Buzzing Stocks | Reliance Industries, Axis Bank, Bajaj Finance, and others in news today - Moneycontrol
Stocks to Watch: Check out the companies making headlines before the opening bell.
Results on October 21: Reliance Industries to be in focus ahead of quarterly earnings on October 21. Reliance Industries, Hindustan Unilever, Bajaj Finserv, HDFC Life Insurance Company, JSW Steel, SBI Life Insurance Company, Ambuja Cements, Hindustan Zinc, Amber Enterprises India, CSB Bank, DLF, Finolex Industries, IDBI Bank, IRB Infrastructure Developers, and United Spirits will be in focus ahead of quarterly earnings on October 21.
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Results on October 22: ICICI Bank to be in focus ahead of quarterly earnings on October 22. ICICI Bank, IDFC First Bank, Kotak Mahindra Bank, RBL Bank, Yes Bank, D-Link (India), Dodla Dairy, Indraprastha Gas, Jaiprakash Power Ventures, MCX India, RMC Switchgears, and Sacheta Metals will be in focus ahead of quarterly earnings on October 22.
Axis Bank: Axis Bank Q2 profit jumps 70% to Rs 5,330 crore on dip in provisions, NII spikes 31%. The private sector lender has clocked a massive 70% year-on-year growth in standalone profit at Rs 5,330 crore for the quarter ended September FY23, driven by sharp dip in provisions. Healthy growth in net interest income and pre-provision operating profit also boosted profitability. Net interest income grew by 31% year-on-year to Rs 10,360 crore in Q2FY23.
Tata Consumer Products: Tata Consumer Products Q2 profit jumps 36% YoY to Rs 389 crore boosted by income from sale of land. Revenue grows 11%. The Tata Group company has recorded a 36% year-on-year growth in consolidated net profit at Rs 389 crore led by exceptional income related to sale of land. Revenue from operations grew by 11% YoY to Rs 3,363 crore (and in constant currency terms, the growth was 10%), mainly driven by underlying growth of 9% in India business, 6% in international business and 30% in non-branded business. Consolidated EBITDA for the quarter at Rs 438 crore grew 4% YoY.
Asian Paints: Asian Paints to set up manufacturing facility for vinyl acetate ethylene emulsion, vinyl acetate monomer in India. The company has approved the setting up of manufacturing facility for vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) in India. An amount of approximately Rs 2,100 crore will be invested by the company over a period of 3 years, including the cost of land to be acquired. The installed capacity of the said manufacturing facility would be 1 lakh tons per annum for VAM and 1.5 lakh tons per annum for VAE. VAM is a key input for manufacturing VAE.
Bajaj Finance: Bajaj Finance Q2 profit jumps 88% YoY to Rs 2,781 crore, net interest income grows 31% to Rs 7,001 crore. The non-banking finance company's profit grew by 88% year-on-year to Rs 2,781 crore for the quarter ended September FY23. It was the highest ever consolidated quarterly profit. Net interest income rose by 31% to Rs 7,001 crore during the same period with new loans booked up by 7% to 67.6 lakh YoY. Assets under management (AUM) grew by 31% YoY to Rs 2.18 lakh crore as of September FY23. Loan losses and provisions saw a significant declined to Rs 734 crore in Q2FY23 against Rs 1,300 crore in Q2FY22.
Wipro: Wipro appoints Suzanne Dann as Chief Executive Officer for Americas 2 strategic market unit. The IT services company has appointed Suzanne Dann as Chief Executive Officer for its Americas 2 strategic market unit, effective immediately. Dann will also join the Wipro Executive Board.
Shriram Transport Finance Company: Shriram Transport Finance Company Q2 profit rises 38.3% YoY to Rs 1,067 crore. Net interest income increases 22.85%. The company recorded a 38.3% year-on-year growth in standalone profit at Rs 1,066.9 crore for the quarter ended September FY23. Net interest income grew by 22.85% YoY to Rs 2,693.96 crore during the quarter. Total assets under management as on September 2022 stood at Rs 1.35 lakh crore as compared to Rs 1.21 lakh crores as on September 2021.
Coforge: Coforge Q2 profit jumps 28.3% QoQ to Rs 220.6 crore. Revenue grows 7.1% to Rs 1,959.4 crore. The company's consolidated profit grew by 28.3% QoQ to Rs 220.6 crore for the quarter ended September FY23. Revenue grew by 7.1% to Rs 1,959.4 crore compared to previous quarter. Revenue growth in dollar terms increased 3.4% to $246.9 million and constant currency revenue growth at 6.2% QoQ. The company has maintained FY23 constant currency revenue growth guidance of at least 20%.
Bharat Wire Ropes: Bharat Wire Ropes Q2 profit jumps 1,342% to Rs 15.4 crore boosted by operating income. Revenue rises 58.5% YoY. The company has reported a massive 1,342% year-on-year growth in profit at Rs 15.4 crore for the quarter ended September FY23 boosted by operating income and revenue growth. Revenue from operations grew by 58.5% to Rs 149.7 crore during the same period.
Dynamatic Technologies: Northrop Grumman signs Dynamatic as a partner on F/A-18 workshare. US-based aerospace and defense company Northrop Grumman has signed a letter of intent with Dynamatic Technologies to support their workshare for India Navy F/A-18 program. Hindustan Aeronautics also signed MoU with Dynamatic to work together for manufacturing and supply of front fuselage assembly along with jig and tooling complying to quality requirements.
Suzlon Energy: Suzlon Energy's Rs 1,200 crore rights issue oversubscribed by 1.8 times on final day. The wind component manufacturer closed its Rs 1,200 crore rights issue which was oversubscribed by 1.8 times. The rights issue of 240 crore partly paid-up equity shares on rights basis to eligible equity shareholders was launched on October 11.
L&T Finance Holdings: L&T Finance Holdings Q2 profit rises 109% to Rs 360 crore despite moderate growth in revenue. The company reported profit from continuing operations at Rs 360.31 crore for the quarter ended September FY23, up 109% over year-ago period despite moderate growth in revenue. Revenue grew by 6% to Rs 3,138 crore compared to same period last year. It recorded highest-ever quarterly retail disbursements at Rs 10,238 crore, up 84% YoY, while retail book stood at Rs 52,040 crore, up 27% YoY, which company said in line with Lakshya 2026 strategic plan.
Nazara Technologies: Nazara Technologies clocks 10.5% YoY growth in Q2 profit at Rs 16.9 crore. Revenue increases 104% to Rs 263.8 crore. The diversified gaming and sports media platform delivered a profit of Rs 16.9 crore for quarter ended September FY23, up 10.5% YoY. Revenue increased by 104% to Rs 263.8 crore and EBITDA rose by 9.2% to Rs 21.3 crore compared to year-ago period. The company appointed Sudhir Kamath as its new chief operating officer, while Manish Agarwal resigned as CEO effective December 1, 2022 to pursue an entrepreneurial journey.
Indian Energy Exchange: Indian Energy Exchange Q2 profit falls 8% YoY to Rs 71.2 crore impacted by lower topline. Revenue declines 14%. The company reported a 8% year-on-year decline in consolidated profit at Rs 71.2 crore for the quarter ended September FY23, impacted by lower topline. Revenue from operations declined nearly 14% to Rs 95.2 crore compared to year-ago period.
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