyut Vitaran Nigam Limited (PuVVNL), making it the largest combined package order of its kind," it said. (PTI)
Shree Ram Proteins, a small-cap stock priced below ₹5 on Dalal Street, made headlines as it hit the upper circuit of 5% in trading following news of receiving a significant bulk order. The company received an order to export 63,277 metric tonnes of cotton, which created a positive buzz in the stock market.
As a result of this news, investors showed strong buying interest in the penny stock, leading to a surge in its price. The stock witnessed a flurry of buying activity, and within just a few hours of trade on Friday, there were no sellers available for the stock. (Read More)
NHPC's share price surged by over 5.5% during Monday's trading session, reaching a 52-week high. This significant increase was triggered by the approval received from the Arunachal Pradesh government on Friday for the allocation of two power projects to NHPC.
At the beginning of Monday's trading, NHPC shares opened at ₹47.59 apiece on the Bombay Stock Exchange (BSE). The stock's intraday high was recorded at ₹47.59, while the intraday low was at ₹47.39.
According to an exchange filing by the company, the government of Arunachal Pradesh approved the allocation of the 1,800 MW Kamala project and the 2,000 MW Subansiri Upper Hydro project to NHPC. Prior to this approval, both projects were assigned to private power developers. (Read More)
Oil fell after four weekly gains as traders weighed prospects for another hike from the Federal Reserve against signs of a tighter market.
West Texas Intermediate dropped below $77 a barrel after closing at a three-month high Friday. That upswing was driven by expectations that supply cuts by OPEC would reduce inventories, with International Energy Agency Executive Director Fatih Birol saying at the weekend the market could return to a deficit. (Bloomberg)
Leading paint manufacturing company Akzo Nobel India said the paints and coatings industry in the country is estimated be of the size of ₹one lakh-crore in the next five years.
In its latest annual report, the company said the present size of the paints and coatings industry is around ₹62,000 crore.
The company said the paints and coatings industry encompasses a diverse range of products, with the architectural segment dominating the sector, accounting for 69 per cent on volume basis, and industrial sector the remaining 31 per cent.
The company said in the fiscal 2022-23, the paints and coatings industry experienced a favourable development in the form of softening of raw materials prices from their previous highs.
Raw materials account for 55 per cent to 60 per cent of the total input costs, while price corrections in crude and other essential components resulted in improved margins for the industry, the company said. (PTI)
Yes Bank shares witnessed sell off pressure at higher levels in stock market's opening bell today. Yes Bank share price today opened with an upside gap and went on to hit intraday high of ₹18.45 apiece on NSE, logging around 2.20 per cent intraday rise during early morning deals against its Friday close price of ₹18.05 per share levels. However, profit booking soon triggered and Yes Bank stocks started drifting southwards making intraday low of ₹17.70 apiece on NSE.
The private lender has reported YoY rise in net profit to the tune of 10 per cent in Q1FY24 to ₹342.52 crore against the net profit of ₹310.63 crore in corresponding period in previous financial year. On QoQ basis, the private lender reported a growth of over 69 per cent in net profit against ₹202.43 crore net profit recorded in Q4FY23.
Ramkrishna Forgings Ltd on Monday said it has acquired Multitech Auto Private Ltd and its wholly-owned subsidiary Mal Metalliks Private Limited for ₹205 crore.
Multitech Auto and Mal Metalliks manufacture various parts for automobiles like assembly top cover, shift cylinder, assembly gear, differential case, differential cover, various types of hubs among others.
Ramkrishna Forgings in a statement said that it has acquired Multitech Auto Private Ltd and its wholly-owned subsidiary Mal Metalliks for ₹205 crore.
"This acquisition marks a significant step forward in the company's growth strategy, aimed at expanding its product line and fortifying its presence in the passenger vehicles, light commercial vehicles, and heavy commercial vehicles segments," it said. (PTI)
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd:
GOLD Outlook: We expect gold to trade lower towards 59000 levels, a break of which could prompt the price to move lower to 58870 levels.
CRUDE Outlook: We expect crude oil to trade higher towards 6380 levels, a break of which could prompt the price to move higher to 6440 levels.
BASE METALS Outlook: We expect copper to trade lower towards 719 levels, a break of which could prompt the price to move lower to 713 levels.
The shares of Adani Ports and Special Economic Zone (APSEZ), the largest private port operator in the country, will be under investors’ radar as the stock is set to turn ex-dividend this week.
Adani Ports shares will trade ex-dividend for a dividend of 250% for FY23 on Friday, July 28, 2023.
While announcing the fourth quarter and year-ended earnings for the period March 31, 2023, Adani Ports’ board of directors recommended a dividend of ₹5 per equity share of ₹2 each for the financial year 2022-23.
