Stocks in focus: The GIFT Nifty recorded a 0.20% loss during Monday’s early trading session, with a value of 19,727.5 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex snapped their winning streak and closed in the red on Friday. Nifty 50 tanked 234.15 points to settle at 19,745, while Sensex gave up 1.31% to close at 66,684.26, almost 900 points lower.
“The weak guidance from Infosys cast a shadow over the outlook of the Indian IT sector, causing a delay in Nifty’s pursuit of the 20,000 mark. While the heavyweights surrendered to the bears, the small caps demonstrated resilience. Global markets presented a mixed picture, with the US market struggling due to weak earnings, while UK retail sales exceeded expectations with a 0.7% MoM growth,” said Vinod Nair, Head of Research at Geojit Financial Services.
Kotak Mahindra Bank
Kotak Mahindra Bank beat expectations with a 67% on-year rise in net profit for the April-June quarter, helped by higher net interest income and robust loan growth. The bank’s standalone net profit rose to Rs 34.52 billion.
ICICI Bank
ICICI Bank on Saturday posted fiscal first quarter profit at Rs 10,636.12 crore, up 44% in comparison to Rs 7,384.53 crore during the same period last year, surpassing estimates. The bank earned a total interest of Rs 37,105.89 crore during the quarter in review, up 41.8% from Rs 26,158.60 crore during Q1FY23.
Adani Enterprises
Adani Group’s copper-producing factory at Mundra in Gujarat will start operations from March next year. Additionally, US-based investment firm Bain Capital entered into an agreement to acquire 90% of Adani Capital and Adani Housing, buying out all of the Adani family’s private investments in the company.
DLF
DLF Limited posted fiscal first quarter profit at Rs 527 crore, up 12.2% in comparison to Rs 469.57 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 1,423.23 crore, down 1.3% from Rs 1,441.63 crore during Q1FY23.
AU Small Finance Bank
AU Small Finance Bank’s net profit rose 44% on-year to Rs 387 crore in the April-June quarter due to growth in its loan book. Gross advances rose 29% on-year to Rs 63,635 crore as on June 30. Of the total advances, vehicle loans formed 33%.
RBL Bank
RBL Bank on Saturday reported a 43% jump in its June quarter net profit at Rs 288 crore, helped by core income growth. The lender reported a 21% jump in the core net interest income at Rs 1,246 crore on the back of a 21% growth in advances and a 0.48% expansion in net interest margin (NIM) to 4.84%.
Tata Steel, Canara Bank, TVS Motors, HDFC AMC
Shares of Tata Steel, Canara Bank, TVS Motors, HDFC AMC will be in focus today as they gear up to announce their first fiscal quarter’s earnings results.