Indian benchmark equity indices declined through Friday for the second straight session amid losses in pharma and private-banking stocks. The indices fell of the third consecutive week following RBI’s decision on Thursday to impose 10 per cent incremental cash reserve ratio (CRR) as a temporary measure on deposits between 19 May and 28 July to drain excess liquidity from the banking system after Rs 2,000 currency notes were withdrawan.
On Friday, the BSE Sensex fell 365.53 points or 0.56 per cent to 65,322.65. The NSE Nifty slipped 114.80 points or 0.59 per cent to 19,428.30.
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HDFC Bank
At the annual general meeting, HDFC Bank chief Sashidhar Jagdishan flagged funding as a risk after the $40 billion merger came into effect on 1 July. He said, "As you know, the risks of the merger are the funding part of it." The HDFC has not been completely successful in getting all the forbearance it had sought from the RBI on the liabilities front.
Oil and Natural Gas Corporation (ONGC)
State-run oil and gas exploration company reported 10.2 per cent growth in its consolidated net profit for the April-June quarter at Rs 17,383 crore compared to Rs 8,581 crore in the year-ago period. However, the gross revenue declined 10 per cent year-on-year to Rs 1.63 trillion. The growth in profit came on the back of decline in expenses.
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ITC
The shareholders have approved the re-appointment of Sanjiv Puri as MD and Chairman of ITC for five years with effect from 22 July 2024. The board also approved the appointment of Hemant Malik as a whole-time director of the company, while Alka Marezban Bharucha is named as an independent director. Anand Nayak and Ajit Kumar Seth are re-appointed as an Independent Director of the company.
Aurobindo Pharma
The pharma major reported a 22.5 per cent decline in net profit at Rs 540 crore as against Rs 697.6 crore in the corresponding period last year. Its revenue from operations during the first quarter of FY24 stood at Rs 6,850.5 crore, a growth of 9.9 per cent, compared to Rs 6,236 crore in the year ago period. The company’s EBITDA jumped around 23 per cent to Rs 1,151.4 crore, compared to Rs 936.5 crore in the year-ago period.
Vedanta
The National Company Law Tribunal (NCLT) has granted its approval for the Resolution Plan submitted by Vedanta for acquisition of Meenakshi Energy under Corporate Insolvency Resolution Process in accordance with the provisions of Insolvency and Bankruptcy Code (IBC), 2016.