On Monday, the share price of Paytm witnessed a gain of over one percent following the fintech major's earnings report for the quarter ending in June 2024. The stock surged to ₹X apiece on the Bombay Stock Exchange (BSE).
The parent company of Paytm, One 97 Communications, showed significant improvement in its consolidated net loss during the April-June 2024 period, which narrowed down to ₹357 crore. This improvement is in comparison to the net loss of ₹644 crore reported during the corresponding period last year.
However, it's worth noting that despite the overall improvement, the company's net loss widened when compared to the loss of ₹168 crore reported in the preceding March quarter (January-March 2024). (Read More)
Nishant BAGRECHA of InCred Equities views on Ultratech Cement: Higher costs led to 1Q miss; tailwinds ahead
UTCEM IN / ULTC.NS | ADD - Maintained | INR8,119 tp:INR9,030
â– 1QFY24 consolidated EBITDA stood at Rs30.5bn, 7% below our estimate (down by ~1% yoy) on higher costs. EBITDA/t plunged by Rs30/t qoq to Rs1,020.
â– UltraTech is in expansion mode and the next phase (phase-3) of capacity expansion may be announced in 3Q. Balance sheet strength improves further.
â– We broadly maintain our estimates. Retain ADD rating on the stock with a new target price of Rs9,030. The stock remains our top pick in the large-cap space.
ICICI Bank's share price experienced a surge of over one percent, reaching a new 52-week high of ₹1,008 during morning trade on the Bombay Stock Exchange (BSE) on Monday, July 24. This impressive performance came in the aftermath of the bank's June quarter (Q1FY24) results, which were met with positive reactions from most brokerage firms.
The financial results for Q1FY24, which were reported on Saturday, showcased a significant 39.7% year-on-year (YoY) increase in ICICI Bank's standalone net profit, amounting to ₹9,648 crore. In comparison, the bank had recorded a net profit of ₹6,905 crore during the corresponding period in the previous year. (Read More)
Kotak Mahindra Bank 1QFY24 Result Update | Strong quarter; compelling risk-reward for a quality franchise
Result Update BUY INR 2,205
In 1QFY24, Kotak Mahindra Bank (Kotak) reported a significant beat on all P&L parameters (NII, PPOP and PAT) as NII grew +33% YoY to INR62.3bn, PPOP grew +78% YoY to INR49.5bn and PAT grew +67% YoY to INR34.5bn (standalone). Decline in NIMs by just 18bps QoQ to 5.57% (from elevated levels in 4Q23) despite a meaningful increase in cost of deposits which led to a strong deposit growth of 22% YoY, in our view would count as a positive outcome. While cost of deposits will inch up in coming quarters with continued focus on ActivMoney product, we believe Kotak has levers with respect to increasing share of unsecured loans (PL+credit card+microfinance) from current levels of 10.7% to mitigate the impact and manage healthy NIMs. We expect Kotak to grow loans/deposits both at 18% CAGR over FY23-25 while forecasting NII CAGR of 20% over the period. Kotak continues to invest in scaling up its digital prowess (opex +26% YoY, cost/avg assets consistently +3% for past 4 quarters) and mgmt. believes that over the medium-to-long term, the digitally agile nature of the franchise will put it meaningfully ahead of competition. Leadership change has been a key overhang for the stock (and led to meaningful valuation compression in Kotak – core bank trading at 2.4x FY25e BVPS), we believe Kotak offers best-in-class risk-adjusted margin profile, strong balance sheet and now healthy growth (Kotak has highest 2yr-CAGR in loans over FY21-23 amongst larger pvt banks). We believe Kotak now offers compelling risk-reward with clarity in leadership transition to be a key trigger and inorganic growth opportunities with complementary products/geographies could add to further upside. Maintain BUY with revised TP of INR2,205 (values bank at 2.8x FY25e P/BV).
JSW Steel | Higher realisation drives beat; capacity additions to drive earnings growth
Result Update BUY INR 800
JSW Steel reported 1Q consol. EBITDA of INR70.5bn, significantly higher than JMfe of INR49.3bn. The beat was primarily driven by higher than expected realisations and significantly improved subsidiary performance. Standalone EBITDA came in at INR48.6bn, implying an EBITDA/t of INR9.9k – down INR1.1k/t QoQ on account of lower scale of operations and higher RM cost. BPSL reported an EBITDA of INR7.0bn vs INR9.5bn in 4Q while JSW coated reported an EBITDA of INR3.9bn vs INR4.3bn. Net debt stood at INR668bn up ~INR75bn QoQ primarily on account of higher working capital. Key takeaways from the call are a) coking coal cost is expected to decrease by US$45-50/t in 2QFY24 b) realisation for 2QFY24 is expected to come lower sequentially c) margins for 2QFY23 are expected to remain range bound d) Post FY25 - capacity to increase from 37mn tons to 50 mn tons through brownfield growth at Vijayanagar, Dolvi and BPSL. JSW continues to aggressively add capacity across facilities – a) Vijaynagar expansion to be completed by FY24 end b) BPSL Phase-II expansion (from 3.5mtpa to 5mtpa) is expected to be completed by FY24. Strong growth pipeline and increased focus on cost efficiency augurs well for the company. Maintain BUY.
