Stocks to Watch: SBI, Cello World, IndiGo, Bank of Baroda, L&T, IDFC First Bank

State Bank of India: India’s largest commercial bank, SBI reported an 8% year-on-year jump in the net profit as it grew from ₹13,264.5 crore in Q2FY23 to ₹14,330 crore in the quarter under review. The net interest income (NII) of the State Bank of India jumped 12.3% compared to the same period last year, reaching ₹39,500 crore. Additionally, there was a 21.6% growth in other sources of income, bringing it to ₹10,790 crore.

Cello World: Cello World is set to make its debut on the bourses today. Analysts predict that the company’s shares may be listed at a premium of 22-25%. With a significant investor response to the issue, analysts anticipate an initial stock opening range between ₹790 and ₹810, exceeding the offer price of ₹648. Meanwhile, in the grey market, the stock is currently enjoying a 24% premium.

InterGlobe Aviation: The country’s largest airline IndiGo on Friday said there will be more grounding of aircraft due to the issues in the fourth quarter and is taking a range of mitigating measures. Currently, around 40 planes of the airline are grounded due to engine issues, according to a senior airline official. IndiGo is taking various measures, including taking planes on wet lease, retaining aircraft and leasing additional planes from the secondary market.

Bank of Baroda: Bank of Baroda reported a net profit of ₹4,252.9 crore in the second quarter of fiscal year 2023-24 (Q2FY24), marking a surge of 28.4% as against the year-ago period, as per the financial results. The jump was credited to robust loan growth. The public sector lender’s NII grew by 6.5% year-on-year during the quarter under review, as it came in at ₹10,830.70 crore.

L&T: Engineering and construction company Larsen & Toubro (L&T) on Friday announced it was selling its entire stake in L&T Infrastructure Engineering Limited (LTIEL) to focus more on its core business. The stake has been acquired by STUP Consultants Private Limited, a subsidiary of Assystem SA of France, an independent nuclear engineering group, the company said.

JSW Infra: JSW Infrastructure announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting a rise of 85% to ₹256 crore, compared to ₹138 crore in the corresponding period last year. The JSW Group company’s revenue from operations in the second quarter of the current fiscal stood at ₹895 crore, registering a growth of 25%, compared to ₹696 crore in the year-ago period.

IDFC First Bank: IDFC First Bank announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting a decline of 51% in net profit at ₹21.65 crore, compared to ₹44.56 crore in the corresponding period last year. The company’s revenue from operations in the second quarter of the current fiscal came in at ₹33.17 crore, registering a drop of 43%, compared to ₹57.94 crore in the year-ago period. The finance agency offers financial and advisory services for organisations in investment banking, infrastructure and asset management.

Vedanta: Vedanta Group is in advanced talks to raise a $1.25 billion private loan with an interest rate between 18 and 20 per cent as it seeks to overhaul its debt. The Indian conglomerate is nearing a deal after weeks of negotiations with lenders including Cerberus Capital Management LP, Davidson Kempner Capital Management LP, Varde Partners Inc. and Ares SSG Capital Management Ltd., according to people familiar with the matter, who asked not to be named.

Adani Ports: Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday reported a 48 per cent growth in cargo handling at seaports it operated in October. The billionaire Gautam Adani’s firm handled about 37 million metric ton (MMT) of total cargo in October, up 48 per cent year-on-year (Y-o-Y). According to APSEZ, its Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

Zomato: Zomato Ltd reported a second consecutive quarter of profit, with the company’s food ordering and quick commerce businesses benefiting from strong festive season spending. The food aggregator reported a net profit of ₹36 crore for the three months ended 30 September from a loss of ₹251 crore in the year-ago period. Zomato reported a ₹2 crore profit for the first time in the June quarter. Revenue from operations grew 71% to touch ₹2,848 crore.

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Updated: 06 Nov 2023, 07:21 AM IST