Pre Market Report: Dalal Street may open higher; RIL, ICICI Bank, Yes Bank in focus

Reliance Industries (RIL): The conglomerate recorded 19.1% year-on-year growth in consolidated profit at Rs 19,299 crore for Q4FY23, with EBITDA growing 21.8% YoY to Rs 41,389 crore. Gross revenue rose 2.8% YoY to Rs 2.39 lakh crore with continuing growth momentum in consumer businesses.

ICICI Bank: The private sector lender clocked a 30% YoY growth in standalone profit at Rs 9,122 crore for January-March quarter FY23, despite 51.5% increase in provisions & contingencies, driven by net interest income and operating profit. Net interest income for the quarter at Rs 17,667 crore surged by 40.2% YoY, with net interest margin expansion of 90 bps YoY and 25 bps QoQ at 4.9%. The bank will raise Rs 25,000 crore through private placement of non-convertible debentures.

Yes Bank: The private sector lender said its standalone profit in January-March 2023 fell 45% YoY to Rs 202 crore, dented by 128% increase in provisions and contingencies. However, net interest income grew 15.7% to Rs 2,105 crore with net interest margin expansion of 30 bps at 2.8% for the quarter.

Tejas Networks: The telecom and networking products maker narrowed its consolidated loss for the March FY23 quarter to Rs 11.47 crore, from a loss of Rs 49.6 crore in same period last year. Its consolidated revenue surged 13.6% YoY to Rs 299.3 crore and EBITDA loss dropped to Rs 8.19 crore from Rs 88.11 crore in the same period.

HDFC Bank: The bank received certain clarifications from RBI with regard to the merger with HDFC. The banking regulator has not granted the lender any exemptions on requirements related to its cash reserve ratio, statutory liquidity ratio, and liquidity coverage ratio for the merger.

HDFC Asset Management Company: HDFC AMC received final approval from SEBI for change in control of the company due to change in co-sponsor of HDFC Mutual Fund from HDFC to HDFC Bank, after the merger of HDFC and HDFC Bank. The respective approvals from SEBI in terms of the AIF regulations and the PMS regulations are awaited.

Gujarat Industries Power: The company’s board approved the procurement of imported coal for 500 MW Surat Lignite Power Plant (SLPP). The approval has also given for deliberation of EPC contract for pooling sub-station -2 (PSS-2) of solar / wind / hybrid RE Park of 2375 MW capacity at Khavda, Great Rann of Kutch, Gujarat.

Kotak Mahindra Bank: The lender’s shareholders has approved the appointment of Uday Kotak as a non-executive, non-independent director of the private sector lender. Ninety nine percent of shareholders voted in favour of resolution to appoint Kotak as a Non-Executive Director. Uday Kotak’s current term as MD & CEO of Kotak Mahindra Bank is set to end in December 2023.

Mahindra & Mahindra Financial Services: The company raised Rs 682 crore via allotment of non-convertible debentures on private placement basis.

Maruti Suzuki India: The automaker said it has recalled 7,213 Baleno RS vehicles, manufactured between Oct. 27, 2016 and Nov. 1, 2019, over possible defect in vacuum pump assisting the brake function.

Union Bank of India: The state-owned board will meet on April 26 to consider the bank’s capital plan. The plan proposed to raise equity capital via further public offer, rights issue, private placements, and issue of Basel III compliant Additional Tier 1 bonds and Tier 2 bonds.

Wipro: The company’s board of directors will consider the proposal over its meeting on April 26-27. The decision regarding buyback of equity shares will be communicated on April 27.