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Monday, October 3, 2022

Stocks to Watch: JSW Energy, ICICI Securities, Biocon, RBL Bank, NLC

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

JSW Energy: JSW Energy on Thursday said its net profit jumped 179% to 560 crore in the June quarter, mainly on the back of higher revenues. Profit After Tax (PAT) stood at 560 crore, which was 179% higher YoY (year on year) compared to a PAT of 201 crore in the corresponding period of previous year (April-June 2021). During the quarter, total revenue increased by 68% YoY to 3,115 crore from 1,860 crore in first quarter of FY22.

Biocon: Biotechnology major Biocon on Thursday said the US health regulator has issued three observations after inspecting its Telangana-based manufacturing plant. The US Food and Drug Administration (USFDA) concluded a pre-approval inspection for Site 3 located at Hyderabad on July 20, Biocon Ltd said in a regulatory filing. “Three observations were cited at the end of the inspection, which we will be addressing within the stipulated time,” it added.

RBL Bank: Private sector lender RBL Bank on Thursday reported a consolidated net profit of 208.66 crore in the June quarter as against a loss of 462.25 crore in the year-ago period. The Mumbai-based lender had reported a net profit of 164.77 crore in the preceding March quarter. On a standalone basis, its post tax profit came at 201.16 crore for the reporting quarter.

ICICI Securities: ICICI Securities on Thursday reported a 12% decline in net income at 273 crore in the June quarter despite an increase in revenue during the same period. The company’s topline grew 6% to 795 crore in the first quarter of this fiscal on the back of healthy growth in retail allied and distribution income, it said in a statement. Institutional equities revenue during the quarter fell 17% 48.6 crore, primarily due to slowdown in market volumes and decline in capital market deals.

Reliance Industries: Reliance Brands on Thursday announced inking a long-term distribution agreement with Valentino to bring to India the most established Italian Maison de Couture. Under the agreement, the Reliance Industries-backed company will open its first Valentino boutique in Delhi followed by a flagship store in Mumbai. The stores will stock a complete range across womenswear, menswear, footwear, and accessories of the brand.

Emami: Leading FMCG company Emami on Thursday announced to acquire a 30% stake in a pet-care startup Cannis Lupus Services India for an undisclosed amount. Cannis Lupus Services India offers Ayurvedic remedies for pets under the brand “Fur Ball Story”. It uses a wide range of plants and herbs to formulate its medicines, said a joint statement.

IDBI Bank: IDBI Bank on Thursday reported a 25% rise in its standalone profit after tax (PAT) to 756 crore in the quarter ended June, driven by improvement in asset quality, better recoveries and lower provisions. The lender had reported a net profit of 603 crore on a standalone basis in the year-ago quarter.

NDTV: The Securities Appellate Tribunal (SAT) has reduced the penalties imposed by Sebi on NDTV and its promoters Prannoy Roy, Radhika Roy and RRPR Holding to 5 crore from 25 crore in a case related to non-disclosure of a loan agreement. Also, the appellate tribunal slashed the fine levied on NDTV to 10 lakh from 5 crore regarding its failure to disclose about the loan agreements with Vishvapradhan Commercial Pvt Ltd (VCPL).

NLC India: NLC India Ltd on Thursday said its board has approved investment proposals worth 14,944.91 crore for setting up power and mining projects in Tamil Nadu. The company, which comes under the coal ministry, plans to invest over 43,000 crore in various power and mining projects.

NTPC: NTPC Ltd has signed a Statement of Intent with the NITI Aayog to develop net zero greenhouse gas (GHG) emissions roadmap for the corporation, the Ministry of Power said on Thursday. The Statement of Intent (SoI) seeks to formalise a framework of cooperation between the parties to facilitate NTPC to strategies on diversification of its generation mix to eventually reduce its carbon footprint and support India’s endeavor towards achieving net zero by 2070.

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