Stocks in News: RBL Bank, Bank of Maharashtra, Jubilant Foodworks
1 min read 23 Oct 2019, 11:11 AM ISTRBL Bank slumped more than 19% after it reported a sharp fall in its net profit for the September quarterBajaj Finserve shares traded higher after the company reported a 71% jump in its consolidated net profit in Q2
PremiumHere is a list of stocks that are buzzing in early trade on Wednesday:
RBL Bank: Shares of the private lender slumped more than 19%, hitting a 52-week low in early deals after it reported a sharp fall in its net profit for the September quarter. The bank posted a 73.4% decline in profit to ₹54.3 crore due to substantial rise in provisions combined with deterioration in asset quality. Chief Executive Officer Vishwavir Ahuja said the bank has made higher-than-required provisions for some corporate accounts, impacting the bottomline.
Bajaj Finserve: Shares traded higher after the company reported a 71% jump in its consolidated net profit to ₹1,204 crore in the second quarter of the current fiscal driven by strong growth in revenues. The company had posted a net profit of ₹704 crore a year ago. The stock traded up more than 2%.
Jubilant Foodworks: Shares jumped more than 6% as the September quarter revenue from operations of the company, which operates fast-food chains Domino's Pizza and Dunkin' Donuts, offset the fall in bottomline during the quarter. It reported a decline of 3.4% in its consolidated net profit to ₹72.98 crore. However, its revenue from operations was up 12.2% to ₹998.1 crore during the quarter.
Bank of Maharashtra: The stock traded more than 3% higher as the state-owned bank’s net profit jumped four-fold to ₹114.7 crore in the September quarter due to a decline in bad loans leading to lower provisioning requirement. Gross non-performing assets (NPAs) fell to 16.9 % of the total advances in July-September from 17.9% in the quarter ended June.
DHFL: Shares of the company traded down nearly 5% due to fears around the company’s financial situation and uncertainty over the debt resolution plan. In a filing to stock exchanges today, the troubled finance company said recent media reports have hurt the image and goodwill of the company and create panic in the market.
OBC: State-owned Oriental Bank of Commerce Ltd announced its results for the September quarter on Tuesday. It posted net profit of ₹125.9 crore, up 23% on year, as fewer new loan accounts turned bad and on account of a rise in net interest margin. Bad loans declined due to lower fresh slippages. The stock was up nearly 3%.
