Axis bank rises by 9%; HDFC life insurance reported 19% net profit & more

Tribe Daily

Oct 21, 2022

Market Summary

Nifty closes with minor gains while the midcap index ends lower. Nifty rises by 12 points

Companies

Axis Bank (+9%) after the bank announced a 66% rise in profits. Canara Bank (+4%) after the bank reported an 89% rise in net profits. Berger Paints (-5%) due to muted demand and increased inflation.

Sectors

Nifty PSU BANK (+2%) due to expectations of strong earning recovery in state-owned lenders. Nifty Bank (+2%) after banks display strong financial performance.

News of The Day

1. HDFC Life Insurance (+1%) reported a 19% ( Rs 326Cr) rise in net profit for the quarter that ended in September 2022. ( Economic Times)

2. Bajaj Finserv reported a 39% YoY rise in net consolidated profits. The income increased by 16% YoY ( Rs 20,803Cr). ( Economic Times)

3.Beer maker United Breweries Ltd reported a 67% ( Rs 134.12Cr) growth in consolidated net profit. The revenue from operations increased by 11.9% (Rs 3673Cr). ( Economic Times)

4. Axis Bank's net consolidated profits rose by 66% ( Rs 5,625Cr). The bank recorded a 22% growth in retail loans and a 9% growth in corporate loans. ( Economic Times)

5. Shriram Transport Finance Company reported over 38% ( Rs 1066Cr) YoY rise in net profit. ( Economic Times)