Reliance Industries Q3FY24 results in line with expectations, telecom and retail segments drive revenue
Reliance Industries Limited (RIL) reported its December quarter results, which were largely in line with market expectations. The company’s telecom and retail segments contributed significantly to revenue and Ebitda, while the oil-to-chemicals segment saw a decline in revenue due to lower price realization. RIL’s consolidated PAT for Q3FY24 rose 10.9% YoY to ₹19,641 crore, driven by strong growth in the consumer businesses. Gross revenue grew 3.2% YoY to ₹2,48,160 crore, reflecting continued momentum in consumer businesses.
ICICI Bank expected to report 20% YoY growth in net profit for Q3FY24
ICICI Bank, the second largest private lender in the country, is expected to report a 20% YoY growth in standalone net profit for the third quarter of FY24. The bank’s net interest income is set to rise 12% YoY to ₹18,431 crore, according to a poll of brokerages. The bank’s strong performance is likely to be driven by its focus on digital banking and the strong growth in retail lending.
Kotak Mahindra Bank projected to report 16% YoY increase in net profit for Q3FY24
Kotak Mahindra Bank is expected to report a 16% YoY increase in standalone net profit for the quarter ended December 2023. The bank’s net interest income is projected to jump 14% YoY to ₹6,434 crore. This will be the bank’s first quarterly results announcement with Ashok Vaswani at the helm. The bank’s strong performance is likely to be driven by its strong retail banking franchise and focus on digital banking.
Adani Group releases pledged shares worth ₹2,878 crore in December quarter
Adani Group, the infrastructure conglomerate, has released pledged shares worth ₹2,878 crore related to four of its companies during the December quarter. The group released a total of 28.67 million pledged promoter shares across Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, and Adani Energy Solutions. This move is seen as a positive development for the group, as it reduces the pledged shareholding and improves investor sentiment.
Sony Group likely to end $10-billion merger deal with Zee Entertainment Enterprises
Sony Group is expected to call off the proposed $10-billion merger of its India unit with Zee Entertainment Enterprises after more than two years of negotiations. The deal seems to be unravelling as the media giants have failed to agree on who would lead the combined entity, with Sony disinclined to have Zee’s Punit Goenka at the helm. This development comes as a setback to the Indian media industry, which was expecting the merger to create a stronger player to compete with global streaming giants.
These stocks are likely to be in focus during Saturday’s special trading session. Investors will be closely watching the earnings announcements and developments related to these companies for cues on market direction and stock performance.
Analyst comment
1. Reliance Industries Q3FY24 results: Positive news. Market will likely remain stable as the telecom and retail segments drive revenue, while the oil-to-chemicals segment sees a decline.
2. ICICI Bank Q3FY24 net profit: Positive news. Market will likely respond positively as the bank is expected to report a strong growth in net profit driven by digital banking and retail lending.
3. Kotak Mahindra Bank Q3FY24 net profit: Positive news. Market will likely show confidence in the bank’s strong performance, driven by retail banking and digital banking focus.
4. Adani Group releases pledged shares: Positive news. Market sentiment will likely improve as the group reduces pledged shareholding and increases investor confidence.
5. Sony Group ends merger deal with Zee Entertainment: Negative news. Market may react negatively as the merger, expected to create a stronger player in the media industry, falls through.
