Stocks to Watch: HDFC Bank, Jio Financial, Grasim, SpiceJet, ICICI Securities
HDFC Bank: HDFC Bank Ltd on Monday reported a 51% jump in profit in the September quarter, beating analysts’ estimates, on higher other income and lower provisions. The bank saw net profit rise to ₹15,976 crore in the quarter that ended 30 September from ₹10,605 crore in the year-ago period. That exceeded analysts’ estimates of ₹14,120 crore in a Bloomberg survey.
The bank saw its net interest margin (NIM) narrow to 3.6% at the end of September from 4.1% in the preceding quarter. Jio Financial Services: Reliance Industries Ltd-backed Jio Financial Services on Monday reported a net profit of ₹668.2 crore, doubling from the previous quarter on the back of higher income from operations. This is the first financial result of the company after it got listed on the stock exchanges on 21 August.
The company's total revenues stood at ₹608 crore in the September quarter, up 47% from the sequential quarter. Grasim: Grasim Industries is set to raise funds up to ₹4,000 crore via rights issue, the Aditya Birla subsidiary announced on Monday. The fundraising plan received a green signal from the board of Grasim Industries Limited on Monday.
The approval was given to raise funds by way of a rights issue to the eligible equity shareholders. The company aims to utilise the fund in executing its capital expenditure plan, repay existing borrowings, and support general corporate purposes. SpiceJet: Lease Finance BV, the engine lessor for budget airline SpiceJet, on Monday, informed the Delhi High Court that it is deferring its case against the airline to February due to an interim settlement between the two.
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