Stocks in the News: Axis Bank, Dr. Reddy’s, Cipla, Tech Mahindra, Tata Consumer, RBL Bank, and Rail Vikas Nigam in Focus. Keeping a close eye on the movement of stocks can safeguard your investments. Here are the stocks making headlines today, drawing market attention:
Axis Bank: Q1 profit stands at Rs 5,797.1 crore, witnessing a 40.5% YoY growth despite increased provisioning. The bank’s interest income grows by 27.4% to Rs 11,959 crore, and the net interest margin rises to 4.1%.
Dr. Reddy’s Laboratories: Q1 profit reaches Rs 1402.5 crore, an 18.1% YoY increase, surpassing market estimates. The company’s revenue records a 29% jump, with steady growth in Europe and emerging markets.
Q1 profit surges 45.1% to Rs 995.7 crore, while income rises by 17.7% to Rs 6,328.9 crore. The pharma company delivers better-than-expected results, showcasing strong growth.
Reports weak results with a 4% quarterly revenue decline to $1,600.7 million (Rs 13,159 crore). In constant currency terms, revenue falls by 4.2%, registering the biggest decline among IT majors.
Tata Consumer Products:
Records a 22% rise in consolidated profit for Q1 FY 2024, reaching Rs 338 crore, driven by strong growth in the branded business in India and international markets.
Mahindra & Mahindra acquires 3.53% stake in RBL Bank for Rs 417 crore, with an option to increase the stake up to 9.99%.
Rail Vikas Nigam:
The Government of India plans to sell 7.09 crore equity shares or 3.4% stake in Rail Vikas Nigam, with an additional option to sell 4.08 crore shares or 1.96% stake through Offer for Sale (OFS) starting July 27.