According to information obtained through Right to Information (RTI) queries, banks in India wrote off bad loans amounting to more than ₹2.09 lakh crore during the financial year 2022-23 (FY23). This brings the total loan write-offs by the banking sector to a significant ₹10.57 lakh crore over the past five years, as per data provided by the Reserve Bank of India (RBI) to The Indian Express.
The figures show that loan write-offs by banks increased to ₹209,144 crore during FY23, compared to ₹174,966 crore in FY22 and ₹202,781 crore in FY21, based on the RTI data. Banks have been resorting to loan write-offs as a strategy to alleviate the burden of non-performing assets on their balance sheets.
However, despite these write-offs, the recoveries from these bad loans have been quite disappointing. The data reveals that only ₹30,104 crore was recovered in FY21, ₹33,534 crore in FY22, and ₹45,548 crore in FY23. (Read More)
Last week, Coffee Day Global, the operator of the Cafe Coffee Day chain, was admitted for corporate insolvency. This move comes as a result of a bankruptcy case initiated by IndusInd Bank, which filed a petition with the National Company Law Tribunal (NCLT). According to sources cited by the Economic Times, the Bengaluru Bench of the bankruptcy court has approved the company's admission for corporate insolvency. As a result, the coffee chain is now facing financial challenges and undergoing the insolvency process. (Read More)
The Indian rupee opened 6 paise lower against the US dollar on Friday following weakness in Asian peers. The local currency opened at 82.01 as compared to the previous close of 81.95.
The US dollar index was steady at 101.04, holding near its over one-week peak. The 2-year US yield rose to 4.8650%, while Asian currencies were down 0.1% to 0.4%.
On Friday, the rupee ended 4 paise lower at 81.95 a dollar. (Read More)
The final share allocation for Netweb Technologies' initial public offering (IPO) is expected to be announced today, with the most likely date for the IPO allotment being 24th July 2023. Once the Netweb Technologies IPO allotment is announced, bidders will have the opportunity to check their allotment status online by logging in at the BSE website or the company's website.
Link Intime India Private Ltd has been assigned the role of the official registrar for the IPO.
As anticipation builds ahead of the IPO allotment, the grey market is showing positive trends for the book build issue. Market observers have reported that shares of Netweb Technologies are currently available at a premium of ₹368 per share in the grey market today, indicating a strong investor interest and positive sentiment surrounding the company's IPO. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The near-term market trend will be influenced by a host of factors like the recent Q1 results, some major results expected this week and policy decisions like the Fed meeting outcome on Wednesday.
Q1 results of RIL, though a tad disappointing on top and bottom line, are good when viewed from the perspective of the growth engines of the company - Jio Infocom and Reliance Retail - which are doing well and shows promise of improving, going forward. ICICI Bank has delivered the best results in the banking universe with 40% growth in net profit and impressive loan growth. Kotak Bank, too, has done well. But since the NIMs are likely to remain under pressure, no big spurt in earnings growth can be expected, in the coming quarters. So, while these stocks will remain strong and resilient, a sustained rally appears difficult.
The Fed is likely to raise rate by 25 bp on Wednesday, but the market movement will be decided by the commentary of the Fed chief regarding future inflation and rate trends. Investors may wait and watch these events unfold.
Reliance Industries' quarterly profit declined 5.9%, ICICI Bank's net profit rose 39.7%, HDFC Bank expects 17-18% loan growth, Adani Enterprises' copper factory to start production in March 2024, Kotak Mahindra Bank's Q1 PAT up 67%, SpiceJet disputes insolvency petition, Paytm narrows loss, UltraTech Cement reports 6.6% increase in net profit, JSW Steel's net profit grows 189.39%, Vedanta's net profit drops 41%. (Read More)
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Power Grid Corporation: Buy at ₹244, target ₹254, stop loss ₹239;
2] Wockhardt: Buy at ₹243, target ₹253, stop loss ₹239; and
3] IRFC: Buy at ₹34.90, target ₹38, stop loss ₹34. (Read More)
On Sunday, the private equity firm Bain Capital made an announcement regarding its acquisition of 90% ownership in Adani Capital and Adani Housing, both non-banking financial companies belonging to the Adani Group. The specific financial details of the acquisition were not disclosed. After the acquisition, Gaurav Gupta, the current CEO and managing director, will retain the remaining stake in both companies.
