Stocks in news: Canara Bank, Asian Paints, Reliance Industries, SBI Life, Lemon Tree and more

The domestic equity market closed lower for the sixth straight session on Thursday. Sensex crashed 901 points to 63,148 and Nifty lost 265 points to 18,857.

Here’s a look at stocks that are likely to remain in news today.

PNB

Public sector lender Punjab National Bank (PNB) reported a 327 per cent year-on-year (YoY) rise in net profit at Rs 1,756 crore for the September quarter compared with Rs 411.27 crore in the corresponding quarter of the last fiscal. Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose to Rs 9923 crore in the September quarter of the current fiscal.

Canara Bank

Public sector lender Canara Bank reported a 42.8 per cent year-on-year (YoY) rise in net profit at Rs 3606 crore for the September quarter compared with Rs 2525.5 crore in the corresponding quarter of the last year. Net interest income (NII) rose 20 percent to Rs 8903 crore in Q2 against Rs 7433 crore reported in the corresponding quarter of the previous fiscal.

Asian Paints

Asian Paints reported a consolidated net profit of Rs 1,232 crore for the September 2023 quarter, up 54 per cent on a year-on-year (YoY) basis. The company's consolidated net profit came in at Rs 803.8 crore in the year ago period. Its consolidated revenue from operations increased slightly to Rs 8,479 crore in Q2FY24 from Rs 8,458 crore in Q2FY23.

ACC

Cement maker ACC reported a consolidated profit of Rs 388 crore for the September quarter against a loss of Rs 87 crore in the same quarter last year. Consolidated net sales for the quarter grew 11.23 per cent YoY to Rs 4,435 crore compared with Rs 3,987 crore in the same quarter last year, the Adani group company said.

Earnings today

Reliance Industries, Maruti Suzuki, SBI Life Insurance Company, Bajaj Finserv, Bharat Petroleum Corporation, Cipla, Dr Reddy's Laboratories, Union Bank of India, Indian Hotels, IRB Infrastructure Developers, M&M Financial Services, Mahindra Lifespace, Mahanagar Gas, Oberoi Realty, SBI Card and Ujjivan Small Finance Bank will release their September quarter and half year earnings on October 27.

Axis Bank

The private sector lender said the board of directors has approved the appointment of Munish Sharda as a Whole-time Director, designated as Executive Director of Axis Bank, for three years, with effect from November 1.

Colgate-Palmolive India

Colgate-Palmolive India Ltd reported a 22% rise in profit for the quarter ended September 2023. Net profit rose to Rs 340 crore in Q2 against a net profit of Rs 278.02 crore in September 2022 quarter. Colgate-Palmolive India's total revenue stood at Rs 1462.38 crore in Q2, up 6.09% against Rs 1378.37 crore in the corresponding period of the preceding fiscal.

Lemon Tree Hotels

The company has inked a licence agreement for a 50-room property in Visakhapatnam, Andhra Pradesh under the brand Red Fox Hotels. The hotel is expected to be operational by FY 2026.

NLC India

The coal mining company has recorded consolidated profit at Rs 1,085 crore for the quarter ended September FY24, rising 164 percent on-year due to a one-time gain of Rs 1,278.5 crore. Revenue from operations for the quarter at Rs 2,978 crore fell by 14.66 percent compared to the same period last year.

Karnataka Bank

The bank said its board has approved the allotment of Rs 800 crore worth of shares to HDFC Life, Bajaj Allianz Life Insurance, Quant MF, Bharti AXA Life Insurance and Bajaj Allianz General Insurance on a preferential basis.

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