Indian equity markets may start the week on a tepid note amid weak global cues. SGX Nifty hinted that Dalal Street was headed for a negative start as Nifty futures traded 81.5 points, or 0.49% lower at 16,643.50 on the Singapore Exchange. In the previous session, Sensex ended 390 points higher at 56,072, and Nifty 50, rose 114.20 points to close above 16,700. “Markets have recovered over 10% from the bottom in the last five weeks and now we are inching closer to the major hurdle of previous swing high i.e. 16,800 in Nifty. A decisive break above that mark would keep the momentum going and help the index to test 17,400. In case of any consolidation, 16,250-16,500 zone would act as a support,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 25 July, Monday
Reliance Industries: Mukesh Ambani-owned Reliance reported robust operating and financial performance across all businesses for the quarter ended June 2022, with highest ever quarterly revenue for O2C (oil-to-chemical) business in a volatile environment, and best ever quarterly revenue for Reliance Retail and Jio Platforms. The company clocked 41% on-year growth in consolidated net profit at Rs 19,443 crore in Q1FY23, and gross revenue grew by 53% to Rs 2,42,982 crore for the quarter YoY, while EBITDA for the quarter at Rs 40,179 crore was higher by 45.8%.
Infosys: India’s second largest IT services provider Infosys on Sunday reported a consolidated net profit of Rs 5,360 crore for the first quarter ended June 2022, up 3.2% on-year from Rs 5,195 crore recorded in Q1FY22. Sequentially, the profit declined 5.7% in the said quarter as against a profit of Rs 5,686 crore in Q4FY22. The profit missed analysts’ estimates which had forecast growth of 7-9.5% in consolidated net profit.
ICICI Bank: The country’s second-largest private sector lender clocked 50% on-year growth in standalone profit at Rs 6,905 crore for the quarter ended June 2022, as bad loan provisions declined sharply on a yearly basis. Net interest income increased by 20.8% to Rs 13,210 crore, compared to Rs 10,936 crore reported in corresponding period of previous fiscal, with 21% growth in advances and 13% increase in deposits. Asset quality showed improvement on a sequential basis.
Kotak Mahindra Bank: Kotak Mahindra Bank clocked 26.1% on-year increase in standalone profit at Rs 2,071.15 crore for the quarter ended June 2022, aided by lower bad loan provisions, with improving asset quality performance. Net interest income grew by 19.2% on-year to Rs 4,697 crore for the quarter.
Yes Bank: The private sector lender has reported 50.17% on-year growth in profit after tax at Rs 310.63 crore for Q1FY23, with significant fall in bad loan provisions and higher net interest income. Net interest income for the quarter rose 32% YoY to Rs 1,850 crore, with 14% on-year credit growth and 18% increase in deposits.
GAIL India: The state-owned natural gas company GAIL India said its board will hold a meeting on July 27 to consider issuance of bonus shares. Hence, the trading window for dealing in securities of GAIL for designated persons and their immediate relatives will remain closed till the approval of financial results for the quarter ended June 2022.
Vodafone Idea: The Board of Directors of Vodafone Idea at its meeting held on 22 July has, inter-alia, approved issuance of 42,76,56,421 warrants (each convertible into one equity share), to Euro Pacific Securities (a Vodafone Group entity and promoter of the company), at an issue price of Rs. 10.20 per warrant, aggregating to Rs. 436.21 crore on a preferential basis.
PB Fintech: PB Fintech, the parent company of Policybazaar, said on Sunday that the insurance broking platform’s IT systems were breached on July 19. The company added that issues identified in its IT systems have been fixed since then and an audit has been initiated. “We wish to bring to your notice that on 19 July 2022, certain vulnerabilities were identified in a part of Policybazaar Insurance Brokers Private Limited (“Policybazaar’’) IT systems and the same were subject to illegal and unauthorized access. In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law,” PB Fintech said in a notification to exchanges.
Q1 Results today: Axis Bank, Tata Steel, Tech Mahindra, Canara Bank, Macrotech Developers, KPIT Technologies, Aether Industries, Anupam Rasayan India, Aurionpro Solutions, Central Bank of India, Century Textiles & Industries, Chennai Petroleum Corporation, Craftsman Automation, Glaxosmithkline Pharmaceuticals, Indian Energy Exchange, IIFL Wealth Management, Jindal Stainless, Jyothy Labs, Lakshmi Machine Works, Orient Electric, RattanIndia Power, Sharda Cropchem, Sterlite Technologies, Tanla Platforms, Tatva Chintan Pharma Chem, and Tejas Networks.