Stocks to Watch: Check out the companies making headlines before the opening bell.
Results on October 20: ITC to be in focus ahead of September FY23 quarter earnings on October 20. ITC, Asian Paints, Axis Bank, Bajaj Finance, Tata Consumer Products, Colgate Palmolive, Aarti Drugs, Canara Bank, Central Bank of India, Clean Science and Technology, Coforge, Dixon Technologies, Happiest Minds Technologies, ICRA, Indian Energy Exchange, ICICI Securities, L&T Finance Holdings, Mphasis, Nazara Technologies, Shriram Transport Finance, Symphony, Tanla Platforms, United Breweries, Union Bank of India, and UTI Asset Management Company will be in focus ahead of September FY23 quarter earnings on October 20.
IndusInd Bank: IndusInd Bank Q2 profit jumps 57% YoY to Rs 1,805 crore on lower provisions. Net interest income grows 18% to Rs 4,302 crore. The private sector lender recorded profit at Rs 1,805 crore for the quarter ended September FY23, a 57% year-on-year growth led by lower provisions, with improvement in asset quality performance. Pre-provision operating profit increased 10% YoY to Rs 3,544 crore, and net interest income rose by 18% to Rs 4,302 crore in Q2FY23 with 17 basis points expansion in net interest margin.
Bharat Electronics: Bharat Electronics bags order worth Rs 8,060 crore for battery packs from Triton Electric Vehicle India. Triton Electric Vehicle India, a part of Triton Electric Vehicle LLC, USA, has issued a Letter of Intent to navratna defence PSU Bharat Electronics for 300 KW Li-ion battery packs for its semi-truck project in India at a value of Rs 8,060 crore. The battery packs will be delivered by the company to Triton in 24 months commencing from January 2023.
Life Insurance Corporation of India: Life Insurance Corporation of India to invest Rs 13.20 crore in LIC (Lanka). The life insurance major said the board has given its approval for infusion of Rs 13.2 crore capital in LIC (Lanka). This investment is subject to approval from Insurance Regulatory and Development Authority of India and Central Bank of Sri Lanka. LIC Lanka is a joint venture of LIC of India and the Bartleet Group of Sri Lanka.
Havells India: Havells India Q2 profit plunges 38% YoY to Rs 187 crore on lower operating income. Revenue grows 13.6%. The electric equipment maker has reported a 38% YoY decline in consolidated profit at Rs 187 crore for the quarter ended September FY23 on lower operating income. Revenue grew by 13.6% YoY to Rs 3,679.5 crore in Q2FY23.
Inox Leisure: Inox Leisure posts Q2 loss at Rs 40.37 crore on weak operating performance, lower topline. Revenue falls 36% QoQ. The multiplex chain operator has posted consolidated loss of Rs 40.37 crore for September FY23 quarter, against profit of Rs 57.09 crore in previous quarter, impacted by operating loss and lower revenue. Consolidated revenue fell 36% QoQ to Rs 374.12 crore during the quarter ended September FY23.
Delhivery: Delhivery expects volumes to continue to show a gradual scale-up through FY23. The company said express parcel volumes remained stable in Q2FY23 and picked up towards the end of the quarter, driven by festive season sales, especially in the heavy goods category. Overall service line volumes for the business grew in the high teens in Q2FY23 over a large base of the same quarter last year (Q2FY22). The company also onboarded 200 plus new customers in Q2FY23, driven by improving service metrics. The firm expects volumes to continue to show a gradual scale-up through FY23.
Max Financial Services: Max Financial Services Q2 consolidated profit rises 29% YoY to Rs 61.61 crore supported by operating performance, other income. The company recorded a 29% year-on-year growth in consolidated profit at Rs 61.61 crore for the quarter ended September FY23 supported by operating performance and higher other income. Revenue from operations was almost flat at Rs 9,316 crore against Rs 9,325.4 crore a year ago.
NHPC: Life Insurance Corporation of India offloads 2.02% stake in NHPC. Life Insurance Corporation of India has offloaded 2.02% stake in the company via open market transactions. With this, LIC’s shareholding in the company reduced to 5.2%, down from 7.23% earlier.
Jindal Steel & Power: Jindal Steel & Power signs MoU with Greenko Group to facilitate 1,000 MW of carbon-free energy for its steel plant in Odisha. The company has signed an MoU with Greenko Group to facilitate 1,000 MW of carbon-free energy for its steel-making operations at Angul, Odisha. This is in line with its goal to become a net-zero steel company by 2035.
Persistent Systems: Persistent Systems clocks 4% QoQ rise in Q2 profit, constant currency revenue growth at 6.6%. The IT services company has recorded a 4% sequential growth in profit at Rs 220 crore for the quarter ended September FY23 on revenue of Rs 2,048.6 crore that grew by 9.1% QoQ. Revenue in dollar terms increased by 5.8% QoQ to $ 255.56 million and constancy currency growth was 6.6% QoQ. The order booking for the quarter was at $ 367.8 million in total contract value (TCV) and at $ 271.2 million in annual contract value (ACV).
Rallis India: Rallis India Q2 profit jumps 26% YoY to Rs 71 crore on operating & performance. Revenue increases 31% YoY. The Tata Group company has registered a 26% YoY growth in consolidated profit at Rs 71 crore for the quarter ended September FY23 driven by operating as well as topline performance. Revenue increased by 30.7% YoY to Rs 951.2 crore for Q2FY23.
Navin Fluorine International: Navin Fluorine International Q2 profit falls 8.6% YoY to Rs 57.81 crore impacted by higher input cost. Revenue up 23.7%. The consolidated profit for the quarter ended September FY23 declined by 8.6% YoY to Rs 57.81 crore impacted by higher raw material cost. Revenue increased by 23.7% to Rs 419.2 crore compared to same period last year.
5paisa Capital: 5paisa Capital Q2 profit jumps 672% YoY to Rs 10.74 crore led by strong operating performance and lower expenses. Revenue grows 17%. The company reported a 672 percent year-on-year growth in consolidated profit at Rs 10.74 crore in the quarter ended September FY23, driven by strong operating performance and lower expenses. Revenue grew by 17% to Rs 79.54 crore compared to same period last year.
Angel One: International Finance Corporation FDI AC offloads 0.14% stake in Angel One. International Finance Corporation FDI AC has sold 1.15 lakh shares or 0.14% stake in the company via open market transactions on October 17. With this, IFC FDI’s shareholding in the company dropped to 4.04%, down from 4.18% earlier.
Moneycontrol News
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