Domestic equity indices extended weakness on Friday amid muted global cues. Nifty futures on the Singapore Exchange quoted 98.5 points, or 0.55 per cent up at 18,143, hinting at a positive start for the domestic market on Monday. Here’s a look at stocks that are likely to remain in news today.
Axis Bank, IDBI Bank, Canara Bank: Axis Bank, IDBI Bank, Canara Bank, Container Corporation of India, Tata Communications, Syngene International, Gland Pharma, Poonawalla Fincorp, KEI Industries, Jindal Stainless, HFCL, Triveni Turbine, Tamilnad Mercantiles Bank, Shoppers Stop, Craftsman Automation, Route Mobile are among the companies that will announce their results for the December 2022 quarter.
Reliance Industries: The oil-to-telecom conglomerate's net profit fell 15% to Rs 15,792 crore in the December quarter, while revenue from operations rose 15 per cent to Rs 2.20 lakh crore. The consolidated profit rose 0.6 per cent YoY to Rs 17,806 crore for Q3FY23; and EBITDA grew 13.5 per cent YoY to Rs 38,460 crore.
ICICI Bank: The country's second largest private sector lender recorded 34.2 per cent year-on-year increase in standalone profit at Rs 8,312 crore for quarter ended December 31, 2022 on healthy growth in NII and operating profit, with improvement in asset quality. Net interest income surged 34.6 per cent to Rs 16,465.
Kotak Mahindra Bank: The private sector lender has clocked 31 per cent year-on-year growth in standalone profit at Rs 2,792 crore for quarter ended December FY23 despite higher provisions, backed by healthy operating profit, other income and NII growth, with improvement in asset quality performance. Net interest income for the quarter jumped 30.4 per cent to Rs 5,653 crore.
UltraTech Cement: The Aditya Birla Group-owned cement firm has reported a 38 per cent year-on-year decline in consolidated profit at Rs 1,058.2 crore for quarter ended December FY23, impacted by weak operating margin. It has seen an increase in raw material cost, power & fuel cost and freight & forwarding expenses YoY.
Yes Bank: The private lender reported a steep fall in net profit at Rs 51 crore for the three months ended December, largely due to higher provisioning. Provisions during the quarter rose 45 per cent sequentially to Rs 845 crore. The Bank's net interest income (NII) grew 12 per cent to Rs 1,971 crore during the third quarter.
State Bank of India: The country's largest lender has entered into an agreement to purchase of 40 per cent stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank. The transaction is expected to be completed by March 2023 and the acquisition cost is $14.67 million.
JSW Steel: The steel major's net profit tanked 89 per cent to Rs 490 crore for the three months ended December 2022, missing the Street estimates by a long margin. Revenue from operations, meanwhile, grew 2 per cent year-on-year to Rs 39,134 crore as against Rs 38,017 crore.
IDFC First Bank: The private lender bank has clocked a 115 per cent year-on-year growth in standalone profit at Rs 604.6 crore for December FY23 quarter despite higher provisions, supported by strong other income, operating profit and NII with asset quality improvement. Net interest income for the quarter at Rs 3,285.3 crore, growing 27.3 per cent YoY.
Trent: The Tata Group's lifestyle firm has executed an equal joint venture with MAS Amity, The company with equal joint venture will set up an entity in India for jointly developing a business of intimate wear and other apparel related products.
RBL Bank: The bank has clocked a 34 per cent year-on-year increase in profit at Rs 209 crore for quarter ended December FY23, on fall in provisions with improvement in asset quality. Net interest income at Rs 1,148 crore for the quarter rose by 13.6 per cent compared to year-ago period, with net interest margin expanding 40 bps YoY to 4.74 per cent.
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