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Business News/ Markets / Stock Markets/  Stocks to Watch: Indian Oil, Bank of Baroda, Indian Bank, Zee Entertainment

Stocks to Watch: Indian Oil, Bank of Baroda, Indian Bank, Zee Entertainment

ITC, Castrol India, Max Financial Services, Bajaj Consumer Care, and Zomato will be in focus as they declare their June quarter earnings today.

Stocks to Watch (AP)Premium
Stocks to Watch (AP)

Here is the list of top 10 stocks that will be in focus today

Indian Oil: The government-run Indian Oil Corporation (IOC) on Friday reported a net loss of 1,993 crore for the first quarter of the current financial year as against a net profit of 5,941 crore recorded in the corresponding period of the last year. The company's profit declined sharply due to high input costs. IOCs revenue from operations surged to 2,51,933 crore for the quarter ended June 30.

Bank of Baroda: State-owned Bank of Baroda on Saturday reported a 79.3% rise in its standalone profit after tax (PAT) to 2,168 crore in the quarter ended June 30, on higher growth in net interest income (NII). This compares with a profit after tax of 1,209 crore in the same quarter of the previous fiscal. Net interest income (NII) increased by 12% to 8,838 crore as against 7,892 crore in the year-ago period.

Indian Bank: Indian Bank on Saturday reported a 2.7% rise in net profit to 1,213.44 crore for the April-June quarter on tepid income growth even as provisioning came down by a fair margin. The state-run bank had posted a net profit of 1,181.66 crore in the corresponding quarter of June 2021. The total income of the bank during the April-June period of 2022-23 rose marginally to 11,758.29 crore from 11,444.27 crore in the year-ago period.

Torrent Power: Torrent Power on Saturday said it has acquired 100% stake in Wind Two Renergy Private Ltd (WTRPL) for 32.51 crore from Inox Green Energy Services. The company has acquired 3,25,10,000 equity shares of WTRPL at a face value of 10 each, a BSE filing said.

DLF: Realty major DLF's net debt reduced by 16% during the April-June period to 2,259 crore from the previous quarter on the back of strong housing sales. Its net debt stood at 2,680 crore at the end of the last fiscal. In an investor presentation, DLF said the company is "committed to further debt reduction in the medium term".

Zee Entertainment: Zee Entertainment on Friday said it has received approval from stock exchanges BSE and NSE for its proposed merger with Sony Pictures Networks India. The proposed merger with Culver Max Entertainment Private Limited (formerly Sony Pictures Networks India) has been approved by the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), said a statement from Zee Entertainment Enterprises Ltd (ZEEL)

IDFC First Bank: IDFC First Bank on Saturday reported its highest ever net profit of 474 crore for the quarter ended June 2022, mainly driven by lower provisioning and higher income. The private sector lender had posted a net loss of 630 crore in the year-ago quarter. Sequentially, the net profit rose by 38.2% from 343 crore in the March 2022 quarter.

Yes Bank: After trials and tribulations on fundraising that lasted well over three years, Yes Bank on Friday announced that private equity funds Carlyle and Advent International will be investing USD 1.115 billion (around 8,900 crore) to fuel its future growth. Both the global PE funds will be acquiring a 10% stake each in the private sector lender, which had to be bailed out in an RBI and government-led reconstruction scheme for want of capital buffers and after the then management failed to sell the bank's story to investors.

Mangalore Refinery and Petrochemicals: MRPL s looking to expand its network of petrol pumps in Tamil Nadu, Andhra Pradesh and Telangana, as it looks to tap markets in the vicinity of its refinery, its chairman has said. MRPL's (Mangalore Refinery and Petrochemicals Ltd) petrol pump network is currently concentrated in Karnataka and Kerala. The subsidiary of state-owned Oil and Natural Gas Corporation (ONGC) has forayed into fuel retailing in a limited way, focusing on areas that are close to its oil refinery in Mangalore, Karnataka.

ONGC: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), and Indian Oil Corporation (IOC) are in talks to acquire a stake in Tullow Oil's Lokichar oil field in Kenya. Kenya's Cabinet Secretary in the Ministry of Energy Monica Juma in a tweet confirmed the talks.


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Published: 01 Aug 2022, 07:30 AM IST
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