ITC, Bank of Baroda, Zomato, Yes Bank and others
The market appears to be on solid footing as benchmarks extended their strong rally for a third consecutive session on July 29, with the Nifty50 closing decisively above the psychological 17,100 mark, supported by the inflow of FII and buying in all sectors after the Federal Reserve signal. slow the pace of rate increases. The BSE Sensex rallied 712 points or 1.25% to 57,570, while the Nifty50 climbed 229 points.
ITC, UPL, Zomato, Arvind, Bajaj Consumer Care, Barbeque-Nation Hospitality, Carborundum Universal, Castrol India, Escorts Kubota, Eveready Industries India, Indo Count Industries, Kansai Nerolac Paints, Max Financial Services, Prudent Corporate Advisory Services, Punjab & Sind Bank, The Ramco Cements, RateGain Travel Technologies, Thyrocare Technologies, Triveni Turbine and Varun Beverages will be in focus ahead of the June quarter results on August 1.
Stocks in the news
Bank of Baroda
The public sector lender posted 79.4% year-on-year growth in autonomous profit to Rs 2,168 crore for the quarter ended June 2022, despite lower other income and operating profit before provision. The significant reduction in provisions for bad debts contributed to the net result. Net interest income rose 12% year-on-year to Rs 8,838.4 crore in Q1FY23, with credit growth of 18% and a 10.9% year-on-year increase in global deposits.
First IDFC Bank
The bank recorded the highest ever self-sustaining profit of Rs 474.33 crore in the first quarter of FY23, compared to a loss of Rs 630 crore in the corresponding period of the previous financial year. Higher core operating income and lower provisions contributed to profitability, with sequential earnings growth of 38%. Net interest income increased by 26% to Rs 2,751.1 crore YoY in the quarter, with a 39 basis points year-on-year improvement in net interest margin to 5.89% for the trimester. But there was a 38 basis point decline in net interest margin on a sequential basis.
Dr. Reddy’s Laboratories
The big pharma company has entered into a licensing agreement with Slayback Pharma to obtain exclusive rights to the first-to-file ANDA for the private label version of Lumify in the United States. Lumify is an over-the-counter eye drop that can be used to relieve eye redness due to minor eye irritations. The agreement also provides Dr. Reddy’s exclusive rights to the product outside of the United States.
The company posted a 184% year-on-year increase in its consolidated profit to Rs 668.50 crore for the quarter ended June 2022, on the back of healthy revenue and operating performance. Revenue rose 52% to Rs 5,540.6 crore on strong growth in mixed average realization of carbon and advanced materials sales, although volumes declined. Operating profit increased by 78.5% to Rs 1,210.5 crore during the same period.
Zee entertainment companies
The company has not received any objection letter from BSE and National Stock Exchange of India regarding the proposed composite arrangement between Zee Entertainment, Bangla Entertainment and Culver Max Entertainment (formerly Sony Pictures Networks India). These observation letters enable the company to file the Composite Scheme of Arrangement with the National Company Law Tribunal, Mumbai.
The bank will raise Rs 8,898.47 crore from the Carlyle Group and Verventa Holdings (affiliated with Advent) by selling up to 10% stake each. The Board of Directors approved the allocation of 369.61 crore equity shares at a price of Rs 13.78 per share and 256.75 crore warrants exchangeable into equity shares at a price of Rs 14 .82 per share, through a preferential allotment on a private placement basis, which is subject to shareholder and RBI approval. The Carlyle Group and Verventa Holdings (affiliated with Advent) will inject money into the bank for 184.8 shares each and 128.37 crore warrants each.
The pharmaceutical company posted a 4% year-on-year decline in consolidated profit to Rs 686 crore for the quarter ended June 2022 as EBITDA fell 15% year-on-year to Rs 1,143 crore and revenue fell 2.3% to Rs 5,375 crore. in the same period. Activity in India decreased by 8.4% to Rs 2,483 crore and North American activity increased by 15.5% to Rs 1,199 crore in Q1FY23.
The subsidiary JSW Energy (Barmer) owned a 1,080 MW power plant in Barmer retained access to an uninterrupted supply of lignite for its operations. The Government of Rajasthan has informed Barmer Lignite Mining Company Limited (BLMCL) that it has received ex post facto approval from the central government for the transfer of two lignite mining concessions (Kapurdi and Jalipa in Rajasthan) from Rajasthan State Mines and Minerals Limited (RSMML) to BLMCL from the date of assignment of said mining leases. Accordingly, previous letters issued by the government of Rajasthan ordering BLMCL to halt mining operations at the two lignite mines are withdrawn.
The property developer reported a 36% year-on-year increase in profit to Rs 470 crore for the quarter ended June 2022. Consolidated revenue of Rs 1,516 crore was up 22% year-on-year annual over the same period with net sales bookings up 101 percent YoY to Rs 2,040 crore.
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