Stocks to watch: Tech Mahindra, Axis Bank, Tata Steel, GlaxoSmithKline

Tech MahindraIT services firm Tech Mahindra reported consolidated net profit on Monday 1,132 crore for the quarter ended June 30, 2022 as compared to 1,353.20 crore in the corresponding period of last year, registering a year-on-year decline of 16.4 per cent. The company’s profit declined by 24.8% on a sequential basis. The company’s total revenue for the quarter was 12,708 crore in the first quarter of the current financial year, an increase of 24.6% year-on-year.

axis Bank: Axis Bank on Monday reported a jump of 86% in its consolidated June quarter net worth 4,380.59 crore, helped by a sharp drop in the amount set aside for bad loans. On a standalone basis, the third largest private sector lender saw a 91% increase in net profit 4,125.26 crores. Its core net interest income rose 21% to . happened 9,384 crore on the back of 14% growth in advances.

Tata Steel: Tata Steel Ltd reported a consolidated net profit on Monday 7,765 crore for the first quarter of the current financial year as compared to 8,907 crore in the corresponding period of the previous year, registering a decline of 12.8% on a year-on-year basis. On a sequential basis, the profit after tax of the company registered a decline of 20.4%. Tata Steel’s profit during the quarter January-March 2022 9,756 crore.

Jindal StainlessJindal Stainless Limited (JSL) on Monday reported 8% growth in its consolidated net profit 329.37 crore in the April-June quarter on higher earnings. the net profit of the company was 305.84 crore in the same period of 2021-22, JSL said in a regulatory filing. its total income increased 5,490.91 crore, approximately% higher than 4,042.32 crore in the year-ago period.

GlaxoSmithKlineGlaxoSmithKline Pharmaceuticals on Monday said its consolidated net profit rose 8% 116 crore in the first quarter ended June 30, 2022. The pharmaceutical firm had recorded a net profit of 107 crore in the April-June quarter of the previous year. increased revenue from operations 745 crores as against 718 crore in the year-ago period.

Coffee Day EnterprisesCoffee Day Enterprises Ltd (CDEL) on Monday said it has asked its subsidiaries and a joint venture firm to file suit against Machel for recovery of dues. In July 2020, an investigation revealed that Mysore Amalgamated Coffee Estates Limited (MACEL) owes 3,535 crore to the subsidiaries of CDEL. investigation revealed that Mackel, the private firm of late founder VG Siddhartha, misappropriated Rs 3,535 crore from the company.

RelianceThe auction of 5G spectrum will begin on Tuesday, in which four companies, including Reliance Jio, are ready to bid for radio waves worth 72 GHz. 4.3 lakh crore offer. The bidding process will start from 10 am on Tuesday and will continue till 6 pm. DoT sources said the number of days for the auction would depend on the actual demand for radio waves and the strategy of individual bidders.

Bajaj FinservThe Board of Directors of Bajaj Finserv will consider the proposal for stock split of the equity shares of the company on Thursday. Through a stock split, a company increases the number of outstanding shares while reducing the price of each share without affecting the overall market capitalization of the firm. The proposal for sub-division of the equity shares of the face value of the company will be taken up for approval by the Board of Directors. 5 each on July 28, 2022.

IIFL Wealth and Asset ManagementIIFL Wealth & Asset Management on Monday reported a 35% increase in its Profit After Tax 160 crore for the three months ending June 2022. In comparison, the company had posted a PAT (Profit After Tax) of 119 crore in the same quarter of the previous financial year, IIFL Wealth and Asset Management said in a statement. Company’s total revenue up 21% 369 crore in the first quarter ended June 30, 2022 304 crore in the same period a year ago.

LICLife Insurance Corporation on Monday said it has reduced stake in Sun Pharmaceuticals by selling around 2% stake in the company 3,882 crore. According to a regulatory filing, the shares were sold through open market transactions during the period from May 17, 2021 to July 22, 2022.

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