Stocks to watch: ONGC, LIC, HDFC Bank, Reliance Infra, Godrej Industries

Here is the list of the top 10 stocks that will be in the spotlight today

CGSB: ONGC announced on Friday a tripling of its net profit in the June quarter as it won record prices before the government imposed a tax on windfall profits resulting from a global increase in energy tariffs. Autonomous net income of Oil and Natural Gas Corporation (ONGC) at 15,205.85 crore, or 12.09 per share, in April-June, against 4,334.75 crore, or 3.45 per share, the same time a year ago, according to a company filing. Sequentially, profit was greater than 8,859.54 crore net profit from January to March.

LIC: Life Insurance Corporation, in its first results after its IPO, announced a multiple increase in its net profit to paltry 682.89 crore 2.94 crores a year ago. The largest financial powerhouse in the country which manages assets of more than 41 lakh crore had gone public in early May with a Sale of shares of 20,500 crores. The insurer’s profit rose in several ways despite lower margins, which management attributed to a shifting product mix and booking less than 50% of equity profit which plunged to 5,076 crores of 11,368 crores in June 2021.

HDFC Bank: Fair trade regulator Competition Commission of India (CCI) has approved the proposed merger of HDFC Bank and its parent company HDFC Ltd. The proposed combination contemplates the merger of HDFC Investments and HDFC Holdings with HDFC Ltd initially and then HDFC Ltd into HDFC Bank. In a tweet on Friday, CCI said it had approved the “merger proposal involving the merger of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings”.

Infra dependency: Reliance Infrastructure (RInfra) announced on Saturday a reduction in its consolidated net loss to 66.11 crores for the quarter ended June 30, 2022. The company had recorded a consolidated net loss of 95.15 crores in the corresponding period of the prior financial year, it said in a regulatory filing with the BSE. Its total consolidated revenue during the quarter under review amounted to 6,349.34 crore against 4,623.17 crores in the prior year period.

Godrej Industries: Godrej Industries announced on Friday a 38% increase in its consolidated net profit at 257.60 crore for the quarter ended June 30, 2022. The company had posted a net profit of 185.99 crores for the April-June period a year ago, Godrej Industries said in an ESB filing. Operating income was 4,024.55 crores in the quarter vs. 2,890.49 crores.

Suzlon Energy: Suzlon Group believes that the financial difficulties that have plagued wind power are behind it, with more than 3,000 crore debt refinance led by REC. The Pune-based company, which once struggled to pay its most A 6,500 crore debt, its order book, potential trade and government policy pipeline are other tailwinds that will offer support, a senior official said. He tries to climb up 1,200 crore through equity rights issue by year end to reduce refinanced debt by 3,000 crores, its chief financial officer Himanshu Mody told PTI.

BPCL: The state-owned Bharat Petroleum Corporation Ltd (BPCL) will invest 1.4 lakh crore in petrochemicals, town gas and clean energy over the next five years as it looks to non-energy businesses for growth. As countries around the world switch to cleaner, carbon-free fuel, oil companies are looking to corporations to reduce risk in their core hydrocarbon businesses. Gas is seen as a transition fuel as electric mobility and hydrogen accelerate.

Bharti Airtel: Bharti Airtel shareholders have approved the reappointment of Gopal Vittal as the company’s Chief Executive Officer for a period of five years from February 1, 2023. Over 97% of the total votes polled were in favor of the resolution, and even “was adopted by the required majority,” the telecom operator said in a regulatory filing of the outcome of its annual general meeting (AGM).

Hindustan copper: State-owned Hindustan Copper Ltd reported a 25% rise in consolidated net profit on Saturday at 57.08 crores for the quarter ended June 30, 2022, driven by higher revenues. The company had recorded a consolidated net profit of 45.63 crores in the period a year ago, Hindustan Copper said in a filing at BSE. The company’s consolidated revenue in the April-June period increased to 359.13 crores from 278.73 crores in the period a year ago, according to the record.

Zuari Industries: Zuari Industries Ltd announced on Saturday a consolidated net profit of 252.73 crores for the quarter ended June. He had recorded a net loss of 36.68 crore in the period a year ago. The company’s after-tax profit increased due to a profit share worth 284.14 crores from associates and joint ventures from April to June 2022.

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