Stocks to Watch: HDFC Bank, ONGC, Adani Ports, Aurobindo Pharma, RVNL
HDFC Bank: After the successful $40 billion amalgamation with its parent, private lender HDFC Bank chief Sashidhar Jagdishan on Friday flagged funding as a risk, reported PTI. Jagdishan flagged his concern to the shareholders at its maiden annual general meeting after the merger came into effect on 1 July. He said, "As you know, the risks of the merger are the funding part of it." The HDFC has not been fully successful in getting all the forbearance it had sought from the RBI on the liabilities front.
ONGC: State-run ONGC on Friday reported a 102.6% rise in its consolidated net profit for the April-June quarter at ₹17,383 crore. During the same quarter of the last fiscal (FY23), the company had reported a net profit of ₹8,581 crore. Its gross revenue, however, declined 10.4% on a year-on-year basis to ₹1.63 trillion, the company said in a statement.
The growth in profit was aided by a decline in expenses. Adani Ports: Adani Ports has named MSKA & Associates, an independent member firm of BDO International, as its new auditor, it said in the statement. Deloitte had decided to resign from the role amid concerns over certain related party transactions flagged in a report by U.S.
short seller Hindenburg in January, but the Indian company did not wish to look into them independently, a source told Reuters on Friday. Deloitte in May first pointed to certain transactions flagged by Hindenburg in its report and gave only a qualified opinion related to Adani Ports, indicating concerns by a company's auditor. Aurobindo Pharma: Aurobindo Pharma reported a decline of 22.5% in net profit at ₹540 crore, compared to ₹697.6 crore in the corresponding period last year.
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