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February 6, 2023

Adani Enterprises RBI on Friday clarified that India’s banking sector remains resilient and stable after media reports expressed concern about the exposures of Indian banks to Adani Group.

State Bank Of India: The company has reported a reported quarterly profit of Rs 14,105 crore for the December period. SBI Chairman also clarified on exposure to the Adani Group, saying that the total exposure came up to around 0.88 percent of the book and no loans had been given against shares of the company.

Reliance Industries: Government revised windfall gains tax from February 4. Special Additional Excise Duty (SAED) on crude petroleum will increase to Rs 5,050 per tonne from Rs 1,900 per tonne, while that on diesel will increase to Rs 7.5 per litre from Rs 5 per litre.

ITC: Company reported its Q3 earnings in which the cigarette volume growth for the December quarter was at 15-16 percent. Hotels business revenue was up 50 percent and EBIT was up by 189 percent during the quarter. The company also announced an interim dividend of Rs 6.

Vodafone Idea: Government to convert AGR dues of Rs 16,133 crore into shares. Conversion of shares done at Rs 10 apiece. With this the government will become the largest share holder in the company with 35.8% stake in the business.

Paytm: The company’s net loss narrows to Rs 392.1 crore from Rs 778.5 crore year-on- year. It also reported an operating profit of Rs 31 crore during the quarter compared to a loss of Rs 393 crore last year.

Axis Bank: The Bank has clarified on its exposure to the Adani Group, saying that the total exposure is 0.94 percent of the total advances.