Reliance, Infosys, ICICI Bank, PB Fintech, Yes Bank, Vodafone Idea, Kotak Bank, GAIL stocks in focus

Indian equity markets may start the week on a tepid note amid weak global cues. The SGX Nifty hinted that Dalal Street was heading 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, the Sensex ended 390 points higher at 56,072 and the Nifty 50 gained 114.20 points to close above 16,700. for the previous swing high i.e. 16,800 in Nifty. A decisive break above that mark would sustain the momentum and help the index to test 17,400. In case of a consolidation, 16,250-16,500 zone will act as a support, said Ajit Mishra, VP – Research, Religare Broking.

Shares in focus 25 July, Monday

Reliance Industries: Mukesh Ambani-owned Reliance reported robust operating and financial results for all businesses for the quarter ended June 2022, with highest-ever quarterly revenue for O2C (oil-to-chemicals) business in a volatile environment, and best-ever quarterly revenue for Reliance Retail and Jio platforms. The company posted a 41% YoY growth in consolidated net profit at Rs 19,443 crore in Q1FY23, and gross revenue grew 53% to Rs 2,42,982 crore for the quarter y-o-y, while EBITDA for the quarter at Rs 40,179 crore was higher by Rs 40 179 crore 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 the year from Rs 5,195 crore recorded in Q1FY22. Sequentially, profit fell 5.7% in the said quarter, against a profit of Rs 5,686 crore in Q4FY22. The result missed analysts’ estimates that had predicted 7-9.5% growth in consolidated net profit.

ICICI Bank: The country’s second-largest private sector lender posted a 50% growth in standalone profit at Rs 6,905 crore for the quarter ended June 2022, as provisions for bad loans fell sharply year-on-year. Net interest income rose 20.8% to Rs 13,210 crore, compared to Rs 10,936 crore reported in the corresponding period of the 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 posted a 26.1% YoY rise in standalone profit to Rs 2,071.15 crore for the quarter ended June 2022, helped by lower provisions for bad loans, with improved asset quality. Net interest income grew 19.2% y-o-y to Rs 4,697 crore for the quarter.

Yes Bank: The private sector lender has reported 50.17% 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% y-o-y to Rs 1,850 crore, with 14% y-o-y credit growth and 18% increase in deposits.

GAIL India: State-owned natural gas company GAIL India said its board will hold a meeting on July 27 to consider issuing bonus shares. Therefore, the trading window for trading 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 Vodafone Idea, at the meeting held on 22 July, among other things, approved the issue of 42,76,56,421 warrants (each convertible into one share), to Euro Pacific Securities (a Vodafone group and promoter of the company), at an issue price of Rs. 10.20 per warrant, aggregating to Rs. 436.21 crore on preferential basis.

PB Fintech: PB Fintech, the parent company of Policybazaar, said on Sunday that the insurance brokerage platform’s IT systems were breached on July 19. The company added that problems identified in the IT systems have since been fixed and an audit has been initiated. “We wish to bring to your attention that on 19 July 2022 certain vulnerabilities were identified in a part of Policybazaar Insurance Brokers Private Limited’s (“Policybazaar”) IT systems and the same were subject to illegal and unauthorized access. In this regard, Policybazaar has contacted the appropriate authorities and is taking due complaint as per law,” PB Fintech said in a notice to the stock 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.