Stocks to watch on October 19: GIFT Nifty on the NSE IX was trading 21 points, or 0.11 per cent, lower at 19,572.50, indicating that Dalal Street was heading for a negative start on Thursday. Here you’ll find a whole host of stocks that will be in the spotlight today for a variety of reasons.
Second quarter results to watch: Aarti Drugs, CoForge, Cyient, Equitas SFB, Havells India, HFCL, Hindustan Unilever, Indoco Remedies, ITC, Jindal Stainless, Mastek, Metro Brands, MphasiS, Nestle India, PVR Inox, South Indian Bank, Tata Coffee, Tata Communications, United Breweries, UltraTech Cement and Voltas are some of the prominent companies that will report September quarter results today.
Travel, hospitality: With the festival season gaining momentum, there has been an increase in airfares and hotel fares for the upcoming Diwali week. Airfares on key routes across India increased by as much as 44 percent compared to the previous Diwali week. Strong demand and limited capacity, aided by Go First’s insolvency and SpiceJet’s financial stress, appear to be the driving force behind the extraordinary rise in fares.
Reliance Industries (RIL): HSBC Holdings has almost doubled the size of a loan deal to part of Indian billionaire Mukesh Ambani’s business empire. The London-based bank originally provided a $73 million loan to a subsidiary of RIL shortly after it acquired the Stoke Park estate in southeast England in 2021.
Bajaj Car: Posted a 17.5 percent year-on-year (year-on-year) increase in consolidated net profit for the September quarter of FY24 to Rs 2,020 crore, driven by a 6.3 percent increase in revenue from operations to Rs 10,838 crore. The company plans to launch six new products and upgrades in the 125cc plus category after Diwali, executive director Rakesh Sharma said.
Wipro: The information technology (IT) company reported near-flat net profit growth (at Rs 2,667 crore) and marginal decline in revenue for Q2FY24, against the backdrop of uncertain global economic prospects and weak customer demand. Further, Wipro forecasts that third-quarter revenue could decline 3.5 percent to 1.5 percent sequentially at constant exchange rates.
IndusInd bank: Reported 22 percent YoY growth in net profit at Rs 2,202 crore for Q2FY24, compared to Rs 1,805.28 crore in Q2FY23. Net interest income (NII) grew 18 percent year-on-year to Rs 5,077 crore.
LTIMindtree: Consolidated net profit for Q2FY24 fell 2.2 per cent to Rs 1,162.3 crore, compared to Rs 1,189 crore in the corresponding quarter a year ago. However, operating revenue rose 8.2 percent to Rs 8,905.4 crore.
ICICI Lombard General Insurance: Net profit in Q2FY24 fell 2.3 percent to Rs 577.25 crore, compared to Rs 590.53 crore in Q2FY23. The dip was attributed to a rise in total costs, which offset robust growth in gross direct premium income (GDP).
Bandhan bank: Reported a three-fold increase in net profit to Rs 721 crore for Q2FY24; Total income rose 18.4 percent year-on-year to Rs 5,032 crore. The Kolkata-based bank’s loan book rose 12.3 percent year-on-year to Rs 1.08 lakh crore.
Dabur: The company’s three foreign subsidiaries namely Namaste Laboratories LLC, Dermoviva Skin Essentials Inc. and Dabur International Ltd, are facing lawsuits in federal and state courts in the U.S. and Canada.
IIFL Finance: Posted 32 percent YoY growth in consolidated net profit to Rs 526 crore for Q2FY24. The NII rose 38 percent year-on-year to Rs 1,001 crore.
UTI asset management company: Net profit fell 8 percent year-on-year to Rs 183 crore. Total income fell 7 percent to Rs 404 crore.
Bank of Baroda: After facing wrath from regulators over alleged attempts to increase registrations for the mobile application ‘BoB World’, the bank has initiated action, including the suspension of employees accused of tampering with customer data.
Energy grid company: The Cabinet Committee on Economic Affairs (CCEA) has approved viability gap financing (VGF) to the state-owned utility for construction of Green Energy Corridor-II (GEC-II) in Ladakh region at an estimated cost of Rs 20,773, 70 crores.
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