Stocks to watch: ONGC, LIC, HDFC Bank, Reliance Infra, Godrej Industries

ONGC: ONGC on Friday reported a three-fold net profit in the June quarter as it earned record prices before the government taxed windfall gains arising from the global rally in energy rates. Standalone Net Profit of Oil and Natural Gas Corporation (ONGC) 15,205.85 crore, or 12.09 per share in April-June as compared to 4,334.75 crore, or 3.45 per share, in the same period a year ago, as per a stock exchange filing by the company. Sequentially, the profit was higher than 8,859.54 crore net profit for January-March

LICLife Insurance Corporation registers manifold jump in net profit in its first earnings since going public Modest to 682.89 crores 2.94 crore a year ago. The country’s largest financial superpower that manages more assets than Rs 41 lakh crore went public in early May 20,500 crore share sale. The insurer’s profit multiplied despite lower margins, which management attributed to the changing product mix and bookings of less than 50% of the profit from equity, which fell 5,076 crore from 11,368 crore in June 2021.

HDFC bankFair trade regulator Competition Commission of India (CCI) has approved the merger proposal of HDFC Bank and its parent HDFC Ltd. The proposed amalgamation envisages merger of HDFC Investments and HDFC Holdings with HDFC Ltd in the first phase and subsequent merger. HDFC Ltd in HDFC Bank. In a tweet on Friday, the CCI said it has “approved the proposed amalgamation of HDFC Ltd, HDFC Bank, HDFC Investments and HDFC Holdings.”

Reliance InfraReliance Infrastructure (RInfra) on Saturday reported a narrowing of its consolidated net loss 66.11 crore for the quarter ended June 30, 2022. The company had a consolidated net loss of 95.15 crore in the corresponding period of last fiscal, it said in a regulatory filing to BSE. Its total consolidated income during the quarter under review increased to 6,349.34 crore as against 4,623.17 crore in the year-ago period.

Godrej Industries: Godrej Industries reports 38% rise in consolidated net profit on Friday 257.60 crore for the quarter ended June 30, 2022. The company posted a net profit of 185.99 crore for the April-June period a year ago, Godrej Industries said in a BSE filing. revenue from operations was 4,024.55 crore in the quarter as against 2,890.49 crore.

Suzlon EnergySuzlon Group feels the financial hardships the wind turbine maker is behind this 3,000 crore loan refinance led by REC. Pune-based company, which once struggled to make its payments 6,500 crore debt, its order book, potential business pipeline and government policies are other tailwinds that will offer support, a senior official said. looking to lift it up 1,200 crore through rights issue of shares by the end of the financial year to reduce refinance debt of Rs. 3,000 crore, its chief financial officer Himanshu Modi told PTI.

BPCLState-owned Bharat Petroleum Corporation Limited (BPCL) will invest 1.4 lakh crore in petrochemicals, city gas and clean energy over the next five years as it looks at non-fuel businesses for growth. As countries around the world opt for clean, carbon-free fuels, oil companies are looking to businesses to risk their core hydrocarbon operations. The gas is being touted as a transition fuel for electric mobility and hydrogen pickup motion.

Bharti AirtelShareholders of Bharti Airtel have approved the re-appointment of Gopal Vittal as Managing Director of the company for a period of five years with effect from February 1, 2023. More than 97% of the total vote was in favor of the resolution, and the same has been “passed with the expected majority”, the telco said in a regulatory filing on the outcome of its annual general meeting (AGM).

Hindustan CopperState-owned Hindustan Copper Ltd on Saturday reported a 25% rise in consolidated net profit 57.08 crore for the quarter ended June 30, 2022 on the back of higher earnings. The company posted a consolidated net profit of 45.63 crore in the year-ago period, Hindustan Copper said in a filing to BSE. Company’s consolidated earnings increased in the April-June period to 359.13 crore 278.73 crore in the year-ago period, the filing said.

Zuari Industries: Zuari Industries Limited reports consolidated net profit on Saturday 252.73 crore for the quarter ended June. It had recorded a net loss of 36.68 crore in the year-ago period. Profit after tax of the company increased due to share of profit value 284.14 crore from associates and joint ventures during April-June 2022.

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