OBC gains 2% on posting profit in June quarter

The net interest income of the company was up 2.6 percent at Rs 1,371.6 crore against Rs 1,337.3 crore.

Shares of Oriental Bank of Commerce (OBC) gained 2.5 percent intraday July 22 after company posted profit in the quarter ended June 2019 (Q1FY20). The company reported profit of Rs 112.7 crore against loss of Rs 393.2 crore in a year ago period.

Its gross NPA stood at 12.56% against 12.66%, while net NPA was at 5.91% versus 5.93%, QoQ.

The net interest income of the company was up 2.6 percent at Rs 1,371.6 crore against Rs 1,337.3 crore.

Provisions for the quarter stood at Rs 842.4 crore versus Rs 1,051.5 crore, QoQ; and versus Rs 1,539.5 crore, YoY.

At 14:04 hrs Oriental Bank of Commerce was quoting at Rs 82.65, up Rs 0.65, or 0.79 percent on the BSE.

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Kotak Mahindra Bank Q1 Net Profit seen up 35.6% YoY to Rs. 1,390 cr: Sharekhan

Net Interest Income (NII) is expected to increase by 22.3 percent Y-o-Y (up 3.6 percent Q-o-Q) to Rs. 3,158 crore, according to Sharekhan.

Sharekhan has come out with its first quarter (April-June’ 19) earnings estimates for the Banking & NBFC sector. The brokerage house expects Kotak Mahindra Bank to report net profit at Rs. 1,390 crore up 35.6% year-on-year (down 1.2% quarter-on-quarter).

Net Interest Income (NII) is expected to increase by 22.3 percent Y-o-Y (up 3.6 percent Q-o-Q) to Rs. 3,158 crore, according to Sharekhan.

Pre Provision Profit (PPP) is likely to rise by 21.8% Y-o-Y (up 8.4 percent Q-o-Q) to Rs. 2,475 crore.

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D-St Buzz: FMCG stocks rally led by Godrej Cons, Tata Global; Maruti jumps 2%, pharma drags

The top Nifty gainers included Bajaj Finance, Bajaj Finserv, Hero MotoCorp, HUL, and Maruti Suzuki while Hindalco Industries, Vedanta, Adani Ports, Dr. Reddy's and Sun Pharma are the top losers.

Dalal Street is witnessing some robust gains in this afternoon session with benchmark indices gaining over 1 percent each. Nifty jumped 115 points, trading at 11,372, while the Sensex rallied 420 points and is trading at 37,814.

Nifty FMCG is the outperforming sector, up over 2 percent led by Godrej Consumer and Hindustan Unilever which jumped 3-4 percent each. The other gainers are Tata Global Beverage, Marico, Dabur India, Colgate Palmolive, Britannia Industries and GSK Consumer.

From the banking space, the top gainers are Kotak Mahindra Bank and RBL Bank which jumped 2 percent each followed by HDFC Bank, Axis Bank, ICICI Bank, and IndusInd Bank.

Auto stocks are also buzzing led by Hero MotoCorp, Mahindra & Mahindra, Maruti Suzuki, Eicher Motors and Bajaj Auto.

Zee Entertainment, Network18, EROS International Media, PVR, and Zee Media are the top gainers from the media space.

However, pharma long with metal stocks is trading in the red with losses from Aurobindo Pharma, Cadila Healthcare, Dr. Reddy's Labs, Lupin and Sun Pharma while the top losers from the metal space are Hindalco Industries, Jindal Steel & Power, JSW Steel, SAIL and Vedanta.

India VIX is down 1.41 percent at 27.97 levels.

The top Nifty gainers included Bajaj Finance, Bajaj Finserv, Hero MotoCorp, HUL, and Maruti Suzuki while Hindalco Industries, Vedanta, Adani Ports, Dr. Reddy's and Sun Pharma are the top losers.

The most active stocks were Bajaj Finance, YES Bank, Interglobe Aviation, Reliance Industries, and Bajaj Finserv.

Titan Company, Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, Merck and UPL have hit a new 52-week high on NSE while Motherson Sumi Systems, Vodafone Idea, Biocon and NHPC among others have hit a new 52-week low.

From the BSE 230 stocks have hit new 52-week low including Delta Corp, Hindustan Copper, JK Tyre, Natco Pharma, Phillips Carbon, McNally Bharat Engineering, IL&FS Transportation, Gammon Infra, Ramco Cements, HCL Infosystems, Biocon, and Aban Offshore among others.

The breadth of the market favored the advances as 997 stocks advanced and 724 declined while 374 remained unchanged on the NSE. On the BSE, 1292 stocks advanced, 1081 declined and 134 remained unchanged.

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