Union bank

Stocks to watch: Reliance, ITC, Zomato, Union Bank of India, UPL

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

Trust Industries: India’s largest-ever auction of telecom spectrum awarded record 1.5 crore lakh bids, with Mukesh Ambani’s Reliance Jio hogging almost half of all waves sold with a Offer of 88,078 crores. Reliance Jio said on Monday that it is preparing to roll out an advanced 5G network to make India a global leader in connectivity and digital solutions.

ICC: ITC Ltd announced on Monday a 33.46% increase in its consolidated net profit to 4,462.25 crores for the April to June quarter following a good performance of its business segments. The company recorded a net profit of 3,343.44 crores in the April to June quarter of the prior fiscal year. Its operating revenue is up 39.25% at 19,831.27 crores in the quarter under review.

Zomato: Online food delivery platform Zomato said on Monday that its consolidated net loss in the first quarter of the current fiscal year had been cut by almost half for 186 crore due to higher income. The company reported a net loss of 360.7 crore in the period a year ago. During the quarter under review, the company’s total revenue amounted to 1,582 crore against 916.6 crore in the corresponding period last year.

Union Bank of India: Union Bank of India expects recovery 15,000 crore bad debt accounts in the current financial year, a large portion of which is believed to come from accounts undergoing the insolvency resolution process. He expects the recoveries to be worth it 10,000 crores from National Company Law Tribunal (NCLT) accounts for the resolution of bad debts in 2022-23, the bank said on a conference call with analysts after the June 2022 quarter results announcement -23 last week.

UPL: The agrochemical major UPL Ltd announced on Monday a 34.17% increase in its consolidated net profit at 1,005 crore for the quarter ending June 30 compared to the same period last year. The company’s consolidated net income stands at 749 crores in the April-June 2021-22 quarter, UPL said in an ESB filing. The company’s operating income in the quarter under review increased by 27.08% to 10,821 crore

Bank of Punjab and Sindh: Public bank Punjab & Sind announced on Monday an 18% growth in net profit at 205 crores in the April to June quarter of FY23, helped by a decline in bad debts. The bank had recorded a net profit of 174 crores in the prior year quarter. Sequentially, it had recorded a net profit of 346 crores in the January-March 2022 quarter. The bank’s total income in the quarter under review fell to 1,91,547 crores of 2,03,961 crore recorded in the same quarter of FY21

Everready Industries: Battery and flashlight maker Eveready Industries India Ltd on Monday reported a 27.48% drop in consolidated net profit to 21.85 crore for the quarter ended June 30, 2022. The company had posted a net profit of 30.13 crores in the April-June period a year ago. Its operating revenue is up 18.87% at 335.38 crore in the quarter under review vs. 282.14 crore in the period a year ago.

Castrol India: Lubricant maker Castrol India on Monday reported 47% growth in after-tax profit at 206.26 crores in the June quarter. The company had recorded a profit after tax (PAT) at 140 crore in the second quarter of 2021, Castrol India said in a statement. Castrol India follows January-December as the fiscal year.

Varun drinks: Fenton Investments and Arvind Singhania settled a case with market regulator Sebi on Monday over alleged insider trading in Varun Beverages shares after paying 63 million. Both plaintiffs have offered to settle the alleged violations of insider trading rules “without admitting or denying the findings” through a settlement order. The two applicants allegedly breached the provisions of the regulations on insider trading.

Kansai Nerolac Paints: Kansai Nerolac Paints Ltd announced on Monday a 36.51% increase in its consolidated net profit to 152.05 crore for the first quarter ended June 30, 2022. The company had posted a net profit of 111.38 crores in the April-June period a year ago, Kansai Nerolac said in an ESB filing. Its operating revenue increased by 46.23% to 2,051.37 crores of 1,402.76 crore in the prior year quarter.

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