The Indian equity markets, Sensex and Nifty, closed higher on Monday, October 16, 2023. This followed a series of financial announcements by major Indian companies.
Bajaj Finance reported a surge in its net profit and Net Interest Income (NII) by 28% and 26%, respectively, reaching Rs 8,398 crore for NII. Bajaj Auto is set to announce its Q2 FY24 earnings today, Wednesday.
L&T Technology Services' Q2 FY24 profit rose by 5.17% to Rs 315.4 crore with revenue increasing by 4.59% to Rs 2,386.5 crore. Similarly, Tata Elxsi's net profit and revenue rose by 14.8% YoY to Rs 200 cr ($24.03 million) and Rs 882 cr respectively.
Zensar Technologies' net profit, EBIT, and revenue also saw growth in Q2 FY24, rising by 11.3%, 3.5%, and 1.1%, respectively. However, VST Industries' net profit declined by 17.6% to Rs 75.95 crore, despite a revenue increase of 2.86% to Rs 452.3 crore.
In other corporate news, Exide Industries invested Rs 1,00,00,00,015 in its wholly owned subsidiary Exide Energy Solutions Limited on a right basis. IDFC received CCI approval for its merger with IDFC First Bank (NASDAQ:FRBA) under the Green Channel Route.
The Reserve Bank of India imposed penalties of Rs 3.95 crore and Rs 12.19 crore on Kotak Mahindra Bank and ICICI Bank, respectively, for regulatory non-compliance.
Additionally, the government plans to sell up to 7,00,66,500 equity shares of HUDCO at Rs 79 per share. This move is part of the government's continued efforts to raise funds through disinvestment in public sector enterprises.
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