Stocks to watch: Reliance, JSW Steel, Infosys, ICICI Bank, Yes Bank

Reliance IndustriesReliance Industries Ltd on Friday reported a 46.3% jump in its June-quarter profit as strong refining margins hit by consumption of cheaper Russian crude and fuel exports hit its core oil-to-chemicals business. Consolidated profit rose to Rs 179.55 billion for the three months ended June 30, from Rs 122.73 billion a year ago. The company’s telecom arm, Jio, reported a nearly 24% increase in net profit, while the country’s largest retail unit, gross revenue grew 52%.

Infosys: India’s Infosys on Sunday raised its revenue guidance for 2022-23, betting on rising demand for digital services even as higher costs eat into the IT giant’s June quarter earnings. The country’s second-largest IT firm’s net profit rose 3.2% year-on-year to Rs 53.60 billion in the third quarter ended June 30. Revenue for the quarter grew 23.6% year-on-year to ₹344.70 billion, helped by continued demand for digital services in North America and Europe.

JSW Steel: JSW Steel Ltd reports consolidated net profit on Friday 838 crore for the quarter ended June 30, registering a year-on-year decline of 86%. Company’s consolidated revenue from operations up 31.8% year-on-year 38,086 crore for the first quarter of the current financial year as compared to 28,902 crore was registered in the corresponding period of last year. The company posted a consolidated operating EBITDA of 4,309 crore for the April-June quarter.

ICICI BankICICI Bank on Saturday reported a 55.04% jump in its consolidated net profit for the June quarter 7,384.53 crore, helped by sharp reduction in provisions and strong core interest income. On a standalone basis, the second largest private sector lender reported a net profit of 6,904.94 crore against 4,616.02 crore in the year-ago period, but was less than 7,018.71 crore in the preceding March quarter.

Kotak Mahindra BankPrivate sector lender Kotak Mahindra Bank on Saturday reported 26% growth in net income 2,071.15 crore in the June quarter, buoyed by record margins and a fall in bad loans. On a consolidated basis, which is also in life and non-life insurance, share broking, asset reconstruction, and AIF, net income grew by 53%. 2,755 crore in the June quarter as compared to the same period a year ago, the bank said. The bank has high profitability despite the loss booking of more 800 crore from treasury operations.

Yes BankYes Bank reports 50% rise in net profit on Saturday 311 crore for the June quarter 2022-23 on a decline in bad loan provisions, and healthy earnings growth. The bank made a net profit of 207 crore in the year-ago period, it said in a regulatory filing. Total income increased during the quarter 5,916 crore as against 5,394 crore in the same period of 2021-22.

HFCLDomestic telecom equipment maker HFCL on Friday reported a 41.76 per cent fall in consolidated profit. 53.1 crore in the first quarter ended June 30. HFCL had made a net profit of 91 crore a year ago, the company said in a statement. Consolidated revenue down 12.92% 1,051 crore during the reported quarter 1,207 crore in the year-ago quarter.

HDFC: Mortgage lender Housing Development Finance Corporation (HDFC) plans to raise up to 11,000 crore by issuing bonds on private placement basis. The original issue size of the company’s secured redeemable non-convertible debentures is 4,000 crore with an option to retain oversubscription up to Rs. 7,000 crore, HDFC said in a regulatory filing on Friday.

Vodafone IdeaTelecom firm Vodafone Idea on Friday announced the appointment of current Chief Financial Officer Akshay Mundra as its new Chief Executive Officer with effect from August 19, the company said in a regulatory filing. The company’s current managing director and chief executive officer Ravinder Takkar will continue on the board even after the completion of his tenure as a non-executive and non-independent director, the filing said.

Tata MotorsTata Motors on Friday said it has received an order for 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a tender by Convergence Energy Services Ltd. The auto major will supply, operate and maintain the air-conditioned, low-floor. It said in a statement, 12 meters of fully built electric buses for a period of 12 years as per the contract.

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