As part of the deal, Bain Capital has committed to providing $120 million in primary capital to support the ongoing growth of the NBFCs. In addition to this, Bain Capital will offer a liquidity line in the form of non-convertible debentures amounting to $50 million to the Company. These investments and support from Bain Capital are expected to bolster the financial strength and prospects of Adani Capital and Adani Housing. (Read More)
Paytm, the prominent fintech giant, revealed its financial results for the first quarter of fiscal year 2023-24 (Q1FY24) on July 21. The company reported a consolidated net loss of ₹357 crore during this quarter, which marked a significant improvement compared to the loss of ₹6,444 crore incurred in the corresponding period last year. However, it's worth noting that the net loss widened when compared to the ₹168 crore reported in the preceding March quarter of fiscal year 2022-23.
On the revenue front, Paytm experienced substantial growth, with revenue from operations in the first quarter of the current fiscal year rising by 39.4% to reach ₹2,341 crore. This growth is a substantial increase compared to the ₹1,679 crore in revenue generated during the year-ago period. (Read More)
JSW Steel Ltd announced its financial results for the first quarter of fiscal year 2023-24, ending in June, showing remarkable growth in consolidated net profit. The company's net profit attributable to owners of the company soared by an impressive 179% year-on-year, reaching ₹2,338 crore, compared to ₹838 crore recorded in the same period last year. However, the consolidated net profit saw a sequential decline of 36% from ₹3,664 crore achieved in the previous quarter (Q4FY23).
Furthermore, the company's consolidated total revenue from operations witnessed a substantial year-on-year increase of 10.8%, reaching ₹42,213 crores in the quarter ended June, compared to ₹38,086 crore in Q1FY23. Total income also surged to ₹42,544 crore during the first quarter, surpassing the ₹38,275 crore recorded in the corresponding period of the previous year. (Read More)
On July 22, ICICI Bank disclosed its financial results for the first quarter of fiscal year 2023-24, revealing a substantial 39.7% surge in net profit on a standalone basis. The bank's net profit reached ₹9,648 crore during this period, a notable increase compared to ₹6,905 crore achieved in the corresponding period of the previous year.
Additionally, the bank's net interest income (NII), which represents the difference between interest earned and interest paid, exhibited robust growth. The NII for the first quarter of the current fiscal year rose by 38% year-on-year, amounting to ₹18,227 crore, as opposed to ₹13,210 crore recorded in the same quarter of the previous fiscal year. (Read More)
During the first quarter ending in June 2023, Reliance Retail, a subsidiary of Mukesh Ambani's Reliance Industries Ltd, witnessed significant growth in its consolidated net profit, surging by nearly 19% to reach ₹2,448 crore. This robust performance was primarily attributed to the remarkable progress in the groceries, consumer electronics, and fashion and lifestyle categories.
Comparatively, during the corresponding period in the previous year, the company had achieved a combined net profit of ₹2,061 crore.
Furthermore, the corporation experienced a noteworthy increase in its operating revenue for the quarter, rising by 19.5% to reach ₹62,159 crore, compared to ₹58,554 crore in the same quarter of the previous year. (Read More)
U.S. stocks ended mixed on Friday, with gains in healthcare offsetting a dip in some of Wall Street's most valuable companies.
Nvidia, Microsoft and Meta Platforms lost ground, while the S&P 500 utilites sector gained the most.
Netflix dipped for a second straight day after the video streaming company's quarterly results this week failed to impress.
Analysts attributed Friday's choppy trading to the expiration of monthly options and the expected special rebalancing of the multi-trillion dollar Nasdaq 100 at the close of trading.
According to preliminary data, the S&P 500 gained 1.81 points, or 0.04%, to end at 4,536.68 points, while the Nasdaq Composite lost 30.32 points, or 0.22%, to 14,032.99. The Dow Jones Industrial Average rose 8.21 points, or 0.02%, to 35,233.39.
The Nasdaq has rallied about 34% this year, lifted by optimism over artificial intelligence, a relatively resilient U.S. economy and expectations that the Federal Reserve's aggressive rate hike cycle will end soon.
While the Fed is widely expected to raise interest rates by 25 basis points at its July 25-26 meeting, investors have mixed views on the central bank's longer-term monetary policy. (Reuters)
