Sunday, December 3

Stocks In News: HDFC Bank, JSPL, Tata Steel, Vedanta and more

The Indian market is likely to open higher today as SGX Nifty rose 153 points to 16,193. Sensex gained 344 points to close at 53,760 and Nifty rose 110.55 points to 16,049.20 in the previous session. Hindustan Unilever, Titan, Maruti, Larsen & Toubro, HDFC, Mahindra & Mahindra, Nestle and Bharti Airtel were the top Sensex gainers, rising up to 2.87 per cent.

Tata Steel, Power Grid, HCL Technologies, Wipro, Dr Reddy’s and Axis Bank were the top Sensex losers, falling up to 2.70 per cent.

Share Market Live: Sensex, Nifty likely to open higher today

Here’s a look at stocks that are likely to remain in news today.

HDFC Bank: The lender on reported a 20.91 per cent rise in its June quarter net profit at Rs 9,579.11 crore. On a standalone basis, the largest private sector lender’s net profit increased to Rs 9,195.99 crore from Rs 7,729.64 crore in the year-ago period, but was down from Rs 10,055.18 crore in the preceding March quarter.

Voltas: The Tata group firm said it sold close to 1.2 million units of residential ACs in the first half of 2022, registering a 60 per cent growth helped by an intense summer and expansion of sales network. The company sold close to 1.2 million AC units in H1 CY 22, ever highest by any player in the industry.

JSPL: Jindal Steel and Power Limited reported a multifold jump in consolidated net profit to Rs 2,770.88 crore for the quarter ended on June 30, 2022, on account of higher income.

Tata Steel: The steel firm has planned a capital expenditure (capex) of Rs 12,000 crore on its India and Europe operations during the current financial year. The domestic steel major plans to invest Rs 8,500 crore in India and Rs 3,500 crore on the company’s operations in Europe.

Vedanta: The mining major plans to bring into operation two coal blocks in Odisha in this fiscal and is working out a plan to fast-track the operationalization of another coal mine in the eastern state.

Federal Bank: The lender reported a 63.5 per cent rise in net profit at Rs 601 crore in the June quarter on a steep decline in money set aside for bad loans. The South-based lender had reported a net profit of Rs 367 crore in the year-ago period. Its core net interest income grew 13.1 per cent to Rs 1,605 crore during the reporting quarter on a 16 per cent advances growth and a 0.07 per cent expansion in the net interest margin to 3.22 per cent.

ICICI Prudential Life Insurance Company: The private insurance player logged a Rs 156 crore net profit in the April-June quarter of this financial year amid a moderating trend in the pandemic-related claims and provisions. The firm reported a net loss of Rs 186 crore in the year-ago quarter.

Oberoi Realty: The Mumbai-based real estate company has reported a five-fold year-on-year rise in Q1FY23 profit at Rs 403.48 crore as against Rs 80.81 crore in the corresponding period last year.

Just Dial: The local search platform’s consolidated loss widened to Rs 48.36 crore in the first quarter ended June 30, 2022 against a loss of Rs 3.52 crore in the same period a year ago.

Bank of India: The lender said its shareholders have cleared a proposal to raise up to Rs 2,500 crore fresh equity capital by various modes. The decision was taken at the bank’s Annual General Meeting (AGM) held on July 15.

Den Networks: The digital cable TV service provider logged a 69 per cent year-on-year fall in consolidated profit at Rs 12.71 crore in the quarter ended June 2022, hit by lower revenue and weak operating performance as the revenue fell 6.5 per cent to Rs 283.36 crore in the given quarter.

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