Stocks to watch: Tech Mahindra, Axis Bank, Tata Steel, GlaxoSmithKline

Tech Mahindra: IT services company Tech Mahindra on Monday reported consolidated net profit of ₹1,132 crore for the quarter ended June 30, 2022, compared to ₹1,353.20 crores in the corresponding period last year, registering a decline of 16.4% year-on-year. On a sequential basis, the company’s profit fell 24.8%. The company’s total revenue for the quarter is ₹12,708 crore in the first quarter of the current fiscal year, up 24.6% year-on-year.

Axis Bank: Axis Bank on Monday announced an 86% jump in its consolidated net quarter from June to ₹4,380.59 crores, helped by a sharp drop in the amount set aside for bad debts. On a stand-alone basis, the third-largest private sector lender recorded a 91% increase in net profit to ₹4,125.26 crore. Its core net interest income increased 21% to ₹9,384 crores thanks to a 14% growth in advances.

Tata Steel: Tata Steel Limited on Monday reported consolidated net profit of ₹7,765 crores for the first quarter of the current financial year compared to ₹8,907 crores recorded in the corresponding period last year, registering a decline of 12.8% year-on-year. Sequentially, the company’s after-tax profit fell 20.4%. In the January-March 2022 quarter, Tata Steel profit was ₹9,756 crore.

Jindal stainless steel: Jindal Stainless Limited (JSL) announced on Monday an increase of around 8% in its consolidated net profit at ₹329.37 crores in the April-June quarter on higher revenue. The company made a net profit of ₹305.84 crores over the same period of 2021-22, JSL said in a regulatory filing. His total income was ₹5,490.91 crores, about % more than ₹4,042.32 crores in the prior year period.

GlaxoSmithKline: GlaxoSmithKline Pharmaceuticals said on Monday that its consolidated net profit increased by 8% to reach ₹116 crore in the first quarter ended June 30, 2022. The pharmaceutical company had reported a net profit of ₹107 crores in the April to June quarter of the previous year. The operational turnover amounts to ₹745 crore against ₹718 crore in the period a year ago.

Coffee Day Companies: Coffee Day Enterprises Ltd (CDEL) announced on Monday that it has asked its subsidiaries and a joint venture to bring an action against MACEL for the recovery of dues. In July 2020, an investigation revealed that Mysore Amalgamated Coffee Estates Limited (MACEL) had to ₹3,535 crores to CDEL subsidiaries. Investigations revealed that ₹3,535 crore was embezzled from the company by late founder VG Siddhartha’s personal company MACEL.

Addiction: The 5G spectrum auction will begin on Tuesday with four players, including Reliance Jio, ready to bid for 72 GHz of radio waves worth ₹4.3 lakh crore on offer. The bidding process is due to begin Tuesday from 10 a.m. and continue until 6 p.m. The number of auction days will depend on the actual demand for radio waves and the strategy of individual bidders, Telecom Ministry sources said.

Bajaj Finserv: Bajaj Finserv’s board will consider the company’s stock split proposal on Thursday. Through stock splitting, a company increases its number of shares outstanding while reducing the price of each share without affecting the company’s overall market capitalization. The proposal will be subject to the approval of the board of directors for the division of the shares of the company with a nominal value of ₹5 each on July 28, 2022.

IIFL Wealth and Asset Management: IIFL Wealth & Asset Management on Monday reported 35% growth in after-tax profit at ₹160 crore for three months ending June 2022. In comparison, the company had posted a PAT (Profit After Tax) of ₹119 crore in the same quarter of the prior fiscal year, IIFL Wealth & Asset Management said in a statement. The company’s total revenue increased by 21% for ₹369 crore in the first quarter ended June 30, 2022 from ₹304 crores in the same period a year ago.

LIC: Life Insurance Corporation announced on Monday that it has reduced its stake in Sun Pharmaceuticals by selling a 2% stake in the company for approximately ₹3,882 crores. The shares were sold through open market transactions during the period from May 17, 2021 to July 22, 2022, according to a regulatory filing.

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