HDFC Bank’s profit rises

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⭐ HDFC Bank Q1 beats estimates 🏦
HDFC Bank’s Q1 net profit rose 19% year-on-year (YoY) to ₹9,196 crore, beating market estimates. This was on the back of a reduction in the provisioning for bad loans, and a 14.5% YoY growth in net interest income (NII) to ₹19,481 crore. Meanwhile, gross non-performing assets fell to 1.28%, compared to 1.47% in the year ago period.

⭐ Tata Steel plans capex in India, Europe 💰
Tata Steel is planning to invest capex of ₹12,000 crore on its operations in India and Europe in FY23. It plans to invest ₹8,500 crore in India and ₹3,500 crore in Europe. In India, it will focus on the Kalinganagar project expansion and mining activity. In Europe, the focus will be on sustenance, product mix enrichment and environment-related capital expenditure.

⭐ Indonesia removes palm oil export ban 🍳
In a positive for FMCG companies, the Indonesia government has lifted the palm oil export ban until 31 August. The country's finance ministry said it wants to flush out excess inventory. This move is expected to further bring down prices of palm oil, which are down by about 50% since late April. Palm oil is a key ingredient for FMCG companies, especially for categories like biscuits, noodles, cakes, and potato chips.

Global markets (at 7:30 AM today)

Fact of the day

India has administered two billion doses of the Covid vaccine under the nationwide vaccination drive.
Source: Mint