Stocks to Watch: Kotak Bank, ICICI Bank, JSW Steel, Ambuja Cements, ACC, Paytm
Kotak Mahindra Bank: After the resignation of Uday Kotak as CEO and MD of Kotak Mahindra Bank, international banker Ashok Vaswani, on Saturday, was announced as the next CEO. Unlike experts' prediction of the appointment of an insider in the top leadership role, Kotak Mahindra Bank chose to bring the “Global Indian" back home as its next CEO. Ashok Vaswani holds immense experience in a wide range of fields from AI to banking.
He has also worked as CEO of Citigroup Asia Pacific and Barclays. ICICI Bank: The bank reported a 35.8% YoY rise in its standalone net profit to ₹10,261 for the September quarter of FY24 against ₹7557.84 crore in the year-ago period. ICIC Bank's net interest income (NII) increased by 23.8% YoY to ₹18,308 crore in the July-September quarter from ₹14,787 crore in the year-ago period.
Bank's net interest margin stood at 4.53% in Q2FY24. Its fees from retail, rural, business banking and SME customers constituted about 78% of total fees in Q2-2024. JSW Steel: Sajjan Jindal-led JSW Steel Ltd on Friday reported a ₹2,773 crore net profit for the September quarter against a net loss in the same quarter last fiscal.
The Mumbai-based steel manufacturer reported a 6.71% year-on-year increase in its consolidated revenue from operations to ₹44,584 crore. Consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) stood at ₹7,886 crore, with an Ebitda margin of 17.7%. Ambuja Cements/ACC: The Adani group on Friday said it has clinched a $3.5 billion debt refinance deal from a consortium including at least 10 foreign lenders to repay the debts that were taken last year by the group’s promoters to fund the $6.6 billion acquisition of Ambuja Cements Ltd and ACC Ltd.
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