Stocks to Watch: RIL, Axis Bank, TechM, Marico, IndiGo, Dr Reddy's
Reliance Industries: Jio Financial Services Ltd, the demerged financial lending arm of Reliance Industries Ltd, and BlackRock, the world’s largest asset manager, have joined hands to set up an asset management company with a combined investment of $300 million. On Wednesday, in a joint statement with BlackRock, Jio Financial said that the joint venture (JV), Jio BlackRock, would deliver “tech-enabled access to affordable, innovative investment solutions for millions of investors in India." Axis Bank: Private sector lender Axis Bank reported a 41% y-o-y increase in net profit for the first quarter of the current fiscal, driven by higher net interest income and fee income.
Net profit stood at ₹5,797 crore in the three months through June, compared to ₹4,125 crore during the corresponding period last year. Net interest income (NII) or core income jumped 27% year on year to ₹11,958 crore during the quarter ended June, as against ₹9,384 crore during the corresponding period of last year.
Tech Mahindra: Tech Mahindra announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 26, reporting a decline of 38 per cent in consolidated net profit at ₹692.5 crore, compared to ₹1,131 crore in the year-ago period. The fall in the company's profit was on the back of weakness reported in its key segments.
The IT major's consolidated revenue from operations during the first quarter of the current fiscal stood at ₹13,159 crore, reporting a rise of 3.5 per cent, compared to ₹12,707 crore in the year-ago period. Marico: Packaged consumer goods company Marico Ltd has signed a definitive agreement to acquire a majority stake in Satiya Nutraceuticals Private Ltd which owns plant-based nutrition brand Plix for ₹369 crore.
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