Stocks to Watch; Kotak Bank, ICICI Bank, JSW Steel, Ambuja Cements, ACC, Paytm and others in news

In the realm of financial markets today, several prominent stocks are poised for attention and potential market-moving developments. Let’s delve into the latest updates:

Kotak Mahindra Bank: Following the resignation of Uday Kotak as CEO and MD of Kotak Mahindra Bank, the international banker Ashok Vaswani has been announced as the new CEO. This decision surprised experts who had predicted an internal appointment for the leadership role. Ashok Vaswani brings a wealth of experience spanning AI to banking, having served as CEO of Citigroup Asia Pacific and Barclays.

ICICI Bank: ICICI Bank reported a robust 35.8% year-on-year increase in standalone net profit, reaching ₹10,261 crore in the September quarter of FY24, up from ₹7,557.84 crore in the same period last year. The bank’s net interest income (NII) also showed impressive growth, increasing by 23.8% year-on-year to ₹18,308 crore in the July-September quarter. Notably, about 78% of the total fees in Q2-2024 were generated from retail, rural, business banking, and SME customers.

JSW Steel: JSW Steel, led by Sajjan Jindal, reported a significant net profit of ₹2,773 crore for the September quarter, marking a stark contrast to the net loss reported in the same quarter of the previous fiscal year. The company’s consolidated revenue from operations saw a robust 6.71% year-on-year increase, reaching ₹44,584 crore, with a healthy Ebitda of ₹7,886 crore and an Ebitda margin of 17.7%.

Adani Group – Ambuja Cements/ACC: The Adani Group secured a $3.5 billion debt refinance deal from a consortium of at least 10 foreign lenders to repay debts taken to fund the acquisition of Ambuja Cements Ltd and ACC Ltd. This refinancing deal comes with more favorable terms than the original acquisition loan and has a maturity of up to three years.

IDBI Bank: IDBI Bank reported a net profit of ₹1,323.3 crore in the second quarter of fiscal year 2023-24, reflecting a robust 59.8% increase compared to the year-ago period. On a quarter-on-quarter basis, the net profit increased by 8%, reaching ₹1,224.2 crore in Q1FY24.

L&T Finance: L&T Finance disclosed its results for the September quarter of FY 2023-24, reporting a consolidated profit of ₹595 crore, a 46% increase compared to the same period in the previous year. The Net Interest Margin (NIM) stood at ₹1,729 crore in Q2 FY23-24, up by 11% from ₹1,563 crore in Q2 FY22-23.

One97 Communications – Paytm: Paytm, the digital payments firm, achieved a consolidated revenue from operations of ₹2,519 crore in the second quarter of fiscal year 2023-24, marking a notable 32% growth compared to the previous year. The company also recorded a consolidated net loss of ₹292 crore during the same quarter, a significant improvement from the loss of ₹572 crore in the corresponding period of FY23.

RBL Bank: RBL Bank released its Q2FY24 results, showing a remarkable 46% year-on-year increase in net profits, reaching ₹294 crore, up from ₹202 crore in the same quarter of the previous fiscal year. The bank’s net interest income (NII) grew by 26% year-on-year to ₹1,475 crore, while its total revenue saw a year-on-year increase of 24%, reaching ₹2,179 crore.

Godrej Properties: The Municipal Corporation of Delhi imposed a ₹5 lakh fine on a Godrej Properties subsidiary, Godrej Vestamark LLP, for failing to adhere to environmental safety rules during construction in New Delhi. This violation pertains to non-compliance with NGT orders from April 10, 2015, and Ministry of Environment and Forests Guidelines from 2010 regarding safety measures during the construction of their New Delhi project.

Central Bank of India: Central Bank of India reported a significant 90% increase in net profit, reaching ₹605.4 crore for the September quarter of FY23-24, compared to ₹318.2 crore in Q2 FY 22-23. The rise in profit is attributed to strong core income growth and a reduction in bad loans. During the quarter, the bank’s total income increased to ₹8,412 crore, up from ₹7,065 crore in the previous year.

These developments underscore the dynamic landscape of the stock market, as these companies make significant strides in profitability and strategic decisions.