Market Commentary - Stock Alert
Rate sensitives, Axis Bank, Tata Power, Bata India in focus As on : 10-Aug-23  07:59

Auto, banking, realty stocks: Shares from the interest rate sensitive sectors will be in focus ahead of the outcome of the three-day Monetary Policy Committee meeting. The RBI Governor Shaktikanata Das-led monetary policy committee (MPC) will announce its interest rate decision today, 10 August 2023. The Reserve Bank of India (RBI) may reportedly keep the benchmark repo rate unchanged. The central bank has kept the repo rate unchanged at 6.5% since February.

Axis Bank: The board of directors of the bank has approved the proposal for the Axis Bank to infuse Rs. 1,612 crore in Max Life through preferential allotment, resulting in Axis Bank's direct stake in Max Life increasing to 16.22% and the collective stake of Axis Entities increasing to 19.02%. The bank will now enter into a Share Subscription Agreement with Max Life for proposed acquisition through subscription to the Preferential Issue of 14,25,79,161 fully paid-up equity shares of face value of Rs. 10 each, at a fair market value of Rs. 113.06 per share.

Tata Power Company: : The company reported 29% rise in consolidated net profit of Rs 1141 crore in Q1 FY24 as against a net profit of Rs 884 crore in Q1 FY23. Revenue rose 2% to Rs 15003 crore in the June quarter from Rs 14776 crore recorded in Q1 FY23.

Zee Entertainment Enterprises: The media company reported 97% slump in consolidated net profit from continuing operations to Rs 3.9 crore in Q1 FY24 as against a net profit of Rs 130.1 crore in Q1 FY23. Operating revenue rose 7.6% to Rs 1983.8 crore in the June quarter from Rs 1843.2 crore recorded in Q1 FY23.

Bata India: : The company reported consolidated net profit of Rs 106.89 crore in Q1 FY24 as against a net profit of Rs 119.37 crore in Q1 FY23. Total income rose to Rs 971.42 crore in the June quarter from Rs 952.3 crore recorded in Q1 FY23.

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