Here is a collection of our most important stories this afternoon:
RBL Bank beats Street estimates with 43.28% surge in Q1 net profit
Private sector lender RBL Bank on July 22 reported a net profit of Rs 288 crore for the first quarter of the current financial year, up from Rs 201 crore in the year-ago period, beating expectations. Read more.
Yes Bank Q1 net profit jumps to Rs 324 crore, NPAs fall
Private sector lender Yes Bank on July 22 reported a net profit of Rs 324 crore in the first quarter of the current financial year, up from Rs 310 crore in the year-ago period.
The asset quality saw a healthy improvement. The bank's gross non-performing assets (GNPAs) stood at 2 percent compared with 13.4 percent in the corresponding quarter of the previous fiscal. The net non-performing assets (NNPA) stood at 1 percent compared with 4.2 percent in the year-ago quarter. Read more.
Kotak Mahindra Bank's consolidated net profit up 50.62% at Rs 4,150.19 crore
Kotak Mahindra Bank reported a 50.62 percent year-on-year rise in its consolidated profit at Rs 4,150.19 crore for the first quarter of the current financial year.
On a standalone basis, net profit rose 66.7 percent on-year to Rs 3,452.30 crore, beating analysts' expectations of a 53 percent growth at Rs 3,182 crore. Read more.
MC Selects
Over 60 smallcaps make it big with double-digit returns
The market continued its record run this week with the Nifty inching near the 20,000 mark and Sensex shooting past 67,000 points for the first time, led by better progress of monsoon, decent earnings from India Inc and steady foreign capital inflow despite mixed global cues. Read more.
Paytm to generate free cash flow by year-end: CEO Vijay Shekhar
Fintech firm One97 Communications, which operates under the Paytm brand, expects to generate free cash flow by the end of this year, a top company official said on July 22.
In an earnings call, Paytm founder and CEO Vijay Shekhar Sharma said that growth for the company in the June 2023 quarter came on account of expansion in payments, financial services and commerce business. Read more.
Midcaps in capital goods, defence, EMS, renewables may disappoint
With the Nifty inching towards 20,000, the rise of trendy themes is sparking excitement, particularly in mid-cap stocks, however, this enthusiasm comes with a caveat as previous high expectations have led to disillusionment.
In a report titled Narrative to Narrative earlier this week, analysts at Kotak Institutional Equities said they were “bemused by the regular emergence and rapid uptake of investment themes and their disproportionate impact on stock prices of mid-cap stocks.” Read more.
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