Stocks in news: RVNL, Ion Exchange, Axis Bank, Jindal Stainless and more

Benchmark indices were trading in the green in early deals on Thursday. Sensex climbed 89 points to 66,796, while Nifty50 added 36 pts to 19,814.   

Here’s a look at stocks that are likely to remain in news today.   

Tata Consumer Products 

Tata Consumer Products' profit rose 30% YoY to Rs 359 crore in the first quarter compared with Rs 277 crore in the last-year period. Revenue from operations during the quarter increased 12% YoY to Rs 3,741 crore. The revenue growth was led by strong 16% uptick in India Business, 3% (CC) in international business and 5% (CC) in non-branded business. 

RVNL 

The government has proposed to sell about 5.36% in Rail Vikas Nigam Ltd (RVNL) through an offer for sale which opens today. By 9.42 am, the issue had received bids for 1,31,731 shares, which was 0.21 per cent of the total issue size of 63,801,615 shares. The government has set a floor price of Rs 119, which was at a 11.42 per cent discount to RVNL’s Wednesday's closing price on BSE. 

Mahindra & Mahindra  

Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank for Rs 417 crore, the automaker said. “We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstances will it exceed 9.95,” M&M said. 

Netweb Technologies  

Shares of Netweb Technologies will make their market debut on the exchanges today. The stock is likely to fetch a healthy premium of over 70%. 

Axis Bank 

Private lender Axis Bank's profit jumped 40% YoY to Rs 5,797 crore for the quarter ended June led by an increase in net interest income and robust growth in loans. The Mumbai-based private lender reported a net profit of Rs 5,797 crore for the quarter ended June 30 as compared to Rs 4,125 crore in the year-ago period. As on June 30, 2023 the bank’s reported gross non-performing assets (NPAs) and net NPA levels were 1.96% and 0.41% respectively as against 2.02% and 0.39% as on March 31, 2023. 

Tech Mahindra 

Tech Mahindra reported a 39% YoY fall in net profit to Rs 693 crore in the first quarter. The company had posted a net profit of Rs 1,131 crore in the last year period. Revenue from operations rose 4% to Rs 13,159 crore. 

Marico 

Marico has entered into definitive agreements to acquire up to 58% stake in Satiya Nutraceuticals Pvt Ltd. According to a regulatory filing by Marico, Satiya Nutraceuticals is headquartered in Mumbai and owns “The Plant Fix- Plix”, a leading plant-based nutrition brand with a strong presence in the rapidly growing health & wellness segment. It also offers a range of tasty and easy to use wellness products. 

Colgate Palmolive 

Colgate Palmolive reported a net profit of Rs 274 core in the first quarter. Revenue came in at Rs 1,323 crore. 

Ion Exchange 

Ion Exchange posted a 18.73 per cent rise in its net profit at Rs 33.27 crore. The firm had reported Rs 28.02 crore net profit in the April-June period of the preceding 2022-23 fiscal. In the March 2023 quarter, profit stood at Rs 81.68 crore.   

HFCL 

HFCL reported a net profit of Rs 68 crore for the April-June period, while revenue from operations stood at Rs 995 crore. 

Jindal Stainless 

Jindal Stainless reported a 50% rise in net profit to Rs 745 crore in the June quarter. Jindal Stainless posted a net profit of Rs 498 crore in the corresponding quarter last year. Revenue from operations stood at Rs 10,184 crore in Q1, up 25.5 percent against Rs 8,115.6 crore in the corresponding period of the preceding fiscal. 

Earnings today  

Shares of Nestle, BEL, Macrotech, and Shriram Finance are in focus today as the companies will announce their June quarter earnings today. 

Also read: RVNL shares in focus as two-day offer for sale kicks off

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