Here is the list of the top 10 stocks that will be in the spotlight today
Trust Industries: Reliance Industries Ltd reported a 46.3% jump in June quarter profit on Friday as strong refining margins from the inflow of cheaper Russian crude and fuel exports supported its dominant business from petroleum to chemicals. Consolidated profit reached 179.55 billion rupees in the three months ended June 30, from 122.73 billion rupees a year earlier. The company’s telecommunications unit, Jio, reported a nearly 24% increase in net profit, while gross revenue at its retail unit, the country’s largest, soared 52%.
InfosysIndia’s Infosys raised its 2022-23 revenue forecast on Sunday, betting on sustained demand for digital services even as rising costs ate away at the IT giant’s June-quarter profits. The country’s second-largest IT company’s net profit rose 3.2 percent year-on-year to 53.60 billion rupees in the third quarter ended June 30. Revenue grew 23.6% year-on-year to $344.70 billion in this quarter, helped by demand for digital services in North America and Europe.
JSW Steel: JSW Steel Limited on Friday reported consolidated net profit of ₹838 crores for the quarter ended June 30, marking an 86% year-on-year decline. The company’s consolidated revenue increased 31.8% year-on-year to ₹38,086 crore for the first quarter of the current financial year compared to ₹28,902 crores recorded in the corresponding period last year. The company posted consolidated operating EBITDA of ₹4,309 crores for the April-June quarter.
ICICI Bank: ICICI Bank on Saturday announced a 55.04% jump in its consolidated net profit for the June quarter to ₹7,384.53 crores, helped by a sharp reduction in provisions and core interest income continues to be strong. On a stand-alone basis, the second largest private sector lender reported a net profit of ₹6,904.94 crore against ₹4,616.02 crore in the period a year ago, but was below ₹7,018.71 crores in the previous March quarter.
Kotak Mahindra Bank: Private sector lender Kotak Mahindra Bank on Saturday reported a 26% increase in net profit to ₹2,071.15 crores in the June quarter, supported by record margins and lower bad debts. On a consolidated basis, which also includes life and non-life insurance, equity brokerage, asset reconstruction and AIFs, among others, recorded a 53% increase in net income to ₹2,755 crores in the June quarter compared to the corresponding period a year ago, the bank said. The higher profitability is although the bank recognizes a loss of more than ₹800 crores from treasury operations.
Yes Bank: Yes Bank announced on Saturday a 50% increase in net profit to ₹311 crore for the June quarter 2022-23 on lower bad debt provisions and healthy revenue growth. The bank had recorded a net profit of ₹207 crores in the period a year ago, it said in a regulatory filing. Total revenue during the quarter reached ₹5,916 crore against ₹5,394 crores during the same period of 2021-22.
HFCL: National telecommunications equipment maker HFCL on Friday posted a 41.76% drop in consolidated profit to ₹53.1 crores in the first quarter ended June 30. HFCL had recorded a net profit of ₹91 crores a year ago, the company said in a statement. Consolidated turnover fell by 12.92% to ₹1,051 crore in the reported quarter of ₹1,207 crore the prior year quarter.
HDFC: Mortgage lender Housing Development Finance Corporation (HDFC) plans to raise up to ₹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 ₹4,000 crore with an option to keep the oversubscription up to ₹7,000 crores, HDFC said in a regulatory filing on Friday.
Vodafone idea: Telecommunications company Vodafone Idea on Friday announced the appointment of current chief financial officer Akshay Moondra as chief executive effective August 19, the company said in a regulatory filing. The company’s current managing director and chief executive, Ravinder Takkar, will continue to serve on the board as a non-executive, non-independent director after his term ends, the filing said.
Tata Motors: Tata Motors announced on Friday that it has placed an order for 1,500 electric buses with Delhi Transport Corporation (DTC) under a tender launched by Convergence Energy Services Ltd. 12-meter electric buses fully built for 12 years, according to the contract, he said in a statement.
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