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Stocks to Watch: HDFC Bank, InterGlobe Aviation, ICICI Prudential, JSPL

Involve Africa by Involve Africa
July 18, 2022
in Technology
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Stocks to Watch: HDFC Bank, InterGlobe Aviation, ICICI Prudential, JSPL
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Here is the list of top 10 stocks that will be in focus today

HDFC Bank: HDFC Bank, the country’s largest private lender, on Saturday reported a 19% year-on-year (YoY) rise in its net profit for the April-June quarter at ₹9,196 crore after providing ₹2,984.1 crore for taxation. Net interest income (NII) for the June quarter grew by 14.5% to ₹19,481.4 crore from ₹17,009.0 crore for the same quarter last year. It was driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%.

Interglobe Aviation Ltd: A significant section of aircraft maintenance technicians of IndiGo have gone on sick leave in the last one week to protest against their low salaries. Indian carriers, which saw their revenues sapped dry during the global virus attack, had cut down the salaries of their employees during the peak of the pandemic to save cash. Most of them are yet to bring these salaries back to pre-pandemic levels.

ICICI Prudential: ICICI Prudential posted a net profit of ₹156 crore for the quarter ending June 30, 2022 (Q1FY23) compared to a net loss of ₹186 crore in the corresponding period a year ago, primarily due to significantly lower claims and provisions due to COVID19. The insurer’s value of the new business (VNB) jumped by a whopping 31.6% year-on-year to ₹471 crore in Q1FY23.

Spicejet: Amidst serial malfunctions, a plea has been filed at the Delhi High Court to stop all operations of SpiceJet Airlines. The plea has asked for issuance of direction to the Ministry of Civil Aviation, DGCA and others to create a special fast-track commission to assess the feasibility of stopping the operation by Spicejet Airlines till all the security measures are not followed.

Jindal Steel and Power Limited: JSPL on Friday reported a multifold jump in consolidated net profit to ₹2,770.88 crore for the quarter ended on June 30, 2022, on account of higher income. The company’s “total profit” was at ₹14.25 crore in the April-June period of 2021-22, JSPL said in a BSE filing. During the quarter under review, its total income rose to ₹13,069.17 crore from ₹10,643.17 crore a year ago.

VodafoneIdea: Debt-ridden telecom operator Vodafone Idea’s shareholders have approved an equity allocation worth ₹436.21 crore to its promoter entity, the Vodafone Group. As per voting results submitted to the stock exchanges on Friday evening, 99.94 per cent of Vodafone Idea (VIL) shareholders approved the allocation of the equity to Vodafone Group firm Euro Pacific Securities. Vodafone Group at present holds 58.46% stake in the company and Aditya Birla Group 16.53 per cent.

L&T Technology Services: L&T Technology Services (LTTS) on Friday posted a 27 per cent increase in consolidated net profit at ₹274 crore in the three months ended June. The company had a net profit of ₹216.2 crore in the same period a year ago. The company’s consolidated revenue from operations grew 23.4 per cent to ₹1,873.7 crore in the first quarter of the current fiscal. In the year-ago period, the same stood at ₹1,518.4 crore.

Maximus International Limited: Maximus International Limited (MIL) has drawn up an over ₹25-crore expansion plan for East African operations, over the next 2-3-years. This plan is designed to augment its manufacturing capacity by setting up a new state-of-the-art manufacturing facility. It will also enable MIL’s expansion into high-potential markets in Africa.

Just Dial: Local search platform Just Dial on Friday recorded a widening of consolidated loss to ₹48.36 crore in the first quarter ended June 30, 2022. The company had posted a loss of ₹3.52 crore in the same period a year ago. The net revenue from operations of the company increased by 12.2 per cent to ₹185.6 crore during the reported quarter from ₹165.41 crore in the June 2021 quarter.

Torrent Power: Torrent Power on Friday said it will seek shareholders’ approval for raising up to ₹2,000 crore through the issuance of non-convertible debentures ( NCDs). The company is holding its annual general meeting on August 8. The company seeks the Members’ approval for the issuance of NCDs up to an aggregate amount of ₹2,000 crore.

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