US Stock Reports, Quotes and News
On Thursday, Axis Bank shares surged 5% to reach the day\’s peak at Rs 1,119, following the company\’s release of better-than-anticipated results. The bank reported a formidable profit of Rs 7,129.67 crore for the March quarter, buoyed by margin expansion and increased non-core incomes.
Kotak Mahindra Bank loses fourth position to Axis Bank on Dalal Street. Shares drop 10% post RBI ban. Analysts foresee derating if issues persist, impacting profitability and growth trajectory.
Investors\’ wealth surged Rs 8.48 lakh crore in four days of market rally where the BSE benchmark has climbed nearly 2 per cent amid firm global trends.
The anticipated recovery in profit after tax (PAT) is expected to be driven by an increase in interest income. Analysts forecast the bank to report a net interest income of Rs 12,926 crore, reflecting a 10.60% year-on-year growth, according to average estimates.
Operating profit for the quarter was lower at Rs 367 crore as compared to Rs 404 crore. Net interest income during the quarter was however 5.6% higher over the year-ago period. The board of the bank recommended a 100% dividend, or Rs 10 per share for FY24.
By Tommy Wilkes, Tom Sims and Jesús Aguado
Q4 results today: HDFC Bank to release Q4 numbers today with expectations of strong growth. TCS exceeded estimates, Infosys faced challenges in Q4.
Markets anticipate election impact. May series will be volatile, says Rahul Ghose of Hedged.in. He says a stock-specific approach is advisable now and that he prefers Hindustan Unilever, Elecon and Just Dial and recommends exiting Exide. Nifty\’s crucial levels are at 21,700-21,800, 22,000. PSU banks are favored while Nifty Pharma index is pivotal at 18,700. IPCA labs strong.
HDFC Bank Q4 Results: HDFC Bank\’s profit rose 37.1% YoY to Rs 16,512 crore, with NII growing by 24.5% to Rs 29,077 crore. The bank declared a dividend of Rs 19.5 per share for FY24 and reported an improved GNPA at 1.24%.
HDFC Bank\’s Q4 net profit reached ₹16,510 crore, full-year at ₹60,810 crore, up 38%. Challenges post-merger affect expenses, asset quality, and loan mix strategy. Deposit mobilization efforts continue amid slow credit disbursements.
By Nupur Anand, Svea Herbst-Bayliss and Tatiana Bautzer
By Echo Wang and Abigail Summerville