HUL, Axis Bank, Bajaj Finserv, Cipla, Yes Bank, CSB Bank Announce their Net Earnings: Stocks to Watch
Tuesday witnessed a handful of industry giants announcing net earnings in the first quarter ended June of the current fiscal year.
Below is a list of stocks that may be in news on Wednesday:
HUL: India’s largest packaged consumer goods company, Hindustan Unilever, on Tuesday reported a 7.1% year-on-year hike in its June quarter net profit to ?1,881 crore. HUL’s revenues rose 4.4% during the period under review to ?10,560 crore.
Axis Bank: This Private sector lender, on Tuesday reported a net profit of ?1,112.17 crore in the June quarter of FY21, down 18.8% from the same period last year. This comes as a result of higher provisions. Axis Bank's total provisions and contingencies figured at ?4,416.42 crore, up 15.7% on a year-on-year basis. However, provisions were down from ?7,730 crore in the sequential quarter.
Bajaj Finserv: Another financial services company reported a 44% rise in consolidated net profit to ?1,215 crore in the first quarter ended June of the current fiscal year, mainly on the back of good earnings from its insurance subsidiaries. Bajaj Finserv had posted a net profit of ?845 crore during the corresponding June quarter of 2019-20.
Indiamart Intermesh: B2B e-commerce company Indiamart Intermesh on Tuesday declared an over two-fold jump in its consolidated profit at ?76.4 crore in the first quarter ended June 30, 2020. Indiamart had recorded ?32.1 crore profit in the same period a year ago.
Cipla: Cipla's step-down wholly owned subsidiary, Cipla Pharma Lanka (CPL) has been amalgamated with its another step-down wholly owned subsidiary, Breathe Free Lanka (BFL), with effect from May 01, 2020. "Upon amalgamation into BFL, CPL stands dissolved without winding up," Cipla said in a regulatory filing.
CSB Bank: The bank’s total deposits grew 7.51% year-on-year to ?16337.95 crore in the first quarter of FY21. Advances against gold and gold jewellery increased 28.32% to ?3843.50 in the term under review, as told by a CSB Bank rep in a quarterly update.
IHCL: Hospitality major Indian Hotels Company Ltd on Tuesday announced it has inked pact to acquire the remaining 14.28% stake in ELEL Hotels and Investment from the Nanda family. The deal will make the company 100% leasehold owner of the Sea Rock hotel site in Mumbai by the end of December, 2021.
Yes Bank: Yes Bank's ?15,000-crore equity capital raising is credit positive for the lender as it strengthens the core capital and loss-absorbing buffers, besides reducing default risks for creditors. This was mentioned in a report by global ratings agency Moody's.
Godrej Agrovet: Godrej Agrovet on Tuesday announced purchase of an additional 0.90% stake in its subsidiary, Godrej Maxximilk. With this addition, Godrej Agrovet's total shareholding in Godrej Maxximilk has increased from 74% to 74.90%.
Earnings: Alembic Pharmaceuticals, Larsen & Toubro, Jindal Steel & Power, and Bajaj Auto among other companies will announce their earning for the quarter ended 30 June today.