November 29, 2023

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Stocks in news: Axis Bank, Tata Steel, Tech Mahindra and other stocks in news today | Business

NEW DELHI: Trends on SGX Nifty indicate a negative opening for the broader index in India. Asian markets opened in red in the morning as concerns over a global economic slowdown are keeping the investors jittery.
US stocks slipped on Friday, giving back some of their gains from earlier in the week as worries brewed about the global economy and prospects for profits at big internet companies. The S&P 500 lost 0.9% to break a three-day rally that had carried Wall Street to its highest level in six weeks.
India’s foreign exchange reserves fell to the lowest in just over 20 months after they slumped by $7.54 billion in the week ended July 15 to $572.71 billion, data released by the Reserve Bank of India (RBI) showed on 22 July. The last time the foreign exchange reserves were lower was as on November 6, 2020.
Results on July 25: Axis Bank, Tata Steel, Tech Mahindra, Canara Bank, Macrotech Developers, KPIT Technologies, Aether Industries, Anupam Rasayan India, Aurionpro Solutions, Central Bank of India, Century Textiles & Industries, Chennai Petroleum Corporation, Craftsman Automation, Glaxosmithkline Pharmaceuticals, Indian Energy Exchange, IIFL Wealth Management, Jindal Stainless, Jyothy Labs, Lakshmi Machine Works, Orient Electric, RattanIndia Power, Sharda Cropchem, Sterlite Technologies, Tanla Platforms, Tatva Chintan Pharma Chem, and Tejas Networks.
Reliance Industries:Reliance Industries reported the highest ever quarterly revenue for oil-to-chemicalbusiness in a volatile environment, and best ever quarterly revenue for Reliance Retail and Jio Platforms. The company clocked 41% year-on-year growth in consolidated profit after tax at Rs 19,443 crore in Q1FY23, and gross revenue grew by 53% to Rs 2,42,982 crore for the quarter YoY.
The company has warned that a global recession can hurt oil refining margins, flagging the possibility of more pain ahead after the owner of world’s largest refining complex posted a lower-than-expected profit.
Infosys: India’s second largest IT services provider reported a consolidated net profit of Rs 5,360 crore for the first quarter ended June 2022, up 3.2 percent year-on-year from Rs 5,195 crore recorded in Q1FY22. Sequentially, the profit declined 5.7 percent in the said quarter as against a profit of Rs 5,686 crore in Q4FY22.
ICICI Bank: The country’s second-largest private sector lender clocked 50 percent year-on-year growth in standalone profit at Rs 6,905 crore for the quarter ended June 2022, as bad loan provisions declined sharply YoY. Net interest income increased by 20.8 percent to Rs 13,210 crore, compared to Rs 10,936 crore reported in corresponding period of previous fiscal, with 21 percent growth in advances and 13 percent increase in deposits YoY.
Kotak Mahindra Bank: The bank clocked 26.1% year-on-year increase in standalone profit at Rs 2,071.15 crore for the quarter ended June 2022, aided by lower bad loan provisions, with improving asset quality performance.
JSW Steel: The steel company has recorded a 86% year-on-year decline in consolidated profit at Rs 839 crore for the quarter ended June 2022, impacted by weak operating performance. Operating expenses were higher including higher input cost, finance cost, and power & fuel cost.
Parag Milk Foods: Investor Blue Daimond Properties has offloaded 13.25 lakh equity shares or 1.39% stake in the company via open market transactions during July 13-19. With this, its shareholding in the company has reduced to 4.91% from 6.3% earlier.
Yes Bank: Yes Bank on Saturday reported a 50% increase in net profit at Rs 311 crore for June quarter 2022-23 on a fall in provisions for bad loans, and healthy income growth.
HDFC: Mortgage lender Housing Development Finance Corporation (HDFC) plans to raise up to Rs 11,000 crore by issuing bonds on a private placement basis. The base issue size of the company’s secured redeemable non-convertible debentures is Rs 4,000 crore with an option to retain oversubscription of up to Rs 7,000 crore, HDFC said in a regulatory filing on Friday.
Tata Motors: Tata Motors has bagged an order for 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a tender by Convergence Energy Services Ltd. The auto major will supply, operate and maintain air-conditioned, low-floor, 12-metre fully-built electric buses for 12 years, as per the contract.