Here are the top 10 stocks that will be the subject of today’s attention.
ONGC: ONGC announced on Friday that its net profit for the June quarter tripled, thanks to record prices it was able to get before the government imposed a tax on unanticipated gains from a global increase in energy prices. According to a stock exchange statement by the business, Oil and Natural Gas Corporation’s (ONGC) standalone net profit in April–June was ₹15,205.85 crore, or ₹12.09 per share, up from ₹4,334.75 crore, or ₹3.45 per share, in the same period last year. Sequentially, the profit exceeded the net profit of ₹8,859.54 crore from January to March.
LIC: Life Insurance Corporation has declared its first earnings since going public, with a multi-fold increase in net profit from the pitiful 2.94 crore a year earlier to the staggering 682.89 crore. Early in May, the largest financial institution in the country, which oversees assets worth more than 41 lakh crore, went public with a share offering for 20,500 crore. Profit for the insurance increased significantly despite reduced margins, which the management attributed to a different policy mix and booking less than 50% of equity profit, which fell to ₹5,076 crore from ₹11,368 crore in June 2021.
HDFC Bank: The merger plan of HDFC Bank and its parent company HDFC Ltd has been accepted by fair trade regulator Competition Commission of India (CCI). In the proposed merger, HDFC Investments and HDFC Holdings will first combine with HDFC Ltd, and then HDFC Ltd would merge with HDFC Bank. The merger of HDFC Limited, HDFC Bank, HDFC Investments, and HDFC Holdings has been approved, CCI stated in a tweet on Friday.
Reliance Infra: On Saturday, Reliance Infrastructure (RInfra) revealed that its consolidated net loss for the three months that ended on June 30, 2022, had shrunk to 66.11 crore. In a regulatory statement to the BSE, the business stated that during the same period of the prior year, it had recorded a consolidated net loss of 95.15 crore. The company’s overall consolidated income for the quarter under review increased to ₹6,349.34 crore from ₹4,623.17 crore in the same quarter last year.
Godrej Industries: For the quarter ended June 30, 2022, Godrej Industries recorded a 38% increase in consolidated net profit at ₹257.60 crore. According to a BSE filing by Godrej Industries, the business reported a net profit of ₹185.99 crore for the months of April through June last year. In the quarter, operating revenue increased from ₹2,890.49 crore to ₹4,024.55 crore.
Suzlon Energy: Suzlon Group believes the over ₹3,000 crore debt restructure spearheaded by REC has put the company’s financial problems with the manufacturer of wind turbines behind it. A top official has stated that the Pune-based company believes its order book, the pipeline of new business, and government policies are other tailwinds that would offer support. The company once struggled to service its over ₹6,500 crore debt. According to its Chief Financial Officer Himanshu Mody, the company plans to raise up to 1,200 crore through a rights issue of shares by the end of the fiscal year to reduce the refinanced debt of ₹3,000 crore.
BPCL: As it seeks to non-fuel sectors for growth, state-owned Bharat Petroleum Corporation Ltd (BPCL) will invest ₹1.4 lakh crore in petrochemicals, city gas, and renewable energy over the next five years. Oil firms are looking at businesses to de-risk their core hydrocarbon operations as nations around the world choose cleaner, carbon-free fuel. As the use of hydrogen and electric mobility increases, gas is being considered as a transition fuel.
Bharti Airtel: The company’s shareholders have given their approval for Gopal Vittal to be reappointed as managing director for a five-year term beginning on February 1, 2023. The resolution “has been passed with requisite majority,” the telecom stated in a regulatory statement on the results of its Annual General Meeting, with over 97% of all votes cast being in favour of it (AGM).
Hindustan Copper: State-owned Hindustan Copper Ltd. announced on Saturday that its consolidated net profit for the three months that ended on June 30, 2022, increased by 25% to ₹57.08 crore. Hindustan Copper reported in a filing to BSE that the business generated a consolidated net profit of ₹45.63 crore in the same period last year. According to the report, the company’s consolidated income rose to ₹359.13 crore from ₹278.73 crore in the same period last year.
Zuari Industries: Zuari Industries Ltd. said on Saturday that its combined net profit for the June quarter was ₹252.73 crore. In the same period last year, it reported a net loss of ₹36.68 crore rupees. Due to a profit share of ₹284.14 crore from associates and joint ventures between April and June 2022, the company’s profit after tax grew.