Stocks to Watch: HDFC Bank, JSW Energy, Bandhan Bank, Lupin, Suzlon

HDFC Bank: India’s largest private sector lender, is gearing up to announce its financial results for the April-June period on Monday. Analysts predict that the bank will register a standalone net profit of ₹11,580 crore for this period, indicating a substantial 25.9% increase from the same period the previous year. They also project a 23.2% year-on-year surge in the net interest income (NII) to ₹24,000 crore. 

The leading private sector bank in India, is preparing to reveal its financial results for the April-June quarter on Monday. Analysts predict that the bank will register a standalone net profit of ₹11,580 crore for this period, indicating a substantial 25.9% increase from the same period the previous year. They also project a 23.2% year-on-year surge in the net interest income (NII) to ₹24,000 crore. The bank’s robust loan growth and consistent credit cost are anticipated to strengthen its financial outcomes, even though there may be some pressure on the net interest margin (NIM) due to escalating provisions.

JSW Energy: The company reported a more than 48% plunge in consolidated net profit, amounting to ₹290 crore for the April-June quarter, attributed to the one-off impact of non-operational costs from the recent acquisitions of Mytrah and the 700 MW Ind-Barath thermal plant under insolvency proceedings. The company noted the existence of a one-off impact of non-operational costs related to the recent Mytrah buyout and the 700 MW Ind-Barath thermal NCLT deal.

Bandhan Bank: The private lender reported an 18.7% decrease in its net profit to ₹721 crore in the first quarter of the present fiscal year. The bank’s deposits at the end of the first quarter amounted to ₹1.08 lakh crore, while advances reached ₹1.03 lakh crore. Chandra Shekhar Ghosh, the MD & CEO of Bandhan Bank, said the first quarter had remained steady for the bank.

Avenue Supermarts: The company, which operates the DMart retail chain, recorded a 2% rise in net profit to ₹659 crore and a 20% surge in operational revenue at ₹10,337 crore in the first quarter of 2023. The company’s management also reported that the total number of stores as of March 31, 2023, amounted to 324.

Suzlon: Renewable energy solutions provider Suzlon Group has secured an order of 100.8 MW wind power project from Everrenew Energy. The company will install 48 wind turbine generators (WTGs) of their S120 – 2.1 MW with a Hybrid Lattice Tubular tower at Velliyanani Phase II in Trichy, Tamil Nadu. The project is expected to be commissioned in March 2024,

State Bank of India: India’s largest lender, has hiked its marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) for all tenures. This action is set to result in a rise in Equated Monthly Installments (EMIs) for borrowers. The updated MCLR rate became effective from 15 July. Following this change, the one-year MCLR has climbed to 8.55% from the previous 8.50%.

Mahindra & Mahindra: The automaker announced its collaboration with NXP Semiconductors, a prominent figure in the realm of secure connectivity solutions for embedded applications. According to a Memorandum of Understanding (MoU), both parties will jointly investigate the electric and connected vehicle sector, encompassing an array of vehicles such as utility vehicles, light commercial vehicles, farming equipment, and tractors, as stated by Mahindra & Mahindra.

Lupin: The pharmaceutical company’s subsidiary has been granted permission by the US health regulator to market a drug intended to treat various disorders, including schizophrenia. The approval for Chlorpromazine Hydrochloride tablets has been accorded to Lupin Inc, the company’s fully-owned subsidiary based in Somerset. The Mumbai-based pharmaceutical producer’s medication is a generic variant of a product by Upsher-Smith Laboratories, LLC.

Nestle India: The FMCG giant said it has been granted preliminary approval from the Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) to establish a food processing unit in Mundaamba, in the Khordha district of Odisha. The proposed food processing unit will be developed with an investment of approximately ₹894.10 crore. 

Rallis India:: The agricultural input company announced a slight decrease in net profit for the June 2023 quarter, attributing the dip to lower income. The company reported a net profit of ₹63 crore, down from ₹67 crore in the same period last year. The firm’s total income also saw a decline, dropping to ₹765 crore from ₹867 crore. Rallis India, is a subsidiary of Tata Chemicals.

Updated: 17 Jul 2023, 07:24 AM IST