Stocks to Watch: RIL, Axis Bank, ITC, Asian Paints

Reliance Industries, Bajaj Finserv, Ambuja Cements, IDBI Bank, Hindustan Unilever, JSW Steel, Hindustan Zinc stocks will be in focus today as they declare their July-September quarter results.

Reliance Industries: Mukesh Ambani-controlled oil-to-telecom conglomerate will report its fiscal second quarter earnings today. Reliance Industries is likely to report strong year-on-year growth in consolidated net revenue and profit for the quarter ended September. The company's Q2 revenue is seen at ?2,28.1 bn and earnings before interest, taxes, depreciation and amortisation (Ebitda) at ?1,14.35 bn.

Axis Bank: India's third largest private sector lender Axis Bank on Thursday reported a consolidated net profit of ?5,330 crore, up 70% for the quarter ended September 2022, as against ?3,133 crore in the year-ago quarter. The lender's net interest income (NII) grew 31% year-on-year to ?10,360 crore from ?7,901 crore in the last year quarter. The lender's net interest income (NII) grew 31% year-on-year to ?10,360 crore from ?7,901 crore in the last year quarter.

ITC: Cigarette-to-hotel conglomerate ITC on Thursday reported a 24% growth in its consolidated net profit at ?4619.77 crore (attributable to owners of the parent) for the quarter ended 30 September 2022 (Q2FY23), driven by demand for its cigarettes and snacks. It was ?3,713.76 crore in the year-ago period. On a sequential basis, the FMCG major's consolidated profit after tax (PAT) has risen 5% from ?4389.76 crore in the June quarter (Q1FY23).

Bajaj Finance: Bajaj Finance on Thursday reported an 88 per cent rise in net profit at ?2,781 crore for the September quarter. The comply had reported net profit of ?1,481 crore the same quarter last fiscal. The net interest income surged 31% to ?7,001 crore from ?5,337 crore. While its assets under management grew 31 per cent to ?218,366 crore in Q2, as against ?166,937 crore in the corresponding quarter.

Asian Paints: Asian Paints has approved the setting up of a manufacturing facility for vinyl acetate-ethylene emulsion (VAE) and vinyl acetate monomer (VAM) in India, according to reports. Around ?2,100 crore will be invested over 3 years for the project. The installed capacity of the facility would be 1 lakh tons per annum for VAM and 1.5 lakh tons per annum for VAE.

Tata Consumer: Tata Consumer Products Ltd (TCPL) on Thursday reported a 36.25% rise in consolidated net profit at ?389.43 crore for the second quarter. The company had posted a net profit of ?285.80 crore for the July-September period a year ago. Revenue from operations rose by 10.87% to ?3,363.05 crore during the quarter under review as against ?3,033.12 crore in the corresponding period last year.

Gail: GAIL (India) Ltd has issued a swap tender offering two liquefied natural gas (LNG) cargoes for loading in the United States in exchange for two other cargoes for delivery into India, two industry sources said on Thursday. India's largest gas distributor is offering two cargoes for loading from the Sabine Pass terminal from Dec. 27 to Jan. 11-20. It is seeking two cargoes for delivery into India's Dabhol terminal, the first between Nov. 25 and Dec. 15, and the second from Jan 1-10.

Dhanlaxmi Bank: Dhanlaxmi Bank said on Thursday its largest shareholders were seeking to curb the spending powers of its chief executive officer, escalating a bitter shareholder battle with the private lender's management. The Thrissur, Kerala-headquartered bank will hold an extraordinary general meeting on Nov. 12 at the request of certain shareholders including B Ravindran Pillai, who holds a 9.99% stake in the bank, it said in a regulatory filing.

Nazara Technologies: The diversified gaming and sports media platform delivered a profit of ?16.9 crore for quarter ended September FY23. This is up 10.5% YoY. Revenue increased by 104% to ?263.8 crore and EBITDA rose by 9.2% to ?21.3 crore compared to year-ago period. The company appointed Sudhir Kamath as its new chief operating officer, while Manish Agarwal resigned as CEO effective December 1, 2022 to pursue an entrepreneurial journey.

PNB Housing Finance: Punjab Housing Finance’s MD & CEO Hardayal Prasad resigned. Prasad cited personal reasons. Girish Kousgi, who was relieved from his duties as MD & CEO of Can Fin Homes, will succeed him as the next MD & CEO of the company.

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