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Here is the list of top 10 stocks that will be in focus today
ONGC: ONGC on Friday reported a tripling of net profit in the June quarter as it earned record prices before the government slapped a tax on windfall profits arising from a global rally in energy rates. Oil and Natural Gas Corporation's (ONGC) standalone net profit at ₹15,205.85 crore, or ₹12.09 per share, in April-June, compared to ₹4,334.75 crore, or ₹3.45 a share, in the same period a year back, according to a stock exchange filing by the company. Sequentially, the profit was higher than the ₹8,859.54 crore net profit of January-March.
LIC: Life Insurance Corporation in its maiden earnings after going public has reported a multi-fold jump in net profit at ₹682.89 crore from the paltry ₹2.94 crore a year ago. The nation's largest financial powerhouse that manages assets in excess of ₹41 lakh crore had gone public in early May with a ₹20,500 crore share sale. The insurer's profit rose manifold despite lower margins, which the management attributed to a changing product mix and booking less than 50% of the profit from equity which plunged to ₹5,076 crore from ₹11,368 crore in June 2021.
HDFC Bank: Fair trade regulator Competition Commission of India (CCI) has approved the merger proposal of HDFC Bank and its parent HDFC Ltd. The proposed combination envisages the merger of HDFC Investments and HDFC Holdings with HDFC Ltd in the first step and subsequently, the merger of HDFC Ltd into HDFC Bank. In a tweet on Friday, CCI said it has approved the "proposed combination involving the amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings."
Reliance Infra: Reliance Infrastructure (RInfra) on Saturday reported a narrowing of its consolidated net loss to ₹66.11 crore for the quarter ended on June 30, 2022. The company had clocked a consolidated net loss of ₹95.15 crore in the corresponding period of the previous fiscal, it said in a regulatory filing to the BSE. Its total consolidated income during the quarter under review rose to ₹6,349.34 crore as against ₹4,623.17 crore in the year-ago period.
Godrej Industries: Godrej Industries on Friday reported a 38% rise in consolidated net profit at ₹257.60 crore for the quarter ended June 30, 2022. The company had posted a net profit of ₹185.99 crore for the April-June period a year ago, Godrej Industries said in a BSE filing. Revenue from operations was ₹4,024.55 crore in the quarter as against ₹2,890.49 crore.
Suzlon Energy: Suzlon Group feels the financial difficulties that afflicted the wind turbine maker are behind it, with the over ₹3,000-crore debt refinance led by REC. The Pune-based company, which once struggled to pay its over ₹6,500 crore debt, feels its order book, the pipeline of potential business and government policies are other tailwinds that will offer support, a senior official has said. It is looking to raise up to ₹1,200 crore through a rights issue of shares by the fiscal-end to pare the refinanced debt of ₹3,000 crore, its Chief Financial Officer Himanshu Mody told PTI.
BPCL: State-owned Bharat Petroleum Corporation Ltd (BPCL) will invest ₹1.4 lakh crore in petrochemicals, city gas and clean energy in the next five years as it looks to non-fuel businesses for growth. As countries across the world opt for cleaner, carbon-free fuel, oil companies are looking at businesses to de-risk their mainstay hydrocarbon operations. Gas is being seen as a transition fuel as electric mobility and hydrogen pick pace.
Bharti Airtel: Bharti Airtel's shareholders have approved the re-appointment of Gopal Vittal as managing director of the company for a period of five years with effect from February 1, 2023. Over 97% of total votes polled were in favour of the resolution, and the same "has been passed with requisite majority", the telco said in a regulatory filing on the outcome of its Annual General Meeting (AGM).
Hindustan Copper: State-owned Hindustan Copper Ltd on Saturday posted a 25% rise in consolidated net profit to ₹57.08 crore for the quarter ended on June 30, 2022, on the back of higher income. The company had posted a consolidated net profit of ₹45.63 crore in the year-ago period, Hindustan Copper said in a filing to BSE. The consolidated income of the company in the April-June period increased to ₹359.13 crore from ₹278.73 crore in the year-ago period, the filing said.
Zuari Industries: Zuari Industries Ltd on Saturday reported a consolidated net profit of ₹252.73 crore for the quarter ended in June. It had posted a net loss of ₹36.68 crore in the year-ago period. The company's profit after tax increased because of a share of profit worth ₹284.14 crore from associates and joint ventures during April-June 2022.