Stocks to Watch: RIL, ICICI Bank, HDFC Bank, Adani Ent, SpiceJet, Paytm
Reliance Industries: Reliance Industries Ltd said quarterly profit declined 5.9% from a year earlier. Net profit fell to ₹18,258 crore in the three months ended 30 June from ₹19,405 crore in the year-ago quarter. Profit missed the average ₹18,302 crore estimated by a Bloomberg survey of analysts.
Revenue declined by 5.31% to ₹2.1 trillion, in line with estimates. While the company’s oil-to-chemicals business reported weak performance, the consumer-centric retail and telecom businesses reported robust earnings. ICICI Bank: ICICI Bank announced its April-June quarter results for fiscal 2023-24 on July 22, reporting a rise of 39.7% in net profit at ₹9,648 crore on a standalone basis, compared to ₹6,905 crore in the corresponding period last year.
The country's leading private sector lender's net interest income (NII) -or the difference between interest earned and interest paid, increased 38% year-on-year to ₹18,227 crore in the first quarter of the current fiscal from ₹13,210 crore in the corresponding quarter last year. HDFC Bank: HDFC Bank, India's biggest private sector lender, expects 17-18% loan growth during the current financial year as there is enough credit demand. During the first quarter, the total advances of the bank rose by 15.8% to ₹16.15 lakh crore.
"we are confident that there is enough credit demand. It is for us to see which one we want and what time we start to build in," PTI reported quoting HDFC Bank Chief Financial Officer (CFO) Srinivasan Vaidyanathan as saying. The bank will be selective in terms of credit and will not participate in certain loans, Vaidyanathan said.
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