SBI’s Net Profit Rises 178% YoY to Rs 16,884Cr in Q1 - Top Indian Market Updates


Here are some of the major updates that could move the markets on Monday:

SBI Q1 Results: Net profit jumps 178% YoY to ₹16,884 crore

State Bank of India (SBI) reported a 178.24% YoY jump in net profit to ₹16,884 crore for the quarter ended June (Q1 FY24), beating street estimates. Its Net Interest Income (NII) increased 24.7% YoY to ₹38,905 crore during the same period. The bank’s Gross Non-Performing Assets (NPA) reduced to 2.76% compared to 2.78% in Q1 FY23. On the balance sheet side, credit growth was recorded at 13.9% YoY with domestic advances growing at 15.08% YoY.

Read more here.

MCA examines SEBI's allegations against Zee Ent

According to an ET Now report, the Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator SEBI. However, the company said it is not aware of any MCA probe and has not received any such notification from the ministry, news agency Reuters said citing a source. The MCA has taken cognizance of SEBI’s interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues.

Read more here.

M&M Q1 Results: Net profit rises 98% YoY to ₹2,774 crore

Mahindra & Mahindra (M&M) reported a 98% YoY increase in standalone net profit to ₹2,774 crore for Q1 FY24. Its revenue from operations rose 22% YoY to ₹24,056 crore during the same period. EBITDA stood at ₹3,547 crore, up 46% YoY. In the automotive segment, the company recorded the highest-ever first-quarter volumes at 186,000, up 21% over the previous year's quarter.

Read more here.

India's forex reserves fall $3.2 billion to $603.87 billion as on July 28

As per RBI data, India's foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28. Foreign exchange reserves stood at $607.03 billion for the week ended on July 21. Foreign currency assets (FCAs) dropped by $2.4 billion to $535.33 billion. In October 2021, the country's forex kitty reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Read more here.

BHEL Q1 Results: Net loss at ₹343 crore

Bharat Heavy Electronics Ltd (BHEL) reported a consolidated net loss of ₹343 crore in Q1 FY24. The company reported a consolidated net loss of ₹187.99 crore in Q1 FY23. The total income of the company rose to ₹5,117.20 crore in the quarter from ₹4,742.28 crore in the same period a year, up 7.9% YoY. However, the company’s total expenses rose to ₹5,595.47 crore in the quarter from ₹5,006.50 crore in the June quarter last year. 

Read more here.

IT dept conducts searches across several premises of Kalpataru group

The Income Tax (I-T) department searched the real estate development company Kalpataru Group's premises in Rajasthan and Mumbai on Friday. According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of "hundreds of crores" have been uncovered.

Read more here.

Delhivery Q1 Results: Net loss narrows to ₹89.5 crore

Delhivery reported a consolidated net loss of ₹89.5 crore for the June quarter (Q1 FY24). Net loss stood at ₹399 crore in Q1 FY23. Consolidated revenue from operations rose 10.5% YoY to ₹1,929 crore during the same period. Express parcel shipment volumes grew 19% YoY to 182 million in the quarter. Truckload and supply chain services businesses saw robust sequential revenue growth of 20% and 10%, respectively.

Read more here.

Blackstone sets its sights on buying out Hamieds from Cipla

Blackstone is set to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla. Cipla is India’s third-largest generics company by revenue. This will formally start a process that could see the eventual exit of the Hamied family from the company they created in 1935. The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. 

Read more here.

Devyani International Q1 Results: Net profit falls 84% YoY to ₹12 crore

Devyani International reported a 84% YoY fall in net profit to ₹11.75 crore for Q1 FY24. Net profit stood at ₹73.84 crore in Q1 FY23. However, its revenue from operations rose 20% YoY to ₹846.63 crore during the same period. The decline in net profit was due to a 24% jump in its total expenses which stood at ₹793.16 crore in Q1FY24. The company’s sales were up 12% quarter-on-quarter (QoQ).

Read more here.

IndiGo reaches milestone of 1,900 flights per day

IndiGo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry.

Read more here.

USFDA clears Granules India's foreign arm with zero observation

The United States Food and Drug Administration (USFDA) has completed a 'post-marketing adverse experience inspection' for Granules India’s foreign arm with zero observations. The inspection was conducted at Granules India's wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc., located in Virginia, United States, from July 31 to August 3. The inspection was closed with zero observations. 

Read more here.

Post your comment

No comments to display

    Honeykomb by BHIVE,
    19th Main Road,
    HSR Sector 3,
    Karnataka - 560102

    Crafted by Traders 🔥© marketfeed 2023