Here are some of the major updates that could move the markets tomorrow:
Axis Bank Q1 Results: Net profit rises 40% YoY to ₹5,797 crore
Axis Bank reported a 40% year-on-year (YoY) increase in consolidated net profit of ₹5,797 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 27% YoY to ₹11,959 crore during the same period. The bank’s operating profit grew 50% YoY to ₹8,814 crore. The gross non-performing assets (GNPA) ratio declined by 80 basis points to 1.96% in Q1 FY24.
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M&M acquires 3.53% stake in RBL Bank for ₹417 crore
Mahindra & Mahindra has acquired a 3.53% stake in RBL Bank Ltd for ₹417 crore. The automaker said it will consider further investment subject to regulatory approval and required procedures, but won’t acquire more than a 9.9% stake. While the exact date of the transaction remains unclear, RBL Bank had not mentioned M&M in its June shareholding data.
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Tech Mahindra Q1 Results: Net profit falls 39% YoY to ₹693 crore
Tech Mahindra reported a 39% YoY decline in consolidated net profit to ₹693 crore for the quarter ended June (Q1 FY24); missing street estimates. Its consolidated revenue rose 4% YoY to ₹13,159 crore during the same period. EBITDA fell 29% YoY to ₹1,338 crore in Q1. The new deal wins in the June quarter more than halved to $359 million.
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Embassy Office Parks REIT expects to lease 6 million sq ft of office space in FY24
Embassy Office Parks REIT expects to lease 6 million sq. ft. of office space in FY24, despite global financial turmoil and corporates reassessing their real estate portfolio. The company leased 1.1 million sq. ft. across 22 deals, encompassing 4 lakh sq. ft. of new leases and pre-leasing of 4.48 lakh sq. ft., at premium rates to market rents. In Q1 FY24, Embassy REIT achieved a net operating income (NOI) of ₹738 crores, marking a 9% YoY growth.
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Cipla Q1 Results: Net profit rises 45% YoY to ₹996 crore
Cipla Ltd reported a 45% YoY increase in consolidated net profit to ₹996 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations stood at ₹6,329 crore during the same period, up 18% YoY. EBITDA grew 31% YoY to ₹1,494.02 crore in Q1. The 12% growth in its Indian business was led by growth across branded prescription, trade generics, and consumer health.
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BHEL synchronises 660 MW Unit-2 of Maitree thermal power project
Bharat Heavy Electricals Ltd has synchronised 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters. Maitree STPP is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL).
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Dr Reddy’s Labs Q1 Results: Net profit rises 18% to ₹1,405 crore
Dr Reddy’s Labs reported an 18.2% YoY increase in consolidated net profit to ₹1,405 crore for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations rose 29% YoY to ₹6,758 crore during the same period. The growth in the consolidated revenue of Dr Reddy’s was primarily on account of new product launches, continued momentum in existing products, and favourable forex rates movement.
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Shree Cement to invest ₹7,000 crore on capacity expansion
Shree Cement said it will invest ₹7,000 crore for capacity expansion in the next phase of capacity augmentation. The company will invest in setting up a clinker capacity of 3.65 million tonnes in Pali, Rajasthan. It will also invest in a cement capacity of 6 million tonnes at Pali, Rajasthan and Etah, Uttar Pradesh.
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Tata Consumer Q1 Results: Net profit rises 30% YoY to ₹359 crore
Tata Consumer Products Ltd reported a 30% YoY increase in consolidated net profit to ₹359 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 12% YoY to ₹3,741 crore during the same period. The revenue growth is mainly driven by a strong 16% uptick in India Business, 3% in international business, and 5% in non-branded business. EBITDA stood at ₹547 crore in Q1, up 19% YoY.
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Tata Motors to convert DVR shares to ordinary shares
The board of Tata Motors approved the cancellation of its entire DVR or ‘A’ ordinary shares. Holders of the DVR will get seven ordinary shares for every 10 DVRs held. This marks a premium of 23% over the previous day’s close of the DVR shares and a 30% discount to Tata Motors’ ordinary shares. The proposed scheme to cancel DVR shares will lead to a reduction in Tata Motor’s outstanding equity shares by 4.2%.
To learn more about DVR shares, click here.
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Bajaj Finance Q1 Results: Net profit rises 32% YoY to ₹3,437 crore
Bajaj Finance reported a 32.4% YoY increase in consolidated net profit to ₹3,437 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 35% YoY to ₹12,498 crore during the same period. Net interest income (NII) for the quarter increased by 26% YoY to ₹8,398 crore. The company’s assets under management (AUM) as of June 30 stood at ₹2.70 lakh crore, up 32% from the year-ago period.
Read more here.
