Stocks to Watch: HDFC Bank, Jio Financial Services, ICICI Securities, Grasim Industries and more
HDFC Bank | The private lender reported a 9.3% rise in net profit at ₹15,976 crore for the quarter ending September 2023 compared to CNBC-TV18’s poll of ₹14,616.5 crore. However, it is important to note that these numbers are not directly comparable on a quarter-on-quarter or year-on-year basis due to the lender’s merger with Housing Development Finance Corporation on July 1, 2023.Jio Financial Services | The company posted a net profit of ₹ 668 crore for the July-September period in its first quarterly statement since listing on bourses in August, a 101% increase from the previous quarter. The NBFC total income for the quarter was ₹ 608 crore. The lender’s interest income was ₹ 186 crore, down from ₹ 202 crore in the April-June FY24 quarter.ICICI Securities | The brokerage house reported a 41% year-on-year jump in net profit at ₹423.6 crore for the second quarter that ended September 30, 2023. In the quarter, its total revenue stood at ₹1,249 crore, up 45.5% against ₹858.5 crore in the corresponding period of the preceding fiscal.Grasim Industries | The company said it will raise up to ₹4,000 crore through a rights issue. The fundraise comes a month after the Kumar Mangalam Birla-led Aditya Birla Group flagship announced plans to enter the paint business under the brand name ‘Birla Opus’ in the fourth quarter of fiscal 2024.CEAT | Tyre maker reported a 2,556% year-on-year jump in consolidated net profit at ₹208 crore for the second quarter that ended September 30, 2023, as sales picked up and expenses dropped. In the quarter, consolidated total revenue stood at ₹3,053.3 crore, up 5.5% against ₹2,894.5 crore in the corresponding period of the preceding fiscal.Godrej Properties | The realty firm said the CIDCO (City and Industrial Development Corporation of Maharashtra) has issued a cancellation order for two plots allotted to the company in Navi Mumbai. The company, while acknowledging that the cancellation does not have a material impact on its financial, operational, or other activities, has promptly taken legal action.Cyient DLM | The company reported a quarterly profit jumped 105.63% to ₹14.6 crore in the second quarter of the current fiscal, up from ₹7.1 crore in the year period. For the half year ended September 2023, Cyient DLM reported a net profit of ₹20.12 crore, a nearly 50% rise from the year-ago period.Lemon Tree Hotels | The hospitality player said it has expanded its portfolio with the signing of an exciting license agreement for a new property in Dehradun, Uttarakhand. The upcoming Keys Prima property in Dehradun will offer 55 elegantly appointed rooms, in addition to a restaurant, a bar, a banquet hall, meeting rooms, and various other public areas.KEC International | The engineering firm said it has secured new orders amounting to ₹1,315 crore across its diverse business verticals. In the transmission and distribution (T&D) sector, KEC International has landed a series of notable projects spanning India, the Middle East, Australia, and the Americas.Kirloskar Electric | The company announced the initiation of a lockout at its Unit No. 15, located in Bhudihal, Nelamangala taluk, Bengaluru. The lockout came into effect on October 16, 2023, at 6.30 am due to alleged non-cooperation by the workers at the facility, according to a stock exchange filing.
