Stocks to Watch: Maruti, Airtel, SBI, Power Grid, Kotak Bank, Gail India
Maruti Suzuki: Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a standalone net profit of ₹2,485.1 crore in the quarter ended June 2023. The company’s net profit jumped by a robust 145% as compared to ₹1,012.8 crore in the same quarter last year. This was on account of larger sales volume, improved realization, cost reduction efforts and higher non-operating income.
However, the company’s net profit declined sequentially from ₹2,623.6 crore in the March quarter. Bharti Airtel: Bharti Airtel Ltd prepaid ₹8,024 crore ahead of schedule to clear part of its deferred liabilities for the spectrum acquired in 2015 as part of a plan to save costs. “The said instalments had an interest rate of 10% and have been prepaid by Airtel, leveraging much lower cost financing available to it," the telco said in a statement on Monday, noting that the amount was paid to the Department of Telecommunications.
Airtel continues to enjoy access to well-diversified sources of capital or financing, allowing it to have enhanced financial flexibility in its capital structure. State Bank of India: India's largest lender State Bank of India (SBI) announced on Monday that it raised ₹10,000 crore after issuing 15-year infrastructure bonds at the coupon rate of 7.54%. The bank said that the proceeds will be directed towards bolstering long-term resources for funding critical infrastructure projects and supporting the affordable housing segment.
SBI said that the bank attracted bids of Rs. 21,698 crores, a staggering 4.34 times the base issue size, indicating robust demand for these financial instruments. Power Grid Corporation: Power Grid Corporation of India announced its April-June quarter results for fiscal 2023-24
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