Market Commentary - Stock Alert
Axis Bank, Tech Mahindra, Dr Reddy's, Tata Consumer in focus As on : 27-Jul-23  07:59

Axis Bank: The private lender's net profit surged 40.53% to Rs 5,797.10 crore on 41.5% jump in total income to Rs 30,644.04 crore in Q1 FY23 over Q1 FY23. Net Interest Income (NII) grew 27% YoY to Rs 11,959 crore. Net interest margin (NIM) for Q1 FY24 stood at 4.10%, up 50 basis points (bps) YoY.

Tech Mahindra: The IT major's consolidated net profit tumbled 38.04% to Rs 692.5 crore in Q1 FY24 as against Rs 1,117.7 crore posted in Q4 FY23. Revenue from operations declined 4.08% to Rs 13,159 crore in Q1 FY24 from Rs 13,718.2 crore recorded in Q4 FY23.

Dr Reddy's Laboratories: The drug major reported 18.1% jump in consolidated net profit to Rs 1,402.5 crore on 29.2% increase in net sales to Rs 6,738.4 crore in Q1 FY24 over Q1 FY23. Consolidated profit before tax stood at Rs 1,846.3 crore in the quarter, up 25.98% from Rs 1,465.5 crore posted in Q1 FY23.

Tata Consumer Products: The FMCG major's group consolidated net profit jumped 22.04% to Rs 337.71 crore on 12.46% rise in revenue from operations to Rs 3,741.21 crore in Q1 FY24 over Q1 FY23. The rise in the revenue was mainly driven by strong growth of 16% in India business, 3% (constant currency) in International business and 5% (constant currency) in Non-Branded business.

RBL Bank: The bank announced that the holding of Mahindra & Mahindra as per the last beneficiary position as on 21 July 2023 as received from the depository (NSDL) is 3.53% of the total paid up share capital of the bank.

Rail Vikas Nigam (RVNL): The Government of India proposes to sell up to 7.0890 crore equity shares or a 3.4% stake in RVNL, with an option to additionally sell 4.0866 crore shares or 1.96% via an offer for sale (OFS). The OFS will take place on July 27 for non-retail investors and July 28 for retail investors. The floor price has been fixed at Rs 119 per share.

Lemon Tree Hotels: The company announced its latest signing - Lemon Tree Hotel, Zirakpur, Punjab. The property will feature 80 well-appointed rooms, banquets, a conference room, a restaurant, a fitness center and other public areas.

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