Stocks to watch: Kotak Mahindra Bank, Axis Bank, Hindustan Uniliver, Vodafone Idea
Upstox
2 min read • Updated: April 25, 2024, 9:00 AM
Summary
Kotak Mahindra Bank will be key stock in focus after RBI barred it from acquiring new customers through its online and net banking platforms. Further, it is also advised to desist from issuing new credit cards as well
Indian markets are expected to open in the negative, led by mixed global cues and domestic triggers. The US markets managed to close marginally positively. However, post-market earnings reported by META weakened guidance for growth, which could dampen the outlook for the markets.
Asian markets are trading mixed, with Japanese markets trading 1.7% lower, while Chinese markets are trading in green with 0.5% to 1% gains on Thursday.
Key stocks to watch
Axis Bank reported around growth in its Q4 earnings, with net interest income growing by 11% YoY. The Net profit for the quarter also jumped 17% sequentially to ₹7,130 crore. The asset quality remains superior at GNPA & NNPA of 1.43% and 0.31%
HUL reported a muted set of numbers for the Q4 earnings led by subdued growth in Beauty and personal care segments' revenue for the quarter. The total revenue for the quarter grew by 0.6% YoY at ₹15,210 crore. The net profit for the quarter also declined by 1.5% YoY.
Kotak Mahindra Bank was barred by RBI from acquiring any new customers from its digital banking and online banking. In addition, it is also advised to desist from issuing fresh credit cards as well.
Happiest Minds Technologies informed the exchange of acquiring PureSoftware Technologies at ₹779 crore. PureSoftware, with a global presence and headquarters in Noida, is a fast-growing digital engineering & transformation services and solutions provider with deep domain expertise.
Shares of Vodafone Idea FPO will be available for trading from today in a continuous trading session. Vodafone Idea raised ₹18,000 crore successfully through the FPO, making it one of the largest issues in recent times.
LTIMindtree witnessed a 5.9% decline in net profit to ₹1,100 crore, led by lower weak revenue and operating profit for the quarter. The revenue for the quarter declined by 1.4% YoY at ₹8893 crore.
Bajaj Finance, ACC, IndusInd Bank Ltd, L&T Technology Services, Nestle India, Som Distilleries & Breweries Ltd, and Tech Mahindra, among others, will report their Q4 earnings today.