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Stocks to Watch: RIL, ICICI Bank, Adani Enterprises, JSW Steel, LTMindtree | Mint – Mint

Reliance Industries: Mukesh Ambani’s Reliance Industries Ltd beat analysts’ expectations for quarterly profit as its new consumer ventures compensated for the decline in its chemicals business. Net profit fell 15% to 15,792 crore in the three months ended 31 December from 18,549 crore in the year-earlier on rising expenses. The company’s consumer-facing ventures, Reliance Jio and Reliance Retail posted strong growth, even as improved refining margins boosted the oil-to-chemicals (O2C) business despite weakness in the petrochemicals segment. Additionally, higher gas prices benefited the oil and gas exploration and production business.

ICICI Bank: ICICI Bank bank beats street expectations by garnering a net profit of 8,311.85 crore in Q3 of the current fiscal compared to a profit of 6,193.81 crore recorded in the same quarter a year ago, registering a growth of a whopping 34.19% year-on-year. While gross NPA in the Q3FY23 dipped further, however, provisions scaled up during the quarter. ICICI Bank’s Q3 PAT rose by 9.97% from 7,557.84 crore in September 2022 quarter. Net interest income, meanwhile, soared by a robust 34.6% to 16,465 crore in Q3FY23, compared to 12,236 crore in same the quarter of the previous fiscal.

Adani Enterprises: Billionaire Gautam Adani’s group plans to spin off businesses like hydrogen, airports and data centre between 2025 and 2028 after they achieve a certain investment profile, its chief financial officer Jugeshinder Singh said. Adani Enterprises Ltd, which is looking to raise 20,000 crore in a follow-on share sale, is the business incubator for the group. Over the years, businesses such as ports, power and city gas were first incubated in AEL before being spun off or demerged into separately listed companies. AEL currently houses new businesses such as hydrogen, where the group plans to invest USD 50 billion over the next 10 years across the value chain, flourishing airport operations, mining, data centre and roads and logistics.

Kotak Mahindra Bank: Kotak Mahindra Bank beats street estimates in terms of profitability during the December 2022 quarter. The bank garnered a standalone net profit of 2,791.88 crore in Q3 of the current fiscal FY23 compared to 2,131 .36 crore a year ago same quarter, registering a growth of a whopping 30.99% year-on-year. Kotak’s asset quality improved with gross NPA declining sharply, however, provisions increased during the quarter. However, Q3 PAT scaled up by 8.17% from the profit of 2,581 crore that was recorded in the September 2022 quarter.

JSW Steel: India’s largest steel maker JSW Steel Ltd reported an 89.5% drop in net profit in the December quarter due to a steep decline in exports as well as high finance costs. Its revenue rose marginally by 2.8% to 3,9134 crore. Its consolidated profit after tax fell to 476 crore compared to 4,516 crore in the year ago, with exports contracting 62% and finance costs rising 42% to 1819 crore. Its earnings before interest, taxes, depreciation and amortization halved to 4,547 crore during the quarter. However, JSW expects to improve its competitive edge in subsequent quarters following the export duty rollback in November 2022.

LTMindtree: Domestic information technology (IT) services company LTIMindtree, the result of a merger between mid-cap IT firms L&T Infotech and Mindtree in November, reported a 4.7% year-on-year (YoY) decline in net profit to 1,000.7 crore from 1,050 crore, for the December quarter. The constant currency revenue growth came in at 16.3% YoY. The rupee revenue rose 25.3% YoY to 8,620 crore from 6,880.7 crore, backed by an addition of 23 new clients — four of them from the $10 million-plus category.

Ultratech Cement: Leading cement manufacturer, Ultratech Cement witnessed a mixed performance in terms of profitability in December 2022 quarter (Q3FY23), however, revenue garnered strong growth. Consolidated Q3 PAT dropped by 38.03% to 1,058.20 crore compared to 1,707.72 crore in the same quarter a year ago. However, sequentially, the company’s PAT rose by 40.02% as against a profit of 755.73 crore posted in the September 2022 quarter. Consolidated revenue from operations came in at 15,520.93 crore in Q3FY23, rising by 19.53% from 12,984.93 crore in Q3 of the previous fiscal. Also, revenue was up by 11.72% from 13,892.69 crore in the preceding quarter.

SBI Life: SBI Life Insurance Company’s profitability in December 2022 quarter dipped in both year-on-year and quarter-on-quarter terms. Q3 PAT came in at 304.13 crore. The insurer’s Q3FY23 PAT dropped by 16.46% from 364.06 crore in Q3FY22, however, the sequential drop was by 19.27% as against a profit of 376.74 crore in Q2 of FY23. On the other hand, the insurer’s net premium income picked up momentum. Net premium income stood at 19,170.80 crore in Q3FY23 — rising by 6.35% from 18,025.34 crore in Q3 of the previous fiscal, but up by a huge 16.35% from 16,477.26 crore in the preceding quarter.

GPT Infraprojects: GPT Infraprojects on Friday said it has signed a contract with state-run Bridge & Roof Company for the construction of a rail flyover under the Allahabad-Bamhrauli fourth line and other allied works for an outlay cost of 270 crore. The project for the construction of the rail flyover comprised of earthwork, pile foundation, composite steel girder, reinforced cement concrete (RCC) deck slabs, rail over bridge (ROB) and utilities shifting, according to a company statement released on Friday. Other allied works pertain to the construction of rail flyover (RFO) -2 (Phase -II) under the North Central Railway (NCR), Prayagraj, Uttar Pradesh.

Spencer’s Retail: Spencer’s Retail Ltd on Friday said its chief executive officer and managing director Devendra Chawla has resigned with effect from 20 January 2023. Spencer’s Retail said that Devendra Chawla has tendered his resignation from the position of CEO and Managing Director and also as a Director from the Board of the company. Devendra Chawla joined the RP Sanjiv Goenka Group in 2019 as its chief executive officer and managing director for a three-year term. Earlier, he was the chief operating officer of Walmart India.

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