Stocks to watch: ONGC, LIC, HDFC Bank, Reliance Infra, Godrej Industries | Daily News Byte

ONGC: ONGC on Friday reported a tripling of net profit in the June quarter as it earned record prices before the government imposed a tax on windfall profits arising from a global surge in energy prices. Oil and Natural Gas Corporation (ONGC) standalone net profit in ₹15,205.85 crowns, or ₹12.09 per share, in April-June, compared to ₹4,334.75 crowns, or ₹3.45 per share, in the same period a year ago, according to the company’s filing on the stock exchange. Accordingly, the profit was higher than ₹8,859.54 million in net profit for the period January-March.

LIC: The life insurance corporation in its first earnings after going public reported a multifold jump in net profit to ₹$682.89 million from the pittance ₹2.94 million a year ago. The largest financial powerhouse in the country managing assets in excess of ₹41 million crowns went public in early May with a ₹Sale of shares of 20,500 million euros. The insurer’s profits rose multiple times despite lower margins, which management attributed to a change in product mix and booking less than 50% of profits from equity which fell to ₹5,076 crowns of ₹11,368 million in June 2021.

HDFC Bank: The Competition Regulatory Commission of India (CCI) has approved the merger proposal of HDFC Bank and its parent HDFC Ltd. The proposed combination envisages the merger of HDFC Investments and HDFC Holdings with HDFC Ltd in the first step, followed by the merger of HDFC Ltd into HDFC Bank. In a tweet on Friday, the CCI said it had approved the “proposed combination involving merger of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings”.

Reliance Infra: Reliance Infrastructure (RInfra) on Saturday reported a reduction in its consolidated net loss to ₹66.11 crore for the quarter ended June 30, 2022. The company posted a consolidated net loss of ₹95.15 crore in the corresponding period of the previous fiscal, the BSE regulatory filing said. Its total consolidated revenue during the observed quarter increased to ₹6,349.34 million as against ₹4,623.17 crore in the year-ago period.

Godrej Industries: Godrej Industries on Friday reported a 38% rise in consolidated net profit. ₹257.60 million for the quarter ended June 30, 2022. The company posted a net profit of ₹185.99 crore for the April-June period a year ago, Godrej Industries said in a BSE filing. Income from business was ₹4,024.55 crore in the quarter as against ₹2,890.49 crowns.

Suzlon Energy: The Suzlon Group believes that the financial difficulties that befell the wind turbine manufacturer are behind it, with over ₹3,000 kroner debt refinancing led by REC. The Pune-based company, which once struggled to make payments ₹6,500 crore debt, is believed to be its order book, pipeline of potential business and government policies are other winds that will offer support, a senior official said. Looking for a lift to ₹1,200 crore through rights issue by the fiscal to reduce the refinanced debt ₹3,000 crore, its Chief Financial Officer Himanshu Modi told PTI.

BPCL: State-owned Bharat Petroleum Corporation Ltd (BPCL) to invest ₹1.4 lakh crore in petrochemicals, city gas and clean energy over the next five years as non-fuel businesses are expected to grow. As countries around the world opt for cleaner, carbon-free fuels, oil companies are looking to companies to de-risk their major hydrocarbon operations. Gas is viewed as a transition fuel as electric mobility and hydrogen selection rate.

Bharti Airtel: Bharti Airtel shareholders have approved the re-appointment of Gopal Vithal as the company’s CEO for a period of five years starting February 1, 2023. Over 97% of the total votes polled were in favor of the resolution and the same was “passed by the requisite majority,” the telecom said in a regulatory filing submission on the outcome of its annual general meeting (AGM).

Hindustan Copper: State-owned Hindustan Copper Ltd on Saturday reported a 25% rise in consolidated net profit to ₹57.08 million for the quarter ended June 30, 2022, thanks to higher revenues. The company achieved a consolidated net profit of ₹45.63 crore in the year-ago period, Hindustan Copper said in a filing to BSE. The consolidated revenue of the company in the period April-June increased to ₹359.13 million from ₹278.73 million in the year-ago period, the filing said.

Zuari Industries: Zuari Industries Ltd on Saturday reported a consolidated net profit of ₹252.73 crore for the quarter ended June. It posted a net loss of ₹36.68 million in the year-ago period. The company’s profit after tax increased due to profit sharing ₹284.14 crore from associates and joint ventures during April-June 2022.