Stocks to Watch: IndusInd Bank, Adani Transmission, Vedanta, L&T Tech Services, ICICI Lombard
IndusInd Bank: The private lender's net profit rose by 32.5% year-on-year to 21.24 billion rupees. IndusInd Bank witnessed a 22% year-on-year growth in advances, coupled with a 15% increase in deposits. The loan growth was supported by retail deposit growth of 21% YoY and overall deposit growth of 15%.
Vedanta: The metals-to-oil conglomerate has tied up with over 100 global suppliers and ancillary industries technology and equity partners for its semiconductor fabrication project and with Innolux for its display fab unit. State Bank of India: The lender has announced plans to establish a trustee company, which will be a fully-owned subsidiary responsible for handling the Corporate Debt Market Development Fund (CDMDF). SBI Funds Management Ltd is designated as the investment manager as well as the sponsor for this fund. L&T Technology Services: The company saw anincrease of nearly 13% to ₹3.11 billion in its first-quarter profit primarily driven by order acquisitions.
During this quarter, L&T Technology Services secured a significant contract valued at over $50 million and secured five additional contracts each exceeding $10 million. The company also formed a partnership with the state-owned BSNL to implement a private 5G network tailored for enterprise customers. CIE Automotive India: The automotive components supplier saw a surge of 60% in its June quarter profit to ₹3.02 billion, primarily driven by the expansion of both the Indian and European markets.
The subsidiary of Spain's CIE Automotive reported a 4.7% rise in revenue at ₹23.20 billion. Adani Transmission: The company said its distribution loss has seen a consistent reduction, dropping to 4.85% in Q1 FY24 from 6.95% in Q1 FY23. The company attributed this
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