Stocks To Watch Today: PNB, Canara Bank, Asian Paints, Colgate, RIL, SBI Life & More

On 27th October, Friday, SBI Life, Bajaj Finserv, Reliance Industries, Colgate-Palmolive (India), and Asian Paints are among the hot stocks that are likely to be in focus for market watchers.

Punjab National Bank

On October 26, Punjab National Bank (PNB) reported a 327 per cent rise in net profit for the current fiscal year's July-September quarter, from Rs 411.27 Cr in Q2FY23 to Rs 1,756 Cr. The bank's net interest income climbed from Rs 8,271 crore in the same quarter of the previous fiscal year to Rs 9,922 crore in Q2FY24, a 20% YoY growth. In Q2FY24, the lender's other income climbed to Rs 3,028 crore. Its operating expenses decreased by 21% YoY to Rs 6,734 crore during the quarter. PNB reported total income for Q2 FY'24 of Rs 29,383 crore and HY1FY'24 of Rs 57,962 crore, representing YoY growth of 27.7% and 30.9%, respectively.

Canara Bank

On Thursday, Canara Bank announced its financial results for the quarter ended on September 30, 2023. The bank said that its operating profit for Q2FY24 climbed by 10.30% (yoy) to Rs 7,616 Cr, while its net profit for September 2023 was Rs 3,606 Cr as opposed to Rs 2,525 Cr for September 2022. Its net interest margin jumped by 19 basis points to 3.02%, while its net interest income surged by 19.76% to Rs 8,903 Cr. As of September 2023, the bank's provision coverage ratio (PCR) rose by 337 basis points to 88.73%.

Asian Paints

Asian Paints reported a consolidated net profit for the second quarter of FY 2023-24 on Thursday of Rs 1232.39 crore, up 53.31% from Rs 803.83 crore in the same period last year. The company reported a flat consolidated revenue of Rs 8,478 crore in the September quarter compared to Rs 8,457 crore reported in the same time last year. Earnings before interest, tax, depreciation, and amortization, or EBITDA, for Asian Paints, was Rs 1717 crore in Q2FY24, as opposed to Rs 1219.3 crore in Q2FY23. Its EBITDA margin was reported at 20.2%, up from Rs 14.4% in the year-ago quarter.

Colgate

Colgate-Palmolive (India) Ltd. said on Thursday that its consolidated net profit for the second quarter of FY 2023-24 jumped by 22.31% to Rs 340.05 crore from Rs 278.02 crore in the same period last year. It reported that its consolidated revenue from operations climbed by 6.09% YoY to Rs 1462.38 crore from Rs 1378.37 crore in Q2FY23. Earnings before interest, tax, depreciation, and amortization, or EBITDA, for Colgate was Rs 482.2 crore in Q2FY24 compared to Rs 408 crore in Q2FY23.The company's EBITDA margin was 32.8% during the quarter under review, up from 29.4% in Q2 FY23.

Reliance Industries

Reliance Industries Ltd. (RIL), a diversified conglomerate run by Mukesh Ambani, is scheduled to report its second-quarter earnings on Friday. After a poor Q1 FY24 O2C performance, analysts anticipate Reliance to record a double-digit rise in net profit in Q2 FY24 on the strength of revenue growth across all business segments.

SBI Life

On Friday, October 27, the life insurance company SBI Life Insurance will release its Q2FY24 results. For the April-June quarter of FY24, SBI Life Insurance Company reported a net profit of Rs 381.04 crore, up 45% from Rs 263 crore in Q1FY23. The insurer's net premium income jumped by 19% to Rs 13,104.09 crore in Q1FY24 from Rs 11,036.02 crore in Q1FY23.

Bajaj Finserv

Bajaj Finserv is all set to release its financial results for the quarter ended July-September 2023. The stock is likely to be in focus today after the NBFC plans a Rs 10,000-crore fundraising plan. Bajaj Finserv plans to raise up to Rs 8,800 crore via Qualified Institutional Placement (QIP) and Rs 1,200 crore through preferential allotment to promoter Bajaj Finserv.

Aditya Birla Sun Life AMC

The firm said on Thursday that its revenue from operations increased from Rs. 3,111 million in Q2FY23 to Rs. 3,350 million in Q2FY24, an 8% year-on-year growth. Operating profit increased from Rs. 1,728 million in the year-ago quarter to Rs. 1,811 million in the quarter under review, a 5% annual growth.