India Movers: HDFC Bank, Kotak Mahindra, Oberoi Realty, Reliance Industries, Vedanta, YES Bank

Arun Goswami
22 Jul, 2024
Mumbai

In cautious trading, market indexes turned lower ahead of the release of the Union Budget this week. 

Market sentiment was weak after a mixed batch of earnings from leading corporations. 

The Sensex index increased by 0.1% to 80,899.43, and the Nifty index rose by 0.2% to 24,656.65. 

On the Mumbai stock exchange, 58 stocks traded at their 52-week highs, and 16 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.97%, and the Indian rupee edged higher to ₹83.66 against the U.S. dollar.

Reliance Industries decreased 2.4% to ₹3,032.0 after the diversified conglomerate reported a decline in earnings in the June quarter. 

Revenue increased 11.7% to ₹2.32 lakh crore and net income decreased 5.5% to ₹15.138 crore from a year ago, respectively. 

HDFC Bank increased 1.9% to ₹1,635.45 after the company reported better-than-expected results in its June quarter. 

Net interest income jumped 26% to ₹29.834 crore, driven by an increase in net interest margin to 3.47% from 3.44% in the quarter a year ago.

Net profit jumped 35% from a year ago and fell 2% from the previous quarter to ₹16,175 crore.

Gross non-performing rose 6% from the previous quarter to 33,026 crore, or increased 9 basis points to 1.33%.

Kotak Mahindra Bank declined 3.2% to ₹1,764.35 after the company reported weaker-than-expected results in the June quarter. 

Net interest income increased 10% to ₹6,842 crore from ₹6,234 crore, and net income soared 81% to ₹6,250 crore from ₹3,452 crore a year ago. 

Net income jumped in the quarter by ₹3,012 crore after the company sold its 70% stake in Kotak General Insurance to Zurich Insurance Group. 

YES Bank increased 2.8% to ₹25.45 after the financial services company reported a sharp jump in its net interest income in the June quarter. 

Net interest income increased 12.2% to 2,244 crore, and consolidated net income advanced 46.7% to 502 crore from a year ago, respectively. 

Oberoi Realty increased 4.9% to  ₹1,754.35 after the Mumbai-based residential property developer reported a sharp rise in its profit in the June quarter. 

Revenue soared ₹1,442 crore from ₹933.5 crore and net income soared 82% to ₹584.5 crore from ₹321.6 crore. 

In the financial year ending in March 2024, the company reported net income of ₹4,818.8 crore and net income of ₹1,926.6 crore. 

Vedanta jumped 0.5% to ₹442.10, and the mining company raised 8,500 crore through a secondary offering to institutional shareholders, according to a filing with stock exchanges.