PRE-MARKET INDIAN STOCKS NEWS: Earnings including from Reliance Industries and Indian banks
The earnings reports from major Indian banks and companies are generally positive, with notable year-on-year net profit increases across the board, particularly for Punjab National Bank and Kotak Mahindra Bank, showcasing robust financial health.
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PRE-MARKET INDIAN STOCKS NEWS: Earnings including from Reliance Industries and Indian banks
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Aditya Birla Capital (ABCAP IS) - Co. invested INR 4.85bln through a rights issue in Aditya Birla Sun Life Insurance. (Moneycontrol)
Axis Bank (AXSB IS) - Co. Q1 (INR) net rose 22.5% Y/Y to 71.14bln, net interest income rose 8% Y/Y to 146.46bln. (Moneycontrol)
Cipla (CIPLA IS) - The US FDA conducted a routine cGMP inspection at the New York manufacturing facility of the Co.’s wholly owned InvaGen Pharmaceuticals subsidiary from July 13-17. (Moneycontrol)
GAIL India (GAIL IS) - Co. signed an MoU with Khanij Bidesh India to collaborate on critical and strategic minerals in support of India’s long-term resource security. (Moneycontrol)
HDFC Bank (HDFCB IS) - Co. Q1 (INR) net rose 5% Y/Y to 190.60bln, net interest income rose 6.7% Y/Y to 335.34bln. (Moneycontrol)
ICICI Bank (ICICIBC IS) - Co. Q1 (INR) net rose 15.9% Y/Y to 148.05bln, net interest income rose 12.7% Y/Y to 243.84bln. (Moneycontrol)
Kotak Mahindra Bank (KMB IS) - Co. Q1 (INR) net rose 25.6% Y/Y to 41.23bln, net interest income rose 9.2% Y/Y to 79.28bln. (Moneycontrol)
Power Grid Corporation of India (PWGR IS) - Co. was declared the successful bidder for the Fatehgarh-II Transmission Project. (Moneycontrol)
Punjab National Bank (PNB IS) - Co. Q1 (INR) net rose 213.6% Y/Y to 52.53bln, net interest income rose 2.1% Y/Y to 107.98bln. (Moneycontrol)
Reliance Industries (RELIANCE IS) - Co. Q1 (INR) net rose 6.1% Y/Y to 231.96bln, gross rev. rose 24.5% Y/Y to 3.4trln; unit Jio Platforms’ net rose 9.2% Y/Y to 77.64bln and rev. rose 11.8% Y/Y to 391.73bln. (Moneycontrol)
Tata Technologies (TATATECH IS) - Co. Q1 (INR) net rose 6.1% Y/Y to 1.81bln, rev. rose 33.8% Y/Y to 16.65bln. (Moneycontrol)
Yes Bank (YES IS) - Co. Q1 (INR) net rose 33.7% Y/Y to 10.71bln, net interest income rose 17.5% Y/Y to 27.86bln. (Moneycontrol)
Reliance Industries also reported a strong rise in revenue, bolstering market sentiment. This encouraging performance could indicate a stable outlook for the Indian economy and may influence market positioning for both domestic and foreign investors.
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