Indian market shows signs of resurgence, SBI and Vedanta report Q2 earnings

  • Stock Market News
Indian market shows signs of resurgence, SBI and Vedanta report Q2 earnings

The Indian equity market, including the BSE Sensex and NSE Nifty 50 , opened flat on Monday, following Friday's advancement. This subdued opening is attributed to reduced investor anxiety, robust domestic corporate earnings, and positive global cues.

State Bank of India (SBI) reported an 8.03% increase in Q2 FY24 net profit, along with a 12.27% growth in Net Interest Income. The bank also reported an operating profit of Rs 19,417 crore. Meanwhile, Bank of Baroda's net profit rose by 28.4% YoY to ₹4,253 crore in Q2FY24 due to growth in advances. Bank of India also saw a 52% increase in net profit at Rs 1,458 crore in Q2FY24.

In contrast, Vedanta (NYSE: VEDL ) posted a consolidated net loss of ₹1,783 crore for Q2FY24 due to a one-time exceptional item following the adoption of a new tax rate. However, the company did see a 6.3% revenue increase to ₹38,945 crore from ₹36,654 crore during the same year-ago period when it had a net profit of Rs 2,690 crore. Vedanta also secured board approval to invest ₹2,650 crore to increase its ferrochrome production.

JSW Infrastructure reported an 85% YoY consolidated profit increase and a 28.6% total income increase. The company plans to hike capacity utilization across all its ports to about 80-85% and double its cargo handling capacity to 300 million tonne per annum.

Indian Oil Corp received approval from the National Company Law Tribunal (NCLT) to acquire Mercator Petroleum for about ₹148 crore in an insolvency proceeding. Mercator Petroleum has an oil and gas exploration block located in Cambay Basin, Gujarat with potential oil discovery of 45.5 million barrels of in place reserves.

In other corporate news, Delhivery's board approved the acquisition of an additional 4.75% equity share capital of Falcon Autotech Pvt Ltd for approximately ₹52 crore (INR100 crore = approx. USD12 million), taking its total shareholding to 39.33%.

Several companies, including Adani Energy Solutions, are set to announce their quarterly results in the coming days.

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