Business

Stocks In News: SBI, IndusInd Bank, L&T Technology Services And More

State Bank of India

State Bank of India, the largest public sector lender in the country, has obtained approval from its competent authority to establish a new trustee company as a wholly owned subsidiary. This company will be responsible for managing the Corporate Debt Market Development Fund. SBI Funds Management has been identified as the investment manager cum sponsor for the fund.

IndusInd Bank

IndusInd Bank, a private sector lender, has reported a 32.5 per cent year-on-year increase in standalone profit for the quarter ending June FY24, reaching Rs 2,123.6 crore. This growth can be attributed to a 20.7 per cent year-on-year decrease in provisions and contingencies, which amounted to Rs 991.6 crore. Net interest income for the quarter rose by 18 per cent YoY to Rs 4,867.1 crore, with a net interest margin expansion from 4.21 per cent to 4.29 per cent. The bank’s asset quality also showed improvement, with gross non-performing assets decreasing 4 basis points sequentially to 1.94 per cent, and net non-performing assets declining 1 basis point to 0.58 per cent for the quarter.

L&T Technology Services

L&T Technology Services, an engineering services company, achieved a 13 per cent year-on-year growth in profit, reaching Rs 311 crore for the quarter ending June FY24. Revenue from operations also grew by 15 per cent YoY to Rs 2,301.4 crore for the quarter, although there was a sequential drop of 8.5 per cent and 2.9 per cent, respectively. In dollar terms, revenue for the quarter increased by 9.1 per cent YoY to $280 million but fell 2.9 per cent QoQ. However, in constant currency terms, revenue dropped 2.9 per cent QoQ but increased 10 per cent YoY. During the first quarter of FY24, the company secured a deal worth over $50 million, in addition to five additional deals valued at $10 million or more across various segments. The company has maintained its USD revenue growth guidance of over 20 per cent in constant currency for the full year.

Godrej Industries

Godrej Industries has announced that Atul Prakash, the Chief Operating Officer of GIL Chemicals (senior management personnel), has resigned due to unavoidable personal reasons. His resignation will be effective from October 17, 2023.

Himadri Speciality Chemical

Himadri Speciality Chemical, a speciality chemical company, has witnessed a significant 123.2 per cent year-on-year growth in consolidated profit, amounting to Rs 86.15 crore for the quarter ending June FY24. This growth can be attributed to lower input costs and reduced expenses. However, the company experienced a 9.1 per cent decline in revenue, reaching Rs 950.91 crore compared to the same period last year. The company’s operating performance was strong, with EBITDA surging 87.2 per cent YoY to Rs 134 crore and a margin expansion of 730 basis points.

Malika Sahni

Recent Posts

India Steps Up Vigil Against Cheap Chinese Imports Amid US Tariff Hike

The Commerce Ministry was already monitoring Chinese steel imports. These had hurt Indian industry after…

1 hour ago

PM Modi: Held Comprehensive, Productive Talks With President Dissanayake

During his visit to Colombo, Prime Minister Narendra Modi engaged in wide-ranging discussions with Sri…

1 hour ago

Manoj Kumar Cremated With State Honours In Mumbai, Big B, Salim Khan, Others Pay Their Last Respects

Veteran actor Manoj Kumar, who introduced patriotic themes in Hindi cinema, passed away on Friday…

1 hour ago

Adani Group Shines At IAA Olive Crown Awards 2025 With Four Gold Wins

Adani Group emerged as a top winner at the IAA Olive Crown Awards 2025 in…

1 hour ago

Sri Lanka Assures India Of No Threat From Its Soil: President Dissanayake

During his state visit to Sri Lanka, PM Narendra Modi held delegation-level talks with President…

2 hours ago

PM Modi Reaffirms India’s Support For Sri Lanka During Historic Visit

PM Narendra Modi emphasized Sri Lanka’s special place in India’s 'Neighbourhood First' policy and Vision…

2 hours ago