Stocks to watch ✅
Stocks To Watch Axis Bank has reported rise of 56.29% in its net profit at Rs 6,209.37 crore for Q3FY23 as compared to Rs 3973.07 crore for the same quarter in the previous year.✅
Equippp Social Impact Technologies has entered into a Memorandum of Understanding (MoU) with MOWO Social Initiatives Fo✅
Shalby has launched 14th hospital with the inauguration of SOCE – Shalby Orthopedics Centre of Excellence in Gwalior.✅
Tata Motors has partnered with ICICI Bank to offer financing solutions to its authorized passenger electric vehicle dealers.✅
Suryalata Spinning Mills has acquired 100% shareholding of Suntree and with this Suntree (holding 10 MW Solar Power Plant in operation) becomes the Wholly Owned Subsidiary of the Company.✅
Gland Pharma reported a 15% decline in consolidated net profit at Rs 231.95 crore for the third quarter ended December 2022, impacted by production delays due to supply disruptions.✅
Radico Khaitan has started dual feed plant at Rampur, Uttar Pradesh.✅
Aurionpro Solutions, CarTrade Tech, Granules India, HDFC Asset Management Company, Home First Finance Company India, Latent View Analytics, Macrotech Developers, Maruti Suzuki India, Motilal Oswal Financial Services, Nazara Technologies, Parag Milk Foods, Pidilite Industries, PNB Housing Finance, SBI Cards and Payment Services, South Indian Bank, Tata Coffee, TVS Motor Company, UCO Bank, United Spirits to remain in limelight on 24 January.
undation, Hyderabad, Telangana.✅
Stock in Action
Stock in Action
ICICI Bank: ICICI Bank has delivered better than expected 3QFY23 numbers with strong granular loan growth driven by all major segments. Further, the bank lowered operating expenses thus expanding operating profit. Asset quality remained strong with strong cumulative provisions and lower loans under resolution. Interest earned grew 29% YoY and 9% QoQ led by strong 37% YoY and 11% QoQ growth in interest on advances at Rs 22,180 crore. Advances grew 20% YoY and 4% QoQ at Rs 9,74,048 crore; C-D ratio improved marginally qoq at 87% vs 86%. Loan growth was granular driven by all segments. The retail loan portfolio grew by 23.4% YoY and 4.5% QoQ, and comprised 54.3% of the total loan portfolio at December 31, 2022. During the quarter, Net interest income (NII) grew by 35% YoY and 11% QoQ at Rs 16,465 crore. Asset qual ity remained comfortable with GNPA/NNPA ratio at 3.07%/0.55% vs 3.19%/0.61% QoQ. Positive on ICICI Bank given the strong quarterly performance by the bank and industry tailwind.
Polycab India ltd: Polycab India reported strong 3QFY23 numbers on all fronts. Revenue up 10% YoY in spite of high base, lower commodity prices and higher inflation on the back of healthy volume growth in Cables and Wires business. EBITDA margin continued to improve sequentially by 73 bps to 13.5% due to better operating leverage despite input cost pressures and almost 4x increase in A&P spends. Net profit during the year increased by 45% YoY and 33.4% QoQ at Rs 360.8 crore. Its net Cash position improved to Rs 1870 crore as of December 2022 end as against Rs 670 crore as of December 2021 end. During the quarter, wires and cables revenue grew by 11% YoY and performance was primarily on account of benefits realized through the merger of HDC and LDC verticals last year. Fans business saw good growth as distributors started restocking ahead of transition to the new BEE norms. Switchgears business witnessed healthy growth driven by influencer incentive program. Pipes & Fittings and Switches businesses too posted decent growth. Positive on Polycab India given the brand building, realignment of distribution channel and premiumization.
Read This Also:Jsw Steel News